Wealth Effect of Drug Withdrawals on Firms and Their Competitors
研究药品撤市如何影响涉事企业及其直接竞争对手的股东财富，发现股东因不良反应报告和实际撤市而遭受显著损失，损失大小与公司市值、撤市阶段及替代品可用性相关。
In this paper, we examine the impact of a drug withdrawal on shareholders of firms and their direct competitors. We find shareholders suffer significant wealth losses when there are reports of adverse drug reactions and when the firm actually withdraws a drug from the market. Additionally, shareholder wealth losses are inversely related to the firm’s market capitalization. Firms that withdraw drugs during advanced clinical investigations experience greater wealth loss than drugs withdrawn during post-marketing surveillance. Wealth losses are lower if many firms withdraw the same type of drug and if that drug has available substitutes.