Why do firms invest in consumer advertising with limited sales response? A shareholder perspective

Marketing managers increasingly recognize the need to measure and communicate the impact of their actions on shareholder returns. This study focuses on the shareholder value effects of pharmaceutical direct-to-consumer advertising (DTCA) and direct-to-physician (DTP) marketing efforts. Although DTCA has moderate effects on brand sales and market share, companies invest vast amounts of money in it. Relying on Kalman filtering, the authors develop a methodology to assess the effects from DTCA and DTP on three components of shareholder value: stock return, systematic risk, and idiosyncratic risk. Investors value DTCA positively because it leads to higher stock returns and lower systematic risk. Furthermore, DTCA increases idiosyncratic risk, which does not affect investors who maintain well-diversified portfolios. In contrast, DTP marketing has modest positive effects on stock returns and idiosyncratic risk. The outcomes indicate that evaluations of marketing expenditures should include a consideration of the effects of marketing on multiple stakeholders, not just the sales effects on consumers

Cytochrome oxidase subunit VI of Trypanosoma brucei is imported without a cleaved presequence and is developmentally regulated at both RNA and protein levels

Mitochondrial respiration in the African trypanosome undergoes dramatic developmental stage regulation. This requires co-ordinated control of components encoded by both the nuclear genome and the kinetoplast, the unusual mitochondrial genome of these parasites. As a model for understanding the co-ordination of these genomes, we have examined the regulation and mitochondrial import of a nuclear-encoded component of the cytochrome oxidase complex, cytochrome oxidase subunit VI (COXVI). By generating transgenic trypanosomes expressing intact or mutant forms of this protein, we demonstrate that COXVI is not imported using a conventional cleaved presequence and show that sequences at the N-terminus of the protein are necessary for correct mitochondrial sorting. Analyses of endogenous and transgenic COXVI mRNA and protein expression in parasites undergoing developmental stage differentiation demonstrates a temporal order of control involving regulation in the abundance of, first, mRNA and then protein. This represents the first dissection of the regulation and import of a nuclear-encoded protein into the cytochrome oxidase complex in these organisms, which were among the earliest eukaryotes to possess a mitochondrion

Immune checkpoint inhibitor-associated myocarditis:Case reports and a review of the literature

Immune checkpoint inhibitors (ICIs) are increasingly recognised to effectuate long-lasting therapeutic responses in solid tumours. However, ICI therapy can also result in various immune-related adverse events, such as ICI-associated myocarditis, a rare but serious complication. The clinical spectrum is wide and includes asymptomatic patients and patients with fulminant heart failure, making it challenging to diagnose this condition. Furthermore, the optimal diagnostic algorithm and treatment of ICI-associated myocarditis is unknown. In this review, we describe two cases on both ends of the spectrum and discuss the challenges in recognising, diagnosing and treating ICI-associated myocarditis

A MeerKAT-meets-LOFAR study of Abell 1413: a moderately disturbed non-cool-core cluster hosting a ∼500\sim 500 kpc 'mini'-halo

Many relaxed cool-core clusters host diffuse radio emission on scales of hundreds of kiloparsecs: mini-haloes. However, the mechanism responsible for generating them, as well as their connection with central active galactic nuclei, is elusive and many questions related to their physical properties and origins remain unanswered. This paper presents new radio observations of the galaxy cluster Abell 1413 performed with MeerKAT (L-band; 872 to 1712 MHz) and LOFAR HBA (120 to 168 MHz) as part of a statistical and homogeneous census of mini-haloes. Abell 1413 is unique among mini-halo clusters as it is a moderately-disturbed non-cool-core cluster. Our study reveals an asymmetric mini-halo up to 584 kpc in size at 1283 MHz, twice as large as first reported at similar frequencies. The spectral index is flatter than previously reported, with an integrated value of $\alpha = -1.01 \pm 0.06$, shows significant spatial variation, and a tentative radial steepening. We studied the point-to-point X-ray/radio surface brightness correlation to investigate the thermal/non-thermal connection: our results show a strong connection between these components, with a super-linear slope of $b = 1.63 \pm 0.10$ at 1283 MHz and $b = 1.20 \pm 0.12$ at 145 MHz. We also explore the X-ray surface brightness/radio spectral index correlation, finding a slope of $b = 0.59 \pm 0.11$. Both investigations support the evidence of spectral steepening. Finally, in the context of understanding the particle acceleration mechanism, we present a simple theoretical model which demonstrates that hybrid scenarios - secondary electrons (re-)accelerated by turbulence - reproduce a super-linear correlation slope.Comment: 19 pages, 11 figures, 4 tables. Accepted for publication in MNRA

Diffuse Radio Emission from Galaxy Clusters in the LOFAR Two-metre Sky Survey Deep Fields

