{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,9,11]],"date-time":"2026-09-11T03:48:10Z","timestamp":1789098490211,"version":"build-2803163510"},"reference-count":111,"publisher":"Springer Science and Business Media LLC","issue":"5","license":[{"start":{"date-parts":[[2022,8,26]],"date-time":"2022-08-26T00:00:00Z","timestamp":1661472000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2022,8,26]],"date-time":"2022-08-26T00:00:00Z","timestamp":1661472000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"funder":[{"DOI":"10.13039\/501100004115","name":"Gottfried Wilhelm Leibniz Universit\u00e4t Hannover","doi-asserted-by":"crossref","id":[{"id":"10.13039\/501100004115","id-type":"DOI","asserted-by":"crossref"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Eur J Health Econ"],"published-print":{"date-parts":[[2023,7]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>This paper examines dividend policy issues in the European pharmaceutical industry. This sector is of particular interest because of the high research and development expenditures and the associated risks characterizing the business models of many firms in this industry. In fact, from the perspective of corporate finance theory, this is a particular challenge for the managers of these corporations that may also have implications for the dividend policy implemented by the firms forming this sector. Moreover, the level of internal financing and litigation risks also seem to be high in the pharmaceutical industry. These facts could also affect the payout policy of the firms. Employing techniques of time series analysis, there is no evidence for dividend signaling and clear evidence for dividend smoothing in the European pharmaceutical industry. Given that dividend increases under certain assumptions can negatively affect the firms' ability to finance new investments in general and research and development projects in particular, these results of our empirical investigations could be described as highly plausible.<\/jats:p>","DOI":"10.1007\/s10198-022-01510-5","type":"journal-article","created":{"date-parts":[[2022,8,26]],"date-time":"2022-08-26T10:02:47Z","timestamp":1661508167000},"page":"803-816","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Dividend policy issues in the European pharmaceutical industry: new empirical evidence"],"prefix":"10.1007","volume":"24","author":[{"given":"Tobias","family":"Basse","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Christoph","family":"Schwarzbach","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"J.-Matthias","family":"Graf von der Schulenburg","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","published-online":{"date-parts":[[2022,8,26]]},"reference":[{"issue":"2","key":"1510_CR1","doi-asserted-by":"publisher","first-page":"5","DOI":"10.3905\/jpm.1976.408558","volume":"2","author":"F Black","year":"1976","unstructured":"Black, F.: The dividend puzzle. J. Portfolio Manag. 2(2), 5\u20138 (1976)","journal-title":"J. Portfolio Manag."},{"issue":"1","key":"1510_CR2","first-page":"17","volume":"73","author":"MS Feldstein","year":"1983","unstructured":"Feldstein, M.S., Green, J.R.: Why do companies pay dividends? Am. Econ. Rev. 73(1), 17\u201330 (1983)","journal-title":"Am. Econ. Rev."},{"key":"1510_CR3","first-page":"205","volume":"15","author":"B Al-Najjar","year":"2019","unstructured":"Al-Najjar, B., Kilincarslan, E.: What do we know about the dividend puzzle?: A literature survey. Int. J. Manag. Finance 15, 205\u2013235 (2019)","journal-title":"Int. J. Manag. Finance"},{"issue":"3","key":"1510_CR4","first-page":"413","volume":"45","author":"NJ Dewasiri","year":"2019","unstructured":"Dewasiri, N.J., Koralalage, W.B.Y., Azeez, A.A., Jayarathne, P., Kuruppuarachchi, D., Weerasinghe, V.: Determinants of dividend policy: evidence from an emerging and developing market. Manag. Finance 45(3), 413\u2013429 (2019)","journal-title":"Manag. Finance"},{"issue":"4","key":"1510_CR5","doi-asserted-by":"publisher","first-page":"241","DOI":"10.1016\/S1058-3300(02)00044-7","volume":"11","author":"HK Baker","year":"2002","unstructured":"Baker, H.K., Powell, G.E., Veit, E.T.: Revisiting the dividend puzzle: do all of the pieces now fit? Rev. Financ. Econ. 11(4), 241\u2013261 (2002)","journal-title":"Rev. Financ. Econ."},{"issue":"6","key":"1510_CR6","first-page":"492","volume":"37","author":"T Van Caneghem","year":"2011","unstructured":"Van Caneghem, T., Aerts, W.: Intra-industry conformity in dividend policy. Manag. Finance 37(6), 492\u2013516 (2011)","journal-title":"Manag. Finance"},{"issue":"3","key":"1510_CR7","first-page":"247","volume":"4","author":"T Basse","year":"2011","unstructured":"Basse, T., Gruppe, M., Reddemann, S., Schwope, F.: Dividend policy issues in the financial crisis: the example of the German automotive industry. Int. J. Appl. Decis. Sci. 4(3), 247\u2013259 (2011)","journal-title":"Int. J. Appl. Decis. Sci."