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1. Simons Observatory: Characterizing the Large Aperture Telescope Receiver with Radio Holography

Author

Grace. E. Chesmore, Kathleen Harrington, Carlos E. Sierra, Patricio A. Gallardo, Shreya Sutariya, Tommy Alford, Alexandre E. Adler, Tanay Bhandarkar, Gabriele Coppi, Nadia Dachlythra, Joseph Golec, Jon Gudmundsson, Saianeesh K. Haridas, Bradley R. Johnson, Anna M. Kofman, Jeffrey Iuliano, Jeff McMahon, Michael D. Niemack, John Orlowski-Scherer, Karen Perez Sarmiento, Roberto Puddu, Max Silva-Feaver, Sara M. Simon, Julia Robe, Edward J. Wollack, and Zhilei Xu

Subjects
Optics, Instrumentation and Photography
Abstract

We present near-field radio holography measurements of the Simons Observatory Large Aperture Telescope Receiver optics. These measurements demonstrate that radio holography of complex millimeter-wave optical systems comprising cryogenic lenses, filters, and feed horns can provide detailed characterization of wave propagation before deployment. We used the measured amplitude and phase, at 4 K, of the receiver near-field beam pattern to predict two key performance parameters: 1) the amount of scattered light that will spill past the telescope to 300 K and 2) the beam pattern expected from the receiver when fielded on the telescope. These cryogenic measurements informed the removal of a filter, which led to improved optical efficiency and reduced sidelobes at the exit of the receiver. Holography measurements of this system suggest that the spilled power past the telescope mirrors will be less than 1%, and the main beam with its near sidelobes are consistent with the nominal telescope design. This is the first time such parameters have been confirmed in the lab prior to deployment of a new receiver. This approach is broadly applicable to millimeter and submillimeter instruments.

Published
2022
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2. Experiment for Cryogenic Large-Aperture Intensity Mapping: Instrument Design

Author

Eric R Switzer, Peter A R Ade, Christopher J Anderson, Alyssa Barlis, Emily M Barrentine, Jeffrey Beeman, Nicholas Bellis, Alberto D Bolatto, Patrick C Breysse, Berhanu T Bulcha, Giuseppe Cataldo, Lee-Roger Chevres-Fernandez, Chullhee Cho, Jake A Connors, Negar Ehsan, Thomas Essinger-Hileman, Jason Glenn, Joseph Golec, James P Hays-Wehle, Larry A Hess, Amir E Jahromi, Trevian Jenkins, Mark O Kimball, Alan J Kogut, Luke N Lowe, Philip Mauskopf, Jeffrey McMahon, Mona Mirzaei, Harvey Moseley, Jonas Mugge-Durum, Omid Noroozian, Trevor Oxholm, Tatsat Parekh, Ue-Li Pen, Anthony R Pullen, Maryam Rahmani, Mathias M Ramirez, Florian Roselli, Konrad Shire, Gage Siebert, Adrian K Sinclair, Rachel S Somerville, Ryan Stephenson, Thomas R Stevenson, Peter Timbie, Jared Termini, Justin Trenkamp, Carole Tucker, Elijah Visbal, Carolyn G Volpert, Edward J Wollack, Shengqi Yang, and L Y Aaron Yung

Subjects
Astronomy
Abstract

The EXperiment for Cryogenic Large-Aperture Intensity Mapping (EXCLAIM) is a balloon-borne tele-33scope designed to survey star formation in windows from the present to z=3.5. During this time, the rate of star34formation dropped dramatically, while dark matter continued to cluster. EXCLAIM maps the redshifted emission35of singly-ionized carbon lines and carbon monoxide using intensity mapping, which permits a blind and complete36survey of emitting gas through statistics of cumulative brightness fluctuations. EXCLAIM achieves high sensitivity37using a cryogenic telescope coupled to six integrated spectrometers employing kinetic inductance detectors covering38420540GHz with spectral resolving power R=512and angular resolution⇡40. The spectral resolving power and39cryogenic telescope allow the survey to access dark windows in the spectrum of emission from the upper atmosphere.40EXCLAIM will survey305 deg2in the Sloan Digital Sky Survey Stripe 82 field from a conventional balloon flight41in 2023. EXCLAIM will also map several galactic fields to study carbon monoxide and neutral carbon emission as42tracers of molecular gas. Here, we summarize the design phase of the mission.

