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The impact of firm strategies on stock market value in the biotechnology industry

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  • Noah Patrick Stefanec

Abstract

To what degree do stock holders extend or withhold external finance to or from publicly traded biotech firms and why? To address this question, two firms are considered here; the results suggest that the most significant events favourably altering investor valuation of firms in the diagnostic segment of the biotechnology market are those which are distributional and knowledge-gathering in nature. Buyouts of firms in the therapeutic segment of the biotechnology market play a large role in the extraction of external finance, particularly because the purchasing of another firms' previous labours can significantly lower the costs of bringing new products to market.

Suggested Citation

  • Noah Patrick Stefanec, 2010. "The impact of firm strategies on stock market value in the biotechnology industry," Applied Financial Economics, Taylor & Francis Journals, vol. 21(5), pages 343-352.
    • Handle: RePEc:taf:apfiec:v:21:y:2010:i:5:p:343-352
    DOI: 10.1080/09603107.2010.530214
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