},{"issue":"2","key":"1510_CR8","first-page":"348","volume":"45","author":"SJ Camilleri","year":"2019","unstructured":"Camilleri, S.J., Grima, L., Grima, S.: The effect of dividend policy on share price volatility: an analysis of Mediterranean banks\u2019 stocks. Manag. Financ. 45(2), 348\u2013364 (2019)","journal-title":"Manag. Financ."},{"issue":"2","key":"1510_CR9","doi-asserted-by":"publisher","first-page":"397","DOI":"10.1257\/jel.20161327","volume":"56","author":"DN Lakdawalla","year":"2018","unstructured":"Lakdawalla, D.N.: Economics of the pharmaceutical industry. J. Econ. Lit. 56(2), 397\u2013449 (2018)","journal-title":"J. Econ. Lit."},{"issue":"1","key":"1510_CR10","doi-asserted-by":"publisher","first-page":"24","DOI":"10.1080\/10438599.2019.1666505","volume":"30","author":"M Tirelli","year":"2021","unstructured":"Tirelli, M., Spinesi, L.: R&D financing and growth. Econ. Innov. New Technol. 30(1), 24\u201347 (2021)","journal-title":"Econ. Innov. New Technol."},{"key":"1510_CR11","doi-asserted-by":"crossref","unstructured":"Arena, M.P.: Corporate litigation and debt. J. Bank. Finance 87(C), 202\u2013215 (2018)","DOI":"10.1016\/j.jbankfin.2017.10.005"},{"issue":"11","key":"1510_CR12","first-page":"1391","volume":"46","author":"J Malm","year":"2020","unstructured":"Malm, J., Kanuri, S.: Litigation risk and payout policy. Manag. Finance 46(11), 1391\u20131406 (2020)","journal-title":"Manag. Finance"},{"issue":"1","key":"1510_CR13","first-page":"34","volume":"37","author":"T Basse","year":"2011","unstructured":"Basse, T., Reddemann, S.: Inflation and the dividend policy of US firms. Manag. Finance 37(1), 34\u201346 (2011)","journal-title":"Manag. Finance"},{"issue":"6","key":"1510_CR14","first-page":"493","volume":"32","author":"J Goddard","year":"2006","unstructured":"Goddard, J., McMillan, D.G., Wilson, J.O.: Dividend smoothing vs dividend signalling: evidence from UK firms. Manag. Finance 32(6), 493\u2013504 (2006)","journal-title":"Manag. Finance"},{"issue":"3","key":"1510_CR15","doi-asserted-by":"publisher","first-page":"424","DOI":"10.2307\/1912791","volume":"37","author":"CW Granger","year":"1969","unstructured":"Granger, C.W.: Investigating causal relations by econometric models and cross-spectral methods. Econometrica 37(3), 424\u2013438 (1969)","journal-title":"Econometrica"},{"issue":"1\u20132","key":"1510_CR16","doi-asserted-by":"publisher","first-page":"199","DOI":"10.1016\/0304-4076(88)90045-0","volume":"39","author":"CW Granger","year":"1988","unstructured":"Granger, C.W.: Some recent development in a concept of causality. J. Econom. 39(1\u20132), 199\u2013211 (1988)","journal-title":"J. Econom."},{"issue":"2\u20133","key":"1510_CR17","doi-asserted-by":"publisher","first-page":"231","DOI":"10.1016\/0165-1889(88)90041-3","volume":"12","author":"S Johansen","year":"1988","unstructured":"Johansen, S.: Statistical analysis of cointegration vectors. J. Econ. Dyn. Control 12(2\u20133), 231\u2013254 (1988)","journal-title":"J. Econ. Dyn. Control"},{"issue":"1\u20132","key":"1510_CR18","doi-asserted-by":"publisher","first-page":"225","DOI":"10.1016\/0304-4076(94)01616-8","volume":"66","author":"HY Toda","year":"1995","unstructured":"Toda, H.Y., Yamamoto, T.: Statistical inference in vector autoregressions with possibly integrated processes. J. Econom. 66(1\u20132), 225\u2013250 (1995)","journal-title":"J. Econom."},{"key":"1510_CR19","doi-asserted-by":"crossref","unstructured":"Miller, M.H., Modigliani, F.: Dividend policy, growth, and the valuation of shares. J. Bus. 34(4), 411\u2013433 (1961)","DOI":"10.1086\/294442"},{"issue":"1","key":"1510_CR20","first-page":"4","volume":"33","author":"N Bhattacharyya","year":"2007","unstructured":"Bhattacharyya, N.: Dividend policy: a review. Manag. Finance 33(1), 4\u201313 (2007)","journal-title":"Manag. Finance"},{"issue":"2","key":"1510_CR21","first-page":"126","volume":"41","author":"HK Baker","year":"2015","unstructured":"Baker, H.K., Weigand, R.: Corporate dividend policy revisited. Manag. Finance 41(2), 126\u2013144 (2015)","journal-title":"Manag. Finance"},{"issue":"4","key":"1510_CR22","doi-asserted-by":"publisher","first-page":"455","DOI":"10.2307\/2600982","volume":"22","author":"BD Bernheim","year":"1991","unstructured":"Bernheim, B.D.: Tax policy and the dividend puzzle. Rand J. Econ. 22(4), 455\u2013476 (1991)","journal-title":"Rand J. Econ."},{"key":"1510_CR23","doi-asserted-by":"publisher","first-page":"200","DOI":"10.1016\/j.jbankfin.2016.11.015","volume":"75","author":"N Koussis","year":"2017","unstructured":"Koussis, N., Martzoukos, S.H., Trigeorgis, L.: Corporate liquidity and dividend policy under uncertainty. J. Bank. Finance 75, 200\u2013214 (2017)","journal-title":"J. Bank. Finance"},{"issue":"2","key":"1510_CR24","doi-asserted-by":"publisher","first-page":"101","DOI":"10.1016\/S1042-444X(02)00038-5","volume":"13","author":"V Aivazian","year":"2003","unstructured":"Aivazian, V., Booth, L., Cleary, S.: Dividend policy and the organization of capital markets. J. Multinatl. Financ. Manag. 