Allana G. LeBlanc et al. have published "Scientific Sinkhole: The Pernicious Price of Formatting" in PLoS ONE.
Here's an excerpt:
To our knowledge, this is the first study to analyze the cost of manuscript formatting in scientific publishing. Our results suggest that scientific formatting represents a loss of 52 hours, costing the equivalent of US$1,908 per researcher per year. These results identify the hidden and pernicious price associated with scientific publishing and provide evidence to advocate for the elimination of strict formatting guidelines, at least prior to acceptance.
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