| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11229 |
| 来源ID | Working Paper 11229 |
| Pharmaceutical Stock Price Reactions to Price Constraint Threats and Firm-Level R&D Spending | |
| Joseph Golec; Shantaram Hegde; John A. Vernon | |
| 发表日期 | 2005-03-28 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Political pressure in the United States is again building to constrain pharmaceutical prices either directly or through legalized reimportation of lower-priced pharmaceuticals from foreign countries. This study uses the Clinton Administration's Health Security Act (HSA) of 1993 as a natural experiment to show how threats of price constraints affect firm-level R&D spending. We link events surrounding the HSA to pharmaceutical company stock price changes and then examine the cross-sectional relation between the stock price changes and subsequent unexpected R&D spending changes. Results show that the HSA had significant negative effects on firm stock prices and R&D spending. Conservatively, the HSA reduced R&D spending by $1.6 billion, even though it never became law. If the HSA had passed, and had many small firms not raised capital just prior to the HSA, the R&D effects could have been much larger. |
| 主题 | Financial Economics ; Corporate Finance ; Development and Growth ; Innovation and R& ; D ; Industrial Organization ; Industry Studies ; Health, Education, and Welfare ; Health |
| URL | https://www.nber.org/papers/w11229 |
| 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/568866 |
| 推荐引用方式 GB/T 7714 | Joseph Golec,Shantaram Hegde,John A. Vernon. Pharmaceutical Stock Price Reactions to Price Constraint Threats and Firm-Level R&D Spending. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11229.pdf（393KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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