Published
2021
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3. Optical Design of the EXperiment for Cryogenic Large-Aperture Intensity Mapping (EXCLAIM)

Author

Thomas Essinger-Hileman, Trevor Oxholm, Gage Siebert, Peter Ade, Christopher Anderson, Alyssa Barlis, Emily Barrentine, Jeffrey Beeman, Nicholas Bellis, Patrick Breysse, Alberto Bolatto, Berhanu Bulcha, Giuseppe Cataldo, Jake Connors, Paul Cursey, Negar Ehsan, Lee-Roger Fernandez, Jason Glenn, Joseph Golec, James Hays-Wehle, Larry Hess, Amir Jahromi, Mark Kimball, Alan Kogut, Luke Lowe, Philip Mauskopf, Jeffrey McMahon, Mona Mirzaei, Harvey Moseley, Jonas Mugge-Durum, Omid Noroozian, Ue-Li Pen, Anthony Pullen, Samelys Rodriguez, Konrad Shire, Adrian Sinclair, Rachel Somerville, Thomas Stevenson, Eric Switzer, Peter Timbie, Carole Tucker, Eli Visbal, Carolyn Volpert, Edward Wollack, and Shengqi Yang

Subjects
Optics
Abstract

This work describes the optical design of the EXperiment for Cryogenic Large-Aperture Intensity Mapping(EXCLAIM). EXCLAIM is a balloon-borne telescope that will measure integrated line emission from carbonmonoxide (CO) at redshiftsz <1 and ionized carbon ([CII]) at redshiftsz= 2.5−3.5 to probe star forma-tion over cosmic time in cross-correlation with galaxy redshift surveys. The EXCLAIM instrument will observeat frequencies of 420–540 GHz using six microfabricated silicon integrated spectrometers with spectral resolv-ing powerR= 512 coupled to kinetic inductance detectors (KIDs). A completely cryogenic telescope cooledto a temperature below 5 K provides low-background observations between narrow atmospheric lines in thestratosphere. Off-axis reflective optics use a 90-cm primary mirror to provide 4.2′full-width at half-maximum(FWHM) resolution at the center of the EXCLAIM band over a field of view of 22.5′. Illumination of the 1.7 Kcold stop combined with blackened baffling at multiple places in the optical system ensures low (<−40 dB) edgeillumination of the primary to minimize spill onto warmer elements at the top of the dewar.

Published
2020
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4. The Simons Observatory: science goals andforecasts

