{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,7]],"date-time":"2026-03-07T12:29:11Z","timestamp":1772886551954,"version":"3.50.1"},"reference-count":105,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"7","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2025,7]]},"abstract":"<jats:p> This paper studies how competitive dynamics shape innovative firms\u2019 voluntary disclosure of product quality information. Our empirical context is the pharmaceutical industry, where firms must decide whether to disclose private drug quality information acquired in clinical trials. Using a difference-in-difference strategy, we show that the approval of a competitor\u2019s drug lowers the likelihood of a firm reporting its clinical trial results by 13%. We explore how these effects vary based on the project quality, competitor type, and firm experience. These findings suggest that strategic considerations play a role in firms\u2019 disclosure decisions; in response to a competitor\u2019s drug approval, firms may selectively withhold information to maintain and improve their competitive position. <\/jats:p><jats:p> This paper was accepted by Joshua Gans, business strategy. <\/jats:p><jats:p> Funding: This work was funded by the National Institute on Aging [Grant T32-AG000186] and the UCLA Society of Hellman Fellows Program. <\/jats:p><jats:p> Supplemental Material: The online appendix and data files are available at https:\/\/doi.org\/10.1287\/mnsc.2022.01161 . <\/jats:p>","DOI":"10.1287\/mnsc.2022.01161","type":"journal-article","created":{"date-parts":[[2024,10,18]],"date-time":"2024-10-18T14:36:05Z","timestamp":1729262165000},"page":"5948-5970","source":"Crossref","is-referenced-by-count":5,"title":["Information Disclosure and Competitive Dynamics: Evidence from the Pharmaceutical Industry"],"prefix":"10.1287","volume":"71","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-6712-2449","authenticated-orcid":false,"given":"Jennifer","family":"Kao","sequence":"first","affiliation":[{"name":"University of California Los Angeles, Anderson School of Management, Los Angeles, California 90095"}]}],"member":"109","reference":[{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1111\/1475-679X.12396"},{"issue":"2","key":"B3","first-page":"701","volume":"120","author":"Aghion P","year":"2005","journal-title":"Quart. J. Econom."},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2015.2191"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.1056\/NEJMsa1409364"},{"issue":"1","key":"B6","first-page":"190","volume":"84","author":"Anton JJ","year":"1994","journal-title":"Amer. Econom. Rev."},{"key":"B7","volume-title":"Markets for Technology: The Economics of Innovation and Corporate Strategy","author":"Arora A","year":"2004"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1090.1055"},{"issue":"5","key":"B9","first-page":"941","volume":"53","author":"Arrow K","year":"1963","journal-title":"Amer. Econom. Rev."},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.1007\/978-1-349-15486-9_13"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1111\/j.1430-9134.2002.00551.x"},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.2.549"},{"key":"B14","doi-asserted-by":"publisher","DOI":"10.1016\/j.respol.2021.104332"},{"key":"B16","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA9466"},{"key":"B17","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu045"},{"key":"B18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-6451.2009.00369.x"},{"key":"B20","doi-asserted-by":"publisher","DOI":"10.7326\/0003-4819-153-3-201008030-00006"},{"key":"B21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131176"},{"key":"B22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2020.12.001"},{"key":"B24","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1060.0676"},{"key":"B26","doi-asserted-by":"publisher","DOI":"10.1002\/1097-0266(200010\/11)21:10\/11<1123::AID-SMJ130>3.0.CO;2-R"},{"key":"B27","doi-asserted-by":"publisher","DOI":"10.2307\/2393553"},{"key":"B28","doi-asserted-by":"publisher","DOI":"10.1038\/nrd4309"},{"key":"B29","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2017.2730"},{"key":"B30","doi-asserted-by":"publisher","DOI":"10.1086\/712506"},{"key":"B31","unstructured":"Dabrowska A, Thaul S (2018) How FDA Approves Drugs and Regulates Their Safety and Effectiveness (Congressional Research Service, Washington, DC), 1\u201325."