TY - GEN
T1 - Stock Price Reactions to Research and Development News on Pharmaceutical Companies in Japan
AU - Imai, T.
AU - Takeda, F.
N1 - Publisher Copyright:
© 2024 IEEE.
PY - 2024
Y1 - 2024
N2 - This study examines the effects of research and development (R&D) on the market value of Japanese pharmaceutical companies. Based on 1,345 news articles, our event study analysis of 74 Japanese pharmaceutical companies from 1 January 2010 to 31 December 2021 revealed three key findings. First, the stock prices of the aforementioned companies generally respond positively to the business news, and more specifically, R&D-related news. Second, the impact on the share price is more pronounced as the R&D progress to more advanced stages. Lastly, the stock price responses to R&D news tend to diminish as the size of pharmaceutical companies increases.
AB - This study examines the effects of research and development (R&D) on the market value of Japanese pharmaceutical companies. Based on 1,345 news articles, our event study analysis of 74 Japanese pharmaceutical companies from 1 January 2010 to 31 December 2021 revealed three key findings. First, the stock prices of the aforementioned companies generally respond positively to the business news, and more specifically, R&D-related news. Second, the impact on the share price is more pronounced as the R&D progress to more advanced stages. Lastly, the stock price responses to R&D news tend to diminish as the size of pharmaceutical companies increases.
KW - company size
KW - COVID-19
KW - event study
KW - market value
KW - pharmaceutical industry
KW - R&D news
KW - stock price reactions
UR - https://www.scopus.com/pages/publications/85218048741
UR - https://www.scopus.com/pages/publications/85218048741#tab=citedBy
U2 - 10.1109/IEEM62345.2024.10857115
DO - 10.1109/IEEM62345.2024.10857115
M3 - Conference contribution
AN - SCOPUS:85218048741
T3 - IEEE International Conference on Industrial Engineering and Engineering Management
SP - 1119
EP - 1123
BT - IEEE International Conference on Industrial Engineering and Engineering Management, IEEM 2024
PB - IEEE Computer Society
T2 - 2024 IEEE International Conference on Industrial Engineering and Engineering Management, IEEM 2024
Y2 - 15 December 2024 through 18 December 2024
ER -