| 摘要(英) |
This study aimed to examine the influence of stock price of Patent Assertion Entities (PAEs) and defendant firms around the filing of a patent lawsuit filed by PAEs. Using stock market event study method as the empirical model, we find that there exists a negative significant abnormal returns for PAEs at the date it file a lawsuit. Furthermore, we use the data only if the plaintiff are publicly listed PAEs and the defendant are either publicly listed company. There exists negative influences for both the defendant and plaintiff at the date PAEs file a patent lawsuit.
Moreover, we classify the patent lawsuit into defendant win, claimant win and reconciliation by the outcome of the patent litigation to examine the impact of stock price of PAEs at the date it file a lawsuit or the date that lawsuit terminated. The empirical results of this paper show that there exists a positive significant influence to the stock price of the patent assertion entities either at the date of filing the patent litigation or the date the lawsuit terminated. When case resolution of the lawsuit is reconciliation, there exists a negative significant effect of the stock price of the patent assertion entities at the day of filing the lawsuit. |
| 參考文獻 |
一、英文文獻
Ball, Ray and Philip Brown 1968. “An Empirical Evaluation of Accounting Income Numbers.” Journal of accounting research, 6(2), 159-178.
Bessen, James E., Michael J. Meurer, and Jennifer Laurissa Ford. 2011. “The Private and Social Costs of Patent Trolls.” Boston University School of Law, Law and Economics Research Paper, 11-45.
Bhagat, Sanjai, John Bizjak, and Jeffrey L. Coles. 1998. “The Shareholder Wealth Implications of Corporate Lawsuits.” Financial Management, 27(4), 5-27.
Boehmer, Ekkehart, Jim Masumeci, and Annette B. Poulsen. 1991. “Event-Study Methodology under Conditions of Event-Induced Variance.” Journal of financial economics, 30(2), 253-272.
Chien, Colleen V. 2010. “From Arms Race to Marketplace: The New Complex Patent Ecosystem and Its Implications for the Patent System.” Hastings Law Journal, 62, 297-356.
Fama, Eugene F. 1976. Foundations of Finance: Portfolio Decisions and Securities Prices. New York: Basic Books, Inc.
Lerner, Josh. 1995. “Patenting in the Shadow of Competitors.” The Journal of Law and Economics, 38(2), 463-495.
Mazzeo, Michael J., Jonathan H. Ashtor, and Samantha Zyontz. 2013. “Do NPEs Matter? Non-Practicing Entities and Patent Litigation Outcomes.” Journal of Competition Law and Economics, 9(4), 879-904.
Peterson, Pamela P. 1989. “Event Studies: A Review of Issues and Methodology.” Quarterly journal of business and economics, 28(3), 36-66.
二、中文文獻
江家楷 (2014)，「專利訴訟判決結果對企業股價之影響－以台灣上市公司為例」，臺灣大學會計學研究所碩士論文。
林佳瑢 (2014)，「專利訴訟對股市之影響」，國立高雄第一科技大學財務管理研究所碩士論文。
沈中華與李建然 (2000)，《事件研究法: 財務與會計實證研究必備》，台北：華泰文化事業股份有限公司。
沈中華與李建然 (2009)，《事件研究暨BETA模組說明》，台灣經濟新報，2017年5月31日取自於：
http://www.tej.com.tw/webtej/doc/EVENT.htm
郝明輝 (2011)，《Leahy-Smith 美國發明法案為美國專利體系帶來重大變革》，三達智慧財產權事務所，2017年5月31日取自於：
http://www.sundial.com.tw/service4file/201110vol601.pdf
陳志清 (2010)，「企業與未實施專利實體之互動關係及因應策略（上）」，《專利師》，2：43-51。
三、網路資源
RPX reports： http://www.rpxcorp.com/reports/
Lex Machina： https://law.lexmachina.com/
Wharton Research Data Services (WRDS)：http://www.whartonwrds.com/ |
[Endnote RIS 格式]
[相關文章]
[文章引用]
[完整記錄]
[館藏目錄]
[檢視]
plurk
funp
live
udn
HD
myshare
netvibes
friend
youpush
delicious
baidu
Google bookmarks
del.icio.us
hemidemi
facebook
twitter
google
reddit