This paper studies how competitive dynamics shape innovative firms' voluntary disclosure of
product quality information. Our empirical context is the pharmaceutical industry, where firms …

We examine the role of spillover learning in sha** the value of exploratory versus
incremental R&D. Using data from drug development, we show that novel drug candidates …

This paper studies strategic spillovers of regulations intended for a particular market
segment to closely related market segments. We study the US pharmaceutical market …

Innovations often combine several components to achieve outcomes greater than the “sum
of the parts.” We argue that such combination innovations can introduce an understudied …

Pharmaceutical innovation accounts for over one-third of recent life expectancy gains. This
innovation is primarily incentivized by patents and FDA-awarded market exclusivities, but …