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The Impact of Industry Growth and An...

Jiang, Ping.

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The Impact of Industry Growth and Antitrust Litigation on the Importance of Gross Margin Rate.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The Impact of Industry Growth and Antitrust Litigation on the Importance of Gross Margin Rate./
Author:	Jiang, Ping.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2023,
Description:	96 p.
Notes:	Source: Dissertations Abstracts International, Volume: 85-02, Section: A.
Contained By:	Dissertations Abstracts International85-02A.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30525581
ISBN:	9798380148450

The Impact of Industry Growth and Antitrust Litigation on the Importance of Gross Margin Rate.
Jiang, Ping.

The Impact of Industry Growth and Antitrust Litigation on the Importance of Gross Margin Rate. - Ann Arbor : ProQuest Dissertations & Theses, 2023 - 96 p.

Source: Dissertations Abstracts International, Volume: 85-02, Section: A.

Thesis (D.B.A.)--Temple University, 2023.

This item must not be sold to any third party vendors.

How should managers choose between improvements in revenue and gross margin rate, when both contribute to overall profitability? Many finance managers face this question when balancing their companies' targets and goals. Prior studies show that companies' stock returns respond to both metrics, especially when they are consistent with each other, which I replicate in my sample. I predict that the relative strength of responses to revenue and gross margin percentage depends on industry growth. I find that the market's response to revenue growth is greater in high revenue growth than low revenue growth industries. I also argue that the market responds more positively to gross margin rate changes in low growth industries, but the differences are statistically insignificant.{A0}In a second study, I apply the theory to the generic pharmaceutical industry where revenue growth is slower. I expect a higher focus on gross margins or pricing when barriers to entry are lower. The Department of Justice and State Attorney Generals sued generic pharmaceutical companies for violating the antitrust laws and manipulating drug prices (consolidated as the multi-district litigation case 2724), making the industry less attractive. I study the pricing changes around the lawsuits and how they affected the likelihood of generic drug manufacturers staying vs. leaving the industry. I also analyze the disparate impact of the lawsuit on large vs. small and medium manufacturers, as the lawsuits listed many large manufacturers as defendants.

ISBN: 9798380148450Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Anti-trust

The Impact of Industry Growth and Antitrust Litigation on the Importance of Gross Margin Rate.
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500 $a Source: Dissertations Abstracts International, Volume: 85-02, Section: A.
500 $a Advisor: Basu, Sudipta.
502 $a Thesis (D.B.A.)--Temple University, 2023.
506 $a This item must not be sold to any third party vendors.
520 $a How should managers choose between improvements in revenue and gross margin rate, when both contribute to overall profitability? Many finance managers face this question when balancing their companies' targets and goals. Prior studies show that companies' stock returns respond to both metrics, especially when they are consistent with each other, which I replicate in my sample. I predict that the relative strength of responses to revenue and gross margin percentage depends on industry growth. I find that the market's response to revenue growth is greater in high revenue growth than low revenue growth industries. I also argue that the market responds more positively to gross margin rate changes in low growth industries, but the differences are statistically insignificant.{A0}In a second study, I apply the theory to the generic pharmaceutical industry where revenue growth is slower. I expect a higher focus on gross margins or pricing when barriers to entry are lower. The Department of Justice and State Attorney Generals sued generic pharmaceutical companies for violating the antitrust laws and manipulating drug prices (consolidated as the multi-district litigation case 2724), making the industry less attractive. I study the pricing changes around the lawsuits and how they affected the likelihood of generic drug manufacturers staying vs. leaving the industry. I also analyze the disparate impact of the lawsuit on large vs. small and medium manufacturers, as the lawsuits listed many large manufacturers as defendants.
590 $a School code: 0225.
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653 $a Anti-trust
653 $a Competitive strategy
653 $a Generic pharmaceuticals
653 $a Gross margin rate
653 $a Industry growth
653 $a Pricing
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710 2 $a Temple University. $b Business Administration/Accounting. $3 1672899
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793 $a English
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