Search results for: patent portfolio

Authors: Kujhin Jeong, Sungjoo Lee

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In the past, cross-licensing was made up of various application or commercial patents. Today, cross-licensing is restricted to essential patents, which has emphasized their importance significantly. Literature has shown that patent portfolio provides information for patent protection or strategy decision-making, but little empirical research has found strategic tool of essential patents. This paper will highlight four types of essential patent portfolio and analysis about each strategy in the field of LTE-A. Specifically we collected essential patents of mobile communication company through ETSI (European Telecommunication Standards Institute) and build-up portfolio activity, concentration, diversity, and quality. Using these portfolios, we can understand each company’s strategic character about the technology of LTE-A and comparison analysis of financial results. Essential patents portfolio displays a mobile communication company’s strategy and its strategy’s impact on the performance of a company.

Keywords: essential patent, portfolio, patent portfolio, essential patent portfolio

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Authors: A. Lefebre, M. Willekens, K. Debackere

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Since the 1990s, patent applications have been booming, especially in the field of telecommunications. However, this increase in patent filings has been associated with an (alleged) decrease in patent quality. The plethora of low-quality patents devalues the high-quality ones, thus weakening the incentives for inventors to patent inventions. Despite the rich literature on strategic patenting, previous research has neglected to emphasize the importance of patent portfolio management and its impact on patent quality. In this paper, we compare related patent portfolios vs. nonrelated patents and investigate whether the patent quality and innovativeness differ between the two types. In the analyses, patent quality is proxied by five individual proxies (number of inventors, claims, renewal years, designated states, and grant lag), and these proxies are then aggregated into a quality index. Innovativeness is proxied by two measures: the originality and radicalness index. Results suggest that related patent portfolios have, on average, a lower patent quality compared to nonrelated patents, thus suggesting that firms use them for strategic purposes rather than for the extended protection they could offer. Even upon testing the individual proxies as a dependent variable, we find evidence that related patent portfolios are of lower quality compared to nonrelated patents, although not all results show significant coefficients. Furthermore, these proxies provide evidence of the importance of adding fixed effects to the model. Since prior research has found that these proxies are inherently flawed and never fully capture the concept of patent quality, we have chosen to run the analyses with individual proxies as supplementary analyses; however, we stick with the comprehensive index as our main model. This ensures that the results are not dependent upon one certain proxy but allows for multiple views of the concept. The presence of divisional applications might be linked to the level of innovativeness of the underlying invention. It could be the case that the parent application is so important that firms are going through the administrative burden of filing for divisional applications to ensure the protection of the invention and the preemption of competition. However, it could also be the case that the preempting is a result of divisional applications being used strategically as a backup plan and prolonging strategy, thus negatively impacting the innovation in the portfolio. Upon testing the level of novelty and innovation in the related patent portfolios by means of the originality and radicalness index, we find evidence for a significant negative association with related patent portfolios. The minimum innovation that has been brought on by the patents in the related patent portfolio is lower compared to the minimum innovation that can be found in nonrelated portfolios, providing evidence for the second argument.

Keywords: patent portfolio management, patent quality, related patent portfolios, strategic patenting

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Authors: Pratheeba Subramanian, Anjula Gurtoo, Mary Mathew

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Transaction of patents in emerging patent markets is gaining momentum. Pricing patents for a transaction say patent sale remains a challenge. Patents vary in their pricing with some patents fetching higher prices than others. Sale of patents in portfolios further complicates pricing with multiple patents playing a role in pricing a bundle. In this paper, a set of 138 US patents sold individually as single invention lots and 462 US patents sold in bundles of 120 portfolios are investigated to understand the dynamics of selling prices of singletons and portfolios and their determinants. Firstly, price variations when patents are sold individually as singletons and portfolios are studied. Multivariate statistical techniques are used for analysis both at the lot level as well as at the individual patent level. The results show portfolios fetching higher prices than singletons at the lot level. However, at the individual patent level singletons show higher prices than per patent price of individual patent members within the portfolio. Secondly, to understand the price determinants, the effect of patent, seller, and bundling related characteristics on selling prices is studied separately for singletons and portfolios. The results show differences in the set of characteristics determining prices of singletons and portfolios. Selling prices of singletons are found to be dependent on the patent related characteristics, unlike portfolios whose prices are found to be dependent on all three aspects – patent, seller, and bundling. The specific patent, seller and bundling characteristics influencing selling price are discussed along with the implications.

