Do Firms Respond to Peer Disclosures? Evidence from Disclosures of Clinical Trial Results

• 成果类型: Article
• 署名作者: Capkun, Vedran; Lou, Yun; Otto, Clemens A.; Wang, Yin
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; Singapore Management University
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/TAR-2019-0137
• 发表日期: 2023
• 页码: 71-108
• 关键词: EARNINGS FORECASTS; determinants; association; INVESTMENT; LITIGATION

摘要

Using data on the registration of clinical trials and the disclosure of trial results, we examine how firms respond to peer disclosures. We find that firms are less likely to disclose their own trial results if the results of a larger number of closely related trials are disclosed by their peers. This relation is stronger if the firms face higher competition (as measured by the number of competing trials). It is weaker if the firms are further along in their research than the peers (as measured by the trials' phase) and if the peers' disclosures convey more negative news (as measured by the firms' stock price reaction). We also find that firms are more likely to abandon ongoing trials if a larger number of peers disclose the results of closely related trials. Additional tests suggest that this real effects channel does not drive the impact on the firms' disclosure decisions.