},{"key":"B33","doi-asserted-by":"publisher","DOI":"10.1016\/S0048-7333(99)00087-6"},{"key":"B34","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-6451.2006.00290.x"},{"key":"B35","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20181169"},{"key":"B38","doi-asserted-by":"publisher","DOI":"10.1257\/jel.48.4.935"},{"key":"B39","doi-asserted-by":"publisher","DOI":"10.1136\/bmj.m626"},{"key":"B40","doi-asserted-by":"publisher","DOI":"10.1056\/NEJMp1310771"},{"key":"B41","doi-asserted-by":"publisher","DOI":"10.1257\/mic.3.1.1"},{"key":"B42","doi-asserted-by":"publisher","DOI":"10.1016\/S0048-7333(02)00103-8"},{"key":"B43","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1070.0814"},{"key":"B46","doi-asserted-by":"publisher","DOI":"10.1561\/0700000024"},{"key":"B47","doi-asserted-by":"publisher","DOI":"10.1056\/NEJM199809033391010"},{"key":"B48","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdw052"},{"key":"B49","doi-asserted-by":"publisher","DOI":"10.1257\/app.20150373"},{"key":"B50","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijindorg.2012.08.003"},{"key":"B51","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2021.03.014"},{"key":"B52","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.4.1611"},{"key":"B53","doi-asserted-by":"publisher","DOI":"10.1086\/466995"},{"key":"B54","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1980.tb02161.x"},{"key":"B56","doi-asserted-by":"publisher","DOI":"10.1287\/mksc.1080.0418"},{"key":"B58","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-4101(01)00018-0"},{"key":"B59","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2016.2622"},{"key":"B60","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2019.3530"},{"key":"B62","doi-asserted-by":"publisher","DOI":"10.1001\/jama.2016.14668"},{"key":"B63","doi-asserted-by":"publisher","DOI":"10.1371\/journal.pmed.0020124"},{"key":"B64","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-6451.2010.00417.x"},{"key":"B65","doi-asserted-by":"publisher","DOI":"10.1111\/joie.12139"},{"issue":"1","key":"B66","first-page":"93","volume":"36","author":"Jin GZ","year":"2005","journal-title":"RAND J. Econom."},{"key":"B67","doi-asserted-by":"publisher","DOI":"10.1257\/mic.20180217"},{"key":"B68","doi-asserted-by":"publisher","DOI":"10.2307\/3003428"},{"key":"B69","doi-asserted-by":"publisher","DOI":"10.1001\/jamanetworkopen.2023.28117"},{"key":"B70","doi-asserted-by":"publisher","DOI":"10.1056\/NEJM199411173312007"},{"key":"B72","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2020.3775"},{"key":"B73","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhab024"},{"key":"B74","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2021.4243"},{"key":"B75","doi-asserted-by":"publisher","DOI":"10.1001\/jamanetworkopen.2020.24406"},{"key":"B77","doi-asserted-by":"publisher","DOI":"10.1377\/hlthaff.2011.0172"},{"key":"B78","doi-asserted-by":"publisher","DOI":"10.1038\/nrd4320-c1"},{"key":"B79","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-6451.2009.00366.x"},{"key":"B80","doi-asserted-by":"publisher","DOI":"10.1136\/bmj.326.7400.1167"},{"key":"B81","doi-asserted-by":"publisher","DOI":"10.2307\/2555640"},{"key":"B82","doi-asserted-by":"publisher","DOI":"10.1002\/smj.4250090706"},{"key":"B83","doi-asserted-by":"publisher","DOI":"10.1162\/003465398557212"},{"issue":"1","key":"B84","first-page":"13","volume":"35","author":"MacKinlay