Template-type: ReDIF-Paper 1.0
Author-Name: Hall, Bronwyn H.
Author-Email: bhall@merit.unu.edu 
Author-Workplace-Name: UNU-MERIT, Maastricht University, Institute of Fiscal Studies,
	 University of California-Berkeley, and NBER
Author-Name: Thoma, Grid
Author-Email: grid.thoma@unibocconi.it 
Author-Workplace-Name: CESPRI, Bocconi University, and University of Camerino
Author-Name: Torrisi, Salvatore
Author-Email: torrisi@unibo.it
Author-Workplace-Name: Department of Management, University of Bologna,
	 and CESPRI, Bocconi University
Title: Financial Patenting in Europe
Abstract: 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.
Classification-JEL: G20, L86, O31, O34
Keywords: market valuation, intangible assets, patents, software, Europe
Series: UNU-MERIT Working Papers
Creation-Date: 2010
Number: 2010-011
File-URL: https://unu-merit.nl/publications/wppdf/2010/wp2010-011.pdf
File-Format: application/pdf
File-Size: 275 Kb
Handle: RePEc:unm:unumer:2010011