Market-to-Revenue Multiples in Public and Private Capital Markets

The behavior and determinants of market-to-revenue ratios in public and private capital markets is examined. Three samples are analysed: (1) all publicly traded stocks listed at some time on the New York Stock Exchange/American Stock Exchange/National Association of Securities Dealers Automated Quotation System in the 1980—2004 period; (2) sample of over 300 so-called ‘internet companies’ in the 1996—2004 period; and (3) over 5500 privately held venture capital-backed companies in the 1992—2004 period. Both company size and the most recent revenue growth rate are found to explain significant variation across companies in their market-to-revenue multiples — smaller companies and companies with higher recent revenue growth rates have higher multiples. We also document how the capital market appears to use a broad-based information set when setting market-to-revenue multiples for companies with negative revenue growth rates — transitory revenue growth components appear to be identified (in a probabilistic sense) by the capital market. Contrary to much anecdotal comment, we present evidence that the capital market behaved directionally along the lines predicted by capital market theory in the pricing of internet stocks in the 1996—2004 period

Biases in Multi-Year Management Financial Forecasts: Evidence From Private Venture-Backed U.S. Companies

This paper studies the properties and determinants of managers’ multi-year financial forecasts. Using one- to five-year-ahead forecasts reported by private venture-backed firms, we ask whether, by how much, and why biases in managers’ forecasts of revenues, expenses and profits depend on the forecasting horizon and the verifiability of assets. We find that profitability forecasts contain a strategic component, in that [1] one-year-ahead revenue (expense) forecasts are slightly and asymmetrically pessimistic (optimistic), while five-year-ahead forecasts are hugely and asymmetrically optimistic (pessimistic); and [2] biases in revenue and expense forecasts are larger, the harder to verify or more intangible-intensive are firms’ assets

Boston Hospitality Review: Fall 2016

The Heart of Successful Hotels: Going Beyond the Monopoly Game Strategy By Joseph Khairallah and Andrea Foster -- Fragments of the Past By Peter Szende and Annie Holcombe -- Hospitality Branding in the Age of the Millennial By Allen Adamson and Chekitan S. Dev -- In 2017 What Will a Restaurant Actually Be? A New Taxonomy By Christopher Muller -- The Unreal Thing: Faux Heritage at Disney By Bradford Hudson -- An Insider’s Look at the 2016 Philadelphia Democratic National Convention: Hospitality and Inclusion at Work By Erin Tucker, Leora Halpern Lanz, and Juan Lesme

The Protostellar Mass Function

The protostellar mass function (PMF) is the Present-Day Mass Function of the protostars in a region of star formation. It is determined by the initial mass function weighted by the accretion time. The PMF thus depends on the accretion history of protostars and in principle provides a powerful tool for observationally distinguishing different protostellar accretion models. We consider three basic models here: the Isothermal Sphere model (Shu 1977), the Turbulent Core model (McKee & Tan 2003), and an approximate representation of the Competitive Accretion model (Bonnell et al. 1997, 2001a). We also consider modified versions of these accretion models, in which the accretion rate tapers off linearly in time. Finally, we allow for an overall acceleration in the rate of star formation. At present, it is not possible to directly determine the PMF since protostellar masses are not currently measurable. We carry out an approximate comparison of predicted PMFs with observation by using the theory to infer the conditions in the ambient medium in several star-forming regions. Tapered and accelerating models generally agree better with observed star-formation times than models without tapering or acceleration, but uncertainties in the accretion models and in the observations do not allow one to rule out any of the proposed models at present. The PMF is essential for the calculation of the Protostellar Luminosity Function, however, and this enables stronger conclusions to be drawn (Offner & McKee 2010).Comment: 16 pages, 8 figures, published in Ap

Frequency and Distribution of Refractive Error in Adult Life: Methodology and Findings of the UK Biobank Study

