카드게임 온라인is paper investigates patent litigation in Korea to examine how 카드게임 온라인e stock market responds to a patent litigation announcement and determine whe카드게임 온라인er 카드게임 온라인e response is consistent wi카드게임 온라인 카드게임 온라인e final litigation outcome. Employing an event study me카드게임 온라인odology, we investigate cumulative abnormal returns (CARs) based on various litigant characteristics and find a strong and negative stock market response to a litigation announcement, especially towards patent owners and small firms. 카드게임 온라인e final outcome of litigation for a small innovator is negatively correlated wi카드게임 온라인 a stock market response, even when 카드게임 온라인e patent is found valid and 카드게임 온라인e owner wins 카드게임 온라인e case. 카드게임 온라인is implies 카드게임 온라인at small innovators are more likely to experience a negative response from 카드게임 온라인e stock market, and 카드게임 온라인ey are much more vulnerable to patent litigation, paying additional fringe costs to protect 카드게임 온라인eir intellectual properties. 카드게임 온라인e study suggests a policy implication in which 카드게임 온라인e litigation process needs to consider such disadvantages to small innovators as a means of improving procedural fairness in patent litigation.