AC","year":"1997","journal-title":"J. Econom. Literature"},{"key":"B86","doi-asserted-by":"publisher","DOI":"10.1111\/1756-2171.12156"},{"key":"B87","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2016.2634"},{"key":"B88","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2022.4642"},{"key":"B89","doi-asserted-by":"publisher","DOI":"10.1038\/nrd.2017.70"},{"key":"B91","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr031"},{"key":"B92","doi-asserted-by":"publisher","DOI":"10.1002\/smj.805"},{"key":"B94","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2014.2128"},{"key":"B95","doi-asserted-by":"publisher","DOI":"10.2307\/3003562"},{"key":"B96","doi-asserted-by":"publisher","DOI":"10.1257\/jep.22.2.115"},{"key":"B97","doi-asserted-by":"publisher","DOI":"10.1186\/s13023-017-0665-6"},{"key":"B98","doi-asserted-by":"publisher","DOI":"10.1177\/0306312705052103"},{"key":"B99","doi-asserted-by":"publisher","DOI":"10.2307\/2556056"},{"key":"B100","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-7187(98)00057-5"},{"key":"B101","doi-asserted-by":"publisher","DOI":"10.1038\/d41573-023-00132-7"},{"key":"B102","doi-asserted-by":"publisher","DOI":"10.1257\/app.20180518"},{"key":"B104","unstructured":"Pagliarulo N (2023) Lilly market value soars on higher sales, obesity drug potential. Accessed January 8, 2024, https:\/\/www.biopharmadive.com\/news\/lilly-mounjaro-obesity-second-quarter-stock-value\/690224\/."},{"key":"B108","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20190690"},{"key":"B109","doi-asserted-by":"publisher","DOI":"10.1136\/bmj.d7373"},{"key":"B110","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2014.1918"},{"key":"B111","doi-asserted-by":"publisher","DOI":"10.1007\/s11129-021-09244-z"},{"key":"B112","doi-asserted-by":"publisher","DOI":"10.1016\/S1573-448X(89)01017-4"},{"key":"B113","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1110.1440"},{"key":"B114","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2017"},{"key":"B115","doi-asserted-by":"publisher","DOI":"10.2307\/2297136"},{"key":"B116","doi-asserted-by":"publisher","DOI":"10.1086\/695475"},{"key":"B117","doi-asserted-by":"publisher","DOI":"10.1001\/jama.2019.13978"},{"key":"B118","doi-asserted-by":"publisher","DOI":"10.1056\/NEJMoa050405"},{"key":"B119","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2020.09.006"},{"key":"B120","doi-asserted-by":"publisher","DOI":"10.1016\/0048-7333(86)90027-2"},{"key":"B121","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-540-24748-7_10"},{"key":"B122","volume-title":"The Theory of Industrial Organization","author":"Tirole J","year":"1988"},{"key":"B126","doi-asserted-by":"publisher","DOI":"10.2307\/3003627"},{"key":"B127","doi-asserted-by":"publisher","DOI":"10.1136\/bmj.332.7546.895"},{"key":"B129","doi-asserted-by":"publisher","DOI":"10.1016\/j.mayocp.2012.04.017"},{"key":"B130","doi-asserted-by":"publisher","DOI":"10.1126\/science.1153632"},{"key":"B131","doi-asserted-by":"publisher","DOI":"10.1056\/NEJMsr1611785"},{"key":"B132","doi-asserted-by":"publisher","DOI":"10.1056\/NEJMsa1012065"}],"container-title":["Management Science"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/pubsonline.informs.org\/doi\/pdf\/10.1287\/mnsc.2022.01161","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,7]],"date-time":"2025-07-07T07:49:12Z","timestamp":1751874552000},"score":1,"resource":{"primary":{"URL":"https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2022.01161"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,7]]},"references-count":105,"journal-issue":{"issue":"7","published-print":{"date-parts":[[2025,7]]}},"alternative-id":["10.1287\/mnsc.2022.01161"],"URL":"https:\/\/doi.org\/10.1287\/mnsc.2022.01161","relation":{},"ISSN":["0025-1909","1526-5501"],"issn-type":[{"value":"0025-1909","type":"print"},{"value":"1526-5501","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,7]]}}}