External Financing, R&D Intensity, and Firm Value in Biotechnology Companies

Financing Development Stage Biotechnology Companies: RMs vs

We examine reverse mergers (RMs) in the biotechnology industry and find that, when compared to initial public offerings (IPOs), RMs are smaller, have significantly lower market valuations relative to size, and generally invest less. We also find that RMs exhibit positive abnormal returns on the announcement date and throughout the first year after the RM event. In looking at liquidity measures,...

External Financing Method: Financing through Debt and Stock Issuance

Countries need short, medium, and long-term investment plans for production growth and development. Different sources for these investments can be supplied through retained profit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge amount of capitals for their survival, production, and also development of activities. In addition, these institutions and firms...

Small Entrepreneurial Firms and Large Companies in Inter-firm R&d Networks – the International Biotechnology Industry

Commercialization Strategies of Biotechnology Companies

In the biotechnology industry today, there are many business models for project commercialization. These models range from independent vertical integration to certain forms of collaboration with pharmaceutical companies to complete acquisitions of projects by the big pharmaceutical companies. In this thesis, we wanted to study commercialization strategies of several biotechnology companies. We ...

Firm Value, Free Cash Flows and Financing Decision: Evidence from Japan

Using Japanese firm data, this paper examines the relationship between firm value and financing decision factors within a free cash flow (FCF) framework. The findings are broadly consistent with the positive tax benefits hypothesis. We find that in firms leverage is positively related to firm value and dividends are negatively related to firm value during the sample period, 1985 to 1996. The re...