We review the recent literature on financing biomedical innovation, with a specific focus on
the drug development process and how it may be enhanced to improve outcomes. We begin …

… & Thakor, RT Sharing R&D risk in healthcare via FDA hedges. No. w23344 http://www.nber.org/papers/w23344
(National Bureau of Economic Research, 2017). … Richard T Thakor …

We review the literature on financial intermediation in the process by which new medical
therapeutics are financed, developed, and delivered. We discuss the contributing factors that …

This study investigates whether a private firm’s decision to go public affects the IPO decisions
of its competitors. Using detailed data from the drug development industry, we identify a …

We develop a theory of trust in lending, distinguishing between trust and reputation, and use
it to analyze the competitive interactions between banks and non-bank lenders (fintech firms…

This paper investigates the effect of mandatory disclosure requirements for private firms on
their decision to go public. Using detailed project‐level data for biopharmaceutical firms, we …

Financial institutions are financed by both investors and customers. Investors expect an
appropriate risk-adjusted return for providing financing and risk bearing. Customers, in contrast, …

How do innovative firms react when existing products experience negative shocks? We
explore this question with detailed project-level data from drug development firms. Using the …

This paper develops a theory that generates an equilibrium relationship between product
complexity, transparency, and trust in firms. Complexity, transparency, and the evolution of trust …

The interaction between product market competition, R&D investment, and the financing
choices of R&D-intensive firms on the development of innovative products is only partially …