Abstract
Obtaining accurate values for R&D-intensive businesses requires investors to be wary of the biases in accounting measures of return, keep in mind the heavy up-front investment and decline in costs during the life cycles of R&D projects, and never forget the highly skewed return pattern. When investing in R&D, think like a venture capitalist.This presentation comes from the Equity Analysis: The Role of Corporate Financial Decision Making conference held in Washington, DC, on January 19, 1995.
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