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Financial Patenting in Europe

  • Hall, Bronwyn H.

    ()

    (UNU-MERIT, Maastricht University, Institute of Fiscal Studies, University of California-Berkeley, and NBER)

  • Thoma, Grid

    ()

    (CESPRI, Bocconi University, and University of Camerino)

  • Torrisi, Salvatore

    ()

    (Department of Management, University of Bologna, and CESPRI, Bocconi University)

We take a first look at financial patents at the European Patent Office (EPO). As is the case at the US Patent and Trademark Office (USPTO), the number of financial patents in Europe has increased significantly in parallel with significant changes in payment and financial systems. Scholars have argued that financial patents, like other business methods patents, have low value and are owned for strategic reasons rather than for protecting real inventions. We find that established firms in non-financial sectors with diversified patent portfolios own a large share of financial patents at the EPO. However, new specialized technology providers in the financial area also hold a number of such patents. Decisions on the financial patent applications take longer and they are more likely to be refused by the patent office, suggesting greater uncertainty over validity than for other patents. They are also more likely to be opposed, which is consistent with the fact that their other economic value indicators are higher.

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File URL: http://www.merit.unu.edu/publications/wppdf/2010/wp2010-011.pdf
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Paper provided by United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT) in its series MERIT Working Papers with number 011.

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Date of creation: 2010
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Handle: RePEc:unm:unumer:2010011
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  1. Hall, Bronwyn H., 2003. "Business Method Patents, Innovation, and Policy," Competition Policy Center, Working Paper Series qt66w6p7qz, Competition Policy Center, Institute for Business and Economic Research, UC Berkeley.
  2. Rosemarie Ham Ziedonis, 2004. "Don't Fence Me In: Fragmented Markets for Technology and the Patent Acquisition Strategies of Firms," Management Science, INFORMS, vol. 50(6), pages 804-820, June.
  3. Tufano, Peter, 1989. "Financial innovation and first-mover advantages," Journal of Financial Economics, Elsevier, vol. 25(2), pages 213-240, December.
  4. Bronwyn H. Hall & Adam Jaffe & Manuel Trajtenberg, 2005. "Market Value and Patent Citations," RAND Journal of Economics, The RAND Corporation, vol. 36(1), pages 16-38, Spring.
  5. Ashish Arora & Andrea Fosfuri & Alfonso Gambardella, 2004. "Markets for Technology: The Economics of Innovation and Corporate Strategy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262511819, June.
  6. Harhoff, Dietmar & Reitzig, Markus, 2002. "Determinants of Opposition Against EPO Patent Grants - The Case of Biotechnology and Pharmaceuticals," CEPR Discussion Papers 3645, C.E.P.R. Discussion Papers.
  7. Trajtenberg, M. & Bresnahan, T.F., 1992. "General Purpose Technologies: "Engines of Growth"," Papers 16-92, Tel Aviv.
  8. Josh Lerner, 2004. "The New New Financial Thing: The Sources of Innovation Before and After State Street," NBER Working Papers 10223, National Bureau of Economic Research, Inc.
  9. Peter Tufano, 2003. "Financial Innovation," Levine's Working Paper Archive 618897000000000651, David K. Levine.
  10. Harhoff, Dietmar & Wagner, Stefan, 2005. "Modelling the duration of patent examination at the European Patent Office," CEPR Discussion Papers 5283, C.E.P.R. Discussion Papers.
  11. Joshua Lerner, 1994. "The Importance of Patent Scope: An Empirical Analysis," RAND Journal of Economics, The RAND Corporation, vol. 25(2), pages 319-333, Summer.
  12. Grid Thoma, 2006. "Striving for a Large Market: Evidence from a General Purpose Technology in Action," KITeS Working Papers 195, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Dec 2006.
  13. Graevenitz, Georg von & Wagner, Stefan & Harhoff, Dietmar, 2011. "Incidence and Growth of Patent Thickets - The Impact of Technological Opportunities and Complexity," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 356, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  14. repec:cup:cbooks:9780521540674 is not listed on IDEAS
  15. Bruno Van Pottelsberghe & George Lazaridis, 2007. "The rigour of EPO's patentability criteria: an insight into the induced withdrawals," ULB Institutional Repository 2013/6189, ULB -- Universite Libre de Bruxelles.
  16. Harhoff, Dietmar & Scherer, Frederic M. & Vopel, Katrin, 2003. "Citations, family size, opposition and the value of patent rights," Research Policy, Elsevier, vol. 32(8), pages 1343-1363, September.
  17. Bronwyn H. Hall & Lee Manfred, 2007. "Innovation in non-bank payment systems," Proceedings – Payments System Research Conferences, Federal Reserve Bank of Kansas City.
  18. Meyer, Martin, 2000. "Does science push technology? Patents citing scientific literature," Research Policy, Elsevier, vol. 29(3), pages 409-434, March.
  19. Dietmar Harhoff & Francis Narin & F. M. Scherer & Katrin Vopel, 1999. "Citation Frequency And The Value Of Patented Inventions," The Review of Economics and Statistics, MIT Press, vol. 81(3), pages 511-515, August.
  20. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
  21. Stefan Wagner, 2008. "Business Method Patents In Europe And Their Strategic Use—Evidence From Franking Device Manufacturers," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 17(3), pages 173-194.
  22. Jaffe Adam B. & Lerner Josh, 2006. "Innovation and Its Discontents," Capitalism and Society, De Gruyter, vol. 1(3), pages 1-36, December.
  23. Gambardella, Alfonso & Harhoff, Dietmar & Verspagen, Bart, 2008. "The Value of European Patents," CEPR Discussion Papers 6848, C.E.P.R. Discussion Papers.
  24. Bronwyn H. Hall & Megan MacGarvie, 2006. "The Private Value of Software Patents," NBER Working Papers 12195, National Bureau of Economic Research, Inc.
  25. Bronwyn H. Hall & Grid Thoma & Salvatore Torrisi, 2006. "The market value of patents and R&D: Evidence from European firms," KITeS Working Papers 186, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Nov 2006.
  26. Suzanne Scotchmer, 1996. "Protecting Early Innovators: Should Second-Generation Products Be Patentable?," RAND Journal of Economics, The RAND Corporation, vol. 27(2), pages 322-331, Summer.
  27. Tufano, Peter, 2003. "Financial innovation," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 6, pages 307-335 Elsevier.
  28. Lanjouw, Jean O & Schankerman, Mark, 2001. "Characteristics of Patent Litigation: A Window on Competition," RAND Journal of Economics, The RAND Corporation, vol. 32(1), pages 129-51, Spring.
  29. repec:cup:cbooks:9780521833165 is not listed on IDEAS
  30. Robert M. Hunt, 2001. "You can patent that? Are patents on computer programs and business methods good for the new economy?," Business Review, Federal Reserve Bank of Philadelphia, issue Q1, pages 5-15.
  31. Cooter, Robert D & Rubinfeld, Daniel L, 1989. "Economic Analysis of Legal Disputes and Their Resolution," Journal of Economic Literature, American Economic Association, vol. 27(3), pages 1067-97, September.
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