Media coverage and patent trolls: A study on US high-tech firms

Article

Siddiqui, Sayla and Shams, Syed. 2023. "Media coverage and patent trolls: A study on US high-tech firms." Journal of Behavioral and Experimental Finance. 37, pp. 1-16. https://doi.org/10.1016/j.jbef.2022.100782
Article Title

Media coverage and patent trolls: A study on US high-tech firms

ERA Journal ID210800
Article CategoryArticle
AuthorsSiddiqui, Sayla and Shams, Syed
Journal TitleJournal of Behavioral and Experimental Finance
Journal Citation37, pp. 1-16
Article Number100782
Number of Pages16
Year2023
PublisherElsevier
Place of PublicationNetherlands
ISSN2214-6350
2214-6369
Digital Object Identifier (DOI)https://doi.org/10.1016/j.jbef.2022.100782
Web Address (URL)https://www.sciencedirect.com/science/article/pii/S2214635022001046
Abstract

This paper investigates the impact of media coverage on a nonpracticing entity (NPE) patent litigation concerning the defendant firms. Using a sample of high-tech and patent-intensive firms from the US market between 2000 and 2020, we find that NPEs tend to target highly visible firms. This result is more pronounced when the firms are large and experience positive sentiment in the market. We ensure the causality of this relationship using the anti-troll law, which is targeted to curb the threat of NPE trolls, as a natural experiment and distance from the nearest news branch as an instrumental variable. We find that after suing the target firms, the return of the plaintiff, or the NPE firm, increases. Our results provide new insight into the effect of media coverage on firms’ litigation environment.

KeywordsMediaNPE litigationPatent trollsAnti-troll law
ANZSRC Field of Research 2020350202. Finance
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Byline AffiliationsAustralian National University
School of Business
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