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| Author: | Campart, S. Pfister, E. |
| Title: | Technology, cooperation and stock market value: an event study of new partnership announcements in the biotechnology and pharmaceutical industries |
| Journal: | Economics of innovation and new technology
2007 : JAN-MAR, VOL. 16:1-2, p. 31-49 |
| Index terms: | event studies bio-technology |
| Freeterms: | interfirm co-operation pharmaceutical industry |
| Language: | eng |
| Abstract: | This event study deals with partnerships in biotechnology and pharmaceutical industry. Using a sample of 281 partnerships in the span of 1995-2000, the article examines the stock market share price responses to the formation of these partnerships. The results of the study reveal that on average the responses are positive. These are seen to be due to the remarkably high, abnormal returns in the biotechnology/pharmaceutical industry associated with the formation of the partnerships. The results also indicate that smaller partners' abnormal returns are usually higher that the larger partners' returns. This difference is seen to spring from the exclusive know-how and the patented technology of the small companies. |
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