专利纠纷中当事双方相对地位与股票市场反应

【主题】专利纠纷中当事双方相对地位与股票市场反应

【主讲人】张燕,中欧国际工商学院管理学教授

【时间】2013-5-22(周三)13:30-15:00

【地点】清华经管学院伟伦楼 453

【主办】创新创业与战略系

Patent litigation has increasingly become a powerful strategic and legal weapon for firms to defend their business territories and to deter other firms competitive actions. In this study, we examine how a plaintiff  firms and a defendant firms relative status in terms of firm size and innovation reputation may affect stock market reactions to these firms upon a patent litigation announcement. Focusing on patent litigation announcements in the Wall Street Journal in 2005-2010, we find that stock market on average reacted positively to the plaintiffs but negatively to the defendants. Moreover, we find that when a plaintiff had lower status than the corresponding defendant, the plaintiff gained greater positive abnormal return and the defendant had smaller negative abnormal return. Our findings contribute to a better understanding of stock markets reactions to patent  litigations and suggest that low-status firms may benefit from negative associations (e.g., through initiating a patent litigation) with high-status firms.