Financial Policies in R&D Intensive Firms. The case of Pharma Industry.

Abstract

The thesis is basically divided in three chapter: the first one introduces a literature review on capital strucutre and financial policies, and also the impact of R&D on those aspects.In the second chapter, the focus is on the pharma sector. The uncertainties related to the development of drugs and their market launch are analysed,in particular corporate strategies within the industry . Last chapter is devoted to an empirical analysis on parametric and non-parametric models for the assessment of FDA approvals on stock’s performances, given the financial policies adopted .