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Presidential elections and secretary appointment: an event study for us biotechnology and drugs

2025Artigo científico Acesso aberto
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datacite.subject.fosCiências Sociais::Economia e Gestão
datacite.subject.fosCiências Sociais::Outras Ciências Sociais
datacite.subject.sdg03:Saúde de Qualidade
datacite.subject.sdg09:Indústria, Inovação e Infraestruturas
datacite.subject.sdg16:Paz, Justiça e Instituições Eficazes
dc.contributor.authorMartins, António Miguel
dc.contributor.authorAlbuquerque, Bruno
dc.contributor.authorSardinha, Luís
dc.contributor.authorMoutinho, Nuno
dc.date.accessioned2026-02-26T15:26:06Z
dc.date.available2026-02-26T15:26:06Z
dc.date.issued2025
dc.description.abstractThe aim of this study is to analyse the effect of the 2024 US presidential election and the appointment of the US health secretary to the largest US listed biotechnology and drug firms. Using an event study methodology, we find that President Donald Trump's election had no significant impact on the industry. On the contrary, the results show statistically significant negative stock price reactions around the US health secretary appointment. The negative industry reaction to the US health secretary appointment is largely explained by his scepticism about vaccination and criticism about the high prices of drug prescriptions and margins in the industry. These results highlight the importance of top government position appointments, especially when such appointments eliminate much of the uncertainty regarding future government action in the industry and political uncertainty hypothesis. Finally, cross-section analysis reveals that the firms most penalized by the 2024 US presidential election and the appointment of the US health secretary are those with the highest investments in R&D and capital expenditures. This could mean lower future investments in new vaccines or drugs, seriously harming society.eng
dc.description.sponsorshipThis paper is financed by Portuguese national funds through FCT – Fundação para a Ciência e a Tecnologia, I.P., projects numbers UIDB/00685/2020 and UIDB/04007/2020 (António Martins) and UNIAG, UIDB/04752/2020 and UIDP/04752/2020 (Nuno Moutinho).
dc.identifier.citationMartins, António Miguel; Albuquerque, Bruno; Sardinha, Luís; Moutinho, Nuno (2025). Presidential elections and secretary appointment: an event study for us biotechnology and drugs. Finance Research Letters. DOI: 10.1016/j.frl.2025.108125
dc.identifier.doi10.1016/j.frl.2025.108125
dc.identifier.issn1544-6123
dc.identifier.urihttp://hdl.handle.net/10198/35872
dc.language.isoeng
dc.peerreviewedyes
dc.publisherElsevier
dc.relationCenter of Applied Economic Studies of the Atlantic
dc.relationApplied Management Research Unit
dc.relation.ispartofFinance Research Letters
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/
dc.subjectStock returns
dc.subjectUS presidential elections
dc.subjectBiotechnology and drugs
dc.subjectEvent study
dc.titlePresidential elections and secretary appointment: an event study for us biotechnology and drugseng
dc.typejournal article
dspace.entity.typePublication
oaire.awardTitleCenter of Applied Economic Studies of the Atlantic
oaire.awardTitleApplied Management Research Unit
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F00685%2F2020/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDP%2F04752%2F2020/PT
oaire.citation.titleFinance Research Letters
oaire.citation.volume85
oaire.fundingStream6817 - DCRRNI ID
oaire.fundingStream6817 - DCRRNI ID
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameMoutinho
person.givenNameNuno
person.identifier.ciencia-idCA1B-4924-2BBA
person.identifier.orcid0000-0002-9242-8324
person.identifier.scopus-author-id57742333300
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
relation.isAuthorOfPublication66a63650-20a8-4110-a9f7-7f45fa84c14b
relation.isAuthorOfPublication.latestForDiscovery66a63650-20a8-4110-a9f7-7f45fa84c14b
relation.isProjectOfPublication77097340-abde-4322-b77c-d67e071141ad
relation.isProjectOfPublicationfddb1487-0635-4996-8ea1-acac8476ca6b
relation.isProjectOfPublication.latestForDiscovery77097340-abde-4322-b77c-d67e071141ad

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