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Stock Market Alchemy: How Buoyant Markets Encourage Companies to Outsource R&D

Paying With Corporate “Mini-Currencies” Once upon a time, a publicly-traded technology company (or a pharmaceutical — essentially, a special case of technology company) with $1 billion in sales and, say, $200 million in net income, might have earmarked $20 to $30 million annually for research and development (“R&D”). Today, it makes more financial sense for...
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