Browsing Research documents by Author "Reitzig, Markus"
Now showing items 1-8 of 8
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The case of biotechnology and pharmaceuticalsHarhoff, Dietmar; Reitzig, Markus (København, 2002)[More information][Less information]
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validating new indicators by understanding patenting strategiesReitzig, Markus (København, 2002)[More information][Less information]
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'Being Infringed' as a Normatively Induced Innovation Exploitation StrategyReitzig, Markus; Henkel, Joachim; Heath, Christopher (, 2006)[More information][Less information]
Abstract: Patent trolls (or sharks) are small patent holding individuals or firms who trap R&D intense manufacturers in patent infringement situations in order to receive damage awards for the illegitimate use of their technology. While of great concern to management, their existence and impact for both corporate decision makers and policy makers remains to be fully analyzed from an academic standpoint. In this paper we show why patent sharks can operate profitably, why they are of growing concern, how manufacturers can forearm themselves against them, and which issues policy makers need to address. To do so, we map international indemnification rules with strategic rationales of small patent-holding firms within a game-theoretical model. Our central finding is that the courts’ unrealistic consideration of the trade-offs faced by inadvertent infringers is a central condition for sharks to operate profitably. Keywords: Patent, patent shark, patent troll, damage award, infringement JEL Classifications: M00, M11, M21, K00, K11, K33 URI: http://hdl.handle.net/10398/7249 Files in this item: 1
ssrn-id885914.pdf (277.4Kb) -
Analyzing the consistency of EPO's ruling on novelty and inventive step in emerging industriesBurke, Paul F.; Reitzig, Markus (København, 2006)[More information][Less information]
Abstract: The increasing number of patent applications worldwide and the extension of patenting to the areas of software and business methods have triggered a debate on "patent quality". While patent quality may have various dimensions, this paper argues that consistency in the decision making on the side of the patent office is one important dimension, particularly in new patenting areas (emerging technologies). In order to understand whether patent offices appear capable of providing consistent assessments of a patent's technological quality in such novel industries from the beginning, we study the concordance of the European Patent Office's (EPO's) granting and opoposition decisions for individual patents. We use the historical example of biotech patens filed between 1978 until 1986, the early stage of the industry. Our results indicate that the EPO shows systematically different assessments of technological quality during the granting and the opposition phase. The inconsistency is likely not entirely attributable to additional information revealed after the grant date. URI: http://hdl.handle.net/10398/6778 Files in this item: 1
wp01-2006.pdf (266.9Kb) -
testing current theory on value drivers of innovations within a structural two-stage discrete choice simultaneous equation modelReitzig, Markus (København, 2003)[More information][Less information]
Abstract: Patent indicators are widely used to assess innovative output. Despite the large variety of empirical studies in the field, however, the precise meaning of these indicators and their obvious relation to patent value is still based on assumptions and intuitions. This paper provides the first empirical test of patent indicators as value measures in the structural form. It disentangles the different effects reflected in patent indicators and enhances our understanding why inventions are valuable at all. Using a newly assembled data set on European polymer patents, current assumptions on the innovation incentives set by patentability requirements (novelty, inventive activity) are tested. The estimations are carried out using a custom-tailored two stage discrete choice probit model yet unknown in the literature. The results support the assumptions that novelty and inventive activity enhance a patent’s value. They confirm the importance of backward citations, family size, and forward citations as va lue indicators. However, they expand on and partly break with the respective explanations why patent indicators correlate with profitability. URI: http://hdl.handle.net/10398/6807 Files in this item: 1
wplefic012003.pdf (181.5Kb) -
A comparative analysis of the explanatory power of accounting and patent information for the market values of German firmsRamb, Fred; Reitzig, Markus (København, 2004)[More information][Less information]
Abstract: We present a theoretical and empirical analysis of the fitness of national German (German Commercial Code – Handelsgesetzbuch (HGB)) and international (IAS and US-GAAP) accounting information, as well as European patent data to explain the market values of German manufacturing firms. For the chosen volatile period from 1997 to 2002, cautious national accounting information does not correlate with the firms’ residual market values (RMV). International accounting information makes no meaningful contribution to explaining firms’ RMV and seems to measure overinvestment only. Finally, patents counted at the individual country level correlate with the firms’ RMV. Keywords: Accounting standards, investor information, market value, patents JEL-classifications: D82, M40, M41, K11 URI: http://hdl.handle.net/10398/6814 Files in this item: 1
wplefic072004.pdf (390.9Kb) -
Balance Sheet and Patent Data as Sources of Investor Information During Volatile Market TimesRamb, Fred; Reitzig, Markus (Frederiksberg, 2005)[More information][Less information]
Abstract: We originally investigate the comparative usefulness of patent data as a source of investor information depending on the market cycle (bull/bear market). Based on comprehensive data for firms listed on German exchanges between 1997 and 2002, we demonstrate that patent data contain complementary explanatory power to accounting data irrespective of the standard used to prepare the financial statement (German GAAP, IAS and US GAAP). Moreover, we provide original evidence that only patent data are able to provide plausible investor information in both bull-market and bear-market periods, whereas accounting information overvalues intangible assets in bull markets and undervalues them in bears. URI: http://hdl.handle.net/10398/7886 Files in this item: 1
DRUID_05_15.pdf (457.5Kb) -
A Comparative International Analysis of Innovation Incentives from Patent Indemnification RulesReitzig, Markus; Henkel, Joachim; Heath, Christopher (København, 2002)[More information][Less information]
Abstract: Abstract: This paper contributes to the fundamental discussion of setting optimal liabilities in restitution law by analyzing the effects that the existing multitude of indemnification rules for patent infringements have on innovative and imitative activity. From a theoretical legal standpoint, the choice of patent law is particularly enlightening due to its hybrid public and private nature. From an economic perspective its relevance lies in regulating the driving forces of welfare in highly industrialized societies. Our analysis of regulations from six different jurisdictions (US, JP, DE, UK, FR, NL) reveals that from a scholarly standpoint none of the regulations sets optimal liabilities in general. Our major finding is that an expectation damage rule based on a renegotiation outcome from an ex-ante perspective (falling in between the generic legal notions of ‘lost profits’ and ‘infringer’s profits’) between licensor and licensee appears optimal in patent infringement cases to avoid dynamic inefficiencies. The result is intuitive, however, was not predicted by the existing literature on indemnification law. Keywords: Patents, litigation, damage awards, innovation, infringement JEL-Classifications: K41,L00, L20 URI: http://hdl.handle.net/10398/6827 Files in this item: 1
wplefic182002new.pdf (499.7Kb)
Now showing items 1-8 of 8