skip to content
Pharmaceutical stock price reactions to price constraint threats and firm-level R & D spending Preview this item
ClosePreview this item
Checking...

Pharmaceutical stock price reactions to price constraint threats and firm-level R & D spending

Author: Joseph Golec; Shantaram Hegde; John A Vernon; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2005.
Series: Working paper series (National Bureau of Economic Research), no. 11229.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
"Political pressure in the United States is again building to constrain pharmaceutical prices either directly or through legalized reimportation of lower-priced pharmaceuticals from foreign countries. This study uses the Clinton Administration's Health Security Act (HSA) of 1993 as a natural experiment to show how threats of price constraints affect firm-level R & D spending. We link events surrounding the HSA to  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Joseph Golec; Shantaram Hegde; John A Vernon; National Bureau of Economic Research.
OCLC Number: 58648387
Notes: March 2005.
Title from first page of PDF document.
Description: 1 online resource (36, [18] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 11229.
Responsibility: Joseph Golec, Shantaram Hegde, John Vernon.

Abstract:

"Political pressure in the United States is again building to constrain pharmaceutical prices either directly or through legalized reimportation of lower-priced pharmaceuticals from foreign countries. This study uses the Clinton Administration's Health Security Act (HSA) of 1993 as a natural experiment to show how threats of price constraints affect firm-level R & D spending. We link events surrounding the HSA to pharmaceutical company stock price changes and then examine the cross-sectional relation between the stock price changes and subsequent unexpected R & D spending changes. Results show that the HSA had significant negative effects on firm stock prices and R & D spending. Conservatively, the HSA reduced R & D spending by $1.6 billion, even though it never became law. If the HSA had passed, and had many small firms not raised capital just prior to the HSA, the R & D effects could have been much larger"--NBER website.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/58648387> # Pharmaceutical stock price reactions to price constraint threats and firm-level R & D spending
    a schema:MediaObject, schema:Book, schema:CreativeWork ;
    library:oclcnum "58648387" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/3902217882#Place/cambridge_mass> ; # Cambridge, Mass.
    schema:about <http://experiment.worldcat.org/entity/work/data/3902217882#Topic/pharmaceutical_industry_united_states_econometric_models> ; # Pharmaceutical industry--United States--Econometric models
    schema:about <http://id.worldcat.org/fast/898899> ; # Drugs--Research--Economic aspects
    schema:about <http://id.worldcat.org/fast/902116> ; # Economics
    schema:about <http://experiment.worldcat.org/entity/work/data/3902217882#Topic/drugs_prices_law_and_legislation_economic_aspects_united_states> ; # Drugs--Prices--Law and legislation--Economic aspects--United States
    schema:about <http://experiment.worldcat.org/entity/work/data/3902217882#Topic/drugs_research_economic_aspects_united_states> ; # Drugs--Research--Economic aspects--United States
    schema:about <http://id.worldcat.org/fast/1060137> ; # Pharmaceutical industry--Econometric models
    schema:about <http://id.worldcat.org/fast/1204155> ; # United States
    schema:about <http://id.worldcat.org/fast/1382231> ; # Health Security Act (United States)
    schema:bookFormat schema:EBook ;
    schema:contributor <http://viaf.org/viaf/127108210> ; # National Bureau of Economic Research.
    schema:contributor <http://viaf.org/viaf/25712321> ; # John A. Vernon
    schema:contributor <http://experiment.worldcat.org/entity/work/data/3902217882#Person/hegde_shantaram> ; # Shantaram Hegde
    schema:creator <http://viaf.org/viaf/57721395> ; # Joseph Golec
    schema:datePublished "2005" ;
    schema:description ""Political pressure in the United States is again building to constrain pharmaceutical prices either directly or through legalized reimportation of lower-priced pharmaceuticals from foreign countries. This study uses the Clinton Administration's Health Security Act (HSA) of 1993 as a natural experiment to show how threats of price constraints affect firm-level R & D spending. We link events surrounding the HSA to pharmaceutical company stock price changes and then examine the cross-sectional relation between the stock price changes and subsequent unexpected R & D spending changes. Results show that the HSA had significant negative effects on firm stock prices and R & D spending. Conservatively, the HSA reduced R & D spending by $1.6 billion, even though it never became law. If the HSA had passed, and had many small firms not raised capital just prior to the HSA, the R & D effects could have been much larger"--NBER website."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/3902217882> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/3902217882#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/3902217882#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:name "Pharmaceutical stock price reactions to price constraint threats and firm-level R & D spending"@en ;
    schema:productID "58648387" ;
    schema:publication <http://www.worldcat.org/title/-/oclc/58648387#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2005> ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/3902217882#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
    schema:url <http://papers.nber.org/papers/w11229> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/58648387> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/3902217882#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
    schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/3902217882#Person/hegde_shantaram> # Shantaram Hegde
    a schema:Person ;
    schema:familyName "Hegde" ;
    schema:givenName "Shantaram" ;
    schema:name "Shantaram Hegde" ;
    .

