Evaluating the risk of patent infringement by means of semantic patent analysis: the case of DNA chips

In this paper, we are going to present a method for detecting the risks of patent infringement by evaluating similarities between patent documents on the basis of semantic patent analysis. This approach enables the user to visualize similarities in the contents on a semantic patent map by means of multi‐dimensional scaling. The effectiveness of the semantic patent map has already been demonstrated by Dressler (2006) with regard to patents of seal technology, in which documents are commonly kept short and the extracted contents are concise. This paper will open out to the field of biotechnology, where patents can easily comprise several hundreds of pages. The method presented here conveys an interdisciplinary approach and combines computer‐aided natural language processing with domain‐specific expertise of biochemical processes. This is illustrated by an authentic case of infringement involving two manufacturers of DNA chips. Our experiment will show how the infringement case is visualized on a patent map based on semantic patent analysis. This experiment can be compared with the search for a needle in a haystack, the two competitive patents representing significantly conflicting ‘needles.’ From an approximate number of 4,000 patents in the current US Class 435/6, a set of patents was selected that included the ‘needles’ mentioned. This paper will point out how such mutual interference can be detected by way of semantic patent analysis, and what advice may be given to R&D managers who are faced with the risk of patent infringement.     

Forecasting inflation in the 1980s

Refined forecasting techniques are rendered practically useless in the face of the current instabilities in the international system—and the repercussions these could have on domestic economies. Currently, there is no convincing forecast of the probable medium-term course of stagflation. Nor is there likely to be while the money markets are faced with the problems of recycling OPEC surpluses and funding the debts of less developed countries. This heavily interdependent and fragile system could easily be shaken by unpredicted shocks. Domestic economies will continue, through their links with it, to be subject to the vagaries of a system beyond their control or forecasting abilities.     

Green Project Bonds als finanzielle Alternative für Energieunternehmen

The reorientations of energy policy, and in particular the promotion of renewables, have changed the market conditions for energy companies significantly. Over recent years, the resulting challenges put the energy companies’ financial ratios under severe stress. As the need to invest remains urgent, energy firms seek to broaden and diversify their sources of funding. Against this backdrop, the article addresses an innovative form of securities-based debt financing for energy companies, which explicitly links the financing transaction to the investing of funds in renewable energy projects. Due to the early stage of development of so called green (project) bonds, an initial disambiguation is essential. Thereafter, current market processes, structures and rules are considered. Based hereupon, it is possible to discuss the new opportunities that green project bonds afford energy companies.     

Was Deng Xiaoping Right? An Overview of China's Equity Markets

In the western world, stock markets arose from the search by privately owned companies for capital to build their businesses. Over time, the markets became places where ownership interests and even entire companies were bought and sold. In China, the complete opposite has happened. The markets arose out of the need for capital by bankrupt state‐owned enterprises operating in an economy with no history of private property. Deng Xiaoping, China's last emperor, gave the green light for the stock market experiment in early 1992 more with the hope of encouraging reform and efficiency than from any conviction that stock markets were the next sure thing. Now, after more than 20 years of experimentation with domestic and international listings, it appears evident that stock markets whose primary function is to trade minority interests in government‐controlled companies have not achieved the goal of improving enterprise performance, as China's leaders originally hoped. Instead, the combination of state monopolies with Wall Street expertise and international capital has led to the creation of national companies that represent little more than the incorporation of China's old Soviet‐style industrial ministries. As for the markets, the government's determination to prevent real privatization has produced separate classes of shares that are defined almost entirely by one thing: the shareholder's relationship to the government. And with all aspects of stock market activity regulated, managed, and owned by various state agencies, it is not surprising that non‐state investors have become motivated more by speculative opportunities than by investment fundamentals. But a quarter of a century is a short time in any country's development and, for all their shortcomings, the markets in mainland China and Hong Kong have played a significant role raising capital for China. It may be too early, perhaps, to suggest that China's equity markets have failed to accomplish what they were intended to do.     

Berlin Fashion Week：An Inspiring Blend of Genres and Formats

The sheer numbers are impressive：since it opened its doors for the very first time in January 2003,Berlin Fashion show has experienced steady growth.Berlin Fashion week from July 8th to14th was another milestone in this range of growths figures：More than 200,000professional visitors were attracted by over 200 events, 100 of which were fashion shows.     

The psychological effects on tariff choices for car insurance

Insurance customers increasingly choose between conventional flat-rate car insurance tariffs and innovative usage-based car insurance tariffs such as a pay-per-mile tariff. Usage-based car insurance tariffs require traffic telematics. In this paper, we analyze the decision-making behavior of insurance customers concerning tariff choices as well as the psychological effects. In other service areas, it can be observed that customers often prefer a flat-rate tariff even if their billing rate would be lower on a pay-per-use tariff for a given amount of usage. In study?1, we show that the purchase intention of car insurance tariffs is influenced by psychological effects as well as the customer’s personal experience with the insurance provider and that it is higher for a flat-rate car insurance tariff compared to a pay-per-mile tariff. Customers who have had positive experiences with an insurance provider induce a higher purchase intention for car insurance than customers who have had no experience with an insurance provider. In study?2, we show that the probability of choosing a flat-rate car insurance tariff is higher with increasing monthly kilometers.     

Development costs capitalization and debt financing

This study investigates debt market effects of research and development (R&D) costs capitalization, using a global sample of public bonds and private syndicated loans issued by public non‐financial firms. Firstly, we show that firms capitalize larger amounts of R&D in a year when they exhibit a propensity for issuing bonds, rather than borrowing funds privately from the syndicated loan market, in the subsequent year. Secondly, we provide evidence that capitalized R&D investments reduce the cost of debt. We infer that debt market participants are able to identify firms’ motives for R&D capitalization, as we find a reduction in the cost of debt only for those firms that do not show indications of employing R&D capitalization for earnings management reasons. Indeed, only for this sub‐sample of firms, the amount of capitalized R&D contributes positively to future earnings. We confirm that R&D capitalization is positively associated with audit fees and thus can be deemed to be a signaling device. Lastly, we find that it is the amount of R&D a firm is expected to capitalize and not the discretionary counterparts, which facilitates a firm's access to public debt markets, reduces bond and syndicated loan prices, and contributes to future benefits.