Course technologique et valeur boursière. Une étude d'événements basée sur l'industrie pharmaceutique
Is technological race a relevant framework to describe the pharmaceutical industry or are technological spillovers so strong as to attenuate the rivalry between firms? An event study on the announcements of technological and regulatory successes shows that on average, the stockmarket returns diminish when rivals make technological progress, which is in accordance to the technological race framework. Hence, the abnormal returns of firms with a declining technological leadership are negative and significant. Yet, the returns of the firms lagging behind in the technological are not affected by their competitors? success. Classification JEL : L25, L65, O31.
When requesting a correction, please mention this item's handle: RePEc:cai:recosp:reco_592_0307. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.