Process for production of novel polymer emulsion

A process for production of a polymer emulsion comprising emulsion polymerizing in an aqueous system at least one adduct which has been at least partially esterified, imidated, or amidated by reacting said adduct with a compound selected from at least one member of the group consisting of aminoethyl methacrylate, t-butylaminoethyl methacrylate, 2-hydroxyethyl methacrylate, 2-hydroxyethyl acrylate, 2-hydroxypropyl methacryalte, glycidyl methacrylate, glycidyl acrylate and N-methylol-methacrylamide in an aqueous system in the presence or absence of a vinyl monomer, said adduct being produced by adding an .alpha.,.beta.-unsaturated dicarboxylic acid or anhydride thereof to a synthetic unsaturated polymer, having a number average molecular weight of 150 to 30,000 and an iodine value of 50 to 500, selected from at least one member of the group consisting of a diene polymer, C.sub.5 petroleum resin and C.sub.9 petroleum resin, wherein the addition ratio of the .alpha.,.beta.-unsaturated dicarboxylic acid or anhydride thereof to the synthetic unsaturated resin is in the range of 3 to 60% by weight and wherein the partial esterification, imidation and amidation is carried out in the range of 10 to 90% of the total acid value of the adduct.