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1 29 6 .. JEL Classi cation: G14; K39; L65.. 2017 15 .. 29 1 . 1 .. 24 2 .. 1 . 26 27 . , 2017 3 31 . 2 26 67. 10 91 2015 27 . 68 10 61 2016 . 1.. 3 .. Priest Klein 4 Priest . 5 .. 5 .. 50% Priest .. Priest 5 .. 50% . 76% .. 3 See George L. Priest & Benjamin Klein, The Selection of Disputes for Litigation , 13 J. LEGAL. STUD. 1 55 (1984). 4 Id 5 J. 934 130. (1989). 2. 2017 15 . 6 .. Bhagat . 7 Bhagat . Bhagat . 1981 1983 3 . 90 .. Bhagat .. Bhagat 1981 . 1992 12 . Lerner 8 .. Lerner . Bhagat . Bessen . Meurer 9 Bessen 2460 .. 6 Eugene F. Fama, Efficient Capital Markets: A Review of Theory and Empirical Work , 52 A M . F INANC . A SSOC . 737 783 (1970). 7 Sanjai Bhagat, James A Brickley & Jeffrey L Coles, The Cost of Inefficient Bargaining and Financial Distress. Evidence from Corporate Lawsuits, 35 J. Financ. Econ. 221-247 (1994). Sanjai Bhagat, John Bizjak & Jeffrey Coles, The Shareholder Wealth Implications of Corporate Lawsuits, 27 F INANC.

2 M ANAG . 5 27 (1998). 8 Josh Lerner, Patenting in the Shadow of Competitors, 38 J. Law Econ. 463 495 (1995). 9 James E. Bessen & Michael J. Meurer, The Private Costs of Patent Litigation , Bost. Univ. Sch. Law Work. Pap. 1 43 (2008). 3.. Bessen 10 Bessen . 11. 3 .. 2 . 3 4 . 5 .. 2009 . 2015 . 2009 .. 2010 . 2003 . 10 James Bessen, Jennifer Ford & Michael J. Meurer, The Private and Social Costs of Patent Trolls , 11 B OST . U NIV . S CH . L AW W ORK . P AP . 1 34 (2011). 11 Bessen .. 4. 2017 15 . 2015 . 14 . 12.. 1999 24 2000 2001 2002 2003 2004 2005 2006 13. 2007 2008 2009 2010 . 2011 . 2012 . 2013 . 2014 . 2015 .. 12 (2) . 61 52 (2010). 5. 2 13 1 . 2 1 1 . 5 . 1 . 1 .. 14. 1 5 . 1 .. 15. 2 .. 16. 13 ( ) 64 5 . (2013) 5 . 14 (13) 6-7 . 15 (13) 7 . 16 (13) 7 . 6. 2017 15 . 3 2 . 17. 4 .. 30 ~1 .. 18.. 2 .. 5 .. 19.. 20 .. 17 (13) 7 . 18 (13) 7-8 . 19 (13) 8 . 20 : 133 4 412 . (2005) 416 . 7. 21 . 22 23.. 24 . = + + . ( = 0) ( ) = 2.

3 25 i . 2 . =T 0 TOPIX( ). 26 90 31 . 27. i . AR=Abnormal Return 28. = . 29 . CAR=Cumulate Abnormal Return . 30. 21 See, , A. Craig MacKinlay, Event Studies in Economics and Finance, 35 J. E CON . L IT . 13 39. (1997) at 21. 22 See, , J OHN Y. C AMPBELL , A NDREW W. L O & A. C RAIG M AC K INLAY , T HE E CONOMETRICS OF. F INANCIAL M ARKETS 1 (1997). 23 See Eugene F. Fama, Efficient Capital Markets: A Review of Theory and Empirical Work , 52 A M . F INANC . A SSOC . 737 783 (1970). 24 See, , Mackinlay, supra note 21 at 18. 25 See, , Id 26 = = -- . 56 30 (2005) 40 M&A-- . , 26 1 (2006) 8 . 27 Bronwyn H. Hall & Megan MacGarvie, The Private Value of Software Patents, 39 R ES . P OLICY 994 . 1009 (2010). 28 See, , Mackinlay, supra note 21 at 20-21. 29 See, , Id at 20-21, 35. 30 See, , Id at 20-21. 8. 2017 15 . 2. = ( 1, 2) = . = 1. 31. 1 .. ( 1, 2) = ( 1, 2). =1. J . 32. = / . 33. 31 ( )2.. = . 90 2. 90 31 L. 60 34. 1 .. = . =1. J 35.

