질병위기와 연구개발투자의 가치관련성

Abstract

[Purpose] The cause of disease crisis in the capital market is Spreading of infectious disease. Therefore, the bio-pharmaceutical industry attracts the market investors attention during the disease crisis as rising health and medical demands. In this paper, we study the investors reaction to R&D investments of the bio-pharmaceutical industry during the disease crisis.
 [Methodology] We classify SARS in 2003, Swine Flu(H1N1) in 2009 and MERS in 2015 as the disease crisis. Also, we employ valuation multiples implied by the Ohlson(1995) model as a proxy for the market investors reaction.
 [Findings] We find that a pricing multiple on R&D expenditures of the bio-pharmaceutical industry is greater for the disease crisis excluding H1N1 than previous years. Moreover, We also find some suggestive evidence that there is the difference between COVID-19 and other disease crises of the market investors reaction of the R&D investments.
 [Implications] Our findings contribute to the related literature by presenting first empirical evidence of value relevance on the R&D investment of the bio-pharmaceutical industry using the disease crisis.