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The Control of Strategic Alliances : An Empirical Analysis of Biotechnology Collaborations
Merges, Robert P.; Lerner, Josh - 2021
In this paper, we examine the determinants of control rights in technology strategic alliances between biotechnology firms and pharmaceutical corporations, as well as with other biotechnology firms. We undertake three clinical studies and an empirical analysis of 200 contracts. Consistent with...
Persistent link: https://www.econbiz.de/10013224324
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Productivity in Pharmaceutical Biotechnology R&D : The Role of Experience and Alliances
Danzon, Patricia M.; Nicholson, Sean; Sousa Pereira, Nuno - 2021
developed in an alliance tend to have a higher probability of success, at least for the more complex phase 2 and phase 3 trials …
Persistent link: https://www.econbiz.de/10013233843
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Biotech-Pharmaceutical Alliances as a Signal of Asset and Firm Quality
Nicholson, Sean; Danzon, Patricia M.; McCullough, Jeffrey - 2021
rational; a biotechnology company that is developing its first product benefits from forming an alliance with a pharmaceutical …
Persistent link: https://www.econbiz.de/10013247629
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An Empirical Investigation of the Competitive Effects of Domestic Airline Alliances
Bamberger, Gustavo E.; Carlton, Dennis W.; Neumann, … - 2021
pairs affected by the alliances. We also find that these effects are found both on city pairs where the alliance created one … or two new online carriers, and on city pairs where the alliance increased the service offered by one or both alliance … partners. Finally, we find that the size of the fare effect of the alliance depends on the pre-alliance level of competition on …
Persistent link: https://www.econbiz.de/10013313320
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Does Aggregated Returns Disclosure Increase Portfolio Risk-Taking?
Beshears, John - 2011
Many previous experiments have found that participants invest more in risky assets if they (i) see their returns less frequently, (ii) see portfolio-level returns (rather than individual asset-by-asset returns), or (iii) see long-horizon (rather than one-year) historical asset class return...
Persistent link: https://www.econbiz.de/10013128604
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The Economics of Hedge Funds : Alpha, Fees, Leverage, and Valuation
Lan, Yingcong - 2011
Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage choices and the valuation of fees and investors' payoffs....
Persistent link: https://www.econbiz.de/10013128908
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Hedge Fund Leverage
Ang, Andrew - 2011
We investigate the leverage of hedge funds in the time series and cross section. Hedge fund leverage is counter-cyclical to the leverage of listed financial intermediaries and decreases prior to the start of the financial crisis in mid-2007. Hedge fund leverage is lowest in early 2009 when the...
Persistent link: https://www.econbiz.de/10013129223
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A Model of Momentum
Liu, Laura Xiaolei - 2011
Optimal investment of firms implies that expected stock returns are tied with the expected marginal benefit of investment divided by the marginal cost of investment. Winners have higher expected growth and expected marginal productivity (two major components of the marginal benefit of...
Persistent link: https://www.econbiz.de/10013130782
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Credit Spreads as Predictors of Real-Time Economic Activity : A Bayesian Model-Averaging Approach
Faust, Jon - 2011
Employing a large number of real and financial indicators, we use Bayesian Model Averaging (BMA) to forecast real-time measures of economic activity. Importantly, the predictor set includes option-adjusted credit spread indexes based on bond portfolios sorted by maturity and credit risk as...
Persistent link: https://www.econbiz.de/10013130981
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Heterogeneity and Risk Sharing in Village Economies
Chiappori, Pierre-Andre - 2011
We measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model and complement the results with a measure based on optimal portfolio choice. Among households with relatives living in the same village, full insurance cannot be rejected, suggesting that...
Persistent link: https://www.econbiz.de/10013131495