新闻如何影响生物制药股价? :一个事件研究研究
Joonhyuk Cho1,2,3, Manish Singh1,2,3, Andrew W Lo1,3,4,5,6
1Laboratory for Financial Engineering, MIT, Cambridge, MA, United States of America.
PloS one
|January 26, 2024
概括
生物制药股价对新闻有显著的反应,收购增加了回报,挫折导致亏损. 较大的公司对生物制药新闻的股价反应不那么波动.
科学领域:
- 金融 金融 金融 金融 金融
- 生物制药行业分析 生物制药行业分析
- 事件研究 事件研究
背景情况:
- 生物制药行业对信息非常敏感,影响了股票估值.
- 对于投资者和公司来说,了解新闻事件与股票价格变动之间的关系至关重要.
- 由于不同的市场动态,区分制药和生物技术公司至关重要.
研究的目的:
- 研究各种新闻类型对生物制药股票价格的影响.
- 为了区分新闻对制药公司和生物技术公司的影响.
- 分析市场资本化和股票价格波动之间的关系,以应对事件.
主要方法:
- 进行了一项事件研究,分析了来自1,012家生物制药公司的503,107份新闻稿.
- 应用了三个资产定价模型来估计异常回报.
- 在市值和子行业指标上回归的异常回报.
主要成果:
- 与收购相关的新闻产生了最高的积极回报;药物开发的挫折导致了显著的负面回报.
- 与制药公司相比,生物技术公司在异常回报中表现出更大的平均值和标准偏差.
- 较大的生物制药公司通常经历了较低的异常回报,以应对事件.
- 关于收购和临床试验的新闻被确定为信息泄露的潜在来源.
结论:
- 新闻显著影响生物制药股价,其影响因新闻类型和公司规模而异.
- 生物技术公司在回应新闻时显示出比制药公司更不稳定的股票表现.
- 这些发现为生物制药行业的利益相关者提供了有价值的见解,以提供知情决策.
相关概念视频
01:28Biopharmaceutics and Pharmacokinetics: Overview
2.0K
Understanding drugs, drug products, and their performance in pharmaceutical science is pivotal. Drugs, whether simple molecules or complex compounds, are designed to interact with the body's biological systems to diagnose, treat, or prevent diseases. Drug products include various delivery systems such as tablets, capsules, injections, and inhalers. The performance of these drug products is gauged by their ability to deliver the active ingredient to the desired site of action at the...
2.0K
01:16Bioequivalence: Overview
1.0K
Pharmaceutical equivalents, by definition, are drug products with the same active ingredient in the same quantities, encapsulated in identical dosage forms, and intended for the same administration routes. These pharmaceutical equivalents are deemed bioequivalent if the bioavailability of the active entity in the drug preparations is similar. Moreover, pharmaceutical equivalents demonstrating bioequivalence are also regarded as therapeutically equivalent. This means that when used as directed,...
1.0K
01:19Pharmacovigilance
833
Post-marketing surveillance is a critical component of pharmaceutical regulation, often uncovering unanticipated adverse drug reactions (ADRs) once a drug is widely used over an extended period.
This process, termed pharmacovigilance, aims to detect, evaluate, and minimize harmful effects related to medication use. The data collection for pharmacovigilance depends on spontaneous reporting systems, where healthcare professionals or patients voluntarily report suspected ADRs.
In some cases, there...
This process, termed pharmacovigilance, aims to detect, evaluate, and minimize harmful effects related to medication use. The data collection for pharmacovigilance depends on spontaneous reporting systems, where healthcare professionals or patients voluntarily report suspected ADRs.
In some cases, there...
833
01:23Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches
128
Biopharmaceutical studies constitute a vital field aiming to enhance drug delivery methods and refine therapeutic approaches, drawing upon diverse interdisciplinary knowledge. In research methodologies, the choice between controlled and non-controlled studies significantly influences the study's reliability and accuracy.
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast,...
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast,...
128
01:03Drug Control Governance: Regulatory Bodies and Their Impact
160
Drug control governance involves the oversight and regulation of pharmaceuticals to ensure their safety and efficacy while preventing illegal drug use and trafficking. Regulatory bodies, including the US Food and Drug Administration (FDA) and the European Union's European Medicines Agency (EMA), play a central role in this process. These agencies evaluate the safety and efficacy of drugs before they can be marketed. They fund clinical trials and assess the benefits and risks associated with...
160
01:23Factors Influencing Bioavailability: First-Pass Elimination
6.4K
When a drug is taken orally, it undergoes a journey starting from the gastrointestinal (GI) tract, passing through the portal vein, reaching the liver, and finally entering the systemic circulation. This process involves the absorption of the drug across the GI tract. The liver is the primary site for metabolizing the drug, with some metabolism also occurring in the gut wall. This journey significantly reduces the quantity of the drug that reaches the systemic circulation, a phenomenon known as...
6.4K