The Stock Market Valuation of Research and Development Expenditures

We examine whether stock prices fully reflect the value of firms' intangible assets, focusing on research and development (R&D). Since intangible assets are not reported on financial statements under current U.S. accounting standards and R&D spending is expensed, the valuation problem may be especially challenging. Nonetheless we find that historically the stock returns of firms doing R&D on average matches the returns on firms with no R&D. For companies engaged in R&D, high R&D intensity has a distinctive effect on returns for two groups of stocks. Within the set of growth stocks, R&D-intensive stocks tend to out-perform stocks with little or no R&D. Companies with high R&D relative to equity market value (who tend to have poor past returns) show strong signs of mis-pricing. In both cases the market apparently fails to give sufficient credit for firms' R&D investments. Our exploratory investigation of the effects of advertising on returns yields similar results. We also provide evidence that R&D intensity is positively associated with return volatility, everything else equal. Insofar as the association reflects investors' lack of information about firms' R&D activity, increased accounting disclosure may be beneficial.

Preliminary Results of Initial Testing for Coronavirus (COVID-19) in the Emergency Department

Introduction: On March 10, 2020, the World Health Organization declared a global pandemic due to widespread infection of the novel coronavirus 2019 (COVID-19). We report the preliminary results of a targeted program of COVID-19 infection testing in the ED in the first 10 days of its initiation at our institution.Methods: We conducted a review of prospectively collected data on all ED patients who had targeted testing for acute COVID-19 infection at two EDs during the initial 10 days of testing (March 10-19, 2020). During this initial period with limited resources, testing was targeted toward high-risk patients per Centers for Disease Control and Prevention guidelines. Data collected from patients who were tested included demographics, clinical characteristics, and test qualifying criteria. We present the data overall and by test results with descriptive statistics.Results: During the 10-day study period, the combined census of the study EDs was 2157 patient encounters. A total of 283 tests were ordered in the ED. The majority of patients were 18-64 years of age, male, non-Hispanic white, had an Emergency Severity Index score of three, did not have a fever, and were discharged from the ED. A total of 29 (10.2%) tested positive. Symptoms-based criteria most associated with COVID-19 were the most common criteria identified for testing (90.6%). All other criteria were reported in 5.51–43.0% of persons being tested. Having contact with a person under investigation was significantly more common in those who tested positive compared to those who tested negative (63% vs 24.5%, respectively). The majority of patients in both results groups had at least two qualifying criteria for testing (75.2%).Conclusion: In this review of prospectively collected data on all ED patients who had targeted testing for acute COVID-19 infection at two EDs in the first 10 days of testing, we found that 10.2% of those tested were identified as positive. The continued monitoring of testing and results will help providers understand how COVID-19 is progressing in the community

THE ROLE OF ADP RIBOSYLATION FACTOR GTPASES IN MYOBLAST FUSION IN DROSOPHILA

Myoblast fusion is a crucial step in myogenesis and muscle regeneration and is highly conserved across many species. A guanine nucleotide exchange factor for the Arf GTPase, Loner, is required for myoblast fusion in Drosophila presumably by regulating Arf6 GTPase activity. However, other Arfs, such as Arf1, may also be involved in myoblast fusion. In this study, I performed a series of loss-of-function and gain-of-function experiments in embryos, as well as localization experiments in cultured cells and in embryos to determine the roles of Arf1, Arf6, and several other Arfs in myoblast fusion. arf6 maternal/zygotic mutant embryos did not show fusion defects. Dominant negative and constitutively active Arf1 caused fusion defects, but not dominant negative Arf6 or constitutively active Arf6. All tested Arfs localized to the fusogenic synapse in cultured cells, while Arf6 localized to the fusogenic synapse in embryos, but not Arf1 and Arf4. Therefore, Arf1 and Arf6 appear to have redundant functions in myoblast fusion. This broad study of several Arfs lays the groundwork for future experiments to pinpoint the cellular function of Arfs in myoblast fusion

Balance model for equatorial long waves

Geophysical fluid models often support both fast and slow motions. As the dynamics are often dominated by the slow motions, it is desirable to filter out the fast motions by constructing balance models. An example is the quasi geostrophic (QG) model, which is used widely in meteorology and oceanography for theoretical studies, in addition to practical applications such as model initialization and data assimilation. Although the QG model works quite well in the mid-latitudes, its usefulness diminishes as one approaches the equator. Thus far, attempts to derive similar balance models for the tropics have not been entirely successful as the models generally filter out Kelvin waves, which contribute significantly to tropical low-frequency variability. There is much theoretical interest in the dynamics of planetary-scale Kelvin waves, especially for atmospheric and oceanic data assimilation where observations are generally only of the mass field and thus do not constrain the wind field without some kind of diagnostic balance relation. As a result, estimates of Kelvin wave amplitudes can be poor. Our goal is to find a balance model that includes Kelvin waves for planetary-scale motions. Using asymptotic methods, we derive a balance model for the weakly nonlinear equatorial shallow-water equations. Specifically we adopt the ‘slaving’ method proposed by Warn et al. (Q. J. R. Meteorol. Soc., vol. 121, 1995, pp. 723–739), which avoids secular terms in the expansion and thus can in principle be carried out to any order. Different from previous approaches, our expansion is based on a long-wave scaling and the slow dynamics is described using the height field instead of potential vorticity. The leading-order model is equivalent to the truncated long-wave model considered previously (e.g. Heckley & Gill, Q. J. R. Meteorol. Soc., vol. 110, 1984, pp. 203–217), which retains Kelvin waves in addition to equatorial Rossby waves. Our method allows for the derivation of higher-order models which significantly improve the representation of Rossby waves in the isotropic limit. In addition, the ‘slaving’ method is applicable even when the weakly nonlinear assumption is relaxed, and the resulting nonlinear model encompasses the weakly nonlinear model. We also demonstrate that the method can be applied to more realistic stratified models, such as the Boussinesq model

