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来源类型Working Paper
规范类型报告
DOI10.3386/w11229
来源IDWorking 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
URLhttps://www.nber.org/papers/w11229
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/568866
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Joseph Golec,Shantaram Hegde,John A. Vernon. Pharmaceutical Stock Price Reactions to Price Constraint Threats and Firm-Level R&D Spending. 2005.
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