Effect of progress of clinical trials on market value of pharmaceutical companies = 임상 시험의 진행이 제약회사의 기업가치에 미치는 영향

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This study examined how disclosures regarding the progress of clinical trials impact firms’ market value. Disclosures were classified according to the characteristics of the clinical trials, and the effects of each type were examined. We collected disclosure data covering 2009 to 2016 on companies listed on the KOSDAQ market in Korea. Effects on stock prices were analyzed using the event study methodology. The analysis found that the progress of clinical trials had a significant impact on stock prices. Clinical phase entry and completion both had significant effects. When progress was classified into three clinical trial phases, only the entry of Phase III and the completion of Phases II and III had significant effects. When progress was classified into domestic and foreign trials, foreign trials showed significant effects. These results should help equity investors and financial officers at pharmaceutical companies make optimal financial decisions.
Advisors
Lee, Duk Heeresearcher이덕희researcher
Description
한국과학기술원 :기술경영학부,
Publisher
한국과학기술원
Issue Date
2018
Identifier
325007
Language
eng
Description

학위논문(석사) - 한국과학기술원 : 기술경영학부, 2018.2,[iii, 26 p. :]

Keywords

Firm value▼aDrug development process▼aClinical trial▼aPharmaceutical industry▼aEvent study; 기업가치▼a신약개발과정▼a임상시험▼a제약산업▼a사건연구방법론

URI
http://hdl.handle.net/10203/265964
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=733768&flag=dissertation
Appears in Collection
MG-Theses_Master(석사논문)
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