Η επίπτωση στην τιμή των μετοχών από την ανακοίνωση απόκτησης πατέντας στις Η.Π.Α.

Abstract

The purpose of this research is the study the patent acquisition announcements and stock market reaction in the US . The research chronologically applies from 2012 to 2016 with a sample of companies οn NASDAQ and NYSE indices in the NY Stock Exchange. The research was conducted using the event study methodology which measured the abnormal stock returns against of the stock indices in a 220 event day window , 200 before and 20 days after the announcement . Abnormal stock returns in an event window of 10 and 5 days before and after patent announcement have also been analyzed. The investigation concludes the information content of the NY stock exchange announcement appears to positively affects stock prices in the period before and after the 10 day announcement of patent acquisition. For the 5 day period a negative effect on stock prices has been observed only prior to the announcement, and there have been zero abnormal stock returns.