13(2), 101\u2013121 (2003)","journal-title":"J. Multinatl. Financ. Manag."},{"issue":"1","key":"1510_CR25","doi-asserted-by":"publisher","first-page":"259","DOI":"10.2307\/3003330","volume":"10","author":"S Bhattacharya","year":"1979","unstructured":"Bhattacharya, S.: Imperfect information, dividend policy, and \u201cthe bird in the hand\u201d fallacy. Bell J. Econ. 10(1), 259\u2013270 (1979)","journal-title":"Bell J. Econ."},{"issue":"4","key":"1510_CR26","doi-asserted-by":"publisher","first-page":"1031","DOI":"10.1111\/j.1540-6261.1985.tb02362.x","volume":"40","author":"MH Miller","year":"1985","unstructured":"Miller, M.H., Rock, K.: Dividend policy under asymmetric information. J. Finance 40(4), 1031\u20131051 (1985)","journal-title":"J. Finance"},{"issue":"1","key":"1510_CR27","doi-asserted-by":"publisher","first-page":"25","DOI":"10.1002\/mde.4090100104","volume":"10","author":"C Ghosh","year":"1989","unstructured":"Ghosh, C., Woolridge, J.R.: Stock-market reaction to growth-induced dividend cuts: are investors myopic? Manag. Decis. Econ. 10(1), 25\u201335 (1989)","journal-title":"Manag. Decis. Econ."},{"issue":"1","key":"1510_CR28","doi-asserted-by":"publisher","first-page":"27","DOI":"10.1016\/j.jcorpfin.2004.04.004","volume":"12","author":"E Lie","year":"2005","unstructured":"Lie, E.: Operating performance following dividend decreases and omissions. J. Corp. Finan. 12(1), 27\u201353 (2005)","journal-title":"J. Corp. Finan."},{"issue":"2","key":"1510_CR29","first-page":"97","volume":"46","author":"J Lintner","year":"1956","unstructured":"Lintner, J.: Distribution of incomes of corporations among dividends, retained earnings, and taxes. Am. Econ. Rev. 46(2), 97\u2013113 (1956)","journal-title":"Am. Econ. Rev."},{"key":"1510_CR30","first-page":"118","volume":"40","author":"RA DeFusco","year":"2014","unstructured":"DeFusco, R.A., Dunham, L.M., Geppert, J.: An empirical analysis of the dynamic relation among investment, earnings and dividends. Manag. Financ. 40, 118\u2013136 (2014)","journal-title":"Manag. Financ."},{"issue":"5","key":"1510_CR31","doi-asserted-by":"publisher","first-page":"595","DOI":"10.1016\/j.respol.2004.12.004","volume":"34","author":"DB Audretsch","year":"2005","unstructured":"Audretsch, D.B., Weigand, J.: Do knowledge conditions make a difference?: Investment, finance and ownership in German industries. Res. Policy 34(5), 595\u2013613 (2005)","journal-title":"Res. Policy"},{"issue":"1","key":"1510_CR32","first-page":"55","volume":"8","author":"Y Bhagwat","year":"2011","unstructured":"Bhagwat, Y., DeBruine, M.: R&D and advertising efficiencies in the pharmaceutical industry. Int. J. Appl. Econ. 8(1), 55\u201365 (2011)","journal-title":"Int. J. Appl. Econ."},{"issue":"4","key":"1510_CR33","doi-asserted-by":"publisher","first-page":"615","DOI":"10.1086\/260996","volume":"89","author":"B Klein","year":"1981","unstructured":"Klein, B., Leffler, K.B.: The role of market forces in assuring contractual performance. J. Polit. Econ. 89(4), 615\u2013641 (1981)","journal-title":"J. Polit. Econ."},{"issue":"3","key":"1510_CR34","doi-asserted-by":"publisher","first-page":"197","DOI":"10.1080\/10438599.2015.1076200","volume":"25","author":"H Hottenrott","year":"2016","unstructured":"Hottenrott, H., Hall, B.H., Czarnitzki, D.: Patents as quality signals? The implications for financing constraints on R&D. Econ. Innov. New Technol. 25(3), 197\u2013217 (2016)","journal-title":"Econ. Innov. New Technol."},{"issue":"1","key":"1510_CR35","doi-asserted-by":"publisher","first-page":"73","DOI":"10.1093\/rof\/rfp020","volume":"14","author":"E Schroth","year":"2010","unstructured":"Schroth, E., Szalay, D.: Cash breeds success: the role of financing constraints in patent races. Rev. Finance 14(1), 73\u2013118 (2010)","journal-title":"Rev. Finance"},{"issue":"3","key":"1510_CR36","doi-asserted-by":"publisher","first-page":"527","DOI":"10.1093\/cje\/beq038","volume":"35","author":"D Czarnitzki","year":"2011","unstructured":"Czarnitzki, D., Hottenrott, H., Thorwarth, S.: Industrial research versus development investment: the implications of financial constraints. Camb. J. Econ. 35(3), 527\u2013544 (2011)","journal-title":"Camb. J. Econ."},{"issue":"2","key":"1510_CR37","doi-asserted-by":"publisher","first-page":"200","DOI":"10.1108\/EJIM-09-2018-0207","volume":"23","author":"PA Nylund","year":"2019","unstructured":"Nylund, P.A., Arimany-Serrat, N., Ferras-Hernandez, X., Viardot, E., Boateng, H., Brem, A.: Internal and external financing of innovation: sectoral differences in a longitudinal study of European firms. Eur. J. Innov. Manag. 23(2), 200\u2013213 (2019)","journal-title":"Eur. J. Innov. Manag."