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Who gains and who loses from more information in technology markets? Evidence from the Sunshine Act

dc.contributor.authorZhang, Huiyan
dc.contributor.authorBranstetter, Lee
dc.contributor.authorConti, Raffaele
dc.contributor.authorMamadehussene, Samir
dc.date.accessioned2023-05-31T09:08:18Z
dc.date.available2023-05-31T09:08:18Z
dc.date.issued2023-10-01
dc.description.abstractResearch Summary: We consider the context of a technology market where participants (in particular, sellers) differ in reputation, and sellers observed participating in the transactions might suffer a reputation loss. Our theoretical model predicts that low-reputation idea sellers, thanks to the improvement in information disclosure, are more likely to be involved in technology transactions; at the same time, high-reputation idea sellers, to protect their reputations, might prefer avoiding any transactions. This shift in seller composition might affect the quantity and quality of collaborations. To test our theory, we assess the effect of the Physician Payment Sunshine Act on physician-firm collaborations. Overall, our findings indicate that while information disclosure might benefit some market participants, it can have unintended negative consequences for others. Managerial Summary: In technology markets, more information about market participants generally leads to better outcomes. However, in contexts where sellers suffer a reputation loss if their transactions become known, higher-reputation sellers may leave the market, affecting the quality of ideas being traded and impacting buyers. On the other hand, lower-reputation sellers may benefit from increased visibility and share their ideas more frequently. Our research examined these effects in the context of the Physician Payment Sunshine Act, which made physician collaborations with medical device companies visible. The results suggest that the effects of information disclosure are not uniform and that some market participants may benefit while others may suffer losses.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.doi10.1002/smj.3511pt_PT
dc.identifier.eid85159291572
dc.identifier.issn0143-2095
dc.identifier.urihttp://hdl.handle.net/10400.14/41258
dc.identifier.wos000988884600001
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/pt_PT
dc.subjectInformation environmentpt_PT
dc.subjectInnovation ratept_PT
dc.subjectMarkets for technologypt_PT
dc.subjectMedical device industrypt_PT
dc.subjectSunshine actpt_PT
dc.titleWho gains and who loses from more information in technology markets? Evidence from the Sunshine Actpt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage2412
oaire.citation.issue10
oaire.citation.startPage2377
oaire.citation.titleStrategic Management Journalpt_PT
oaire.citation.volume44
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT

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