Biotech‐Pharmaceutical Alliances as a Signal of Asset and Firm Quality

We examine the determinants of biotech‐pharmaceutical alliance prices to determine whether the market for alliances is characterized by asymmetric information. We find that inexperienced biotech companies receive substantially discounted payments when forming their first alliance. A jointly develope...

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Veröffentlicht in:	The Journal of business (Chicago, Ill.) Ill.), 2005-07, Vol.78 (4), p.1433-1464
Hauptverfasser:	Nicholson, Sean, Danzon, Patricia M., McCullough, Jeffrey
Format:	Artikel
Sprache:	eng
Schlagworte:	Alliances Assets Asymmetric information Biotechnology Biotechnology industry Business structures Business studies Capitalism Capitalization Clinical trials Competition Drug design Drugs Economic concentration Economic networks Effects Equity financing FDA approval Hypotheses Investors Licenses Mathematical models Payments Pharmaceutical industry Pharmaceutical preparations Property rights R&D Research & development Securities markets Signalling Studies U.S.A Valuation Variable coefficients Venture capital
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