A small biotechnology research corporation has been experiencing losses for the first three years of its existence, and thus has a negative balance in retained earnings. The corporation's stock price, however, is $1 per share. Which of the following statements is most correct? Select one: a. Investors are irrational to pay $1 per share when earnings per share have been negative for three years. b. The required return on the stock will be small because the company has very few assets. c. The corporation's accountants must have made a mistake because retained earnings may not be negative. O d. Investors believe the stock is worth $1 per share because future earnings (and cash flows) are expected to be positive