演講者簡介 : Professor Jin Xie received his Ph.D. in Business Administration from the Hong Kong University of Science and Technology in 2014. He is currently an Assistant Professor at Peking University. His research fields are Financial Fraud, Corporate Finance, Macroeconomics, Macro-finance, Antitrust, Political Economy, and Chinese Economy.
演講摘要 : We show the financial interests of a generic-drug manufacturer's largest shareholders in a branded competitor predict the generic's likelihood of being the first to challenge a drug patent. Conditional on a challenge, these common-ownership links predict settlements and delayed generic entry in exchange for payments to the generic. The stock price reactions are positive for the brand but negative for the generic, implying wealth transfers from one portfolio firm to another, with net benefits to investors. These facts suggest that in supracompetitive markets, corporate objectives depend on shareholder preferences.
