Do firms respond to peer disclosures? Evidence from clinical trial disclosures

• Main Authors: CAPKUN, Vedran, LOU, Yun, OTTO, Clemens A., WANG, Yin
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2021
• Subjects: Peer disclosure; Clinical trial; Proprietary cost; Accounting; Clinical Trials
• Online Access: https://ink.library.smu.edu.sg/soa_research/1789; https://ink.library.smu.edu.sg/context/soa_research/article/2816/viewcontent/SSRN_id3344942otto.pdf
• Institution: Singapore Management University

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...