. Further evidence shows that patent litigation is associated with higher future profitability and lower future competition, and …Using comprehensive patent lawsuit data from 2000 to 2014, we find that a stock portfolio consisting of firms involved … in patent lawsuits provides significantly positive stock returns (between 0.56% to 1.02% per month) in the following year …

Patent thickets, a phenomenon of fragmented ownership of overlapping patent rights, hamper firms' commercialization of … patents and thus deliver asset pricing implications. We show that firms with deeper patent thickets are involved in more … patent litigations, launch fewer new products, and become less profitable in the future. These firms are also associated with …