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Full-Text Articles in Law
Does The Quality Of The Plaintiffs' Law Firm Matter In Deal Litigation?, David H. Webber, Adam B. Badawi
Does The Quality Of The Plaintiffs' Law Firm Matter In Deal Litigation?, David H. Webber, Adam B. Badawi
Faculty Scholarship
This Article examines how the stock market reacts to the filing of lawsuits against mergers and acquisitions targets as the quality of the plaintiffs’ law firm varies. Our primary dataset includes all cases of this type filed in the Delaware Chancery Court from November 2003–September 2008. We group the law firms that file these suits into higher and lower quality categories using several quantitative and qualitative measures. We hypothesize that target firm share value should reflect the likelihood that litigation will result in an increase in merger consideration. This effect is likely to depend, at least in part, on law …
Certain Patents, Alan C. Marco, Saurabh Vishnubhakat
Certain Patents, Alan C. Marco, Saurabh Vishnubhakat
Faculty Scholarship
This Article presents the first in a series of studies of stock market reactions to the legal outcomes of patent cases. From a sample of patents litigated during a 20-year period, we estimate market reactions to patent litigation decisions and to patent grants. These estimates reveal that the resolution of legal uncertainty over patent validity and patent infringement is, on average, worth as much to a firm as is the initial grant of the patent right. Each is worth about 1.0-1.5% excess returns on investment. There are significant differences between such market reactions before and after the establishment in 1982 …