Keywords: auction, patents, portfolio bundling, seller type, selling price, singleton

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Authors: Balamurugan L.

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Artificial intelligence (AI) and its applications in Intellectual Property Rights (IPR) has been significantly growing in recent years. In last couple of years, AI tools for Patent Research and Patent Analytics have been well-stabilized in terms of accuracy of references and representation of identified patent insights. However, AI tools for Patent Prosecution and Patent Litigation are still in the nascent stage and there may be a significant potential if such market is explored further. Our research is primarily focused on identifying potential whitespaces and schematic algorithms to automate the Patent Prosecution and Patent Litigation Process of the Intellectual Property. The schematic algorithms may assist leading AI tool developers, to explore such opportunities in the field of Intellectual Property. Our research is also focused on identification of pitfalls of the AI. For example, Information Security and its impact in IPR, and Potential remediations to sustain the IPR in the digital environment.

Keywords: artificial intelligence, patent analytics, patent drafting, patent litigation, patent prosecution, patent research

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Authors: Eugene C. Lim

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This paper seeks to examine the extent to which ‘forum shopping’ is available to patent filers seeking protection of GMO (genetically modified organisms)-based inventions in Hong Kong. Under Hong Kong’s current re-registration system for standard patents, an inventor must first seek patent protection from one of three Designated Patent Offices (DPO) – those of the People’s Republic of China (PRC), the Europe Union (EU) (designating the UK), or the United Kingdom (UK). The ‘designated patent’ can then be re-registered by the successful patentee in Hong Kong. Interestingly, however, the EU and the PRC do not adopt a harmonized approach toward the patenting of GMOs, and there are discrepancies in their interpretation of the phrase ‘animal or plant variety’. In view of these divergences, the ability to effectively manage ‘conflict of law’ issues is an important priority for multinational biotechnology firms with a patent portfolio in the Greater China region. Generally speaking, both the EU and the PRC exclude ‘animal and plant varieties’ from the scope of patentable subject matter. However, in the EU, Article 4(2) of the Biotechnology Directive allows a genetically modified plant or animal to be patented if its ‘technical feasibility is not limited to a specific variety’. This principle has allowed for certain ‘transgenic’ mammals, such as the ‘Harvard Oncomouse’, to be the subject of a successful patent grant in the EU. There is no corresponding provision on ‘technical feasibility’ in the patent legislation of the PRC. Although the PRC has a sui generis system for protecting plant varieties, its patent legislation allows the patenting of non-biological methods for producing transgenic organisms, not the ‘organisms’ themselves. This might lead to a situation where an inventor can obtain patent protection in Hong Kong over transgenic life forms through the re-registration of a patent from a more ‘biotech-friendly’ DPO, even though the subject matter in question might not be patentable per se in the PRC. Through a comparative doctrinal analysis of legislative provisions, cases and court interpretations, this paper argues that differences in the protection afforded to GMOs do not generally prejudice the ability of global MNCs to obtain patent protection in Hong Kong. Corporations which are able to first obtain patents for GMO-based inventions in Europe can generally use their European patent as the basis for re-registration in Hong Kong, even if such protection might not be available in the PRC itself. However, the more restrictive approach to GMO-based patents adopted in the PRC would be more acutely felt by enterprises and inventors based in mainland China. The broader scope of protection offered to GMO-based patents in Europe might not be available in Hong Kong to mainland Chinese patentees under the current re-registration model for standard patents, unless they have the resources to apply for patent protection as well from another (European) DPO as the basis for re-registration.

