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Profitability, Volatility, and Risk in the Biotechnology SectorZucarelli, Michael, Shauffert, Maurice January 2010 (has links)
Class of 2010 Abstract / OBJECTIVES: (1) To characterize the long-term performance of the biotechnology sector and the overall market using a Sharpe Ratio analysis (excess return/volatility; α/SD). The null hypothesis tested in this paper is the generalized Sharpe ratio characteristic of the biotechnology sector is identical to that of the overall market.
METHODS: 337 companies were identified using Standard Industry Classification code 2836 (Biological Products, (No Diagnostic Substances)) lists from the Center for Research and Security Prices (CRSP) and S&P CompuStat databases. Market data on equity and return were derived from securities price data from the CRSP database. Market data were used to characterize the following measures: Mean Excess Return, Mean Excess Return minus 1% of top earners (trimmed), Volatility (SD),Sharpe Ratio and 1% Adjustment
RESULTS: The study finds the biotech industry earned excess returns of 13.84% over time when compared to the overall market ( 5.10%). However, these returns are highly concentrated: When the top 1% of sector earners are removed from analysis, excess return declines below the risk free rate (return of -0.05%) suggesting significant barriers to risk diversification.
CONCLUSIONS: The results show the biotechnology sector experiences higher volatility compared with the overall market, as well as higher excess returns. The results justify a rejection of the null hypothesis – that the generalized Sharpe ratio of the biotechnology sector is identical to that of the overall market
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Biotecnologia na região de Ribeirão Preto: um estudo sobre aglomeração de empresas / Biotechnology in Ribeirão Preto region: a study about the agglomeration of companiesMiglioli, Juliana Pavinski 25 June 2015 (has links)
A literatura atual sobre desenvolvimento regional destaca as aglomerações empresariais como um importante mecanismo para o incremento econômico e tecnológico de suas localidades. Aliado a isso, tem-se a biotecnologia como uma ampla área do conhecimento que pode ser encontrada em diferentes atividades econômicas, sobretudo nas da área da saúde, sendo frequentemente citada como um dos segmentos mais promissores para o século XXI. Diante disso, e considerando que a região de Ribeirão Preto é reconhecida nacionalmente pela relevante atuação na área da saúde, esse trabalho reuniu as três variáveis citadas (aglomerações empresariais, biotecnologia e região de Ribeirão Preto) com o propósito de analisar se a concentração das empresas do setor de biotecnologia na região de Ribeirão Preto é significativa em relação ao estado de São Paulo e ao Brasil. Para isso, baseou-se em uma pesquisa do tipo descritiva, cuja técnica adotada para a coleta de dados foi a pesquisa documental, com abordagem quantitativa para o tratamento desses dados. A pesquisa documental foi realizada a partir da análise da base de dados da RAIS (Relação Anual de Informações Sociais) do Ministério do Trabalho e Emprego (MTE). Tendo em vista a falta de consenso encontrada na literatura sobre a caracterização das empresas do setor biotecnologia, foi desenvolvido critério próprio para se definir as atividades econômicas das empresas desse setor, cujo resultado foi fundamental para o cálculo do seu índice de concentração locacional. Para se chegar a esse índice, foi adotado o quociente locacional (QL), calculado a partir do número de empresas e de empregos gerados pelo setor de biotecnologia na região de Ribeirão Preto. Como principais resultados, obteve-se que a região de Ribeirão Preto tem significativa concentração de empresas de biotecnologia em relação ao estado de São Paulo e ao Brasil, bem como, que esse setor possui mão de obra relativamente melhor em termos de grau de instrução e remuneração, quando comparada com outro setor econômico da mesma região. / The current literature about regional development highlights the business agglomerations as an important mechanism for economic and technological development of their localities. Allied to this, biotechnology was identified as a wide area of knowledge that can be found in different economic activities, particularly in the health area and is often mentioned as one of the most promising segments for the XXI century. Therefore, and considering that Ribeirão Preto region is nationally recognized for its significant activity in health, this work met the three mentioned variables (business agglomerations, biotechnology and Ribeirão Preto region) in order to examine whether the concentration of biotechnology companies in Ribeirão Preto region is significant in relation to the state of São Paulo and Brazil. To achieve this goal, the paper was developed based on a descriptive survey, used the technique of documentary research for data collection, in a quantitative approach. The documentary research was conducted based on the analysis of the RAIS database (Annual Social Information) of the Ministry of Labor and Employment (MTE) in Brazil. Given the lack of consensus in the literature for the characterization of biotechnology companies, it was developed a criteria to define the economic activities of companies in this sector, which the result was essential for the calculation of its locational concentration index. To achieve this rate, it was used the location quotient (QL), that was calculated based on the number of companies and jobs generated by the biotechnology industry in the Ribeirão Preto region. As the main result, it was proved that the region of Ribeirão Preto has significant concentration of biotechnology companies in relation to the state of São Paulo and Brazil as well, and also that this sector has relatively better work hand in terms of level of education and remuneration compared to other economic sector in the same region.
