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김석진,변현수,진명용 慶北大學校出版部 2004 經商論集 Vol.32 No.1
Using a sample of 352 patent registrations announced by 65 firms during the 1990~2000 period, this paper investigates the announcement effect and factors affecting three-day, from -1 to +1 day, cumulative abnormal returns(CAR). We find that both abnormal returns on the announcement day and CAR(-1, +1) are 1.41% and 1.46%, respectively and all are significantly positive at the 1% level. This evidence means that the patent registrations increase shareholder wealth. Cross-sectional regression analysis reports that investment size in research and development (R&D) has a significantly positive effect on CAR(-1, +1) and firm size significantly negatively affects it.