全球智库信息集成服务系统(G2TT): Organizational Scope and Investment: Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w10933
来源ID	Working Paper 10933
	Organizational Scope and Investment: Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms
	Ilan Guedj; David Scharfstein
发表日期	2004-11-29
出版年	2004
语种	英语
摘要	This paper compares the clinical trial strategies and performance of large, established ("mature") biopharmaceutical firms to those of smaller ("early stage") firms that have not yet successfully developed a drug. We study a sample of 235 cancer drug candidates that entered clinical trials during the period 1990-2002 and were sponsored by public firms. Early stage firms are more likely than mature firms to advance drug candidates from Phase I to Phase II clinical trials. However, early stage firms have much less promising clinical results in their Phase II trials and their Phase II drug candidates are also less likely to advance to Phase III and to receive Food and Drug Administration approval. This pattern is more pronounced for early stage firms with large cash reserves. The evidence points to an agency problem between shareholders and managers of single-product early stage firms who are reluctant to abandon development of their only viable drug candidates. By contrast, the managers of mature firms with multiple products in development are more willing to drop unpromising drug candidates. The findings appear to be consistent with the benefits of internal capital markets identified by Stein (1997).
主题	Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior ; Development and Growth ; Innovation and R& ; D
URL	https://www.nber.org/papers/w10933
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/568568
推荐引用方式 GB/T 7714	Ilan Guedj,David Scharfstein. Organizational Scope and Investment: Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms. 2004.

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w10933.pdf（275KB）	智库出版物		限制开放	CC BY-NC-SA	浏览