BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Lubar College of Business - ECPv6.15.18//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:Lubar College of Business
X-ORIGINAL-URL:/business
X-WR-CALDESC:Events for Lubar College of Business
REFRESH-INTERVAL;VALUE=DURATION:PT1H
X-Robots-Tag:noindex
X-PUBLISHED-TTL:PT1H
BEGIN:VTIMEZONE
TZID:America/Chicago
BEGIN:DAYLIGHT
TZOFFSETFROM:-0600
TZOFFSETTO:-0500
TZNAME:CDT
DTSTART:20240310T080000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0500
TZOFFSETTO:-0600
TZNAME:CST
DTSTART:20241103T070000
END:STANDARD
BEGIN:DAYLIGHT
TZOFFSETFROM:-0600
TZOFFSETTO:-0500
TZNAME:CDT
DTSTART:20250309T080000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0500
TZOFFSETTO:-0600
TZNAME:CST
DTSTART:20251102T070000
END:STANDARD
BEGIN:DAYLIGHT
TZOFFSETFROM:-0600
TZOFFSETTO:-0500
TZNAME:CDT
DTSTART:20260308T080000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0500
TZOFFSETTO:-0600
TZNAME:CST
DTSTART:20261101T070000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20251121T140000
DTEND;TZID=America/Chicago:20251121T150000
DTSTAMP:20260418T141615
CREATED:20251117T151546Z
LAST-MODIFIED:20251117T152258Z
UID:10000593-1763733600-1763737200@uwm.edu
SUMMARY:Interfirm Collaboration\, Ownership Stakes\, and Incomplete Contracts: Evidence from the Pharmaceutical Industry
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Yianni Floros\, Lubar College of Business\, University of Wisconsin – Milwaukee\n \nIf contracts are incomplete\, ownership stakes between collaborating firms can help align incentives and mitigate the costs of potential future conflicts. Using the unique institutional setting of the pharmaceutical industry\, we construct hypotheses that relate the complexity of the contracting environment to the use of equity stakes. Using a sample of collaborations between pharmaceutical firms and detailed drug (project) and firm-level data\, we find overwhelming support for our hypothesis. We construct precise drug level measures of competition and find equity stakes are more likely when competition is greater. We explore the contract features of the equity stake agreements and find frequent use of control terms. Last\, we document that stock market reactions to the announcements of contracts with equity average 8% compared to 3% for those without equity.
URL:/business/event/interfirm-collaboration-ownership-stakes-and-incomplete-contracts-evidence-from-the-pharmaceutical-industry/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
ATTACH;FMTTYPE=image/gif:/business/wp-content/uploads/sites/554/2025/08/world-image.gif
X-TRIBE-STATUS:
END:VEVENT
END:VCALENDAR