},{"issue":"4\u20135","key":"1510_CR38","doi-asserted-by":"publisher","first-page":"293","DOI":"10.1002\/mde.1342","volume":"28","author":"TA Abbott","year":"2007","unstructured":"Abbott, T.A., Vernon, J.A.: The cost of US pharmaceutical price regulation: a financial simulation model of R&D decisions. Manag. Decis. Econ. 28(4\u20135), 293\u2013306 (2007)","journal-title":"Manag. Decis. Econ."},{"key":"1510_CR39","doi-asserted-by":"crossref","unstructured":"Venugopal, M., G., B.P.S., Reddy, R.: Impact of capital structure on shareholder value in Indian pharmaceutical industry: an empirical approach through created shareholder value. Glob. Bus. Rev. 19(5), 1290\u20131302 (2018)","DOI":"10.1177\/0972150918788741"},{"key":"1510_CR40","doi-asserted-by":"publisher","first-page":"28","DOI":"10.1016\/j.qref.2014.07.002","volume":"55","author":"S Sasidharan","year":"2015","unstructured":"Sasidharan, S., Lukose, P.J., Komera, S.: Financing constraints and investments in R&D: evidence from Indian manufacturing firms. Q. Rev. Econ. Finance 55, 28\u201339 (2015)","journal-title":"Q. Rev. Econ. Finance"},{"key":"1510_CR41","doi-asserted-by":"crossref","unstructured":"Ghosh, S.R.: East Asian Finance: The Road to Robust Markets. World Bank Publications (2006)","DOI":"10.1596\/978-0-8213-6743-8"},{"issue":"2","key":"1510_CR42","doi-asserted-by":"publisher","first-page":"151","DOI":"10.1016\/S0167-6296(02)00126-1","volume":"22","author":"JA DiMasi","year":"2003","unstructured":"DiMasi, J.A., Hansen, R.W., Grabowski, H.G.: The price of innovation: new estimates of drug development costs. J. Health Econ. 22(2), 151\u2013185 (2003)","journal-title":"J. Health Econ."},{"issue":"3","key":"1510_CR43","doi-asserted-by":"publisher","first-page":"203","DOI":"10.1038\/nrd3078","volume":"9","author":"SM Paul","year":"2010","unstructured":"Paul, S.M., Mytelka, D.S., Dunwiddie, C.T., Persinger, C.C., Munos, B.H., Lindborg, S.R., Schacht, A.L.: How to improve R&D productivity: the pharmaceutical industry\u2019s grand challenge. Nat. Rev. Drug Discov. 9(3), 203\u2013214 (2010)","journal-title":"Nat. Rev. Drug Discov."},{"issue":"1","key":"1510_CR44","doi-asserted-by":"publisher","first-page":"4","DOI":"10.1016\/j.healthpol.2010.12.002","volume":"100","author":"S Morgan","year":"2011","unstructured":"Morgan, S., Grootendorst, P., Lexchin, J., Cunningham, C., Greyson, D.: The cost of drug development: a systematic review. Health Policy 100(1), 4\u201317 (2011)","journal-title":"Health Policy"},{"key":"1510_CR45","doi-asserted-by":"crossref","unstructured":"Schuhmacher, A., Gassmann, O., Hinder, M.: A review of the pharmaceutical R&D efficiency: costs, timelines, and probabilities. In: Value creation in the pharmaceutical industry: the critical path to innovation, pp 60\u201379 (2016)","DOI":"10.1002\/9783527693405.ch4"},{"key":"1510_CR46","unstructured":"Mestre-Ferrandiz, J., Sussex, J., Towse, A. The R&D cost of a new medicine. OHE Monograph (2012)"},{"issue":"5","key":"1510_CR47","doi-asserted-by":"publisher","first-page":"286","DOI":"10.1067\/mcp.2001.115132","volume":"69","author":"JA DiMasi","year":"2001","unstructured":"DiMasi, J.A.: New drug development in the United States from 1963 to 1999. Clin. Pharmacol. Ther. 69(5), 286\u2013296 (2001)","journal-title":"Clin. Pharmacol. Ther."},{"issue":"47","key":"1510_CR48","doi-asserted-by":"publisher","first-page":"6627","DOI":"10.1016\/j.vaccine.2009.07.077","volume":"27","author":"DW Light","year":"2009","unstructured":"Light, D.W., Andrus, J.K., Warburton, R.N.: Estimated research and development costs of rotavirus vaccines. Vaccine 27(47), 6627\u20136633 (2009)","journal-title":"Vaccine"},{"issue":"12","key":"1510_CR49","doi-asserted-by":"publisher","first-page":"959","DOI":"10.1038\/nrd2961","volume":"8","author":"B Munos","year":"2009","unstructured":"Munos, B.: Lessons from 60 years of pharmaceutical innovation. Nat. Rev. Drug Discovery 8(12), 959\u2013968 (2009)","journal-title":"Nat. Rev. Drug Discovery"},{"key":"1510_CR50","unstructured":"Scherer, F.M.: R&D costs and productivity in biopharmaceuticals. HKS Faculty Research Working Paper Series (2011)"},{"key":"1510_CR51","doi-asserted-by":"publisher","first-page":"22","DOI":"10.1136\/bmj.e4348","volume":"345","author":"DW Light","year":"2012","unstructured":"Light, D.W., Lexchin, J.R.: Pharmaceutical research and development: what do we get for all that money? BMJ 345, 22\u201325 (2012)","journal-title":"BMJ"},{"key":"1510_CR52","unstructured":"Angell, M.: The truth about the drug companies: How they deceive us and what to do about it. Random House Incorporated (2005)"},{"issue":"1","key":"1510_CR53","doi-asserted-by":"publisher","first-page":"34","DOI":"10.1057\/biosoc.2010.40","volume":"6","author":"DW Light","year":"2011","unstructured":"Light, D.W., Warburton, R.: Demythologizing the high costs of pharmaceutical research. BioSocieties 6(1), 34\u201350 (2011)","journal-title":"BioSocieties"},{"issue":"2","key":"1510_CR54","doi-asserted-by":"publisher","first-page":"461","DOI":"10.1377\/hlthaff.25.2.461","volume":"25","author":"S Keyhani","year":"2006","unstructured":"Keyhani, S., Diener-West, M., Powe, N.: Are development times for pharmaceuticals increasing or decreasing? Health Aff. 25(2), 461\u2013468 (2006)","journal-title":"Health Aff."