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Firms have typically tried to profit from their technical innovations by selling them indirectly, embedded in goods and services. Markets for technology, in which innovations are sold or licensed, have been much rarer. Yet, trade in technology has grown systematically over the past 20 years, as reflected in the growth of arrangements such as licensing agreements, R&D joint ventures, and contract R&D. Recent estimates indicate that royalties received by American corporations for industrial processes may amount to about a quarter of total U.S. R&D. A number of supporting institutions that facilitate effective dissemination of information, standardization, and contracting are vital to the rise and functioning of markets for technology. Intellectual property rights, and in particular patents, are one such institution. The main objectives of this survey are to review critically the literature on the relationship between trade in technology and patent protection, and to assess the contribution of stricter and better-defined patent protection to the emergence of technology markets. We start our survey by providing a tentative taxonomy of markets for technology and some recent evidence on their extent and evolution. We then explore several reasons why firms would be willing to act as suppliers in the market for technology. The core of the survey revolves around the idea that patents facilitate the development of markets for technology in several ways: They enhance the ability of the licensor to extract rents from its innovation; they reduce costs in technology trade by forcing an increased codification of knowledge; they reduce information asymmetries, opportunistic behaviors, and transaction costs. However, the literature also points to some potential costs of stronger patents, including litigation costs and the problem of “anti-commons.” Finally, we explore the implications of patents and markets for technology for entry, competition and industry dynamics.
This paper summarizes a study, undertaken by Arthur Andersen’s Intellectual Property Group in London, to consider the economic and financial issues, principally as they…
This paper summarizes a study, undertaken by Arthur Andersen’s Intellectual Property Group in London, to consider the economic and financial issues, principally as they affect the valuation of intellectual property and its suitability as security. The study encompasses a review of available literature, interviews and discussions, and an analysis of the results of a questionnaire which was distributed to owners and managers of intellectual property. Views were canvassed across industries, of both borrowers and lenders, and also of lawyers and other advisers experienced in the transactions involving intellectual property.
Briefly outlines the history of the valuation and appraisal of licensed premises since the 1950s and discusses how the system has evolved through the course of years in line with market trends. Analyses the resultant changes in the methods of appraisal in respect of the public house and details the several constituents of standard such appraisal. Suggests that the traditional methodology for this type of property is no longer appropriate in today′s marketplace.
This study aims to analyze the trends for crime and STDs after the passage of massage therapist licensing. In 1977, Texas passed a law permitting county-level licensing…
This study aims to analyze the trends for crime and STDs after the passage of massage therapist licensing. In 1977, Texas passed a law permitting county-level licensing laws for massage therapists, which was soon followed by a statewide licensing requirement in 1985. This early massage therapy law was upheld by the Fifth Circuit Court of Appeals. Massage therapy licensing is commonly associated with preventing crime, specifically prostitution. However, massage parlors also represent an opportunity for entrepreneurs starting businesses, who face significant barriers to entry across the USA.
The authors analyze the effect of state- and city-level licensing of massage therapists on crime and the spread of sexually transmitted diseases using data from the FBI Uniform Crime Reports from 1985–2013 and the Centers for Disease Control and Prevention between 1993-2015.
The authors find that state- and city-level licensing of massage therapists was not associated with preventing crimes related to prostitution or reducing sexually transmitted diseases. This analysis is consistent with the hypothesis that relaxing the stringency of massage therapist licensing would not lead to increases in crime or additional spread of disease while likely encouraging entrepreneurship.
This study is one of the first to examine the effects of city-level licensing on health and safety of consumers.
Reviews the growth in branded licensed merchandise for children inspired by books: literary fiction is an art form which has always had a close relationship with the market, and the full commercial value of children’s books lies in the potential for interpreting their content and characters into diverse product categories. Considers the contrasting roles of three early‐mid 20th century children’s authors as brand managers and custodians: Dr Seuss, Beatrix Potter and A.A. Milne. Describes the products that have emanated from each: Milne’s Pooh character is the most commercially successful children’s literary character, and the least recognisable. Categorises Milne as having a permissive approach to brand management, because he was uninterested in how the Pooh books were positioned in the market; Dr Seuss was a purist who wanted his books to be educational or even subversive, and refused to let his characters like the Grinch be used purely commercially; but Potter was a pragmatist who embraced merchandising of her books in order to make money.
Discusses the process of international technology transfer. Defines technology transfer and traces its development through the growth of world trade. Analyses factors encouraging the growth of technology transfer – e.g. international relations conducive to trading – and barriers impeding it – e.g. financial restraints. Discusses ownership, control and licensing. Examines reasons why unrelated companies become licensors and licensees. Cites the example of Honda of Japan licensing the manufacture and marketing rights for a modified version of the Honda Ballade (Triumph Acclaim) to British Leyland. Outlines the attitudes of Brazil, the Soviet Union, the People's Republic of China and Japan to technology transfer. Concludes that while technology transfer has flourished, there is still a long way to go in refining it.
International business or International marketing.
International business or International marketing.
