Patent trolls have changed the innovation and patent policy landscape. This thesis is an empirical event study that focuses on two landmark cases of patent troll litigation, RIM v. NTP and eBay v. Mercexchange, to determine whether pro-troll litigation outcomes significantly impact the market values of the firms in the high-tech industries they target. I find that the Supreme Court ruling in eBay v. Mercexchange did seem to significantly impact a proportion of firms in the market. The decisive factors in distinguishing affected vs. unaffected firms include a firm\u27s R&D to Sales ratio, market value, and NAICS code specification