},{"key":"1510_CR55","unstructured":"Love, J.: Evidence regarding research and development investments in innovative and non-innovative medicines. Washington DC: Consumer Project on Technology (2003)"},{"key":"1510_CR56","unstructured":"DiMasi, J.A., Hansen, R.W., Grabowski, H.G.: Assessing claims about the cost of new drug development. A critique of the Public Citizen and TB Alliance Reports. Tufts Center for the Study of Drug Development, Tufts University (2004)"},{"issue":"5","key":"1510_CR57","doi-asserted-by":"publisher","first-page":"1034","DOI":"10.1016\/j.jhealeco.2005.07.002","volume":"24","author":"JA DiMasi","year":"2005","unstructured":"DiMasi, J.A., Hansen, R.W., Grabowski, H.G.: Extraordinary claims require extraordinary evidence. J. Health Econ. 24(5), 1034\u20131044 (2005)","journal-title":"J. Health Econ."},{"key":"1510_CR58","doi-asserted-by":"publisher","DOI":"10.1525\/9780520939288","volume-title":"The $800 million pill: The truth behind the cost of new drugs","author":"M Goozner","year":"2004","unstructured":"Goozner, M.: The $800 million pill: The truth behind the cost of new drugs. University of California Press, Berkeley, CA (2004)"},{"key":"1510_CR59","unstructured":"Assessment, U.C.O.o.T.: Pharmaceutical R & D: Costs, Risks and Rewards: US Government Printing Office (1993)"},{"issue":"6","key":"1510_CR60","doi-asserted-by":"publisher","first-page":"479","DOI":"10.1038\/nrd2532","volume":"7","author":"H Grabowski","year":"2008","unstructured":"Grabowski, H.: Follow-on biologics: data exclusivity and the balance between innovation and competition. Nat. Rev. Drug Discov. 7(6), 479\u2013488 (2008)","journal-title":"Nat. Rev. Drug Discov."},{"issue":"8","key":"1510_CR61","doi-asserted-by":"publisher","first-page":"1002","DOI":"10.1002\/hec.1538","volume":"19","author":"JA Vernon","year":"2010","unstructured":"Vernon, J.A., Golec, J.H., DiMasi, J.A.: Drug development costs when financial risk is measured using the Fama-French three-factor model. Health Econ. 19(8), 1002\u20131005 (2010)","journal-title":"Health Econ."},{"issue":"1","key":"1510_CR62","doi-asserted-by":"publisher","first-page":"201","DOI":"10.1007\/s001910050012","volume":"10","author":"H Grabowski","year":"2000","unstructured":"Grabowski, H., Vernon, J.: The determinants of pharmaceutical research and development expenditures. J. Evol. Econ. 10(1), 201\u2013215 (2000)","journal-title":"J. Evol. Econ."},{"issue":"2\u20133","key":"1510_CR63","doi-asserted-by":"publisher","first-page":"443","DOI":"10.1016\/0165-4101(94)00391-H","volume":"19","author":"S Bhagat","year":"1995","unstructured":"Bhagat, S., Welch, I.: Corporate research & development investments international comparisons. J. Account. Econ. 19(2\u20133), 443\u2013470 (1995)","journal-title":"J. Account. Econ."},{"issue":"1","key":"1510_CR64","doi-asserted-by":"publisher","first-page":"195","DOI":"10.1086\/426882","volume":"48","author":"C Giaccotto","year":"2005","unstructured":"Giaccotto, C., Santerre, R.E., Vernon, J.A.: Drug prices and research and development investment behavior in the pharmaceutical industry. J. Law Econ. 48(1), 195\u2013214 (2005)","journal-title":"J. Law Econ."},{"key":"1510_CR65","unstructured":"OECD. Health at a Glance 2011 (2011)"},{"key":"1510_CR66","unstructured":"OECD. Health at a Glance 2021 (2021)"},{"issue":"1\u20132","key":"1510_CR67","doi-asserted-by":"publisher","first-page":"251","DOI":"10.1017\/S0022109015000010","volume":"50","author":"M Arena","year":"2015","unstructured":"Arena, M., Julio, B.: The effects of securities class action litigation on corporate liquidity and investment policy. J. Financ. Quant. Anal. 50(1\u20132), 251\u2013275 (2015)","journal-title":"J. Financ. Quant. Anal."},{"issue":"4","key":"1510_CR68","doi-asserted-by":"publisher","first-page":"679","DOI":"10.1007\/s12197-016-9373-7","volume":"41","author":"J Malm","year":"2017","unstructured":"Malm, J., Kanuri, S.: Litigation risk and cash holdings. J. Econ. Finance 41(4), 679\u2013700 (2017)","journal-title":"J. Econ. Finance"},{"issue":"9\u201310","key":"1510_CR69","doi-asserted-by":"publisher","first-page":"1310","DOI":"10.1111\/jbfa.12164","volume":"42","author":"Q Yuan","year":"2015","unstructured":"Yuan, Q., Zhang, Y.: Do banks price litigation risk in debt contracting? Evidence from class action lawsuits. J. Bus. Financ. Acc. 42(9\u201310), 1310\u20131340 (2015)","journal-title":"J. Bus. Financ. Acc."