Keywords: biotechnology, forum shopping, genetically modified organisms (GMOs), greater China region, patent portfolio

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Authors: Amaliny Yoganathan-Hasselbeck

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Based on the assumption, that strategic licensing is more valuable and sustainable for the economy than a legal dispute and action for an injunction, the strategy of licensing in patent infringement cases was studied. A theoretical framework was developed based on the transaction costs approach, describing the major variables within the process of licensing to an alleged patent infringer. An exploratory case study analysis was conducted on the basis of expert interviews with patent licensing agencies, patent attorneys, licensing departments of companies and research institutions. Key findings define the major criteria in each step of the licensing process and include the factors determining the intensity of patent tracking e.g. patent policies, the decision criteria when dealing with patent infringement cases, e.g. market position and reputation, and the transaction itself starting with the initiation of the contact with the alleged patent infringer, negotiating the licensing contract and monitoring the license agreement.

Keywords: innovation, licensing, patent, patent infringement, strategy, technology

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Authors: E. Y. Igde, S. Aydogan, F. E. Boran, D. Akay

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Patent data have an increasingly important role in economic growth, innovation, technical advantages and business strategies and even in countries competitions. Analyzing of patent data is crucial since patents cover large part of all technological information of the world. In this paper, we have used the linguistic summarization technique to prove the validity of the hypotheses related to patent data stated in the literature.

Keywords: data mining, fuzzy sets, linguistic summarization, patent data

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Authors: Kostas Metaxiotis

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Portfolio optimization is one of the most important topics in finance. This paper proposes a mean–variance–skewness (MVS) portfolio optimization model. Traditionally, the portfolio optimization problem is solved by using the mean–variance (MV) framework. In this study, we formulate the proposed model as a three-objective optimization problem, where the portfolio's expected return and skewness are maximized whereas the portfolio risk is minimized. For solving the proposed three-objective portfolio optimization model we apply an adapted version of the non-dominated sorting genetic algorithm (NSGAII). Finally, we use a real dataset from FTSE-100 for validating the proposed model.

Keywords: evolutionary algorithms, portfolio optimization, skewness, stock selection

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Authors: Mehari Teshome, Lara Agostini, Anna Nosella

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The current knowledge-based economy extends intellectual property rights (IPRs) legal research themes into a more strategic and organizational perspectives. From the diverse types of IPRs, patents are the strongest and well-known form of legal protection that influences commercial success and market value. Indeed, from our pilot survey, we understood that firms are less likely to manage their patents and actively used it as a tool for achieving competitive advantage rather they invest resource and efforts for patent application. To this regard, the literature also confirms that insights into how firms manage their patents from a holistic, strategic perspective, and how the portfolio value of patents can be optimized are scarce. Though patent management is an important business tool and there exist few scales to measure some dimensions of patent management, at the best of our knowledge, no systematic attempt has been made to develop a valid and comprehensive measure of it. Considering this theoretical and practical point of view, the aim of this article is twofold: to develop a framework for patent management encompassing all relevant dimensions with their respective constructs and measurement items, and to validate the measurement using survey data from practitioners. Methodology: We used six-step methodological approach (i.e., specify the domain of construct, item generation, scale purification, internal consistency assessment, scale validation, and replication). Accordingly, we carried out a systematic review of 182 articles on patent management, from ISI Web of Science. For each article, we mapped relevant constructs, their definition, and associated features, as well as items used to measure these constructs, when provided. This theoretical analysis was complemented by interviews with experts in patent management to get feedbacks that are more practical on how patent management is carried out in firms. Afterwards, we carried out a questionnaire survey to purify our scales and statistical validation. Findings: The analysis allowed us to design a framework for patent management, identifying its core dimensions (i.e., generation, portfolio-management, exploitation and enforcement, intelligence) and support dimensions (i.e., strategy and organization). Moreover, we identified the relevant activities for each dimension, as well as the most suitable items to measure them. For example, the core dimension generation includes constructs as: state-of-the-art analysis, freedom-to-operate analysis, patent watching, securing freedom-to-operate, patent potential and patent-geographical-scope. Originality and the Study Contribution: This study represents a first step towards the development of sound scales to measure patent management with an overarching approach, thus laying the basis for developing a recognized landmark within the research area of patent management. Practical Implications: The new scale can be used to assess the level of sophistication of the patent management of a company and compare it with other firms in the industry to evaluate their ability to manage the different activities involved in patent management. In addition, the framework resulting from this analysis can be used as a guide that supports managers to improve patent management in firms.

