Does franchising create value? An analysis of the financial performance of US public restaurant firms

Author's OriginalIt is commonly believed that the franchising method of distribution provides strategic and operational benefits to the companies that adopt it. These benefits should result in superior financial performance as compared to that of firms that do not use franchising. Yet, the empirical evidence of the effects of franchising on financial performance is sparse and mixed. The purpose of this paper is to further examine the empirical evidence of the impact of franchising on a firm’s financial performance by using performance metrics (Economic Value Added and Market Value Added) that are extensively used in corporate finance. This study focuses on the US public restaurant sector. The results provide some evidence that franchising firms create more market and economic value than do non-franchising firms. A revised version of this paper has since been published in the International Journal of Hospitality and Tourism Administration. Please use this version in your citations.Aliouche, E. & Schlentrich, U. (2009). Does Franchising Create Value? An Analysis of the Financial Performance of US Public Restaurant Firms. International Journal of Hospitality & Tourism Administration, 10(2), 93-10

Amplitude analysis and branching fraction measurement of B + → D ∗ − D s + π + decays

The decays of the B+ meson to the final state D∗−Ds+π+ are studied in proton-proton collision data collected with the LHCb detector at centre-of-mass energies of 7, 8, and 13 TeV, corresponding to a total integrated luminosity of 9 fb−1. The ratio of branching fractions of the B+→D∗−Ds+π+ and B0→D∗−Ds+ decays is measured to be 0.173 ± 0.006 ± 0.010, where the first uncertainty is statistical and the second is systematic. Using partially reconstructed Ds∗+→Ds+γ and Ds+π0 decays, the ratio of branching fractions between the B+→D∗−Ds∗+π+ and B+→D∗−Ds+π+ decays is determined as 1.31 ± 0.07 ± 0.14. An amplitude analysis of the B+→D∗−Ds+π+ decay is performed for the first time, revealing dominant contributions from known excited charm resonances decaying to the D*−π+ final state. No significant evidence of exotic contributions in the Ds+π+ or D∗−Ds+ channels is found. The fit fraction of the scalar state Tcs¯0∗2900++ observed in the B+→D−Ds+π+ decay is determined to be less than 2.3% at a 90% confidence level

Tracking of charged particles with nanosecond lifetimes at LHCb

A method is presented to reconstruct charged particles with lifetimes between 10ps and 10ns, which considers a combination of their decay products and the partial tracks created by the initial charged particle. Using the Ξ- baryon as a benchmark, the method is demonstrated with simulated events and proton-proton collision data at s=13TeV, corresponding to an integrated luminosity of 2.0fb-1 collected with the LHCb detector in 2018. Significant improvements in the angular resolution and the signal purity are obtained. The method is implemented as part of the LHCb Run 3 event trigger in a set of requirements to select detached hyperons. This is the first demonstration of the applicability of this approach at the LHC, and the first to show its scaling with instantaneous luminosity

Amplitude analysis of the radiative decay B s 0 → K + K − γ

A search for radiative decay of Bs0 mesons to orbitally excited K+K− states is performed using proton proton collisions recorded by the LHCb experiment, corresponding to an integrated luminosity of 9 fb−1. The dikaon spectrum in the mass range mKK < 2400 MeV/c2 is dominated by the ϕ(1020) resonance that accounts for almost 70% of the decay rate. Considering the possible contributions of f2(1270), f2′(1525) and f2(2010) meson states, the overall tensor contribution to the amplitude is measured to beFf2=16.8±0.5stat.±0.7syst.%, mostly dominated by the f2′(1525) state. Several statistically equivalent solutions are obtained for the detailed resonant structure depending on whether the smaller amplitudes interfere destructively or constructively with the dominant amplitude. The preferred solution that corresponds to the lowest values of the fit fractions along with constructive interference leads to the relative branching ratio measurementBBs0→f2′γBBs0→ϕγ=19.4−0.8+0.9stat.−0.5+1.4syst.±0.5B%, where the last uncertainty is due to the ratio of measured branching fractions to the K+K− final state. This result represents the first observation of the radiative Bs0→f2′1525γ decay, which is the second radiative transition observed in the Bs0 sector

Comprehensive analysis of local and nonlocal amplitudes in the B 0 → K *0 μ + μ − decay

