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The Market Valuation of Biotechnology Firms and Biotechnology RD
2001
Social Science Research Network
This paper sheds light on how and why the stock market values high technology by examining the pricing of 606 publicly traded biotechnology firms. Contrary to the common view that the primary value drivers of biotechnology are 'soft' variables such as intellectual human capital, patents, strategic alliances and joint ventures, I show that simple but 'hard' balance sheet, income statement, and statement of cash flows data explains some 70% of the variance in biotech firms' equity market values
doi:10.2139/ssrn.294471
fatcat:4lfray2qfvacxctn6x3mph4t3m