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Раскрытие информации, связанной с НИОКР, российскими фармацевтическими компаниями

Корпоративные финансы. 2015. Т. 34. № 2. С. 100-113.
The features of the pharmaceutical industry are long period of research and development and high volume of investments. With such a long project, that is a significant period between the start of investments and returns on investments made, there is difficulty in attracting funding. The solution to this problem is to attract pharmaceutical companies, funds from the stock market through the shares issue. This study examine how pharmaceutical companies in Russia disclose information related to the research and development (R&D), and how the stock market investors react to R&D announcements.