},{"issue":"3","key":"1510_CR70","doi-asserted-by":"publisher","first-page":"309","DOI":"10.1016\/S0304-405X(02)00144-7","volume":"65","author":"M Lowry","year":"2002","unstructured":"Lowry, M., Shu, S.: Litigation risk and IPO underpricing. J. Financ. Econ. 65(3), 309\u2013335 (2002)","journal-title":"J. Financ. Econ."},{"issue":"3","key":"1510_CR71","doi-asserted-by":"publisher","first-page":"381","DOI":"10.1016\/0144-8188(92)90016-K","volume":"12","author":"MJ White","year":"1992","unstructured":"White, M.J.: Legal complexity and lawyers\u2019 benefit from litigation. Int. Rev. Law Econ. 12(3), 381\u2013395 (1992)","journal-title":"Int. Rev. Law Econ."},{"issue":"2","key":"1510_CR72","doi-asserted-by":"publisher","first-page":"323","DOI":"10.1111\/fima.12171","volume":"46","author":"B Haslem","year":"2017","unstructured":"Haslem, B., Hutton, I., Smith, A.H.: How much do corporate defendants really lose? A new verdict on the reputation loss induced by corporate litigation. Financ. Manag. 46(2), 323\u2013358 (2017)","journal-title":"Financ. Manag."},{"issue":"1","key":"1510_CR73","first-page":"4","volume":"43","author":"M Arena","year":"2017","unstructured":"Arena, M., Ferris, S.: A survey of litigation in corporate finance. Manag. Financ. 43(1), 4\u201318 (2017)","journal-title":"Manag. Financ."},{"key":"1510_CR74","doi-asserted-by":"crossref","unstructured":"Reddemann, S., Basse, T., Schulenburg, J.-M. G. v. d.: On the impact of the financial crisis on the dividend policy of the European insurance industry. The Geneva Papers on Risk and Insurance Issues Pract. 35(1), 53\u201362 (2010)","DOI":"10.1057\/gpp.2009.37"},{"issue":"1\u20132","key":"1510_CR75","doi-asserted-by":"publisher","first-page":"290","DOI":"10.1016\/j.jacceco.2011.09.005","volume":"53","author":"I Kim","year":"2012","unstructured":"Kim, I., Skinner, D.J.: Measuring securities litigation risk. J. Account. Econ. 53(1\u20132), 290\u2013310 (2012)","journal-title":"J. Account. Econ."},{"issue":"1","key":"1510_CR76","first-page":"1","volume":"9","author":"J Bessen","year":"2005","unstructured":"Bessen, J., Meurer, M.J.: Lessons for patent policy from empirical research on patent litigation. Lewis Clark L Rev. 9(1), 1\u201327 (2005)","journal-title":"Lewis Clark L Rev."},{"issue":"3","key":"1510_CR77","first-page":"422","volume":"62","author":"FM Scherer","year":"1972","unstructured":"Scherer, F.M.: Nordhaus\u2019 theory of optimal patent life: a geometric reinterpretation. Am. Econ. Rev. 62(3), 422\u2013427 (1972)","journal-title":"Am. Econ. Rev."},{"issue":"3","key":"1510_CR78","first-page":"473","volume":"66","author":"PJ Heald","year":"2005","unstructured":"Heald, P.J.: A transaction costs theory of patent law. Ohio St LJ. 66(3), 473\u2013509 (2005)","journal-title":"Ohio St LJ."},{"issue":"2","key":"1510_CR79","first-page":"367","volume":"19","author":"B Dickey","year":"2009","unstructured":"Dickey, B., Orszag, J., Tyson, L.: An economic assessment of patent settlements in the pharmaceutical industry. Ann. Health L. 19(2), 367\u2013400 (2009)","journal-title":"Ann. Health L."},{"issue":"1","key":"1510_CR80","doi-asserted-by":"publisher","first-page":"33","DOI":"10.1162\/AJHE_a_00066","volume":"3","author":"H Grabowski","year":"2017","unstructured":"Grabowski, H., Brain, C., Taub, A., Guha, R.: Pharmaceutical patent challenges: company strategies and litigation outcomes. Am. J. Health Econ. 3(1), 33\u201359 (2017)","journal-title":"Am. J. Health Econ."},{"issue":"2","key":"1510_CR81","doi-asserted-by":"publisher","first-page":"463","DOI":"10.1086\/467339","volume":"38","author":"J Lerner","year":"1995","unstructured":"Lerner, J.: Patenting in the shadow of competitors. J. Law Econ. 38(2), 463\u2013495 (1995)","journal-title":"J. Law Econ."},{"key":"1510_CR82","unstructured":"Competition, D.: Pharmaceutical sector inquiry-preliminary report. DG Competition Staff Working Paper (2008)"},{"issue":"1","key":"1510_CR83","first-page":"59","volume":"9","author":"J Bessen","year":"2012","unstructured":"Bessen, J., Meurer, M.J.: The private costs of patent litigation. J. Law Econ. Policy 9(1), 59\u201396 (2012)","journal-title":"J. Law Econ. Policy"},{"issue":"2","key":"1510_CR84","first-page":"401","volume":"45","author":"J Bessen","year":"2013","unstructured":"Bessen, J., Meurer, M.J.: The patent litigation explosion. Loy. Univ. Chicago Law J. 45(2), 401\u2013440 (2013)","journal-title":"Loy. Univ. Chicaga Law J."},{"issue":"2","key":"1510_CR85","doi-asserted-by":"publisher","first-page":"573","DOI":"10.1086\/322813","volume":"44","author":"JO Lanjouw","year":"2001","unstructured":"Lanjouw, J.O., Lerner, J.: Tilting the table? The use of preliminary injunctions. J. Law Econ. 44(2), 573\u2013603 (2001)","journal-title":"J. Law Econ."},{"issue":"1","key":"1510_CR86","doi-asserted-by":"publisher","first-page":"44","DOI":"10.1093\/aler\/4.1.44","volume":"4","author":"DW Prince","year":"2002","unstructured":"Prince, D.W., Rubin, P.H.: The effects of product liability litigation on the value of firms. Am. Law Econ. Rev. 4(1), 44\u201387 (2002)","journal-title":"Am. Law Econ. Rev."