Table 1.
Descriptive statistics of large biopharmaceutical firms.
Figure 1.
Sample selection flowchart.
Table 2.
Summary table of selected clinical development events in 2011–2012.
Figure 2.
Sign of CAR (–2, t) stratified by positive and negative events.
Notes: Panel A shows the proportion of CAR due to positive events with positive (blue) and negative (red) signs during the ± 2 trading day window. Panel B shows the proportions for negative events. Panel C displays the proportion of events with the same actual and expected CAR sign for the entire sample.
Figure 3.
Median CAR (–2, t) for positive and negative events.
Note: Median CAR during the ± 2 trading day window are shown for positive (blue) and negative (red) events.
Figure 4.
Median CAR (–1, t) for positive and negative events.
Note: Median CAR during ± 1 trading day window shown for positive (blue) and negative (red) events.