Course technologique et valeur boursière

Sandy Campart () and Etienne Pfister ()
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Sandy Campart: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Etienne Pfister: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique

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Abstract: Is technological race a relevant framework to describe the pharmaceutical industry or are technological spillovers so strong as to attenuate the rivalry between firms ? An event study on the announcements of technological and regulatory successes shows that on average, the stockmarket returns diminish when rivals make technological progress, which is in accordance to the technological race framework. Hence, the abnormal returns of firms with a declining technological leadership are negative and significant. Yet, the returns of the firms lagging behind in the technological are not affected by their competitors' success.

Keywords: Course technologique; Étude d'événements; Industrie pharmaceutique (search for similar items in EconPapers)
Date: 2008-03
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Published in Revue Economique, 2008, 59 (2), pp.307-330. ⟨10.3917/reco.592.0307⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00337295

DOI: 10.3917/reco.592.0307

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