Identifying emerging trends of financial business method patents

Won Sang Lee, So Young Sohn

Research output: Contribution to journalArticle

5 Citations (Scopus)

Abstract

Financial technology has become an important part of the banking industry in recent times. This study attempts to propose a framework to identify emerging areas and trends using financial business method patents. Based on the abstracts of financial business method patents registered at the United States Patent and Trademark Office, this study first applies latent Dirichlet allocation to identify emerging topics. The probability of the annual occurrence of each topic is adjusted through the exponentially weighted moving average to reflect the importance of the recent probability of topics. Each topic is classified as "hot" or "cold" depending on whether the exponentially weighted moving average of the probabilities exceeds the threshold. We applied survival analysis to the time gap of recurrently becoming hot from a cold status with the associated factor of financial business method patents. The findings suggest that the topic with the short granted period and high forward citation is likely to become hot. In addition, the topic that is aged and specific in narrow areas is likely to continuously change into the hot or cold status. The approach proposed in this study contributes toward understanding topic emergence in the financial area and pursuing sustainable development.

Original languageEnglish
Article number1670
JournalSustainability (Switzerland)
Volume9
Issue number9
DOIs
Publication statusPublished - 2017 Sep 20

Fingerprint

patent
trend
Industry
Trademarks
trademark
banking
Sustainable development
sustainable development
method
industry
cold
time

All Science Journal Classification (ASJC) codes

  • Geography, Planning and Development
  • Renewable Energy, Sustainability and the Environment
  • Management, Monitoring, Policy and Law

Cite this

@article{846f8dccf5b24121a50e800ecfe26404,
title = "Identifying emerging trends of financial business method patents",
abstract = "Financial technology has become an important part of the banking industry in recent times. This study attempts to propose a framework to identify emerging areas and trends using financial business method patents. Based on the abstracts of financial business method patents registered at the United States Patent and Trademark Office, this study first applies latent Dirichlet allocation to identify emerging topics. The probability of the annual occurrence of each topic is adjusted through the exponentially weighted moving average to reflect the importance of the recent probability of topics. Each topic is classified as {"}hot{"} or {"}cold{"} depending on whether the exponentially weighted moving average of the probabilities exceeds the threshold. We applied survival analysis to the time gap of recurrently becoming hot from a cold status with the associated factor of financial business method patents. The findings suggest that the topic with the short granted period and high forward citation is likely to become hot. In addition, the topic that is aged and specific in narrow areas is likely to continuously change into the hot or cold status. The approach proposed in this study contributes toward understanding topic emergence in the financial area and pursuing sustainable development.",
author = "Lee, {Won Sang} and Sohn, {So Young}",
year = "2017",
month = "9",
day = "20",
doi = "10.3390/su9091670",
language = "English",
volume = "9",
journal = "Sustainability",
issn = "2071-1050",
publisher = "MDPI AG",
number = "9",

}

Identifying emerging trends of financial business method patents. / Lee, Won Sang; Sohn, So Young.

In: Sustainability (Switzerland), Vol. 9, No. 9, 1670, 20.09.2017.

Research output: Contribution to journalArticle

TY - JOUR

T1 - Identifying emerging trends of financial business method patents

AU - Lee, Won Sang

AU - Sohn, So Young

PY - 2017/9/20

Y1 - 2017/9/20

N2 - Financial technology has become an important part of the banking industry in recent times. This study attempts to propose a framework to identify emerging areas and trends using financial business method patents. Based on the abstracts of financial business method patents registered at the United States Patent and Trademark Office, this study first applies latent Dirichlet allocation to identify emerging topics. The probability of the annual occurrence of each topic is adjusted through the exponentially weighted moving average to reflect the importance of the recent probability of topics. Each topic is classified as "hot" or "cold" depending on whether the exponentially weighted moving average of the probabilities exceeds the threshold. We applied survival analysis to the time gap of recurrently becoming hot from a cold status with the associated factor of financial business method patents. The findings suggest that the topic with the short granted period and high forward citation is likely to become hot. In addition, the topic that is aged and specific in narrow areas is likely to continuously change into the hot or cold status. The approach proposed in this study contributes toward understanding topic emergence in the financial area and pursuing sustainable development.

AB - Financial technology has become an important part of the banking industry in recent times. This study attempts to propose a framework to identify emerging areas and trends using financial business method patents. Based on the abstracts of financial business method patents registered at the United States Patent and Trademark Office, this study first applies latent Dirichlet allocation to identify emerging topics. The probability of the annual occurrence of each topic is adjusted through the exponentially weighted moving average to reflect the importance of the recent probability of topics. Each topic is classified as "hot" or "cold" depending on whether the exponentially weighted moving average of the probabilities exceeds the threshold. We applied survival analysis to the time gap of recurrently becoming hot from a cold status with the associated factor of financial business method patents. The findings suggest that the topic with the short granted period and high forward citation is likely to become hot. In addition, the topic that is aged and specific in narrow areas is likely to continuously change into the hot or cold status. The approach proposed in this study contributes toward understanding topic emergence in the financial area and pursuing sustainable development.

UR - http://www.scopus.com/inward/record.url?scp=85029706696&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=85029706696&partnerID=8YFLogxK

U2 - 10.3390/su9091670

DO - 10.3390/su9091670

M3 - Article

AN - SCOPUS:85029706696

VL - 9

JO - Sustainability

JF - Sustainability

SN - 2071-1050

IS - 9

M1 - 1670

ER -