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Capacité d'absorption des connaissances et apprentissage organisationnel : "application à cinq entreprises du secteur de biotechnologies de santé" / Absortive capacity and organizational learning : "application to five companies in the healthcare biotechnology sector"Hebiz, Chams Eddoha 10 March 2014 (has links)
Cette thèse vise à comprendre quels sont les mécanismes d’absorption de connaissances externes aux organisations susceptibles de contribuer au développement d’innovations en interne. En ce qui concerne la problématique de la thèse, l’objectif est d’approfondir trois questions principales : - Question 1 : Comment les organisations absorbent-elles les connaissances externes ?- Question 2 : Quelles sont "les conditions organisationnelles "qui influencent la capacité d'absorption des connaissances par les entreprises ? - Question 3 : Quelle est la relation qui existe entre la « capacité d'exploitation » des connaissances externes et « l’aptitude à innover » ?Pour répondre à ces trois questions principales, une synthèse de la littérature a été effectuée. Cette synthèse a mis en particulier l’accent sur les travaux ayant comme problématique la relation susceptible d’exister entre les trois concepts majeurs abordés dans la thèse, à savoir : « l’apprentissage organisationnel », la « capacité d'absorption » des connaissances et « l’aptitude à innover ». A l’issue de cette recension bibliographique, sept propositions ont été formulées. Celles-ci portent sur deux points : le premier cible la question d'influence de « facteurs organisationnels spécifiques » sur « la capacité d’absorption ». Quant au second point, il concerne la relation entre « la capacité d’exploitation des connaissances externes » et « l’aptitude à innover ».A la suite de l’approche de la littérature, une recherche empirique a été réalisée en s’appuyant sur les méthodes suggérées par Eisenhardt (1989-2007), Yin (2003), Miles et Huberman (2003). Cette recherche est structurée en deux étapes. Une étude de cas exploratoire effectuée au sein d’une entreprise exemplaire, du secteur des biotechnologies de santé, nous a permis d’abord d’analyser les spécificités de son « processus d’absorption des connaissances » et des conditions organisationnelles qui l’influencent. Une étude transversale consacrée à quatre entreprises du même secteur d’activité nous a permis ensuite de vérifier dans quelle mesure les résultats de l’analyse exploratoire sont susceptibles d’être généralisés. Il est utile de préciser que le type d’innovations pris en considération dans cette thèse porte sur l’innovation technologique.Les résultats démontrent que plusieurs aspects importants caractérisent le processus d'absorption des connaissances mis en œuvre au sein des entreprises étudiées. D'une part, ils confirment la nature multidimensionnelle, cumulative et interactive de ce processus. D'autre part, ils mettent en évidence la nature incertaine, itérative et non linéaire du processus d’absorption. Ils révèlent également qu'une union adéquate entre les différentes dimensions des conditions organisationnelles d'absorption des connaissances influence positivement les quatre dimensions du processus d'absorption. Les résultats dégagés conduisent par ailleurs à conclure que la capacité d'exploitation des connaissances et les conditions organisationnelles de leur absorption contribuent à améliorer la capacité d'innovation des entreprises du secteur des biotechnologies de santé. Finalement, les résultats obtenus permettent d’élaborer un cadre conceptuel de l'absorption des connaissances et de dégager des pistes de réflexion, en vue d'améliorer la compréhension de la capacité d'absorption des connaissances. / This thesis aims at understanding which mechanisms of external knowledge absorption of organizations that is likely to contribute to the development of internal innovations. And concerning the thesis problem, the objective is to consider deeply three main questions :Q1: How do the organizations absorb external knowledge ?Q2: What are the organizational conditions that affect the absorptive capacity of knowledge by companies?Q3: What is the relation that exists between "the exploitation capacity" of external knowledge and "the ability to innovate"?In order to answer these three main questions, a literature synthesis has been conducted. This synthesis implements in particular the emphasis on the work having as problematic the relationship that may exist among the three major points discussed in the thesis namely "The organizational learning", "absorptive capacity" and "the ability to innovate".As a conclusion of this literature review, seven proposals were made. They are focused on two points. The first point targets the question of the influence of "specific organizational factors" on the absorptive capacity. The second is about the relation between "the exploitation capacity" of external knowledge and "the ability to innovate".Following the literature approach, an empirical research has been carried out relying on the methods suggested by Eisenhardt (1989-2007), Yin (2003), Miles and Huberman (2003). This empirical research is structured in two stages. An exploratory case study conducted in an exemplary company in the sector of biotechnology health has allowed us first to analyze the specifics of its "absorption process of knowledge" and the organizational conditions that influence it. Afterward, a cross-sectional study of four companies in the same industry then allowed us to check out how the results of the exploratory analysis can be generalized. It is useful to clarify that the type of innovations considered in this thesis is technological innovation.The results demonstrate several important aspects, which characterize the process of knowledge absorption implemented within companies. On the one hand, they confirm the multidimensional, cumulative and interactive nature of this process. On the other hand, they clarify evidently the uncertain, iterative and nonlinear nature of absorption process. The results reveal that a proper union between the different dimensions of organizational conditions of knowledge absorption which influences positively the four dimensions of the of the absorption process.These results have led us to conclude that the exploitation capacity of knowledge and organizational conditions of their absorption contribute to improving the innovation capacity of companies in the biotechnology health’s sector. Finally, the results obtained allow to develop a conceptual framework of the knowledge absorption and to identify ways of reflections to improve the understanding of the absorption capacity of knowledge.
