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Competition between originators and generics : public regulation and incentives to innovate / Concurrence entre médicaments princeps et génériques : régulation publique et incitation à innoverCampion, Marie-Geneviève 05 December 2014 (has links)
Dans une économie mondialisée sur un secteur très concurrentiel, ce travail de recherche articulé en cinq parties propose d’étudier de nouveaux schémas de concurrence entre médicaments princeps et génériques au sein de l’Union Européenne, en intégrant les articulations entre régulation publique et incitations à innover. Dans une première partie introductive, les spécificités réglementaires très évolutives des marchés pharmaceutiques sont présentées ainsi que leurs conséquences induites sur les systèmes de prix et l'innovation.La deuxième partie, vise à analyser dans un premier temps l'approche adoptée par la Commission Européenne et les autorités de concurrence des divers Etats membres quant à la définition du marché pertinent de produits sur ces marchés. Plus particulièrement, dans un second temps, une étude empirique des schémas de substitution existants est développée à partir des décisions prises par la Commission Européenne de 1989 à 2011 en matière de fusions dans le secteur concerné. Cet examen des différents critères retenus pour définir la taille du marché pertinent souligne la tendance lourde à définir des marchés pertinents de produits toujours plus étroits, atteignant même le niveau moléculaire.Dans la troisième partie, l’analyse du système de prix de référence mis en place dans de nombreux Etats membres sur ces marchés concurrentiels, montre,en prenant en compte les avantages informatifs des princeps, dans quelle mesure la mise en place d'un tel système, peut favoriser l’innovation.Sous la quatrième partie, la modélisation de l'impact des nouveaux modèles d'accords de partage de risques se propose d’étudier comment de tels accords peuvent résoudre les problématiques d'aléa moral et de sélection adverse sur ces marchés, en incitant les entreprises à investir dans leur produit et à renforcer la qualité des biens fournis.Enfin, la partie cinq conclut le travail en mettant en perspective les résultats obtenus et en analysant les conséquences sous-jacentes pour les politiques publiques. / The aim of this thesis is to examine the competition patterns that exist between originators and generics by focusing on the articulations between regulation and incentives to innovate. Once the characteristics of regulation in pharmaceutical markets is reviewed in the first chapter and an analysis of some current challenges related to cost-containment measures and innovation issues is performed, then in the second chapter, an empirical study is performed to investigate substitution patterns. Based on the EC´s merger decisions in the pharmaceutical sector from 1989 to 2011, this study stresses the key criteria to define the scope of the relevant product market based on substitution patterns and shows the trend towards a narrower market in time. Chapters three and four aim to analyse in depth two widespread measures, the internal reference pricing system in off-patent markets, and risk-sharing schemes in patent-protected markets. By taking into account informational advantages of originators over generics, the third chapter shows the extent to which the implementation of a reference price for off-patent markets can contribute in promoting innovation. Finally, in the fourth chapter, the modeling of risk-sharing schemes explains how such schemes can help in solving moral hazard and adverse selection issues by continuously giving pharmaceutical companies incentives to innovate and supplying medicinal products of a higher quality.
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Residential mortgage loan securitization and the subprime crisis / S. ThomasThomas, Soby January 2010 (has links)
Many analysts believe that problems in the U.S. housing market initiated the 2008–2010 global
financial crisis. In this regard, the subprime mortgage crisis (SMC) shook the foundations of the
financial industry by causing the failure of many iconic Wall Street investment banks and prominent
depository institutions. This crisis stymied credit extension to households and businesses
thus creating credit crunches and, ultimately, a global recession. This thesis specifically discusses
the SMC and its components, causes, consequences and cures in relation to subprime mortgages,
securitization, as well as data. In particular, the SMC has highlighted the fact that risk, credit ratings,
profit and valuation as well as capital regulation are important banking considerations. With
regard to risk, the thesis discusses credit (including counterparty), market (including interest rate,
basis, prepayment, liquidity and price), tranching (including maturity mismatch and synthetic),
operational (including house appraisal, valuation and compensation) and systemic (including maturity
transformation) risks. The thesis introduces the IDIOM hypothesis that postulates that the
SMC was largely caused by the intricacy and design of subprime agents, mortgage origination and
securitization that led to information problems (loss, asymmetry and contagion), valuation opaqueness
and ineffective risk mitigation. It also contains appropriate examples, discussions, timelines
as well as appendices about the main results on the aforementioned topics. Numerous references
point to the material not covered in the thesis, and indicate some avenues for further research.