Keywords: patent, management, scale, development, intellectual property rights (IPRs)

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Authors: Yuhong Niu, Na Li, Chunlin Jin, Hansheng Ding

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The study reviewed all types of patents applied by Shanghai health system to analyze how patent development in China from the year of 1990 to 2012. The study used quantitative and comparative analysis to investigate the change and trends of patent numbers, patent types, patent claims, forward citations, patent life, patent transactions, etc. Results reflected an obviously increased numbers of invention patents, applications, and authorizations and short-life patents, but the ratio of invention patents represented an up and down change. Forward citations and transactions ratio always kept at a low level. The results meant that the protection of intellectual property in the Shanghai health sector had made great progress and lots of positive changes due to incentive policies by local government. However, the low-quality patents, at the same time, increased rapidly. Thus, in the future, it is suggested that the quality management should be strengthened, and invents should be estimated before patent application. It is also suggested that the incentives for intellectual property should be optimized to promote the comprehensive improvement of patent quantity and quality.

Keywords: patent claims, forward citations, patent life, patent transactions ratio

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Authors: Tien Wei Daniel Hwang

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The computer program inventors, particularly in Fintech, are unwilling to apply for patents in Taiwan after 2014. Passing the ‘statutory subject matter eligibility’ test and becoming the system patent are not the only cause to the reduction in the number of application. Taiwanese court needs to resolve whether the defendants had ‘used’ that software patent in patent direct infringement suit. Both 35 U.S.C. § 271(a) and article 58 paragraph 2 of Taiwan Patent Law don’t define the meaning of ‘use’ in the statutes. Centillion Data Sys., LLC v. Qwest Commc’ns Int’l, Inc. reconsidered the meaning of ‘use’ in system patent infringement, and held that ‘a party must put the invention into service, i.e., control the system as a whole and obtain benefit from it.’ In Taiwan, Intellectual Property Office, Ministry of Economic Affairs, has explained that ‘using’ the patent is ‘achieving the technical effect of the patent.’ Nonetheless, this definition is too broad to apply to not only the software patent but also the traditional patent. To supply the friendly environment for Fintech corporations, this article aims to let Taiwanese court realize why and how United States District Court, S.D. Indiana, Indianapolis Division and United States Court of Appeals, Federal Circuit defined the meaning of ‘use’ in 35 U.S.C. § 271(a). However, this definition is so lax and confuses many defendants in United States. Accordingly, this article indicates the elements in Taiwan Patent Law are different with 35 U.S.C. § 271(a), so Taiwanese court can follow the interpretation of ‘use’ in Centillion Data case without the same obstacle.

Keywords: direct infringement, FinTech, software patent, use

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Authors: Mohammad Reza Fooladi

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The patent system which fits with industrial and economic situation in the country, by strengthening research and development, technology transfer and increasing foreign investment can provide economic and industrial growth of the countries. However, the extent and manner of support should be commensurate with the country's conditions and comply with significant rules to have a positive effect on research and development, technology transfer and the amount of foreign investment. The present article tries to while reviewing the state of effectiveness of the patent system on economic growth, to illustrate the characteristics of the patent system fits Afghanistan and according to this matter provide the necessary recommendations about the improvement of laws and regulations related to the patent in Afghanistan.