A comprehensive study of the local and nonlocal amplitudes contributing to the decay B0 → K*0(→ K+π−)μ+μ− is performed by analysing the phase-space distribution of the decay products. The analysis is based on pp collision data corresponding to an integrated luminosity of 8.4 fb−1 collected by the LHCb experiment. This measurement employs for the first time a model of both one-particle and two-particle nonlocal amplitudes, and utilises the complete dimuon mass spectrum without any veto regions around the narrow charmonium resonances. In this way it is possible to explicitly isolate the local and nonlocal contributions and capture the interference between them. The results show that interference with nonlocal contributions, although larger than predicted, only has a minor impact on the Wilson Coefficients determined from the fit to the data. For the local contributions, the Wilson Coefficient C9, responsible for vector dimuon currents, exhibits a 2.1σ deviation from the Standard Model expectation. The Wilson Coefficients C10, C9′ and C10′ are all in better agreement than C9 with the Standard Model and the global significance is at the level of 1.5σ. The model used also accounts for nonlocal contributions from B0→ K*0[τ+τ−→ μ+μ−] rescattering, resulting in the first direct measurement of the bsττ vector effective-coupling C9τ

Transverse polarization measurement of Λ hyperons in pNe collisions at s NN = 68. 4 GeV with the LHCb detector

A measurement of the transverse polarization of the Λ and Λ¯ hyperons in pNe fixed-target collisions at sNN = 68.4 GeV is presented using data collected by the LHCb detector. The polarization is studied using the decay Λ → pπ− together with its charge conjugated process, the integrated values measured arePΛ=0.029±0.019stat±0.012syst, PΛ¯=0.003±0.023stat±0.014syst. Furthermore, the results are shown as a function of the Feynman x variable, transverse momentum, pseudorapidity and rapidity of the hyperons, and are compared with previous measurements

Observation of the B c + → J / ψ π + π 0 decay

The first observation of the Bc+→J/ψπ+π0 decay is reported with high significance using proton-proton collision data, corresponding to an integrated luminosity of 9 fb−1, collected with the LHCb detector at centre-of-mass energies of 7, 8, and 13 TeV. The ratio of its branching fraction relative to the Bc+→J/ψπ+ channel is measured to beBBc+→J/ψπ+π0BBc+→J/ψπ+=2.80±0.15±0.11±0.16, where the first uncertainty is statistical, the second systematic and the third related to imprecise knowledge of the branching fractions for B+ → J/ψK*+ and Bc+→J/ψπ+ decays, which are used to determine the π0 detection efficiency. The π+π0 mass spectrum is found to be consistent with the dominance of an intermediate ρ+ contribution in accordance with a model based on QCD factorisation

First observation of the Λ b 0 → D + D − Λ decay

The Λb0 → D+D−Λ decay is observed for the first time using proton-proton collision data collected by the LHCb experiment at a center-of-mass energy of 13 TeV, corresponding to an integrated luminosity of 5.3 fb−1. Using the B0 → D+D−KS0 decay as a reference channel, the product of the relative production cross-section and decay branching fractions is measured to beR=σΛb0σB0=BΛb0→D+D−ΛBB0→D+D−KS0=0.179±0.022±0.014, where the first uncertainty is statistical and the second is systematic. The known branching fraction of the reference channel, BB0→D+D−KS0, and the cross-section ratio, σΛb0/σB0, previously measured by LHCb are used to derive the branching fraction of the Λb0→ D+D−Λ decayBΛb0→D+D−Λ=1.24±0.15±0.10±0.28±0.11×10−4, where the third and fourth contributions are due to uncertainties of BB0→D+D−KS0 and σΛb0/σB0, respectively. Inspection of the D+Λ and D+D− invariant-mass distributions suggests a rich presence of intermediate resonances in the decay. The Λb0 → D*+D−Λ decay is also observed for the first time as a partially reconstructed component in the D+D−Λ invariant mass spectrum

Study of B c + → χ c π + decays

A study of Bc+→χcπ+ decays is reported using proton-proton collision data, collected with the LHCb detector at centre-of-mass energies of 7, 8, and 13 TeV, corresponding to an integrated luminosity of 9 fb−1. The decay Bc+→χc2π+ is observed for the first time, with a significance exceeding seven standard deviations. The relative branching fraction with respect to the Bc+→J/ψπ+ decay is measured to beBBc+→χc2π+BBc+→J/ψπ+=0.37±0.06±0.02±0.01, where the first uncertainty is statistical, the second is systematic, and the third is due to the knowledge of the χc2→ J/ψγ branching fraction. No significant Bc+→χc1π+ signal is observed and an upper limit for the relative branching fraction for the Bc+→χc1π+ and Bc+→χc2π+ decays of BBc+→χc1π+BBc+→χc2π+=<0.49 is set at the 90% confidence level