Does Common Ownership Influence the Financial Strategy of the French Pharmaceutical Firms?

Autor:	Estache, Antonio, Kieffer, Christophe
Jazyk:	angličtina
Rok vydání:	2021
Předmět:	Antitrust Common Ownership France Index funds Institutional Investors Financial strategy Market Power Pharmaceuticals Regulation Shareholding Economie industrielle Santé éducation et bien-être Economie de l'entreprise
Zdroj:	ECARES Working Papers; 2021-09
Popis:	This paper provides evidence on the growing degree of common ownership in the French pharmaceutical industry, on the associated anticompetitive risks and on the substantial differences across product markets within the industry. The assessment relies on the traditional Herfindahl-Hirschman Index, its modified version adopted by the common ownership literature and a new simpler alternative. These measures are then correlated with financial performance indicators collected at firm level. We find a positive and statistically significant relationship of concentration due to common ownership with the return on equity and the leverage level for some products. info:eu-repo/semantics/published
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=od______2101::47fe8632e195967714a31e7a43a34ef6 http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/321968 Zobrazit plný text záznamu