Nowadays, commitments decisions of the competition authorities are, most of the time, preceded by a consultation of third parties. These "market tests" have become a central step of the antitrust procedure and merger control. The authors of this Tendances present their experience in using this...

This article analyzes the individual determinants of acquisition activity and target choices in the pharmaceutical industry over the period 1978-2002. The "innovation gap" hypothesis states that acquiring firms lack promising drug compounds and acquire firms with more promising drug prospects. A...

This article analyzes the individual determinants of acquisition activity and target choices in the pharmaceutical industry over the period 1978-2002. The "innovation gap" hypothesis states that acquiring firms lack promising drug compounds and acquire firms with more promising drug prospects. A...

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...

This article analyzes the individual determinants of acquisition activity and target choices in the pharmaceutical industry over the period 1978-2002. The "innovation gap" hypothesis states that acquiring firms lack promising drug compounds and acquire firms with more promising drug prospects. A...

The second French Community Innovation Survey (CIS) indicates that 14% of R&D collaborating firms had to abandon or delay their innovation projects due to difficulties in their partnerships, an outcome which we term "cooperation failures". Controlling for sample selection on the cooperation...

We provide estimates of the abnormal stock market returns associated with pharmaceutical firms' announcements of technological and regulatory successes in drug development. On the basis of these estimates, we find empirical support for two key features of technological race models. First, we...