In the thesis, the primary subprime agents that we consider are house appraisers (HAs), mortgage
brokers (MBs), mortgagors (MRs), servicers (SRs), SOR mortgage insurers (SOMIs), trustees,
underwriters, credit rating agencies (CRAs), credit enhancement providers (CEPs) and monoline
insurers (MLIs). Furthermore, the banks that we study are subprime interbank lenders (SILs),
subprime originators (SORs), subprime dealer banks (SDBs) and their special purpose vehicles
(SPVs) such as Wall Street investment banks and their special structures as well as subprime investing
banks (SIBs). The main components of the SMC are MRs, the housing market, SDBs/hedge
funds/money market funds/SIBs, the economy as well as the government (G) and central banks.
Here, G either plays a regulatory or policymaking role. Most of the aforementioned agents and
banks are assumed to be risk neutral with SOR being the exception since it can be risk (and regret)
averse on occasion. The main aspects of the SMC - subprime mortgages, securitization, as well as
data - that we cover in this thesis and the chapters in which they are found are outlined below.
In Chapter 2, we discuss the dynamics of subprime SORs' risk and profit as well as their valuation
under mortgage origination. In particular, we model subprime mortgages that are able to fully
amortize, voluntarily prepay or default and construct a discrete–time model for SOR risk and profit
incorporating costs of funds and mortgage insurance as well as mortgage losses. In addition, we
show how high loan–to–value ratios due to declining housing prices curtailed the refinancing of
subprime mortgages, while low ratios imply favorable house equity for subprime MRs.
Chapter 3 investigates the securitization of subprime mortgages into structured mortgage products
such as subprime residential mortgage–backed securities (RMBSs) and collateralized debt obligations
(CDOs). In this regard, our discussions focus on information, risk and valuation as well as
the role of capital under RMBSs and RMBS CDOs. Our research supports the view that incentives
to monitor mortgages has been all but removed when changing from a traditional mortgage model to a subprime mortgage model. In the latter context, we provide formulas for IB's profit
and valuation under RMBSs and RMBS CDOs. This is illustrated via several examples. Chapter 3
also explores the relationship between mortgage securitization and capital under Basel regulation
and the SMC. This involves studying bank credit and capital under the Basel II paradigm where
risk–weights vary. Further issues dealt with are the quantity and pricing of RMBSs, RMBS CDOs
as well as capital under Basel regulation. Furthermore, we investigate subprime RMBSs and their
rates with slack and holding constraints. Also, we examine the effect of SMC–induced credit rating
shocks in future periods on subprime RMBSs and RMBS payout rates. A key problem is whether
Basel capital regulation exacerbated the SMC. Very importantly, the thesis answers this question
in the affirmative.
Chapter 4 explores issues related to subprime data. In particular, we present mortgage and securitization
level data and forge connections with the results presented in Chapters 2 and 3.
The work presented in this thesis is based on 2 peer–reviewed chapters in books (see [99] and [104]),
2 peer–reviewed international journal articles (see [48] and [101]), and 2 peer–reviewed conference
proceeding papers (see [102] and [103]). / Thesis (Ph.D. (Applied Mathematics))--North-West University, Potchefstroom Campus, 2011.