Keywords: patent, economic growth, technology transfer, Afghanistan

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Authors: Pao-Peng Hsu, Ying-Hsiu Chen

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Historical data shows that there were high correlations among TAIEX Futures, Electronic Sector Index Futures, Finance Sector Index Futures and Taiwan Top 50 ETF. The performance under various futures is also discussed. We found that the worst portfolio is consisted of T50-ETF and T50-ETF futures and best portfolio is consisted of T50-ETF and TF. It implies that the annual return of a portfolio increases if a portfolio’s risk diversifies.

Keywords: arbitrage opportunities, ETF, futures, TAIEX

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Authors: Renukswamy Chikkamath, Vishvapalsinhji Ramsinh Parmar, Christoph Hewel, Markus Endres

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Given a patent document, identifying distinct semantic annotations is an interesting research aspect. Text annotation helps the patent practitioners such as examiners and patent attorneys to quickly identify the key arguments of any invention, successively providing a timely marking of a patent text. In the process of manual patent analysis, to attain better readability, recognising the semantic information by marking paragraphs is in practice. This semantic annotation process is laborious and time-consuming. To alleviate such a problem, we proposed a dataset to train machine learning algorithms to automate the highlighting process. The contributions of this work are: i) we developed a multi-class dataset of size 150k samples by traversing USPTO patents over a decade, ii) articulated statistics and distributions of data using imperative exploratory data analysis, iii) baseline Machine Learning models are developed to utilize the dataset to address patent paragraph highlighting task, and iv) future path to extend this work using Deep Learning and domain-specific pre-trained language models to develop a tool to highlight is provided. This work assists patent practitioners in highlighting semantic information automatically and aids in creating a sustainable and efficient patent analysis using the aptitude of machine learning.

Keywords: machine learning, patents, patent sentiment analysis, patent information retrieval

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Authors: Kisik Song, Sungjoo Lee

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Recent years have seen an increasing number of patent disputes due to excessive competition in the global market and a reduced technology life-cycle; this has increased the risk of investment in technology development. While many global companies have started developing a methodology to identify promising technologies and assess for decisions, the existing methodology still has some limitations. Post hoc assessments of the new technology are not being performed, especially to determine whether the suggested technologies turned out to be promising. For example, in existing quantitative patent analysis, a patent’s citation information has served as an important metric for quality assessment, but this analysis cannot be applied to recently registered patents because such information accumulates over time. Therefore, we propose a new technology assessment model that can replace citation information and positively affect technological development based on post hoc analysis of the patents for promising technologies. Additionally, we collect customer reviews on a target technology to extract keywords that show the customers’ needs, and we determine how many keywords are covered in the new technology. Finally, we construct a portfolio (based on a technology assessment from patent information) and a customer-based marketability assessment (based on review data), and we use them to visualize the characteristics of the new technologies.

Keywords: technology assessment, patents, citation information, opinion mining

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Authors: Yunwei Zhang, Na Li, Yuhong Niu

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Bone tissue engineering scaffold was regarded as an important clinical technology of curing bony defect. The patent protection of bone tissue engineering scaffold had been paid more attention and strengthened all over the world. This study analyzed the future development trends of international technologies in the field of bone tissue engineering scaffold and its patent protection. This study used the methods of data classification and classification indexing to analyze 2718 patents retrieved in the patent database. Results showed that the patents coming from United States had a competitive advantage over other countiries in the field of bone tissue engineering scaffold. The number of patent applications by a single company in U.S. was a quarter of that of the world. However, the capability of R&D in China was obviously weaker than global level, patents mainly coming from universities and scientific research institutions. Moreover, it would be predicted that synthetic organic materials as new materials would be gradually replaced by composite materials. The patent technology protections of composite materials would be more strengthened in the future.

