Innovation et marchés financiers

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: This article uses an event study methodology to estimate the economic value of the technological developments realized by 71 pharmaceutical and biotechnology firms. Our dataset consists in the daily news announcements of the Reuters agency and comprises patent grants, clinical trials as well as regulatory stages. Our results indicate that financial markets are very sensitive to this development process, especially in the case of biotechnology firms.

Keywords: Études d'événements; Rentabilité boursière; Innovation (search for similar items in EconPapers)
Date: 2001-09
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Published in Banque & Marchés, 2001, 54, pp.47-56

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00337320

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