<http://experiment.worldcat.org/entity/work/data/3902217882#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
    schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/3902217882#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/58648387> ; # Pharmaceutical stock price reactions to price constraint threats and firm-level R & D spending
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/3902217882#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/58648387> ; # Pharmaceutical stock price reactions to price constraint threats and firm-level R & D spending
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/3902217882#Topic/drugs_prices_law_and_legislation_economic_aspects_united_states> # Drugs--Prices--Law and legislation--Economic aspects--United States
    a schema:Intangible ;
    schema:hasPart <http://id.loc.gov/authorities/subjects/sh91005432> ;
    schema:name "Drugs--Prices--Law and legislation--Economic aspects--United States"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/3902217882#Topic/drugs_research_economic_aspects_united_states> # Drugs--Research--Economic aspects--United States
    a schema:Intangible ;
    schema:hasPart <http://id.loc.gov/authorities/subjects/sh85039745> ;
    schema:name "Drugs--Research--Economic aspects--United States"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/3902217882#Topic/pharmaceutical_industry_united_states_econometric_models> # Pharmaceutical industry--United States--Econometric models
    a schema:Intangible ;
    schema:hasPart <http://id.loc.gov/authorities/subjects/sh2008108871> ;
    schema:name "Pharmaceutical industry--United States--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/1060137> # Pharmaceutical industry--Econometric models
    a schema:Intangible ;
    schema:name "Pharmaceutical industry--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/1204155> # United States
    a schema:Place ;
    schema:name "United States" ;
    .

<http://id.worldcat.org/fast/1382231> # Health Security Act (United States)
    a schema:CreativeWork ;
    schema:name "Health Security Act (United States)" ;
    .

<http://id.worldcat.org/fast/898899> # Drugs--Research--Economic aspects
    a schema:Intangible ;
    schema:name "Drugs--Research--Economic aspects"@en ;
    .

<http://id.worldcat.org/fast/902116> # Economics
    a schema:Intangible ;
    schema:name "Economics"@en ;
    .

<http://viaf.org/viaf/127108210> # National Bureau of Economic Research.
    a schema:Organization ;
    schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/25712321> # John A. Vernon
    a schema:Person ;
    schema:familyName "Vernon" ;
    schema:givenName "John A." ;
    schema:name "John A. Vernon" ;
    .

<http://viaf.org/viaf/57721395> # Joseph Golec
    a schema:Person ;
    schema:familyName "Golec" ;
    schema:givenName "Joseph" ;
    schema:name "Joseph Golec" ;
    .

<http://www.worldcat.org/title/-/oclc/58648387>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
    schema:about <http://www.worldcat.org/oclc/58648387> ; # Pharmaceutical stock price reactions to price constraint threats and firm-level R & D spending
    schema:dateModified "2016-10-12" ;
    void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.