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This paper examines the determinants of M&A activity in the pharmaceutical-biotechnology industry and the effects of mergers using propensity scores to control for merger endogeneity. Among large firms, we find that mergers are a response to excess capacity due to anticipated patent expirations...
Persistent link: https://www.econbiz.de/10012468157
Recent work linking the adoption of key organizational practices to productivity raises an important question: if adoption increases productivity so dramatically, why does adoption across an industry take so long? This paper explores this question in the context of one particularly interesting...
Persistent link: https://www.econbiz.de/10012471425
international patent applications in the US, Japan, the European Patent Office, and corresponding filings in three developing …
Persistent link: https://www.econbiz.de/10012455567
Moreover, we find that there is no positive impact on target firms' profitability in the case of both within-group in-in acquisitions and in-in acquisitions by domestic outsiders. In fact, in the manufacturing sector, the return on assets even deteriorated one year and two years after...
Persistent link: https://www.econbiz.de/10012466243
We explore how changes in ownership and managerial control affect the productivity and profitability of producers. Using detailed operational, financial, and ownership data from the Japanese cotton spinning industry at the turn of the last century, we find a more nuanced picture than the...
Persistent link: https://www.econbiz.de/10012458762
existing firms or -- much more frequently -- exploited by new entrants in the U.S. In Japan this new dominant technology has … organizational change is necessary for incumbent firms to remain competitive and, ultimately, to survive. Japan's sharply higher … organizational change/new entry ratio compared to the U.S. during the biotech revolution is related to Japan's relatively compact …
Persistent link: https://www.econbiz.de/10012471542
Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank …-led rescue operations in Japan have changed over time. The incidence of restructuring by distressed firms has become less … findings as strong indicators of changing corporate governance in Japan, in particular in terms of the decline in corporate …
Persistent link: https://www.econbiz.de/10012453996
We examine the role of consumption externalities in the demand for pharmaceuticals at both the brand level and over a therapeutic class of drugs. These effects emerge when use of a drug by others affects its value, and/or conveys information abut efficacy and safety to patients and physicians....
Persistent link: https://www.econbiz.de/10012470978
Since the late 1980s the global intellectual property rights (IPR) system has been strengthening dramatically as much of the developing world introduces patent protection for new drug products. This may lead to more research on drugs to address developing country needs. As there are identifiable...
Persistent link: https://www.econbiz.de/10012471281
We examine the role of network effects in the demand for pharmaceuticals at both the brand level and for a therapeutic class of drugs. These effects emerge when use of a drug by others conveys information about its efficacy and safety to patients and physicians. This can lead to herd behavior...
Persistent link: https://www.econbiz.de/10012471776