Do firms respond to peer disclosures? Evidence from clinical trial disclosures
We examine whether a firm’s decision to disclose non-financial proprietary information depends on peer disclosures of similar information. Using a sample of 5,035 unique clinical trials by U.S. pharmaceutical firms over the 2007-2014 period, we find that the firm is less likely to disclose its own c...
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sg-smu-ink.soa_research-28162022-09-09T06:06:26Z Do firms respond to peer disclosures? Evidence from clinical trial disclosures CAPKUN, Vedran LOU, Yun OTTO, Clemens A. WANG, Yin We examine whether a firm’s decision to disclose non-financial proprietary information depends on peer disclosures of similar information. Using a sample of 5,035 unique clinical trials by U.S. pharmaceutical firms over the 2007-2014 period, we find that the firm is less likely to disclose its own clinical trial results if peers have published clinical trial results pertaining to the same medical condition. Conditional on disclosing clinical trial results, the firm is also less likely to disclose the trial results on time when peers have disclosed their clinical trial results. Our cross-sectional tests suggest that proprietary costs of disclosure play an important role in the relation between peer disclosures and the firm’s own disclosure. In particular, the negative relation is more pronounced when proprietary costs of disclosure are higher. Taken together, our findings provide new evidence on the interplay between peer and own disclosures of non-financial proprietary information. 2021-11-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soa_research/1789 info:doi/10.2139/ssrn.3344942 https://ink.library.smu.edu.sg/context/soa_research/article/2816/viewcontent/SSRN_id3344942otto.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Accountancy eng Institutional Knowledge at Singapore Management University Peer disclosure Clinical trial Proprietary cost Accounting Clinical Trials |
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Peer disclosure Clinical trial Proprietary cost Accounting Clinical Trials CAPKUN, Vedran LOU, Yun OTTO, Clemens A. WANG, Yin Do firms respond to peer disclosures? Evidence from clinical trial disclosures |
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We examine whether a firm’s decision to disclose non-financial proprietary information depends on peer disclosures of similar information. Using a sample of 5,035 unique clinical trials by U.S. pharmaceutical firms over the 2007-2014 period, we find that the firm is less likely to disclose its own clinical trial results if peers have published clinical trial results pertaining to the same medical condition. Conditional on disclosing clinical trial results, the firm is also less likely to disclose the trial results on time when peers have disclosed their clinical trial results. Our cross-sectional tests suggest that proprietary costs of disclosure play an important role in the relation between peer disclosures and the firm’s own disclosure. In particular, the negative relation is more pronounced when proprietary costs of disclosure are higher. Taken together, our findings provide new evidence on the interplay between peer and own disclosures of non-financial proprietary information. |
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CAPKUN, Vedran LOU, Yun OTTO, Clemens A. WANG, Yin |
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CAPKUN, Vedran LOU, Yun OTTO, Clemens A. WANG, Yin |
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CAPKUN, Vedran |
title |
Do firms respond to peer disclosures? Evidence from clinical trial disclosures |
title_short |
Do firms respond to peer disclosures? Evidence from clinical trial disclosures |
title_full |
Do firms respond to peer disclosures? Evidence from clinical trial disclosures |
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Do firms respond to peer disclosures? Evidence from clinical trial disclosures |
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Do firms respond to peer disclosures? Evidence from clinical trial disclosures |
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do firms respond to peer disclosures? evidence from clinical trial disclosures |
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Institutional Knowledge at Singapore Management University |
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2021 |
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https://ink.library.smu.edu.sg/soa_research/1789 https://ink.library.smu.edu.sg/context/soa_research/article/2816/viewcontent/SSRN_id3344942otto.pdf |
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