This paper is part of the 1st data release of the LoTSS Deep Fields. Re-submitted paper (reply to referee). © 2020 The European Southern Observatory (ESO)Low-frequency radio observations are revealing an increasing number of diffuse synchrotron sources from galaxy clusters, dominantly in the form of radio halos or radio relics. The existence of this diffuse synchrotron emission indicates the presence of relativistic particles and magnetic fields. It is still an open question what mechanisms exactly are responsible for the population of relativistic electrons driving this synchrotron emission. The LOFAR Two-metre Sky Survey Deep Fields offer a unique view of this problem. Reaching noise levels below 30 $\mu$Jy/beam, these are the deepest images made at the low frequency of 144 MHz. This paper presents a search for diffuse emission in galaxy clusters in the first data release of the LOFAR Deep Fields. We detect a new high-redshift radio halo with a flux density of $8.9 \pm 1.0$ mJy and corresponding luminosity of $P_{144\mathrm{MHz}}=(3.6 \pm 0.6)\times10^{25}$ W Hz$^{-1}$ in an X-ray detected cluster at $z=0.77$ with a mass estimate of $M_{500} = 3.3_{-1.7}^{+1.1} \times 10^{14} M_\odot.$ Deep upper limits are placed on clusters with non-detections. We compare the results to the correlation between halo luminosity and cluster mass derived for radio halos found in the literature. This study is one of few to find diffuse emission in low mass ($M_{500} <5\times10^{14} M_\odot$) systems and shows that deep low-frequency observations of galaxy clusters are fundamental for opening up a new part of parameter space in the study of non-thermal phenomena in galaxy clusters.Peer reviewe

Deep Low-frequency Radio Observations of A2256. I. the Filamentary Radio Relic

We present deep and high-fidelity images of the merging galaxy cluster A2256 at low frequencies using the upgraded Giant Metrewave Radio Telescope (uGMRT) and LOw-Frequency ARray (LOFAR). This cluster hosts one of the most prominent known relics with a remarkably spectacular network of filamentary substructures. The new uGMRT (300-850 MHz) and LOFAR (120-169 MHz) observations, combined with the archival Karl G. Jansky Very Large Array (VLA; 1-4 GHz) data, allowed us to carry out the first spatially resolved spectral analysis of the exceptional relic emission down to 6″ resolution over a broad range of frequencies. Our new sensitive radio images confirm the presence of complex filaments of magnetized relativistic plasma also at low frequencies. We find that the integrated spectrum of the relic is consistent with a single power law, without any sign of spectral steepening, at least below 3 GHz. Unlike previous claims, the relic shows an integrated spectral index of -1.07 ± 0.02 between 144 MHz and 3 GHz, which is consistent with the (quasi)stationary shock approximation. The spatially resolved spectral analysis suggests that the relic surface very likely traces the complex shock front, with a broad distribution of Mach numbers propagating through a turbulent and dynamically active intracluster medium. Our results show that the northern part of the relic is seen edge-on and the southern part close to face-on. We suggest that the complex filaments are regions where higher Mach numbers dominate the (re)acceleration of electrons that are responsible for the observed radio emission

Alignment in the orientation of LOFAR radio sources

©ESO 2020. The original publication is available at https://doi.org/10.1051/0004-6361/202037680Various studies have laid claim to finding an alignment of the polarization vectors or radio jets of active galactic nuclei (AGN) over large distances, but these results have proven controversial and so far, there is no clear explanation for this observed alignment. To investigate this case further, we tested the hypothesis that the position angles of radio galaxies are randomly oriented in the sky by using data from the Low-Frequency Array (LOFAR) Two-metre Sky Survey (LoTSS). A sample of 7,555 double-lobed radio galaxies was extracted from the list of 318,520 radio sources in the first data release of LoTSS at 150 MHz. We performed statistical tests for uniformity of the two-dimensional (2D) orientations for the complete 7,555 source sample. We also tested the orientation uniformity in three dimensions (3D) for the 4,212 source sub-sample with photometric or spectroscopic redshifts. Our sample shows a significant deviation from uniformity (p-value <$10^{-5}$) in the 2D analysis at angular scales of about four degrees, mainly caused by sources with the largest flux densities. No significant alignment was found in the 3D analysis. Although the 3D analysis has access to fewer sources and suffers from uncertainties in the photometric redshift, the lack of alignment in 3D points towards the cause of the observed effect being unknown systematics or biases that predominantly affect the brightest sources, although this has yet to be demonstrated irrefutably and should be the subject of subsequent studies.Peer reviewe

Consumer Complaints and Company Market Value

Consumer complaints affect company market value and common sense suggests that a negative impact is expected. However, do complaints always negatively impact company market value? We hypothesize in this study that complaints may have a non-linear effect on market value. Positive (e.g. avoiding high costs to solve complaints) and negative (e.g. speedy and intense diffusion) tradeoffs may occur given the level of complaints. To test our non-linear hypothesis, a panel data was collected from cell phone service providers from 2005 to 2013. The results supported our tradeoff rationale. Low levels of complaints allow for companies to increase market value, while high levels of complaints cause increasing harm to market value. The sample, model and period considered in this study, indicates a level of 0.49 complaints per thousand consumers as the threshold for a shift in tradeoffs. The effects on market value become increasingly negative when trying to make reductions to move below this level, due to negative tradeoffs