},{"issue":"1","key":"1510_CR87","doi-asserted-by":"publisher","first-page":"1","DOI":"10.2307\/1912017","volume":"48","author":"CA Sims","year":"1980","unstructured":"Sims, C.A.: Macroeconomics and reality. Econometrica 48(1), 1\u201348 (1980)","journal-title":"Econometrica"},{"issue":"3","key":"1510_CR88","doi-asserted-by":"publisher","first-page":"313","DOI":"10.1111\/j.1468-0084.1993.mp55003003.x","volume":"55","author":"Y Cheung","year":"1993","unstructured":"Cheung, Y., Lai, K.: Finite sample sizes of Johnansen\u2019s likelihood ratio tests for cointegration. Oxford Bull. Econ. Stat. 55(3), 313\u2013328 (1993)","journal-title":"Oxford Bull. Econ. Stat."},{"issue":"2","key":"1510_CR89","doi-asserted-by":"publisher","first-page":"251","DOI":"10.2307\/1913236","volume":"55","author":"RF Engle","year":"1987","unstructured":"Engle, R.F., Granger, C.W.J.: Co-integration and error correction: representation, estimation, and testing. Econometrica 55(2), 251\u2013276 (1987)","journal-title":"Econometrica"},{"issue":"6","key":"1510_CR90","doi-asserted-by":"publisher","first-page":"1551","DOI":"10.2307\/2938278","volume":"59","author":"S Johansen","year":"1991","unstructured":"Johansen, S.: Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models. Econometrica 59(6), 1551\u20131580 (1991)","journal-title":"Econometrica"},{"issue":"260","key":"1510_CR91","doi-asserted-by":"publisher","first-page":"583","DOI":"10.1080\/01621459.1952.10483441","volume":"47","author":"WH Kruskal","year":"1952","unstructured":"Kruskal, W.H., Wallis, W.A.: Use of ranks in one-criterion variance analysis. J. Am. Stat. Assoc. 47(260), 583\u2013621 (1952)","journal-title":"J. Am. Stat. Assoc."},{"issue":"5","key":"1510_CR92","doi-asserted-by":"publisher","first-page":"573","DOI":"10.1111\/1467-6419.00068","volume":"12","author":"JA Doornik","year":"1998","unstructured":"Doornik, J.A.: Approximations to the asymptotic distributions of cointegration tests. J. Econ. Surv. 12(5), 573\u2013593 (1998)","journal-title":"J. Econ. Surv."},{"issue":"1","key":"1510_CR93","doi-asserted-by":"publisher","first-page":"111","DOI":"10.1007\/s001810050006","volume":"25","author":"CM Wernerheim","year":"2000","unstructured":"Wernerheim, C.M.: Cointegration and causality in the exports-GDP nexus: the post-war evidence for Canada. Empir. Econ. 25(1), 111\u2013125 (2000)","journal-title":"Empir. Econ."},{"issue":"2","key":"1510_CR94","doi-asserted-by":"publisher","first-page":"313","DOI":"10.1002\/for.2628","volume":"39","author":"F Kunze","year":"2020","unstructured":"Kunze, F.: Predicting exchange rates in Asia: new insights on the accuracy of survey forecasts. J. Forecast. 39(2), 313\u2013333 (2020)","journal-title":"J. Forecast."},{"key":"1510_CR95","doi-asserted-by":"crossref","unstructured":"Efron, B., Tibshirani, R.J.: An Introduction to the Bootstrap. CRC Press (1994)","DOI":"10.1201\/9780429246593"},{"key":"1510_CR96","doi-asserted-by":"publisher","first-page":"289","DOI":"10.1016\/j.jcorpfin.2013.12.014","volume":"25","author":"S Karpavi\u010dius","year":"2014","unstructured":"Karpavi\u010dius, S.: Dividends: relevance, rigidity, and signaling. J. Corp. Finan. 25, 289\u2013312 (2014)","journal-title":"J. Corp. Finan."},{"issue":"12","key":"1510_CR97","doi-asserted-by":"publisher","first-page":"4114","DOI":"10.1287\/mnsc.2016.2551","volume":"63","author":"Y Larkin","year":"2017","unstructured":"Larkin, Y., Leary, M.T., Michaely, R.: Do investors value dividend-smoothing stocks differently? Manage. Sci. 63(12), 4114\u20134136 (2017)","journal-title":"Manage. Sci."},{"key":"1510_CR98","doi-asserted-by":"crossref","unstructured":"Basse, T., Reddemann, S., Riegler, J.-J., Schulenburg, J.-M. Graf v. d.: Bank dividend policy and the global financial crisis: Empirical evidence from Europe. Eur. J. Polit. Eco. 34, S25\u2013S31 (2014)","DOI":"10.1016\/j.ejpoleco.2013.09.001"},{"issue":"2","key":"1510_CR99","doi-asserted-by":"publisher","first-page":"420","DOI":"10.1377\/hlthaff.25.2.420","volume":"25","author":"CP Adams","year":"2006","unstructured":"Adams, C.P., Brantner, V.V.: Estimating the cost of new drug development: is it really $802 million? Health Aff. 25(2), 420\u2013428 (2006)","journal-title":"Health Aff."},{"issue":"2","key":"1510_CR100","doi-asserted-by":"publisher","first-page":"130","DOI":"10.1002\/hec.1454","volume":"19","author":"CP Adams","year":"2010","unstructured":"Adams, C.P., Brantner, V.V.: Spending on new drug development 1. Health Econ. 19(2), 130\u2013141 (2010)","journal-title":"Health Econ."},{"issue":"4\u20135","key":"1510_CR101","doi-asserted-by":"publisher","first-page":"469","DOI":"10.1002\/mde.1360","volume":"28","author":"JA DiMasi","year":"2007","unstructured":"DiMasi, J.A., Grabowski, H.G.: The cost of biopharmaceutical R&D: is biotech different? Manag. Decis. Econ. 28(4\u20135), 469\u2013479 (2007)","journal-title":"Manag. Decis. Econ."