Author

Peter Ade, James Aguirre, Zeeshan Ahmed, Simone Aiola, Aamir Ali, David Alonso, Marcelo A. Alvarez, Kam Arnold, Peter Ashton, Jason Austermann, Humna Awan, Carlo Baccigalupi, Taylor Baildon, Darcy Barron, Nick Battaglia, Richard Battye, Eric Baxter, Andrew Bazarko, James A. Beall, Rachel Bean, Dominic Beck, Shawn Beckman, Benjamin Beringue, Federico Bianchini, Steven Boada, David Boettger, J. Richard Bond, Julian Borrill, Michael L. Brown, Sarah Marie Bruno, Sean Bryan, Erminia Calabrese, Victoria Calafut, Paolo Calisse, Julien Carron, Anthony Challinor, Grace Chesmore, Yuji Chinone, Jens Chluba, Hsiao-Mei Sherry Cho, Steve Choi, Gabriele Coppi, Nicholas F. Cothard, Kevin Coughlin, Devin Crichton, Kevin D. Crowley, Kevin T. Crowley, Ari Cukierman, John M. D'Ewart, Rolando Dünner, Tijmen de Haan, Mark Devlin, Simon Dicker, Joy Didier, Matt Dobbs, Bradley Dober, Cody J. Duell, Shannon Duff, Adri Duivenvoorden, Jo Dunkley, John Dusatko, Josquin Errard, Giulio Fabbian, Stephen Feeney, Simone Ferraro, Pedro Fluxà, Katherine Freese, Josef C. Frisch, Andrei Frolov, George Fuller, Brittany Fuzia, Nicholas Galitzki, Patricio A. Gallardo, Jose Tomas Galvez Ghersi, Jiansong Gao, Eric Gawiser, Martina Gerbino, Vera Gluscevic, Neil Goeckner-Wald, Joseph Golec, Sam Gordon, Megan Gralla, Daniel Green, Arpi Grigorian, John Groh, Chris Groppi, Yilun Guan, Jon E. Gudmundsson, Dongwon Han, Peter Hargrave, Masaya Hasegawa, Matthew Hasselfield, Makoto Hattori, Victor Haynes, Masashi Hazumi, Yizhou He, Erin Healy, Shawn W. Henderson, Carlos Hervias-Caimapo, Charles A. Hill, J. Colin Hill, Gene Hilton, Matt Hilton, Adam D. Hincks, Gary Hinshaw, Renée Hložek, Shirley Ho, Shuay-Pwu Patty Ho, Logan Howe, Zhiqi Huang, Johannes Hubmayr, Kevin Huffenberger, John P. Hughes, Anna Ijjas, Margaret Ikape, Kent Irwin, Andrew H. Jaffe, Bhuvnesh Jain, Oliver Jeong, Daisuke Kaneko, Ethan D. Karpel, Nobuhiko Katayama, Brian Keating, Sarah S. Kernasovskiy, Reijo Keskitalo, Theodore Kisner, Kenji Kiuchi, Jeff Klein, Kenda Knowles, Brian Koopman, Arthur Kosowsky, Nicoletta Krachmalnicoff, Stephen E. Kuenstner, Chao-Lin Kuo, Akito Kusaka, Jacob Lashner, Adrian Lee, Eunseong Lee, David Leon, Jason S.-Y. Leung, Antony Lewis, Yaqiong Li, Zack Li, Michele Limon, Eric Linder, Carlos Lopez-Caraballo, Thibaut Louis, Lindsay Lowry, Marius Lungu, Mathew Madhavacheril, Daisy Mak, Felipe Maldonado, Hamdi Mani, Ben Mates, Frederick Matsuda, Loïc Maurin, Phil Mauskopf, Andrew May, Nialh McCallum, Chris McKenney, Jeff McMahon, P. Daniel Meerburg, Joel Meyers, Amber Miller, Mark Mirmelstein, Kavilan Moodley, Moritz Munchmeyer, Charles Munson, Sigurd Naess, Federico Nati, Martin Navaroli, Laura Newburgh, Ho Nam Nguyen, Michael Niemack, Haruki Nishino, John Orlowski-Scherer, Lyman Page, Bruce Partridge, Julien Peloton, Francesca Perrotta, Lucio Piccirillo, Giampaolo Pisano, Davide Poletti, Roberto Puddu, Giuseppe Puglisi, Chris Raum, Christian L. Reichardt, Mathieu Remazeilles, Yoel Rephaeli, Dominik Riechers, Felipe Rojas, Anirban Roy, Sharon Sadeh, Yuki Sakurai, Maria Salatino, Mayuri Sathyanarayana Rao, Emmanuel Schaan, Marcel Schmittfull, Neelima Sehgal, Joseph Seibert, Uros Seljak, Blake Sherwin, Meir Shimon, Carlos Sierra, Jonathan Sievers, Precious Sikhosana, Maximiliano Silva-Feaver, Sara M. Simon, Adrian Sinclair, Praween Siritanasak, Kendrick Smith, Stephen R. Smith, David Spergel, Suzanne T. Staggs, George Stein, Jason R. Stevens, Radek Stompor, Aritoki Suzuki, Osamu Tajima, Satoru Takakura, Grant Teply, Daniel B. Thomas, Ben Thorne, Robert Thornton, Hy Trac, Calvin Tsai, Carole Tucker, Joel Ullom, Sunny Vagnozzi, Alexander van Engelen, Jeff Van Lanen, Daniel D. Van Winkle, Eve M. Vavagiakis, Clara Vergès, Michael Vissers, Kasey Wagoner, Samantha Walker, Jon Ward, Ben Westbrook, Nathan Whitehorn, Jason Williams, Joel Williams, Edward J. Wollack, Zhilei Xu, Byeonghee Yu, Cyndia Yu, Fernando Zago, Hezi Zhang, and Ningfeng Zhu

