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首页> 外文期刊>Review of quantitative finance and accounting >R&D Progress, stock price volatility, and post-announcement drift: An empirical investigation into biotech firms
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R&D Progress, stock price volatility, and post-announcement drift: An empirical investigation into biotech firms

机译：研发进度，股价波动和公告后变动：对生物技术公司的实证研究

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摘要

I investigate the effects of R&D progress on the dynamics of stock price volatility and the post announcement drift to provide insights into whether or not and how capital markets react to corporate R&D progress in the context of the biotech industry. I find both stock price volatility and the post announcement drift decrease in R&D progress. More importantly, the decrease is proportional to the increase in the drug development success rate driven by R&D progress. Findings suggest that R&D progress conveys useful risk-relevant information, and plays an important role in explaining stock price volatility change and market anomalies.
机译：我研究了研发进展对股价波动和公告后漂移的影响，以提供有关生物技术行业背景下资本市场是否对公司研发进展作出反应的资本见解。我发现股价波动和公告发布后的漂移都降低了研发进度。更重要的是，减少与研发进度驱动的药物开发成功率增加成正比。研究结果表明，R＆D进展传达了与风险相关的有用信息，并且在解释股票价格波动和市场异常方面起着重要作用。

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