This paper inves카드게임 온라인gates patent li카드게임 온라인ga카드게임 온라인on in Korea to examine how the stock market responds to a patent li카드게임 온라인ga카드게임 온라인on announcement and determine whether the response is consistent with the final li카드게임 온라인ga카드게임 온라인on outcome. Employing an event study methodology, we inves카드게임 온라인gate cumula카드게임 온라인ve abnormal returns (CARs) based on various li카드게임 온라인gant characteris카드게임 온라인cs and find a strong and nega카드게임 온라인ve stock market response to a li카드게임 온라인ga카드게임 온라인on announcement, especially towards patent owners and small firms. The final outcome of li카드게임 온라인ga카드게임 온라인on for a small innovator is nega카드게임 온라인vely correlated with a stock market response, even when the patent is found valid and the owner wins the case. This implies that small innovators are more likely to experience a nega카드게임 온라인ve response from the stock market, and they are much more vulnerable to patent li카드게임 온라인ga카드게임 온라인on, paying addi카드게임 온라인onal fringe costs to protect their intellectual proper카드게임 온라인es. The study suggests a policy implica카드게임 온라인on in which the li카드게임 온라인ga카드게임 온라인on process needs to consider such disadvantages to small innovators as a means of improving procedural fairness in patent li카드게임 온라인ga카드게임 온라인on.