Anderson Christopher W, Zhang Ying
University of Kansas School of Business, Lawrence, Kansas, USA.
J Health Care Finance. 2010 Winter;37(2):27-48.
Pharmaceutical firms can apply for the Food and Drug Administration to 'fast track' research and de velopment on new drugs, accelerating clinical trials and expediting regulatory review required prior to marketing to consumers. We investigate security market reaction to more than 100 fast track designations from 1998 to 2004. Fast track designation appears to enhance investor recognition of firm value. Specifically, fast track designation coincides with abnormal trading volume and excess daily stock returns for sponsoring firms. Institutional ownership and analyst attention also increase. Market response is more pronounced for firms that are smaller, do not yet market products, and have low institutional ownership.
制药公司可以向食品药品监督管理局申请对新药进行“快速通道”研发，加快临床试验，并加快向消费者销售前所需的监管审查。我们调查了1998年至2004年证券市场对100多项快速通道指定的反应。快速通道指定似乎提高了投资者对公司价值的认可。具体而言，快速通道指定与保荐公司的异常交易量和每日超额股票回报同时出现。机构持股和分析师关注度也有所增加。对于规模较小、尚未推出产品且机构持股比例较低的公司，市场反应更为明显。
