2014 Fiscal Year Final Research Report
The empirical analysis of mergers and acquisitions on the corporate performance in the pharmaceutical industry
| Project/Area Number |
24730228
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Applied economics
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| Research Institution | Nanzan University |
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Principal Investigator |
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| Project Period (FY) |
2012-04-01 – 2015-03-31
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| Keywords | M&A / 医薬品産業 / 企業パフォーマンス / マッチング |
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| Outline of Final Research Achievements |
The purpose of this paper is to study how M&A in the pharmaceutical industry affects the corporate performance after that. Using financial data and stock market data, and employing the propensity score matching, we investigate the effect of M&A. We find that R&D investment increases, but corporate performance declines in the long-run. Moreover, we conduct three analyses to examine the effect of M&A on the stock price, however, we obtain three different results and cannot arrive at a definite conclusion.
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| Free Research Field |
ファイナンス、応用計量経済学
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