In fast-paced, competitive business contexts where enterprises must create new innovations to stay ahead in the battle for economic rents, the development of competitive advantage in the form of new technologies has emerged as a major theme in the strategic literature. Firms rely on patents to guarantee them an exclusive right to use and profit from their innovations. This first-mover advantage, however, is intended to diminish as the inventive step becomes a commonplace good when it enters the market and competitors start imitating it gradually, leaving inventor firms with declining profits. From a strategic standpoint, managing intellectual property necessitates making wise decisions, not just in the early stages but also when violations occur. This is because parties are asked to carefully weigh the potential benefits and costs of their decisions regarding the case because infringement appeals, whether they are handled by national or supranational courts, are expensive, risky, and time-consuming for all parties involved. While settlements in civil court litigation are easier to obtain because the lawsuit can be withdrawn at any stage of the proceeding, such autonomy fails in the case of an opposition at the European Patent Office, the specific case we are interested in, as there is a short time window to negotiate. Our focus in this situation is on how to effectively use oppositions from both patent holders’ and opponents’ perspective. We are particularly interested in determining if historical outcomes in patent opposition cases, such as winning or losing the case before at the EPO court, may be used to deduce anything about the parties' respective strategies. Furthermore, we are interested in how such a motion would affect the financial market, as prior studies have demonstrated that stock market price shocks are frequently linked to legal disputes in national civil courts. Our examination of the patenting and opposition activities in the cosmetics sector indicates that the opponent's and defendant's win rates serve as a signal and are useful indicators of both parties' approach. Additionally, the results of our event analysis showed that patent oppositions have a negative and significant influence on stock market returns. This effect appears to be made worse by the credibility of the threat and the possible harm to the patent holder's firm.
In business fast-paced e competitivi, le imprese sono chiamate ad innovare continuamente al fine di non perdere terreno nella battaglia per i propri utili. Per tale ragione, lo sviluppo di vantaggi competitivi tramite nuove tecnologie si è imposto come tematica di riferimento nella letteratura scientifica. Al fine di garantirsi l’esclusività sulle proprie invenzioni, le imprese fanno affidamento sui diritti di proprietà intellettuale, sebbene i vantaggi ad essi legati si erodano: quando l’innovatività della tecnologia diviene di dominio pubblico, i competitors iniziano ad imitarla, lasciando gli inventori di prima istanza con rendimenti decrescenti. Dal punto di vista strategico, la gestione della proprietà intellettuale comporta la necessità di prendere decisioni profonde, non solo nelle fasi iniziali ma anche quando si verificano delle violazioni. Ciò perché le parti sono chiamate a valutare i potenziali benefici e costi delle loro decisioni riguardo al caso, poiché le impugnazioni, che siano gestite da tribunali nazionali o sovranazionali, sono costose, rischiose e richiedono molto tempo per le parti coinvolte. Mentre i patteggiamenti nelle cause civili sono più facili da ottenere dato che la causa può essere ritirata in qualsiasi momento del procedimento, tale autonomia non vale nel caso di un'opposizione presso l'Ufficio Europeo dei Brevetti, il caso specifico di cui ci interessiamo, poiché vi è una breve finestra di tempo utile per negoziare. Il nostro focus è su come utilizzare efficacemente le opposizioni dal punto di vista sia dei titolari dei brevetti che degli oppositori. In particolare, siamo interessati a determinare se gli esiti storici nei casi di opposizione ai brevetti, come la vittoria o la sconfitta davanti al tribunale dell'EPO, possano essere utilizzati per dedurre qualcosa sulle rispettive strategie delle parti. Inoltre, siamo interessati a come tale azione potrebbe influenzare il mercato finanziario, poiché studi precedenti hanno dimostrato che shock dei prezzi delle azioni in borsa sono legate a controversie legali in tribunali civili nazionali. La nostra analisi delle attività di brevettazione e opposizione nel settore cosmetico indica che i tassi di vittoria degli oppositori e dei difensori fungono da segnale e sono indicatori utili dell'approccio per entrambe le parti. Inoltre, i risultati della nostra event study analysis hanno dimostrato che le opposizioni ai brevetti hanno un effetto negativo e significativo sui rendimenti del mercato azionario. Questo effetto sembra essere aggravato dalla credibilità della minaccia e dal possibile danno all'azienda titolare del brevetto.
The strategic role of patent oppositions in the Cosmetic sector / D'Adamo, Elisa. - (2023 Jun 12).
The strategic role of patent oppositions in the Cosmetic sector
D'ADAMO, ELISA
2023-06-12
Abstract
In fast-paced, competitive business contexts where enterprises must create new innovations to stay ahead in the battle for economic rents, the development of competitive advantage in the form of new technologies has emerged as a major theme in the strategic literature. Firms rely on patents to guarantee them an exclusive right to use and profit from their innovations. This first-mover advantage, however, is intended to diminish as the inventive step becomes a commonplace good when it enters the market and competitors start imitating it gradually, leaving inventor firms with declining profits. From a strategic standpoint, managing intellectual property necessitates making wise decisions, not just in the early stages but also when violations occur. This is because parties are asked to carefully weigh the potential benefits and costs of their decisions regarding the case because infringement appeals, whether they are handled by national or supranational courts, are expensive, risky, and time-consuming for all parties involved. While settlements in civil court litigation are easier to obtain because the lawsuit can be withdrawn at any stage of the proceeding, such autonomy fails in the case of an opposition at the European Patent Office, the specific case we are interested in, as there is a short time window to negotiate. Our focus in this situation is on how to effectively use oppositions from both patent holders’ and opponents’ perspective. We are particularly interested in determining if historical outcomes in patent opposition cases, such as winning or losing the case before at the EPO court, may be used to deduce anything about the parties' respective strategies. Furthermore, we are interested in how such a motion would affect the financial market, as prior studies have demonstrated that stock market price shocks are frequently linked to legal disputes in national civil courts. Our examination of the patenting and opposition activities in the cosmetics sector indicates that the opponent's and defendant's win rates serve as a signal and are useful indicators of both parties' approach. Additionally, the results of our event analysis showed that patent oppositions have a negative and significant influence on stock market returns. This effect appears to be made worse by the credibility of the threat and the possible harm to the patent holder's firm.File | Dimensione | Formato | |
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