| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24595 |
| 来源ID | Working Paper 24595 |
| Missing Novelty in Drug Development | |
| Joshua L. Krieger; Danielle Li; Dimitris Papanikolaou | |
| 发表日期 | 2018-05-14 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper provides evidence that risk aversion leads pharmaceutical firms to underinvest in radical innovation. We define a drug candidate as novel if it is molecularly distinct from prior candidates. Using our measure, we show that firms face a risk-reward tradeoff when investing in novel drugs: while novel drug candidates are less likely to be approved by the FDA, they are based on patents with higher indicators of value. We show that–counter to the predictions of frictionless models–firms respond to a plausibly exogenous positive shock to their net worth by developing more of these riskier novel candidates. This pattern suggests that financial market imperfections may lead even large public firms to behave as though they are risk averse, therefore hindering their willingness to invest in potentially valuable novel drugs. |
| 主题 | Financial Economics ; Corporate Finance ; Health, Education, and Welfare ; Health ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w24595 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582269 |
| 推荐引用方式 GB/T 7714 | Joshua L. Krieger,Danielle Li,Dimitris Papanikolaou. Missing Novelty in Drug Development. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24595.pdf（1169KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
