Information Disclosure and Competitive Dynamics: Evidence from the Pharmaceutical Industry

The author thanks the departmental editor, associate editor, three anonymous referees, Pierre Azoulay, Amitabh Chandra, Colleen Cunningham, David Cutler, Rudy Durand, Josh Feng, Michael Frakes, Jon Garfinkel, Deepak Hegde, Matt Higgins, Josh Krieger, Ian Larkin, Marvin Lieberman, Hong Luo, David Ridley, Brad Shapiro, Olav Sorenson, Ariel Stern, and Ginger Zhe Jin for feedback on this project. The author also thanks seminar and conference participants and discussants at the Academy of Management Annual Meeting; the American Society of Health Economists Annual Conference; the Bates White Life Sciences Symposium; the Brigham Young University–Utah Winter Strategy Conference; the Chicago Booth Jr. Health Economics Summit; the Columbia/Wharton Management, Analytics, and Data Conference; the Duke Empirical Health Law Conference; the Duke Fuqua Strategy Conference; the Harvard Business School Strategy Seminar; the Food and Drug Administration Economics Seminar; the Industry Studies Conference; the Innovation Working Group; the International Industrial Organization Conference; the Munich Summer Institute; the National Bureau of Economic Research Productivity Seminar; Ohio State; the Sumantra Ghoshal Strategy Conference; the Taiwan Symposium on Innovation Economics and Entrepreneurship; the University of California, Los Angeles; and the University of California, Santa Barbara for helpful comments and suggestions. Additionally, the author thanks several pharmaceutical industry experts for their insights on clinical trial reporting. Sam Lin and Seungmin Yoo provided excellent research assistance. The content is solely the responsibility of the author and does not necessarily represent the official views of the National Institutes of Health or NBER.