Randomized clinical trial of the effects of screening and brief intervention for illicit drug use: the Life Shift/Shift Gears study.

BackgroundAlthough screening, brief intervention, and referral to treatment (SBIRT) has shown promise for alcohol use, relatively little is known about its effectiveness for adult illicit drug use. This randomized controlled trial assessed the effectiveness of the SBIRT approach for outcomes related to drug use among patients visiting trauma and emergency departments (EDs) at two large, urban hospitals.MethodsA total of 700 ED patients who admitted using illegal drugs in the past 30 days were recruited, consented, provided baseline measures of substance use and related problems measured with the Addiction Severity Index-Lite (ASI-Lite), and then randomized to the Life Shift SBIRT intervention or to an attention-placebo control group focusing on driving and traffic safety (Shift Gears). Both groups received a level of motivational intervention matched to their condition and risk level by trained paraprofessional health educators. Separate measurement technicians conducted face-to-face follow-ups at 6 months post-intervention and collected hair samples to confirm reports of abstinence from drug use. The primary outcome measure of the study was past 30-day drug abstinence at 6 months post-intervention, as self-reported on the ASI-Lite.ResultsOf 700 participants, 292 (42%) completed follow-up. There were no significant differences in self-reported abstinence (12.5% vs. 12.0% , p = 0.88) for Life Shift and Shift Gears groups, respectively. When results of hair analyses were applied, the abstinence rate was 7 percent for Life Shift and 2 percent for Shift Gears (p = .074). In an analysis in which results were imputed (n = 694), there was no significant difference in the ASI-Lite drug use composite scores (Life Shift +0.005 vs. Shift Gears +0.017, p = 0.12).ConclusionsIn this randomized controlled trial, there was no evidence of effectiveness of SBIRT on the primary drug use outcome.Trial registrationClinicalTrials.gov NCT01683227

Method for fabricating a low stress x-ray mask using annealable amorphous refractory compounds

X‐ray masks have been fabricated by depositing a compressively stressed refractory material on a wafer, annealing to a zero stress state, and then forming the membrane. Amorphous TaSiN and TaSi alloys deposited with a magnetron sputter tool have been extensively characterized in terms of resistivity, composition, defectivity, surface roughness, and crystalline state. Optimization in terms of these parameters has resulted in base line selection of absorber films of the following compositions: Ta_(61)Si_(17)N_(21) and Ta_(75)Si_(23). The process is shown to be extendable to an entire class of amorphous annealable refractory materials. Careful studies of deposition and annealing conditions have resulted in a 4× reduction of image placement to the 30 nm maximum vector level. Finally, the importance of stress gradients is experimentally verified

Mars Science Helicopter Conceptual Design

Robotic planetary aerial vehicles increase the range of terrain that can be examined, compared to traditional landers and rovers, and have more near-surface capability than orbiters. Aerial mobility is a promising possibility for planetary exploration as it reduces the challenges that difficult obstacles pose to ground vehicles. The first use of a rotorcraft for a planetary mission will be in 2021, when the Mars Helicopter technology demonstrator will be deployed from the Mars 2020 rover. The Jet Propulsion Laboratory and NASA Ames Research Center are exploring possibilities for a Mars Science Helicopter, a second-generation Mars rotorcraft with the capability of conducting science investigations independently of a lander or rover (although this type of vehicle could also be used assist rovers or landers in future missions). This report describes the conceptual design of Mars Science Helicopters. The design process began with coaxial-helicopter and hexacopter configurations, with a payload in the range of two to three kilograms and an overall vehicle mass of approximately twenty kilograms. Initial estimates of weight and performance were based on the capabilities of the Mars Helicopter. Rotorcraft designs for Mars are constrained by the dimensions of the aeroshell for the trip to the planet, requiring attention to the aircraft packaging in order to maximize the rotor dimensions and hence overall performance potential. Aerodynamic performance optimization was conducted, particularly through airfoils designed specifically for the low Reynolds number and high Mach number inherent in operation on Mars. The final designs show a substantial capability for science operations on Mars: a 31 kg hexacopter that fits within a 2.5 m diameter aeroshell could carry a 5 kg payload for 10 min of hover time or over a range of 5 km