Seminario titulado: "When and how to strategically report key milestones in the path to success: Evidence from BioNTech". El seminario será el JUEVES 19 de septiembre a las 12:30hs, en la sala Dr. Ernest LLuch (Dpto de Economía)
Abstract: We contribute to the strategic reporting literature by showing when and how BioNTech reports SEC Filings as well as different types of voluntary disclosures during the development and early commercialization of the mRNA Covid-19 vaccine. The period that we consider, between October 9, 2019, and May 7, 2021 is associated with the reporting of mostly good news by BioNTech as well as a continuous positive share price tendency with a total BioNTech share revaluation in the period of approximately 1,300%. We find that BioNTech reported 94% of SEC Filings outside NASDAQ regular trading hours and we analyse these results in detail. When analysing the behaviour of Moderna, we find a similar strategic pattern of extended-hours reporting during the same period. We also analyse three broad types of voluntary event disclosures by BioNTech during our period that we classify into finance-specific, product-specific, and client-specific disclosures. We study how SEC Filings as well as voluntary disclosures are correlated with BioNTech prices. Finally, we find a visibility-enhancing effect after the strategic alliance between Pfizer and BioNTech.