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Biotecnologia na região de Ribeirão Preto: um estudo sobre aglomeração de empresas / Biotechnology in Ribeirão Preto region: a study about the agglomeration of companiesJuliana Pavinski Miglioli 25 June 2015 (has links)
A literatura atual sobre desenvolvimento regional destaca as aglomerações empresariais como um importante mecanismo para o incremento econômico e tecnológico de suas localidades. Aliado a isso, tem-se a biotecnologia como uma ampla área do conhecimento que pode ser encontrada em diferentes atividades econômicas, sobretudo nas da área da saúde, sendo frequentemente citada como um dos segmentos mais promissores para o século XXI. Diante disso, e considerando que a região de Ribeirão Preto é reconhecida nacionalmente pela relevante atuação na área da saúde, esse trabalho reuniu as três variáveis citadas (aglomerações empresariais, biotecnologia e região de Ribeirão Preto) com o propósito de analisar se a concentração das empresas do setor de biotecnologia na região de Ribeirão Preto é significativa em relação ao estado de São Paulo e ao Brasil. Para isso, baseou-se em uma pesquisa do tipo descritiva, cuja técnica adotada para a coleta de dados foi a pesquisa documental, com abordagem quantitativa para o tratamento desses dados. A pesquisa documental foi realizada a partir da análise da base de dados da RAIS (Relação Anual de Informações Sociais) do Ministério do Trabalho e Emprego (MTE). Tendo em vista a falta de consenso encontrada na literatura sobre a caracterização das empresas do setor biotecnologia, foi desenvolvido critério próprio para se definir as atividades econômicas das empresas desse setor, cujo resultado foi fundamental para o cálculo do seu índice de concentração locacional. Para se chegar a esse índice, foi adotado o quociente locacional (QL), calculado a partir do número de empresas e de empregos gerados pelo setor de biotecnologia na região de Ribeirão Preto. Como principais resultados, obteve-se que a região de Ribeirão Preto tem significativa concentração de empresas de biotecnologia em relação ao estado de São Paulo e ao Brasil, bem como, que esse setor possui mão de obra relativamente melhor em termos de grau de instrução e remuneração, quando comparada com outro setor econômico da mesma região. / The current literature about regional development highlights the business agglomerations as an important mechanism for economic and technological development of their localities. Allied to this, biotechnology was identified as a wide area of knowledge that can be found in different economic activities, particularly in the health area and is often mentioned as one of the most promising segments for the XXI century. Therefore, and considering that Ribeirão Preto region is nationally recognized for its significant activity in health, this work met the three mentioned variables (business agglomerations, biotechnology and Ribeirão Preto region) in order to examine whether the concentration of biotechnology companies in Ribeirão Preto region is significant in relation to the state of São Paulo and Brazil. To achieve this goal, the paper was developed based on a descriptive survey, used the technique of documentary research for data collection, in a quantitative approach. The documentary research was conducted based on the analysis of the RAIS database (Annual Social Information) of the Ministry of Labor and Employment (MTE) in Brazil. Given the lack of consensus in the literature for the characterization of biotechnology companies, it was developed a criteria to define the economic activities of companies in this sector, which the result was essential for the calculation of its locational concentration index. To achieve this rate, it was used the location quotient (QL), that was calculated based on the number of companies and jobs generated by the biotechnology industry in the Ribeirão Preto region. As the main result, it was proved that the region of Ribeirão Preto has significant concentration of biotechnology companies in relation to the state of São Paulo and Brazil as well, and also that this sector has relatively better work hand in terms of level of education and remuneration compared to other economic sector in the same region.
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