Common Ownership and Market Entry: Evidence from Pharmaceutical Industry
研究发现，共同所有权（即多家公司被同一投资者部分持有）显著减少了仿制药企业进入药品市场，该市场因监管保护结束而开放，此前由一家品牌药企主导。
Common ownership—where several firms are (partially) owned by the same investors—and its impact on product market competition has recently drawn much attention. This paper focuses on its implications for market entry. We consider the entry decisions of generic pharmaceutical firms into drug markets that are opened up by the end of regulatory protection and which were previously dominated by a single firm selling the brand name drug. We find robust evidence that an increase in common ownership leads to a significant reduction in generic entry.