Information Disclosure and Peer Innovation: Evidence from Mandatory Reporting of Clinical Trials
研究发现2007年FDA法案强制公开临床试验结果后，制药公司暂停了更多在研项目，新项目启动也减少，主要原因是企业从同行失败中学习，财务约束加剧了这一效应。
Abstract We document significant increases in the suspension of ongoing drug projects following the passage of the Food and Drug Administration Amendments Act of 2007 (FDAAA), which mandates that pharmaceutical companies publicly disclose detailed clinical study results. Our results suggest a causal interpretation through difference-in-differences analyses that exploit variations in pre-FDAAA information environments. We also show evidence that fewer new projects are initiated after the FDAAA. Drug developers’ learning from peer failures is the primary mechanism, further amplified by financial constraints. We also examine the consequences of enhanced information disclosure, including changes in firm investment efficiency, drug quality, and disease morbidity.