Keywords: bone tissue engineering, patent analysis, Scaffold material, patent protection

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Markowitz model, fractional quadratic programming, portfolio optimization, transaction costs

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Authors: Mazura Mokhtar, Adibah Shuib, Daud Mohamad

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Portfolio optimization problem has received a lot of attention from both researchers and practitioners over the last six decades. This paper provides an overview of the current state of research in portfolio optimization with the support of mathematical programming techniques. On top of that, this paper also surveys the solution algorithms for solving portfolio optimization models classifying them according to their nature in heuristic and exact methods. To serve these purposes, 40 related articles appearing in the international journal from 2003 to 2013 have been gathered and analyzed. Based on the literature review, it has been observed that stochastic programming and goal programming constitute the highest number of mathematical programming techniques employed to tackle the portfolio optimization problem. It is hoped that the paper can meet the needs of researchers and practitioners for easy references of portfolio optimization.

Keywords: portfolio optimization, mathematical programming, multi-objective programming, solution approaches

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Authors: Imad Zeyad Ramadan

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In this paper a genetic algorithm was developed to construct the optimal portfolio based on the Treynor method. The GA maximizes the Treynor ratio under budget constraint to select the best allocation of the budget for the companies in the portfolio. The results show that the GA was able to construct a conservative portfolio which includes companies from the three sectors. This indicates that the GA reduced the risk on the investor as it choose some companies with positive risks (goes with the market) and some with negative risks (goes against the market).

Keywords: oOptimization, genetic algorithm, portfolio selection, Treynor method

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Authors: Duru Helin Ozaner

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Due to the doctrine of equivalent, the words in the claims' sentences are insufficient for the protection area provided by the patent registration. While this situation widens the boundaries of the protection area, it also obscures the boundaries of the protected area of patents. In addition, it creates distrust for third parties. Therefore, the doctrine of equivalent aims to establish a balance between the rights of patent owners and the legal security of third parties. The current legal system of Turkey has been tried to be created as a parallel judicial system to the widely applied regulations. Therefore, the regulations regarding the protection provided by patents in the current Turkish legal system are similar to many countries. However, infringement through equivalent is common by third parties. This study, it is aimed to explain that the protection provided by the patent is not only limited to the words of the claims but also the wide-ranging protection provided by the claims for the doctrine of equivalence. This study is important to determine the limits of the protection provided by the patent right holder and to indicate the importance of the equivalent elements of the protection granted to the patent right holder.

Keywords: patent, infringement, intellectual property, the doctrine of equivalent

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Authors: Konstantinos Liagkouras, Konstantinos Metaxiotis

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In this paper we present a classification of the various technologies applied for the solution of the portfolio selection problem according to the discipline and the methodological framework followed. We provide a concise presentation of the emerged categories and we are trying to identify which methods considered obsolete and which lie at the heart of the debate. On top of that, we provide a comparative study of the different technologies applied for efficient portfolio construction and we suggest potential paths for future work that lie at the intersection of the presented techniques.

Keywords: portfolio selection, optimization techniques, financial models, stochastic, heuristics

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Authors: Mingook Lee, Sungjoo Lee

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As technology-based service industries grow drastically worldwide; companies are recognizing the importance of market preoccupancy and have made an effort to capture a large market to gain the upper hand. To this end, a focus on patents can be used to determine the properties of a technology, as well as to capture advantages in technical skills, in comparison with the firm’s competitors. However, technology-based services largely depend not only on their technological value but also their economic value, due to the recognized worth that is passed to a plurality of users. Thus, it is important to determine whether there are any competitors in the target areas and what services they provide in any field. Despite this importance, little effort has been made to systematically benchmark competitors in order to identify business opportunities. Thus, this study aims to not only identify each position of technology-centered service companies in complex market dynamics, but also to discover new business opportunities. For this, we try to consider both technology and market environments simultaneously by utilizing patent data as a representative proxy for technology and trademark dates as an index for a firm’s target goods and services. Theoretically, this is one of the earliest attempts to combine patent data and trademark data to analyze corporate strategies. In practice, the research results are expected to be used as a decision criterion to diagnose the economic value that companies can obtain by entering the market, as well as the technological value to be passed onto their customers. Thus, the proposed approach can be useful to support effective technology and business strategies in a firm.

