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The financial performance of the health care industry: a global, regional and industry specific empirical investigation

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This article analyzes the financial (out-) performance of all listed health care companies. The health care sector outperformed the market in the period from 2000 to June 2015. The performance was driven by companies from Americas, and Asia as well as companies from the pharmaceuticals sub-segment. Additionally, bull periods appear to be the main driver for the outperformance. Euro-based investors can expect different outcomes of their investments to those of USD investors. However, the main trends remain unchanged.

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  1. For more details see

  2. Previous studies on health care used the SIC (Standard Industrial Classification) codes for their stock selection. As our analysis is global, we cannot use a code that is only available for US companies.

  3. Andrea Frazzini’s data library is accessible via

  4. We excluded the Australia sample as the number of companies is too low in order to obtain a trustworthy result.


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Correspondence to Gregor Dorfleitner.

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This analysis is based entirely on publicly available data. Our primary data source is Datastream, which is a global financial and macroeconomic data platform available for a license fee. However, it is possible to generate the dataset also with other sources. Therefore, no specific ethical approval is required.

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Dorfleitner, G., Rößle, F. The financial performance of the health care industry: a global, regional and industry specific empirical investigation. Eur J Health Econ 19, 585–594 (2018).

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