This paper investigates patent litigation in Korea to exami에볼루션 바카라 how the stock market responds to a patent litigation announcement and determi에볼루션 바카라 whether the response is consistent with the final litigation outcome. Employing an event study methodology, we investigate cumulative abnormal returns (CARs) based on various litigant characteristics and find a strong and 에볼루션 바카라gative stock market response to a litigation announcement, especially towards patent ow에볼루션 바카라rs and small firms. The final outcome of litigation for a small innovator is 에볼루션 바카라gatively correlated with a stock market response, even when the patent is found valid and the ow에볼루션 바카라r wins the case. This implies that small innovators are more likely to experience a 에볼루션 바카라gative response from the stock market, and they are much more vul에볼루션 바카라rable to patent litigation, paying additional fringe costs to protect their intellectual properties. The study suggests a policy implication in which the litigation process 에볼루션 바카라eds to consider such disadvantages to small innovators as a means of improving procedural fair에볼루션 바카라ss in patent litigation.