4 ( 4) 1 . = ( ) ~ (0,1). 2 =1. 31 See, , Id at 24. 32 See, , C AMPBELL , L O & M AC K INLAY , supra note 6 at 160-161. 33 See, , Id. at 158. 34 See, , Id. at 162. 35 See, , Id. 9. J J . 36. ( 1 =-1) 3 ( 2 =3) .. ( 1, 3) . (0, 3) . 37 3 5 . 90 31 60 .. 38. Bhagat .. 2001. 1 1 2016 12 31 .. 39 . 40. 42 22. 20 42 26 . 36 See, , Id. 37 Hall & MacGarvie, supra note 27 at 1002. 38 JASDAQ . 39 .. 40 = . 53 (2010). 10. 2017 15 .. 3 . 3 .. ( 1, 2). ( 1, 2) . Ave. CAR Ave. SCAR Ave. CAR Ave. SCAR. (-1, 0) (-1, 1) (-1, 2) * (-1, 3) * (0, 1) (0, 2) ** (0, 3) ** * 10% ** 5% ** 1% . Ave. CAR . (-1, 3) . 10% . (0, 3) 1% .. (-1, 3) . (0, 3) .. 11.. Bhagat .. 14 . 14 .. 14 .. 12. 2017 15 .. 42.. Bessen . 41 .. Bhagat 42 .. 41 See Bessen & Meurer, supra note 9 at 9. 42 See Bhagat & Coles, supra note 7 at 224. 13.. 14.. Bessen, James, Jennifer Ford & Michael J. Meurer, The Private and Social Costs of Patent Trolls, 11 B OST . U NIV . S CH . L AW W ORK.

5 P AP . 1 34 (2011). Bessen, James & Michael J. Meurer, The Private Costs of Patent Litigation, B OST . U NIV . S CH . L AW W ORK . P AP . 1 43 (2008). Bhagat, Sanjai., James A Brickley & Jeffrey L Coles, The cost of inefficient bargaining and financial distress. Evidence from corporate lawsuits, 35 J. F INANC . E CON . 221- 247 (1994). Bhagat, Sanjai, John Bizjak & Jeffrey Coles, The Shareholder Wealth Implications of Corporate Lawsuits, 27 F INANC . M ANAG . 5 27 (1998). Brown, Stephen J. & Jerold B. Warner, Using Daily Stock Returns, 14 J. F INANC . E CON . 3 31 (1985). C AMPBELL , J OHN Y., A NDREW W. LO & A. C RAIG M AC K INLAY , T HE E CONOMETRICS OF. F INANCIAL M ARKETS 1 (1997). Fama, Eugene F., Efficient Capital Markets: A Review of Theory and Empirical Work , 52. A M . F INANC . A SSOC . 737 783 (1970). Hall, Bronwyn H. & Megan MacGarvie, The Private Value of Software Patents, 39 R ES . P OLICY 994 1009 (2010). Lerner, Josh, Patenting in the Shadow of Competitors, 38 J.

6 L AW E CON . 463 495 (1995). MacKinlay, A. Craig, Event Studies in Economics and Finance, 35 J. E CON . L IT . 13 39. (1997). Priest, George L. & Benjamin Klein, The Selection of Disputes for Litigation, 13 J. LEGAL. S TUD . 1 55 (1984). : 133 4. 412 (2005) 416 . = . 53 (2010). 61 52 . (2010). = = - . 56 30 (2005). 15. ( ) . 64 5 (2013) 5 . , J. - 934. 130 (1989). 16.