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Residential mortgage loan securitization and the subprime crisis / S. ThomasThomas, Soby January 2010 (has links)
Many analysts believe that problems in the U.S. housing market initiated the 2008–2010 global
financial crisis. In this regard, the subprime mortgage crisis (SMC) shook the foundations of the
financial industry by causing the failure of many iconic Wall Street investment banks and prominent
depository institutions. This crisis stymied credit extension to households and businesses
thus creating credit crunches and, ultimately, a global recession. This thesis specifically discusses
the SMC and its components, causes, consequences and cures in relation to subprime mortgages,
securitization, as well as data. In particular, the SMC has highlighted the fact that risk, credit ratings,
profit and valuation as well as capital regulation are important banking considerations. With
regard to risk, the thesis discusses credit (including counterparty), market (including interest rate,
basis, prepayment, liquidity and price), tranching (including maturity mismatch and synthetic),
operational (including house appraisal, valuation and compensation) and systemic (including maturity
transformation) risks. The thesis introduces the IDIOM hypothesis that postulates that the
SMC was largely caused by the intricacy and design of subprime agents, mortgage origination and
securitization that led to information problems (loss, asymmetry and contagion), valuation opaqueness
and ineffective risk mitigation. It also contains appropriate examples, discussions, timelines
as well as appendices about the main results on the aforementioned topics. Numerous references
point to the material not covered in the thesis, and indicate some avenues for further research.
In the thesis, the primary subprime agents that we consider are house appraisers (HAs), mortgage
brokers (MBs), mortgagors (MRs), servicers (SRs), SOR mortgage insurers (SOMIs), trustees,
underwriters, credit rating agencies (CRAs), credit enhancement providers (CEPs) and monoline
insurers (MLIs). Furthermore, the banks that we study are subprime interbank lenders (SILs),
subprime originators (SORs), subprime dealer banks (SDBs) and their special purpose vehicles
(SPVs) such as Wall Street investment banks and their special structures as well as subprime investing
banks (SIBs). The main components of the SMC are MRs, the housing market, SDBs/hedge
funds/money market funds/SIBs, the economy as well as the government (G) and central banks.
Here, G either plays a regulatory or policymaking role. Most of the aforementioned agents and
banks are assumed to be risk neutral with SOR being the exception since it can be risk (and regret)
averse on occasion. The main aspects of the SMC - subprime mortgages, securitization, as well as
data - that we cover in this thesis and the chapters in which they are found are outlined below.
In Chapter 2, we discuss the dynamics of subprime SORs' risk and profit as well as their valuation
under mortgage origination. In particular, we model subprime mortgages that are able to fully
amortize, voluntarily prepay or default and construct a discrete–time model for SOR risk and profit
incorporating costs of funds and mortgage insurance as well as mortgage losses. In addition, we
show how high loan–to–value ratios due to declining housing prices curtailed the refinancing of
subprime mortgages, while low ratios imply favorable house equity for subprime MRs.
Chapter 3 investigates the securitization of subprime mortgages into structured mortgage products
such as subprime residential mortgage–backed securities (RMBSs) and collateralized debt obligations
(CDOs). In this regard, our discussions focus on information, risk and valuation as well as
the role of capital under RMBSs and RMBS CDOs. Our research supports the view that incentives
to monitor mortgages has been all but removed when changing from a traditional mortgage model to a subprime mortgage model. In the latter context, we provide formulas for IB's profit
and valuation under RMBSs and RMBS CDOs. This is illustrated via several examples. Chapter 3
also explores the relationship between mortgage securitization and capital under Basel regulation
and the SMC. This involves studying bank credit and capital under the Basel II paradigm where
risk–weights vary. Further issues dealt with are the quantity and pricing of RMBSs, RMBS CDOs
as well as capital under Basel regulation. Furthermore, we investigate subprime RMBSs and their
rates with slack and holding constraints. Also, we examine the effect of SMC–induced credit rating
shocks in future periods on subprime RMBSs and RMBS payout rates. A key problem is whether
Basel capital regulation exacerbated the SMC. Very importantly, the thesis answers this question
in the affirmative.
Chapter 4 explores issues related to subprime data. In particular, we present mortgage and securitization
level data and forge connections with the results presented in Chapters 2 and 3.
The work presented in this thesis is based on 2 peer–reviewed chapters in books (see [99] and [104]),
2 peer–reviewed international journal articles (see [48] and [101]), and 2 peer–reviewed conference
proceeding papers (see [102] and [103]). / Thesis (Ph.D. (Applied Mathematics))--North-West University, Potchefstroom Campus, 2011.
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