Keywords: business opportunity, patent, Portfolio analysis, trademark

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Authors: Nerella Srinivas

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This study explores the significance of patent protection for artificial intelligence (AI) innovations in the pharmaceutical sector, emphasizing applications in drug discovery, personalized medicine, and clinical trial optimization. The challenges of patenting AI-driven inventions are outlined, focusing on the classification of algorithms as abstract ideas, meeting the non-obviousness standard, and issues around defining inventorship. The methodology includes examining case studies and existing patents, with an emphasis on how companies like Benevolent AI and Insilico Medicine have successfully secured patent rights. Findings demonstrate that a strategic approach to patent protection is essential, with particular attention to showcasing AI’s technical contributions to pharmaceutical advancements. Conclusively, the study underscores the critical role of understanding patent law and innovation strategies in leveraging intellectual property rights in the rapidly advancing field of AI-driven pharmaceuticals.

Keywords: artificial intelligence, pharmaceutical industry, patent protection, drug discovery, personalized medicine, clinical trials, intellectual property, non-obviousness

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Authors: Kisik Song, Kyuwoong Kim, Sungjoo Lee

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Many global firms and corporations derive new technology and opportunity by identifying vacant technology from patent analysis. However, previous studies failed to focus on technologies that promised continuous growth in industrial fields. Most studies that derive new technology opportunities do not test practical effectiveness. Since previous studies depended on expert judgment, it became costly and time-consuming to evaluate new technologies based on patent analysis. Therefore, research suggests a quantitative and systematic approach to technology evaluation indicators by using patent data to and from customer communities. The first step involves collecting two types of data. The data is used to construct evaluation indicators and apply these indicators to the evaluation of new technologies. This type of data mining allows a new method of technology evaluation and better predictor of how new technologies are adopted.

Keywords: data mining, evaluating new technology, technology opportunity, patent analysis

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Authors: Marc S. Paolella, Pawel Polak

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The paper proposes a framework for large-scale portfolio optimization which accounts for all the major stylized facts of multivariate financial returns, including volatility clustering, dynamics in the dependency structure, asymmetry, heavy tails, and non-ellipticity. It introduces a so-called risk fear portfolio strategy which combines portfolio optimization with active risk monitoring. The former selects optimal portfolio weights. The latter, independently, initiates market exit in case of excessive risks. The strategy agrees with the stylized fact of stock market major sell-offs during the initial stage of market downturns. The advantages of the new framework are illustrated with an extensive empirical study. It leads to superior multivariate density and Value-at-Risk forecasting, and better portfolio performance. The proposed risk fear portfolio strategy outperforms various competing types of optimal portfolios, even in the presence of conservative transaction costs and frequent rebalancing. The risk monitoring of the optimal portfolio can serve as an early warning system against large market risks. In particular, the new strategy avoids all the losses during the 2008 financial crisis, and it profits from the subsequent market recovery.

Keywords: comfort, financial crises, portfolio optimization, risk monitoring

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Authors: Agung Sujatmiko

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One of the purposes of patent licensing was to transfer technology from developed countries to developing countries. For this reason, the role of the patent license agreement was very important and had a function as a tool to achieve technological development. This goal was very good, but in fact, many problems and obstacles arose in its implementation, so the technology transfer that had been implemented had not given good results. For this reason, it was necessary to find a solution so that technology could switch properly. The problem approach used the statutory and conceptual approaches. The analysis used was deductive by analyzing general laws and regulations and then concluding. Several regulations related to technology transfer were the main source to find answers to why technology transfer was difficult to achieve and what caused it. Once the cause was known, a solution would be sought.

