專利爭訟資訊對股價之影響
| Autor: | Lilian Wang, 王麗仁 |
|---|---|
| Rok vydání: | 2008 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 96 This research, which takes samples from Announcement database of Market Observation Post System, collecting 164 samples of TSE listed companies and 36 samples of OTC listed companies from 1993 to 2007, discusses the stock price changes of each TSE or OTC listed company in a patent litigation when the patent litigation information is announced. Stock price changes are explained through “company scale”, “litigation location” and “litigation level”. Finally, it is proven that the patent litigation information has information content, and the factors of stock price changes of the plaintiff companies and the defendant companies are concluded as below. 1. The plaintiff company has a clear positive influence on the stock price on the following day after the patent litigation information is disclosed. The defendant company has a clear negative influence on the stock price three days before the litigation information is disclosed. 2. The plaintiff company, whether TSE or OTC listed, has an influence on the stock price from the following day to five days after the patent litigation information is disclosed, and a TSE listed company has a clear positive influence while an OTC listed company has a clear negative influence. As for the defendant company, only TSE listed companies have a negative influence from four days before and two days after the day when the patent litigation information is disclosed. 3. The plaintiff company has a clear negative influence on the stock price five days before and five days after the day when the foreign patent litigation information is disclosed. The defendant company has a clear negative influence on the stock price on the day when the foreign patent litigation information is disclosed, and has a clear negative influence on the stock price from three days before to three days after the native patent litigation information is disclosed. 4. The plaintiff company has a clear positive influence on the stock price from two days before to five days after the patent litigation conclusion information is disclosed, and the defendant company has a clear negative influence on the stock price from the day to three days after the day when the patent litigation raising information is disclosed, and from two days before the patent litigation determination information is disclosed. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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