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An Event Study of Patent Verdicts and Judicial Leakage

Author

Listed:
  • Bryan Engelhardt

    (College of Business, University of Wisconsin - Oshkosh)

  • Zachary Fernandes

    (Board of Governors of the Federal Reserve System)

Abstract

To check for the impartiality of the United States judicial system, we investigate whether judicial decisions are leaked prior to their public release. Utilizing an event study methodology, we test for leaked information by analyzing the effect of patent infringement verdicts on the stock prices of the firms involved before and after the public release of the verdict. We find evidence that at least some of the decisions are leaked prior to their public release.

Suggested Citation

  • Bryan Engelhardt & Zachary Fernandes, 2016. "An Event Study of Patent Verdicts and Judicial Leakage," Working Papers 1602, College of the Holy Cross, Department of Economics.
    • Handle: RePEc:hcx:wpaper:1602
    as

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    File URL: https://hcapps.holycross.edu/hcs/RePEc/hcx/HC1602_Engelhardt_Fernandes_Verdicts.pdf
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    References listed on IDEAS

    as
    1. Marco, Alan C., 2006. "The Value of Certainty in Intellectual Property Rights: Stock Market Reactions to Patent Litigation," Vassar College Department of Economics Working Paper Series 82, Vassar College Department of Economics.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    event study; patent infringement; judicial leakage; insider trading; trial court; appellate court;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process

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