Andrew W. Lo, Kien Wei Siah, Chi Heem Wong

NBER Working Paper No. 27176
Issued in May 2020

---- Acknowledgments ----

We thank Informa for providing us access to their data and expertise and are particularly grateful to Will Akie, Christine Blazynski, Gabrielle Gessner, Mark Gordon, Michael Hay, Ian Lloyd, and Ryan Sasaki. We also thank Christine Blazynski, John Tedrow, the editor, associate editor, and reviewers for helpful comments on this manuscript. Research support from the MIT Laboratory for Financial Engineering and funding support from The Rockefeller Foundation are gratefully acknowledged. The views and opinions expressed in this article are those of the authors only, and do not necessarily represent the views and opinions of any institution or agency, any of their affiliates or employees, any of the individuals acknowledged above, or the National Bureau of Economic Research. Funding support from the MIT Laboratory for Financial Engineering is gratefully acknowledged, but no direct funding was received for this study and no funding bodies had any role in study design, data collection and analysis, decision to publish, or preparation of this manuscript. The authors were personally salaried by their institutions during the period of writing (though no specific salary was set aside or given for the writing of this manuscript).

---- Disclosure of Financial Relationships for Andrew W. Lo ----

K.S. and C.W. report no conflicts.

A.L. reports personal investments in private biotech companies, biotech venture capital funds, and mutual funds. A.L. is a co-founder and partner of QLS Advisors, a healthcare analytics and consulting company; an advisor to BrightEdge Ventures; an advisor to and investor in BridgeBio Pharma; a director of Roivant Sciences Ltd., and Annual Reviews; chairman emeritus and senior advisor to AlphaSimplex Group; and a member of the Board of Overseers at Beth Israel Deaconess Medical Center and the NIH’s National Center for Advancing Translational Sciences Advisory Council and Cures Acceleration Network Review Board. During the most recent six-year period, A.L. has received speaking/consulting fees, honoraria, or other forms of compensation from: AIG, AlphaSimplex Group, BIS, BridgeBio Pharma, Citigroup, Chicago Mercantile Exchange, Financial Times, Harvard University, IMF, National Bank of Belgium, Q Group, Roivant Sciences, Scotia Bank, State Street Bank, University of Chicago, and Yale University. Radius Health is not in the portfolio of any of the investment funds and is not in any way associated with the companies that the authors are affiliated with.

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