Subjects
Astrophysics, Astronomy
Abstract

The Simons Observatory (SO) is a new cosmic microwave background experiment being built on Cerro Toco in Chile, due to begin observations in the early 2020s. We describe the scientific goals of the experiment, motivate the design, and forecast its performance. SO will measure the temperature and polarization anisotropy of the cosmic microwave background in six frequency bands centered at: 27, 39, 93, 145, 225 and 280 GHz. The initial configuration of SO will have three small-aperture 0.5-m telescopes and one large-aperture 6-m telescope, with a total of 60,000 cryogenic bolometers. Our key science goals are to characterize the primordial perturbations, measure the number of relativistic species and the mass of neutrinos, test for deviations from a cosmological constant, improve our understanding of galaxy evolution, and constrain the duration of reionization. The small aperture telescopes will target the largest angular scales observable from Chile, mapping ≈ 10% of the sky to a white noise level of 2 μK-arcmin in combined 93 and 145 GHz bands, to measure the primordial tensor-to-scalar ratio, r, at a target level of σ(r)=0.003. The large aperture telescope will map ≈ 40% of the sky at arcminute angular resolution to an expected white noise level of 6 μK-arcmin in combined 93 and 145 GHz bands, overlapping with the majority of the Large Synoptic Survey Telescope sky region and partially with the Dark Energy Spectroscopic Instrument. With up to an order of magnitude lower polarization noise than maps from the Planck satellite, the high-resolution sky maps will constrain cosmological parameters derived from the damping tail, gravitational lensing of the microwave background, the primordial bispectrum, and the thermal and kinematic Sunyaev-Zel'dovich effects, and will aid in delensing the large-angle polarization signal to measure the tensor-to-scalar ratio. The survey will also provide a legacy catalog of 16,000 galaxy clusters and more than 20,000 extragalactic sources.

Published
2019
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6. The Simons Observatory: Characterizing the Large Aperture Telescope Receiver with Radio Holography

Author

Grace E. Chesmore, Kathleen Harrington, Carlos E. Sierra, Patricio A. Gallardo, Shreya Sutariya, Tommy Alford, Alexandre E. Adler, Tanay Bhandarkar, Gabriele Coppi, Nadia Dachlythra, Joseph Golec, Jon Gudmundsson, Saianeesh K. Haridas, Bradley R. Johnson, Anna M. Kofman, Jeffrey Iuliano, Jeff McMahon, Michael D. Niemack, John Orlowski-Scherer, Karen Perez Sarmiento, Roberto Puddu, Max Silva-Feaver, Sara M. Simon, Julia Robe, Edward J. Wollack, Zhilei Xu, Chesmore, G, Harrington, K, Sierra, C, Gallardo, P, Sutariya, S, Alford, T, Adler, A, Bhandarkar, T, Coppi, G, Dachlythra, N, Golec, J, Gudmundsson, J, Haridas, S, Johnson, B, Kofman, A, Iuliano, J, Mcmahon, J, Niemack, M, Orlowski-Scherer, J, Perez Sarmiento, K, Puddu, R, Silva-Feaver, M, Simon, S, Robe, J, Wollack, E, and Xu, Z

