Although cannabis is federally prohibited, a majority U.S. states have implemented medical cannabis laws (MCLs). As more individuals consider the drug for medical treatment, they potentially substitute away from prescription drugs. Therefore, an MCL signals competitor entry. This paper exploits...

This paper compares the clinical trial strategies and performance of large, established ("mature") biopharmaceutical firms to those of smaller ("early stage") firms that have not yet successfully developed a drug. We study a sample of 235 cancer drug candidates that entered clinical trials...

This paper compares the clinical trial strategies and performance of large, established (quot;maturequot;) biopharmaceutical firms to those of smaller (quot;early stagequot;) firms that have not yet successfully developed a drug. We study a sample of 235 cancer drug candidates that entered...