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Innovation most successfully occurs in regions around the world that allow inventors to operate in a public policy framework that rewards risk taking and investment. This is especially so for the biopharmaceutical industry. Because of the high risk, high cost, and long research timelines...
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proprietary information. While prior studies suggest that stock-based compensation provides managers with an incentive to enhance … that, on average, managers' stock-based compensation is not significantly related with their disclosure of high proprietary … cost information. More importantly, we find that a larger amount of stock-based compensation motivates managers to reveal …
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