As costs of pharmaceutical R&D soar and productivity falls, the role of research pipelines in firm valuations is changing. To date, surprisingly little work has been done on the effects of R&D pipeline performance the duration of R&D these effects on equity returns, while controlling for...

This paper studies the impact of the forward looking intangibles-specific non-financial and textual disclosures on the annual reports (including MD&A, etc.) of 25 biggest Pharmaceutical firms listed in the United States. Using a mixed research method the information from the annual reports are...