PURPOSE: To report the methodology and findings of a large scale investigation of burden and distribution of refractive error, from a contemporary and ethnically diverse study of health and disease in adults, in the UK.METHODS:U K Biobank, a unique contemporary resource for the study of health and disease, recruited more than half a million people aged 40-69 years. A subsample of 107,452 subjects undertook an enhanced ophthalmic examination which provided autorefraction data (a measure of refractive error). Refractive error status was categorised using the mean spherical equivalent refraction measure. Information on socio-demographic factors (age, gender, ethnicity, educational qualifications and accommodation tenure) was reported at the time of recruitment by questionnaire and face-to-face interview.RESULTS: Fifty four percent of participants aged 40-69 years had refractive error. Specifically 27% had myopia (4% high myopia), which was more common amongst younger people, those of higher socio-economic status, higher educational attainment, or of White or Chinese ethnicity. The frequency of hypermetropia increased with age (7% at 40-44 years increasing to 46% at 65-69 years), was higher in women and its severity was associated with ethnicity (moderate or high hypermetropia at least 30% less likely in non-White ethnic groups compared to White).CONCLUSIONS: Refractive error is a significant public health issue for the UK and this study provides contemporary data on adults for planning services, health economic modelling and monitoring of secular trends. Further investigation of risk factors is necessary to inform strategies for prevention. There is scope to do this through the planned longitudinal extension of the UK Biobank study

Regulation of Carcinogenesis by IL-5 and CCL11: A Potential Role for Eosinophils in Tumor Immune Surveillance

The role of the immune system in the surveillance of transformed cells has seen a resurgence of interest in the last 10 years, with a substantial body of data in mice and humans supporting a role for the immune system in host protection from tumor development and in shaping tumor immunogenicity. A number of earlier studies have demonstrated that eosinophils, when recruited into tumors, can very effectively eradicate transplantable tumors. In this study, we investigated whether eosinophils also play a role in tumor immune surveillance by determining the incidence of methylcholanthrene (MCA)-induced flbrosarcomas in IL-5 transgenic mice that have greatly enhanced levels of circulating eosinophils, CCL11 (eotaxin-l)-deficient mice that lack a key chemokine that recruits eosinophils into tissues, and the eosinophil-deficient mouse strains, IL-5/CCL11-/- and ΔdblGATA. It was found that MCA-induced tumor incidence and growth were significantly attenuated in IL-5 transgenic mice of both the BALB/c and C57BL/6 backgrounds. Histological examination revealed that the protective effect of IL-5 was associated with massively enhanced numbers of eosinophils within and surrounding tumors. Conversely, there was a higher tumor incidence in CCL11-/- BALB/c mice, which was associated with a reduced eosinophil influx into tumors. This correlation was confirmed in the eosinephil-deficient IL-5/CCL11-/- and ΔdblGATA mouse strains, where tumor incidence was greatly increased in the total absence of eosinophils. In addition, subsequent in vitro studies found that eosinophils could directly kill MCA-induced fibrosarcoma cells. Collectively, our data support a potential role for the eosinophil as an effector cell in tumor immune surveillance

United States Patent Application Publication

A multiple robot control architecture including a plurality of robotic agricultural machines including a first and second robotic agricultural machine. Each robotic agricultural machine including at least one controller configured to implement a plurality of finite state machines Within an individual robot control architecture (IRCA) and a global information module (GIM) communicatively coupled to the IRCA. The GIMs of the first and second robotic agricultural machines being configured to cooperate to cause said first robotic agricultural machine and said second agricultural machine to perform at least one agricultural task

Control Architecture For Multi-Robot System

A multiple robot control architecture including a plurality of robotic agricultural machines including a first and second robotic agricultural machine. Each robotic agricultural machine including at least one controller configured to implement a plurality of finite state machines within an individual robot control architecture (IRCA) and a global information module (GIM) communicatively coupled to the IRCA. The GIMs of the first and second robotic agricultural machines being configured to cooperate to cause said first robotic agricultural machine and said second agricultural machine to perform at least one agricultural task