Moving Beyond the Valley of Death: Regulation and Venture Capital Investments in Early-Stage Biopharmaceutical Firms

Yujin Kim, Chirantan Chatterjee, Matthew J. Higgins

NBER Working Paper No. 25202
Issued in October 2018, Revised in May 2019

---- Acknowledgments ----

We are grateful for helpful comments and suggestions from Bruce Weinberg, Sampsa Samila, Jian Wang, Lee Fleming, Ben Handel, Peter Kline, Ramana Nanda, Yongwook Paik, Steve Tadelis, Jagadeesh Sivadasan and Noam Yuchtman as well as seminar participants at Tsinghua University, Shanghai University of Finance and Economics, Peking University HSBC Business School, Waseda University, Hitotsubashi University, 2018 Barcelona GSE Workshop, Carey School of Business, Johns Hopkins University and the 2019 Bates White Lifesciences Symposium. Kim acknowledges financial support from the Ewing Marion Kauffman Dissertation Fellowship and the Korea Foundation of Advanced Studies Fellowship. Chatterjee acknowledges support from the Bharti & Max Institute Research Fellowship in Public Policy and Healthcare at the Indian School of Business, the ICICI Bank Chair in Strategic Management at IIM Ahmedabad and 2018-2019 W. Glenn Campbell and Rita Ricardo-Campbell National Fellowship at the Hoover Institution, Stanford University. All errors remain our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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