Subjects
Astrophysics::High Energy Astrophysical Phenomena, Astrophysics::Instrumentation and Methods for Astrophysics, FOS: Physical sciences, Astrophysics::Cosmology and Extragalactic Astrophysics, Electrical and Electronic Engineering, Astrophysics - Instrumentation and Methods for Astrophysics, Engineering (miscellaneous), Instrumentation and Methods for Astrophysics (astro-ph.IM), Atomic and Molecular Physics, and Optics, optics, Astrophysics::Galaxy Astrophysics
Abstract

We present near-field radio holography measurements of the Simons Observatory Large Aperture Telescope Receiver optics. These measurements demonstrate that radio holography of complex millimeter-wave optical systems comprising cryogenic lenses, filters, and feed horns can provide detailed characterization of wave propagation before deployment. We used the measured amplitude and phase, at 4 K, of the receiver near-field beam pattern to predict two key performance parameters: 1) the amount of scattered light that will spill past the telescope to 300 K and 2) the beam pattern expected from the receiver when fielded on the telescope. These cryogenic measurements informed the removal of a filter, which led to improved optical efficiency and reduced sidelobes at the exit of the receiver. Holography measurements of this system suggest that the spilled power past the telescope mirrors will be less than 1%, and the main beam with its near sidelobes are consistent with the nominal telescope design. This is the first time such parameters have been confirmed in the lab prior to deployment of a new receiver. This approach is broadly applicable to millimeter and submillimeter instruments.

Published
2022

7. Simons Observatory: characterizing the Large Aperture Telescope Receiver with radio holography

Author

Chesmore, G, Harrington, K, Sierra, C, Gallardo, P, Sutariya, S, Alford, T, Adler, A, Bhandarkar, T, Coppi, G, Dachlythra, N, Golec, J, Gudmundsson, J, Haridas, S, Johnson, B, Kofman, A, Iuliano, J, Mcmahon, J, Niemack, M, Orlowski-Scherer, J, Perez Sarmiento, K, Puddu, R, Silva-Feaver, M, Simon, S, Robe, J, Wollack, E, Xu, Z, Grace E. Chesmore, Kathleen Harrington, Carlos E. Sierra, Patricio A. Gallardo, Shreya Sutariya, Tommy Alford, Alexandre E. Adler, Tanay Bhandarkar, Gabriele Coppi, Nadia Dachlythra, Joseph Golec, Jon Gudmundsson, Saianeesh K. Haridas, Bradley R. Johnson, Anna M. Kofman, Jeffrey Iuliano, Jeff McMahon, Michael D. Niemack, John Orlowski-Scherer, Karen Perez Sarmiento, Roberto Puddu, Max Silva-Feaver, Sara M. Simon, Julia Robe, Edward J. Wollack, Zhilei Xu, Chesmore, G, Harrington, K, Sierra, C, Gallardo, P, Sutariya, S, Alford, T, Adler, A, Bhandarkar, T, Coppi, G, Dachlythra, N, Golec, J, Gudmundsson, J, Haridas, S, Johnson, B, Kofman, A, Iuliano, J, Mcmahon, J, Niemack, M, Orlowski-Scherer, J, Perez Sarmiento, K, Puddu, R, Silva-Feaver, M, Simon, S, Robe, J, Wollack, E, Xu, Z, Grace E. Chesmore, Kathleen Harrington, Carlos E. Sierra, Patricio A. Gallardo, Shreya Sutariya, Tommy Alford, Alexandre E. Adler, Tanay Bhandarkar, Gabriele Coppi, Nadia Dachlythra, Joseph Golec, Jon Gudmundsson, Saianeesh K. Haridas, Bradley R. Johnson, Anna M. Kofman, Jeffrey Iuliano, Jeff McMahon, Michael D. Niemack, John Orlowski-Scherer, Karen Perez Sarmiento, Roberto Puddu, Max Silva-Feaver, Sara M. Simon, Julia Robe, Edward J. Wollack, and Zhilei Xu

