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DIW Wochenbericht 30 / 2017

Veränderungen bei gemeinsamen Eigentümerstrukturen deutscher Unternehmen

Die Eigentümerstrukturen börsennotierter deutscher Unternehmen haben sich in den letzten Jahren deutlich verändert. Von besonderem Interesse ist dabei das Phänomen der gemeinsamen Eigentümerstrukturen, das international mit dem Begriff "Common Ownership" bezeichnet wird. Dabei werden Unternehmen, die auf denselben Gütermärkten miteinander im Wettbewerb stehen, von denselben Investoren gehalten. In ...

2017| Jo Seldeslachts, Melissa Newham, Albert Banal-Estanol
DIW Economic Bulletin 30 / 2017

Changes in Common Ownership of German Companies

Ownership of publicly listed German companies has undergone significant changes in recent years. The aim of this report is to document these trends since 2007 and analyze the extent to which firms that compete in the same product market are owned by the same investors, which is known as common ownership. We show that some large foreign institutional investors have overtaken domestic investors and now ...

2017| Jo Seldeslachts, Melissa Newham, Albert Banal-Estanol
DIW aktuell 53 / 2020

USA und EU setzen auf lokale Impfstoffproduktion - Versorgungssicherheit im Fokus

Die Bereitstellung eines sicheren und wirksamen Impfstoffs gegen Covid-19 ist von zentraler Bedeutung für die Aufhebung der Eindämmungsmaßnahmen im öffentlichen Leben. Um den Zugang zu Impfstoffen zu sichern, schließen Regierungen mit Impfstoffunternehmen spezielle Verträge, "Advance Purchase Agreements" (APA), ab. Diese Studie vergleicht die Beschaffungsstrategien der USA und der EU. Es kann festgestellt ...

2020| Jan Malek, Melissa Newham, Jo Seldeslachts, Marcel Wieting
DIW focus 6 / 2020

US and EU Secure Vaccine Production on Home Soil

The deployment of a safe and effective vaccine for Covid-19 will be central to lifting containment measures. In a bid to speed up vaccine deployment, governments are entering into ‘Advance Purchase Agreements’ (APAs) with vaccine companies to secure access to vaccine doses. We document and compare the vaccine procurement strategies of the US and the EU. Most notably, we find that both the US and the ...

2020| Jan Malek, Melissa Newham, Jo Seldeslachts, Marcel Wieting
Diskussionspapiere 1918 / 2020

Common Ownership in the US Pharmaceutical Industry: A Network Analysis

We investigate patterns in common ownership networks between firms that are active in the US pharmaceutical industry for the period 2004-2014. Our main findings are that “brand firms” — i.e. firms that have R&D capabilities and launch new drugs — exhibit relatively dense common ownership networks with each other that further increase significantly in density over time, whereas the network of “generic ...

2020| Albert Banal-Estanol, Melissa Newham, Jo Seldeslachts
Diskussionspapiere 1825 / 2019

Do Expert Panelists Herd? Evidence from FDA Committees

We develop a structural model to address the question whether, and to what extent, expert panelists engage in herd behavior when voting on important policy questions. Our data comes from FDA advisory committees voting on questions concerning the approval of new drug applications. We utilize a change in the voting procedure from sequential to simultaneous voting to identify herding. Estimates suggest ...

2019| Melissa Newham, Rune Midjord
Diskussionspapiere 1744 / 2018

Herd Behavior in FDA Committees: A Structural Approach

Many important decisions within public and private organizations are based on recommendations from expert committees and advisory boards. A notable example is the U.S. Food and Drug Administration's advisory committees, which make recommendations on new drug applications. Previously the voting procedure for these committees was sequential, however, due to concerns of herding and momentum effects the ...

2018| Melissa Newham, Rune Midjord
Diskussionspapiere 1738 / 2018

Common Ownership and Market Entry: Evidence from Pharmaceutical Industry

Common ownership - where two firms are at least partially owned by the same investor - and its impact on product market outcomes has recently drawn a lot of attention from scholars and practitioners alike. Theoretical and empirical researchsuggests that common ownership can lead to higher prices. This paper focuses on implications for market entry. To estimate the effect of common ownership on entry ...

2018| Melissa Newham, Jo Seldeslachts, Albert Banal-Estanol
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