NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Competition and R&D Financing Decisions: Theory and Evidence from the Biopharmaceutical Industry

Richard T. Thakor, Andrew W. Lo

NBER Working Paper No. 20903
Issued in January 2015, Revised in September 2015

---- Acknowledgements ----

We thank Raj Iyer, Debbie Lucas, Andrey Malenko, and Stew Myers for helpful comments and discussions. We also thank Nicholas Anaya, Christian Vilanilam, and Yuwei Zhang for research assistance. Any remaining errors are our own. Research support from the MIT Laboratory for Financial Engineering is gratefully acknowledged. The views and opinions expressed in this article are those of the authors only and do not necessarily represent the views and opinions of any other organizations, any of their affiliates or employees, any of the individuals acknowledged above, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Andrew W. Lo ----

The MIT Laboratory for Financial Engineering receives funding from Natixis Global Asset Management, The Clearing House, Citigroup, and the Alfred P. Sloan Foundation.

I have paid consulting relationships with AlphaSimplex Group and AIG.

All other affiliations are disclosed on my personal website (http://web.mit.edu/alo/www/).

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