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Biotech companies stand as key actors in pharmaceutical innovation. The high risk and long timelines inherent with their R&D investments might hinder their access to funding, potentially stifling innovation. This study aims to explore into the appeal of biotech companies to capital market investors, whose financial backing could bolster the growth of the biotechnology sector.

This paper uses a dataset of 774 US publicly listed biotech firms to investigate their risk and return characteristics by comparing them to pharmaceutical firms and a sample of matched non-biotech R&D-intensive firms over the sample period 1980–2021. Tests show that the conclusions remain consistent across diverse methodological approaches.

The paper shows that biotech companies are riskier than the average firm in the market index but outperform on a risk-adjusted basis both the market and a matched group of R&D-intensive firms. This is particularly true for large capitalization biotech, which is also shown to provide a diversification benefit by reducing the downside risk in past crisis periods.

This paper provides insight relevant to the current debate about the overall performance of the biotech industry in terms of policy changes and their impact on small, early-stage biotech firms. While small and early-stage biotech firms are playing an increasing role in scientific innovation, this study confirms their greater vulnerability to financial risks and the importance of access to capital markets in enabling those companies to survive and evolve into larger biotech.

Mobile crowd sensing (MCS) is a new paradigm enabled by Internet of Things (IoT) in which sensor-rich ubiquitous devices collect and share the data over a large geography. Human behaviour attributes (perception, comprehension and projection) play a key role in the decision-making process for sharing and processing the data. This study aims to understand how situation awareness plays an important role in MCS in an IoT ecosystem.

A systematic literature review was conducted by following a rigorous search protocol that identified a total of 470 peer-reviewed research papers. These papers were further filtered and finally 31 relevant papers were selected.

The major issues and concerns arising due to human participation in the MCS system were identified. Further, probable strategies were explored to deal with the challenges resulting due to certain human behaviour attributes.

This study provides the recommendations to address the major challenges related to the MCS system, which in turn may enhance the adoption of emerging smart technology-driven services.

The study is original and is based on the existing literature and its interpretation.