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

2025-11Journal article Open access
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datacite.subject.fosCiências Sociais::Economia e Gestão
datacite.subject.fosCiências Sociais::Ciências Políticas
dc.contributor.authorMartins, António Miguel
dc.contributor.authorAlbuquerque, Bruno
dc.contributor.authorSardinha, Luís
dc.contributor.authorMoutinho, Nuno
dc.contributor.authorMartins, António
dc.contributor.authorAlbuquerque, Bruno
dc.contributor.authorSardinha, Luis
dc.date.accessioned2025-12-16T11:21:41Z
dc.date.available2025-12-16T11:21:41Z
dc.date.issued2025-11
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 sig nificant 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 re sults highlight the importance of top government position appointments, especially when such appointments eliminate much of the uncertainty regarding future government action in the in dustry 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 sec retary 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.identifier.doi10.1016/j.frl.2025.108125
dc.identifier.issn1544-6123
dc.identifier.urihttp://hdl.handle.net/10400.13/7506
dc.language.isoeng
dc.peerreviewedyes
dc.publisherElsevier
dc.relationUIDB/00685/2020
dc.relationUIDB/04007/2020
dc.relationUIDB/04752/2020
dc.relationUIDP/04752/2020
dc.relation.ispartofFinance Research Letters
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectStock returns
dc.subjectUS presidential elections
dc.subjectBiotechnology and drugs
dc.subjectEvent study
dc.subject.
dc.subjectFaculdade de Ciências Sociais
dc.titlePresidential elections and secretary appointment: an event study for us biotechnology and drugseng
dc.typejournal article
dspace.entity.typePublication
oaire.citation.titleFinance Research Letters
oaire.citation.volume85
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.affiliation.nameUniversidade da Madeira
person.familyNameMartins
person.familyNameAlbuquerque
person.familyNameSardinha
person.givenNameAntónio
person.givenNameBruno
person.givenNameLuis
person.identifier.ciencia-idA812-2D8E-1BC9
person.identifier.orcid0000-0001-7082-5460
person.identifier.orcid0009-0000-8448-6826
person.identifier.orcid0000-0002-6230-6027
person.identifier.scopus-author-id6603814844
relation.isAuthorOfPublication3adb669d-826c-43e7-8df7-8e28bad5eed1
relation.isAuthorOfPublication9416fc0e-d63f-49aa-9cba-f308a2b0878c
relation.isAuthorOfPublicationbd52240f-9a52-464f-82c4-b5d1d35bb133
relation.isAuthorOfPublication.latestForDiscovery3adb669d-826c-43e7-8df7-8e28bad5eed1

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