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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.

The purpose of this paper is to explore the mental health literacy of schizophrenia in a South African community sample. This study is part of the growing interest in community mental health literacy.

A sample of 192 Black African participants from municipalities (Ditsobotla and Mahikeng) between 18 and 65 years participated in this study. Participants viewed fictional (male and female) sufferers of schizophrenia vignettes and responded to the same questions regarding each vignette. They completed a questionnaire examining the capacity to recognise schizophrenia as well as the capacity to source appropriate help.

For both vignettes, a substantial majority of participants indicated that older people believe that when a male is diagnosed with schizophrenia, the cause is traditional (spiritual). In contrast, more participants with lower education believed that medical reasons cause a female person’s diagnosis of schizophrenia.

Overall, the study highlights the complexity of beliefs about the causes of schizophrenia. It underscores the importance of considering cultural and educational factors in mental health research, practice and policy development.

By uncovering the differences in perceptions between older individuals and those with lower education levels, the study sheds light on previously unexplored aspects of mental health literacy and cultural understanding of schizophrenia.

While previous research has examined cultural beliefs about mental illness, this study specifically focuses on how age and education intersect with these beliefs, particularly regarding gender differences in diagnosis.

This unique approach contributes to the broader literature on mental health disparities. It has implications for tailored interventions and public health strategies aimed at addressing stigma and improving mental health outcomes in diverse populations.

This study examines the connection between investor sentiment and corporate innovation in the United States, considering the magnitude of corporate information asymmetry, the implied cost of capital and the financial constraints.

The authors employ a two-step GMM framework to examine the hypotheses of this study by utilizing annual data from 2001 to 2021 for US corporations.

The empirical evidence demonstrates a significant impact of investor sentiment on corporate innovation for firms with a lower information asymmetry and implied cost of capital than those with a higher information asymmetry and cost of capital. Although the financial constraint channel remained positive, it had little impact on the innovations of US corporations. Overall, the study's results show that companies make more valuable and high-quality patents when investors are optimistic.

This research has policy implications for all managers, investors, analysts and state officers, particularly in the USA and other developed countries. Managers and investors of all types should predict the role of corporate innovation in increasing shareholder wealth.

To the authors' knowledge, this is the first study to examine the relationship between investor sentiment and corporate innovation in the United States, considering the extent of corporate information asymmetry, the implied cost of capital and the financial limitations. The study's empirical findings uniquely contribute to the existing literature on corporate innovation and investor sentiment in the current context.