Keywords: license, patent, technology, tie in clause

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Authors: Sergey Podluzhnyy

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One of the most important tasks of investment and pension fund management is building decision support system which helps to make right decision on corporate bond portfolio formation. Today there are several basic methods of bond portfolio management. They are duration management, immunization and convexity management. Identified methods have serious disadvantage: they do not take into account credit risk or insolvency risk of issuer. So, identified methods can be applied only for management and evaluation of high-quality sovereign bonds. Applying article proposes mathematical model for building an optimal in case of risk and yield corporate bond portfolio. Proposed model takes into account the default probability in formula of assessment of bonds which results to more correct evaluation of bonds prices. Moreover, applied model provides tools for visualization of the efficient frontier of corporate bonds portfolio taking into account the exposure to credit risk, which will increase the quality of the investment decisions of portfolio managers.

Keywords: corporate bond portfolio, default probability, effective boundary, portfolio optimization task

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Authors: Mario Gómez, José Carlos Rodríguez

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This paper analyzes innovation trends in South Korea by means of the number of patent applications filed by residents and nonresidents during the period 1965 to 2012. Making use of patent data released by the World Intellectual Property Organization (WIPO), we search for the presence of multiple structural changes in patent application series in this country. These changes may suggest that firms’ innovative activity has been modified as a result of implementing some science, technology and innovation (STI) policies. Accordingly, the new regulations implemented in this country in the last decades have influenced its innovative activity. The question conducting this research is thus how STI policies in South Korea have influenced its innovation activity. The results confirm the existence of multiple structural changes in the series of patent applications resulting from alternative STI policies implemented during these years.

Keywords: econometric methods, innovation activity, Korea, patent applications, science, technology and innovation policy, STI

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Authors: Saud Al Mahdi

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Traditionally,portfolio managers have been discouraged from timing the market. This means, for example, that equity managers have been forced to adhere strictly to a benchmark with static or relatively stable components, such as the SP 500 or the Russell 3000. This means that the portfolio’s exposures to all risk factors should mimic as closely as possible the corresponding exposures of the benchmark. The main risk factor, of course, is the market itself. Effectively, a long-only portfolio would be constrained to have a beta 1. More recently, however, managers have been given greater discretion to adjust their portfolio’s risk exposures (in particular, the beta of their portfolio) dynamically to match the manager’s beliefs about future performance of the risk factors themselves. This freedom translates into the manager’s ability to adjust the portfolio’s beta dynamically. These strategies have come to be known as smart beta strategies. Adjusting beta dynamically amounts to attempting to "time" the market; that is, to increase exposure when one anticipates that the market will rise, and to decrease it when one anticipates that the market will fall. Traditionally, market timing has been believed to be impossible to perform effectively and consistently. Moreover, if a majority of market participants do it, their combined actions could destabilize the market. The aim of this project is to investigate so-called smart beta strategies to determine if they really can add value, or if they are merely marketing gimmicks used to sell dubious investment strategies.

Keywords: beta, alpha, active portfolio management, trading strategies

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Authors: Lynmar M. Didal, Ramises G. Manzano Jr., Jacque Bon-Isaac C. Aboy

Abstract:

This study analyzes the performance of global minimum variance and naive portfolios across different economic periods, using monthly stock returns from the Philippine Stock Exchange Index (PSEI), S&P 500, and Dow Jones Industrial Average (DOW). The performance is evaluated through the Sharpe ratio, Sortino ratio, Jensen’s Alpha, Treynor ratio, and Information ratio. Additionally, the study investigates the impact of short selling on portfolio performance. Six-time periods are defined for analysis, encompassing events such as the global financial crisis and the COVID-19 pandemic. Findings indicate that the Naive portfolio generally outperforms the GMV portfolio in the S&P 500, signifying higher returns with increased volatility. Conversely, in the PSEI and DOW, the GMV portfolio shows more efficient risk-adjusted returns. Short selling significantly impacts the GMV portfolio during mid-GFC and mid-COVID periods. The study offers insights for investors, suggesting the Naive portfolio for higher risk tolerance and the GMV portfolio as a conservative alternative.

Keywords: portfolio performance, global minimum variance, naïve portfolio, risk-adjusted metrics, short-selling

Procedia PDF Downloads 93