The Management of Intellectual Property

The Management of Intellectual Property

New Horizons in Intellectual Property series

Edited by Derek Bosworth and Elizabeth Webster

This book brings together innovative contributions on the management of intellectual property (IP) and intellectual property rights by an esteemed and multi-disciplinary group of economists, management scientists, accountants and lawyers.

Chapter 11: Use of Intellectual Property by the UK Financial Services Sector

Mark Rogers and Christine Greenhalgh

Subjects: business and management, knowledge management, economics and finance, intellectual property, innovation and technology, knowledge management, law - academic, intellectual property law

Extract

1 Mark Rogers and Christine Greenhalgh 1 INTRODUCTION The purpose of this chapter is to provide new information on the intellectual property activity of UK financial sector firms. The database we have constructed allows us to document trademark applications, and UK and European Patent Office (EPO) patent publications for a sample of large UK companies over the period 1996–2000. Why should we be interested in this sector’s intellectual property activity when most economic studies of R&D and IP confine themselves to an examination of firms in manufacturing industries? Data from the Office of National Statistics (2004) shows that the ‘financial services’ sector accounted for 8.9 per cent of total gross value added in 2002, up from 8.2 per cent in 1992.2 In comparison manufacturing accounts for around 19 per cent of gross value added. In terms of employment, the financial services sector accounts for around 16 per cent of total employment, with manufacturing having around 14 per cent of the total (Begum 2004, Labour Force Survey data). While the changing structure of the UK economy and the growing contribution of service sector firms has been well documented via such aggregate statistics, Greenhalgh and Gregory (2001) also stress the expanding role of financial and professional services as suppliers of intermediate inputs, reflecting increased inter-industry specialization. These authors have demonstrated that this rise in intermediate demand dwarfs even the large rise in direct final demand for services output. The same authors also calculated the extent to...

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