The case is recommended for undergraduate and graduate courses in the fields of international business and international marketing. The aim is to show students the problems that a family business in the animation industry faces while growing and internationalizing. Specifically, the case discusses the entry mode selection and market selection challenges faced by an emerging market company in the comic book and animation industry to operate overseas and compete with entertainment giants such as Disney and DC Comics. The case enables the instructor to discuss international market selection theories and evaluate entry modes. For graduate students, the international market selection can be further developed by using more robust concepts such as psychic and cultural distance.
This case examines the trajectory of a pioneering company in the comic book and animation industries, and in the licensing of trademarks in Brazil. Mauricio de Sousa Productions was founded in 1959 and is considered to be one of the most successful cultural producers in the country. According to a leading Brazilian public opinion research agency, 97 per cent of Brazilian children and 96 per cent of their parents are familiar with the Monica and Friends characters. As one of the main players in the publishing market, with 86 per cent of market share, Mauricio de Sousa Productions has a product portfolio that goes beyond Monica and Friends comic strips: the company’s show on the Cartoon Network ranks third in audience viewing in the country and the company has produced animated movies, books, shows and games. However, despite its experience in publishing comic books in several countries, Mauricio de Sousa Productions (MSP)’s worldwide operations have not been as profitable and sustainable as expected. Aiming at expanding its global presence, MSP’s top management decided in 2014 to review the company’s internationalization strategy and operations to enhance the firm’s performance.
Expected learning outcomes
The case highlights the key factors facing firms when expanding from an emerging markets. Students are expected to discuss and evaluate options, thus developing their knowledge and decision processes related to family-owned business challenges and opportunities, international market selection theories and international market entry mode. Developing strategies to face challenges as those presented by competitors such as Disney should bring opportunities to students to think outside models and weigh risks. Finally, the case gives students opportunity to base their decision processes and evaluations on logistics problems as well as psychic and cultural distances. It also compels the students to appreciate the various challenges involved in exploiting international market with animation content and intellectual properties as a service.
Company presentation to use in the discussion introduction can be found in: www.monicaandfriends.com/content/video.php
CSS 5: International business.
This paper focuses on the strategic inclusion of reciprocity clauses in the licensing commitments disclosed by firms claiming standard essential patents (SEPs) in the…
This paper focuses on the strategic inclusion of reciprocity clauses in the licensing commitments disclosed by firms claiming standard essential patents (SEPs) in the telecom industry. We highlight the main cost and benefit of using these clauses for SEPs holders, namely, a possible deterrence effect for potential standard users on the one hand, and a legal instrument to prevent holdup and negotiate cross-licenses with other SEPs owners on the other hand.
We formulate general hypotheses explaining firms’ disclosure strategies with respect to reciprocity clauses, and use an original dataset of 19,601 patent disclosures in 12 different ETSI (European Telecommunications Standard Institute) projects (including UMTS, GSM, 3GPP, or GPRS) to test them empirically.
Our econometric results first confirm our predictions that reciprocity clauses are used as an insurance mechanism in technologically complex environments. They are more frequently included in patent disclosures when the ownership of SEPs at the project level is more fragmented. We also find that firms do not claim reciprocity clauses before having already declared a significant number of non-reciprocal SEPs in the same project, which suggests a deterrence effect on standard users that must be balanced by a strong patent position.
Our findings highlight a trade-off for the SEPs holder to insert a reciprocity clause. There is both a cost and a benefit of adding this clause to the patent licensing commitment. Contrary to the usual literature on the subject, we do not analyze the general patenting strategies but the conducts on the licensing terms.
The purpose of this paper is to examine the facets of copyright licensing for commercial composers. As traditional business models within the music industry wane, there…
The purpose of this paper is to examine the facets of copyright licensing for commercial composers. As traditional business models within the music industry wane, there emerges a tacit opportunity for composers to exploit copyright through partnerships with third‐party entrepreneurs, across sectors such as television, video games and film.
A case study is utilised to identify opportunities within the television sector for commercial composers who own both publishing and mechanical copyright. Despite the economic crisis facing the entertainment industries, the paper identifies facets for commercial composers through licensing their intellectual property (IP) to third‐party entrepreneurs.
Composers who own both publishing and mechanical rights arguably hold a market advantage, resulting in an emergence of “one‐stop” licensing agreements – and less administrative fees – for major publishers.
The implications asserted within this paper relate specifically to the television sector and further research could be undertaken in order to examine the utilisation of similar practice across different sectors, such as video games, and film, within which different opportunities and limitations will undoubtedly exist.
The implications for composers and managers is clear. A basic understanding of key legal terms, contract structure and the administrative functions of societies such as the MCPS‐PRS Alliance, are essential. This paper offers a valuable insight into very current changes across both the music and television sectors, identifying tangible opportunities for commercial composers.
This paper explores the facets of copyright licensing for commercial composers within new sectors including television. The author believes that sectors such as television, film and videogames can and do provide lucrative opportunities for independent musicians, composers and record labels. It is essential to explore such opportunities.
This chapter proposes a survey of the main results produced by the literature on licensing and some original insights, with a particular focus on globalization, North–South models of technology transfer, the issue of how the intellectual property rights influences international licensing, and asymmetric information.