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Course technologique et valeur boursière. Une étude d'événements basée sur l'industrie pharmaceutique

Author

Listed:
  • Sandy Campart
  • Étienne Pfister

Abstract

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.

Suggested Citation

  • Sandy Campart & Étienne Pfister, 2008. "Course technologique et valeur boursière. Une étude d'événements basée sur l'industrie pharmaceutique," Revue économique, Presses de Sciences-Po, vol. 59(2), pages 307-329.
  • Handle: RePEc:cai:recosp:reco_592_0307
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    Citations

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    Cited by:

    1. Taoufik Bouraoui, 2011. "The impact of stock spams on volatility," Applied Financial Economics, Taylor & Francis Journals, vol. 21(13), pages 969-977.

    More about this item

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology; Plastics
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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