},{"key":"1510_CR102","doi-asserted-by":"publisher","first-page":"20","DOI":"10.1016\/j.jhealeco.2016.01.012","volume":"47","author":"JA DiMasi","year":"2016","unstructured":"DiMasi, J.A., Grabowski, H.G., Hansen, R.W.: Innovation in the pharmaceutical industry: new estimates of R&D costs. J. Health Econ. 47, 20\u201333 (2016)","journal-title":"J. Health Econ."},{"issue":"2","key":"1510_CR103","doi-asserted-by":"publisher","first-page":"107","DOI":"10.1016\/0167-6296(91)90001-4","volume":"10","author":"JA DiMasi","year":"1991","unstructured":"DiMasi, J.A., Hansen, R.W., Grabowski, H.G., Lasagna, L.: Cost of innovation in the pharmaceutical industry. J. Health Econ. 10(2), 107\u2013142 (1991)","journal-title":"J. Health Econ."},{"issue":"12","key":"1510_CR104","doi-asserted-by":"publisher","first-page":"e1386","DOI":"10.1016\/S2214-109X(18)30346-2","volume":"6","author":"D Gouglas","year":"2018","unstructured":"Gouglas, D., Le, T.T., Henderson, K., Kaloudis, A., Danielsen, T., Hammersland, N.C., Robinson, J.M., Heaton, P.M., R\u00f8ttingen, J.-A.: Estimating the cost of vaccine development against epidemic infectious diseases: a cost minimisation study. Lancet Glob. Health 6(12), e1386\u2013e1396 (2018)","journal-title":"Lancet Glob. Health"},{"issue":"7","key":"1510_CR105","doi-asserted-by":"publisher","first-page":"804","DOI":"10.1287\/mnsc.36.7.804","volume":"36","author":"H Grabowski","year":"1990","unstructured":"Grabowski, H., Vernon, J.: A new look at the returns and risks to pharmaceutical R&D. Manage. Sci. 36(7), 804\u2013821 (1990)","journal-title":"Manage. Sci."},{"issue":"3","key":"1510_CR106","doi-asserted-by":"publisher","first-page":"11","DOI":"10.2165\/00019053-200220003-00002","volume":"20","author":"H Grabowski","year":"2002","unstructured":"Grabowski, H., Vernon, J., DiMasi, J.A.: Returns on research and development for 1990s new drug introductions. Pharmacoeconomics 20(3), 11\u201329 (2002)","journal-title":"Pharmacoeconomics"},{"issue":"2","key":"1510_CR107","doi-asserted-by":"publisher","first-page":"153","DOI":"10.1016\/0167-6296(86)90003-2","volume":"5","author":"P Joglekar","year":"1986","unstructured":"Joglekar, P., Paterson, M.L.: A closer look at the returns and risks of pharmaceutical R&D. J. Health Econ. 5(2), 153\u2013177 (1986)","journal-title":"J. Health Econ."},{"issue":"11","key":"1510_CR108","doi-asserted-by":"publisher","first-page":"1569","DOI":"10.1001\/jamainternmed.2017.3601","volume":"177","author":"V Prasad","year":"2017","unstructured":"Prasad, V., Mailankody, S.: Research and development spending to bring a single cancer drug to market and revenues after approval. JAMA Intern. Med. 177(11), 1569\u20131575 (2017)","journal-title":"JAMA Intern. Med."},{"issue":"9","key":"1510_CR109","doi-asserted-by":"publisher","first-page":"844","DOI":"10.1001\/jama.2020.1166","volume":"323","author":"OJ Wouters","year":"2020","unstructured":"Wouters, O.J., McKee, M., Luyten, J.: Estimated research and development investment needed to bring a new medicine to market, 2009\u20132018. JAMA 323(9), 844\u2013853 (2020)","journal-title":"JAMA"},{"key":"1510_CR110","unstructured":"Young, B., DMyths, S.M.R.: The case against the drug industry\u2019s R&D \u201cScare Card\u201d. Washington, DC: Public Citizen\u2019s Congress Watch (2001)"},{"key":"1510_CR111","unstructured":"Eurostat: Harmonised Indices of Consumer Prices (HICP) 2021. updated 15.11.2021. Available from: https:\/\/ec.europa.eu\/eurostat\/web\/hicp\/data"}],"container-title":["The European Journal of Health Economics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10198-022-01510-5.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s10198-022-01510-5\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10198-022-01510-5.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,5,19]],"date-time":"2023-05-19T04:10:16Z","timestamp":1684469416000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s10198-022-01510-5"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,8,26]]},"references-count":111,"journal-issue":{"issue":"5","published-print":{"date-parts":[[2023,7]]}},"alternative-id":["1510"],"URL":"https:\/\/doi.org\/10.1007\/s10198-022-01510-5","relation":{},"ISSN":["1618-7598","1618-7601"],"issn-type":[{"value":"1618-7598","type":"print"},{"value":"1618-7601","type":"electronic"}],"subject":[],"published":{"date-parts":[[2022,8,26]]},"assertion":[{"value":"14 December 2021","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"9 August 2022","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"26 August 2022","order":3,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Declarations"}},{"value":"The authors declare that they have no conflict of interest.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}}]}}