Abstract

We present near-field radio holography measurements of the Simons Observatory Large Aperture Telescope Receiver optics. These measurements demonstrate that radio holography of complex millimeter-wave optical systems comprising cryogenic lenses, filters, and feed horns can provide detailed characterization of wave propagation before deployment. We used the measured amplitude and phase, at 4 K, of the receiver near-field beam pattern to predict two key performance parameters: 1) the amount of scattered light that will spill past the telescope to 300 K and 2) the beam pattern expected from the receiver when fielded on the telescope. These cryogenic measurements informed the removal of a filter, which led to improved optical efficiency and reduced sidelobes at the exit of the receiver. Holography measurements of this system suggest that the spilled power past the telescope mirrors will be less than 1%, and the main beam with its near sidelobes are consistent with the nominal telescope design. This is the first time such parameters have been confirmed in the lab prior to deployment of a new receiver. This approach is broadly applicable to millimeter and submillimeter instruments.

Published
2022

8. The Simons Observatory: Astro2020 APC Whitepaper

Author

Abitbol, Maximilian H., Shunsuke, Adachi, Peter, Ade, James, Aguirre, Zeeshan, Ahmed, Simone, Aiola, Aamir, Ali, David, Alonso, Alvarez, Marcelo A., Kam, Arnold, Peter, Ashton, Zachary, Atkins, Jason, Austermann, Humna, Awan, Carlo, Baccigalupi, Taylor, Baildon, Anton Baleato Lizancos, Darcy, Barron, Nick, Battaglia, Richard, Battye, Eric, Baxter, Andrew, Bazarko, Beall, James A., Rachel, Bean, Dominic, Beck, Shawn, Beckman, Benjamin, Beringue, Tanay, Bhandarkar, Sanah, Bhimani, Federico, Bianchini, Steven, Boada, David, Boettger, Boris, Bolliet, Richard Bond, J., Julian, Borrill, Brown, Michael L., Sarah Marie Bruno, Sean, Bryan, Erminia, Calabrese, Victoria, Calafut, Paolo, Calisse, Julien, Carron, Carl, Fred. M., Juan, Cayuso, Anthony, Challinor, Grace, Chesmore, Yuji, Chinone, Jens, Chluba, Hsiao-Mei Sherry Cho, Steve, Choi, Susan, Clark, Philip, Clarke, Carlo, Contaldi, Gabriele, Coppi, Cothard, Nicholas F., Kevin, Coughlin, Will, Coulton, Devin, Crichton, Crowley, Kevin D., Crowley, Kevin T., Ari, Cukierman, D'Ewart, John M., Rolando, Dünner, Tijmen de Haan, Mark, Devlin, Simon, Dicker, Bradley, Dober, Duell, Cody J., Shannon, Duff, Adri, Duivenvoorden, Dunkley, Jo, Hamza El Bouhargani, Josquin, Errard, Giulio, Fabbian, Stephen, Feeney, James, Fergusson, Simone, Ferraro, Pedro, Fluxà, Katherine, Freese, Frisch, Josef C., Andrei, Frolov, George, Fuller, Nicholas, Galitzki, Gallardo, Patricio A., Jose Tomas Galvez Ghersi, Jiansong, Gao, Eric, Gawiser, Martina, Gerbino, Vera, Gluscevic, Neil, Goeckner-Wald, Joseph, Golec, Sam, Gordon, Megan, Gralla, Daniel, Green, Arpi, Grigorian, John, Groh, Chris, Groppi, Yilun, Guan, Gudmundsson, Jon E., Mark, Halpern, Dongwon, Han, Peter, Hargrave, Kathleen, Harrington, Masaya, Hasegawa, Matthew, Hasselfield, Makoto, Hattori, Victor, Haynes, Masashi, Hazumi, Erin, Healy, Henderson, Shawn W., Brandon, Hensley, Carlos, Hervias-Caimapo, Hill, Charles A., Colin Hill, J., Gene, Hilton, Matt, Hilton, Hincks, Adam D., Gary, Hinshaw, Renée, Hložek, Shirley, Ho, Shuay-Pwu Patty Ho, Hoang, Thuong D., Jonathan, Hoh, Hotinli, Selim C., Zhiqi, Huang, Johannes, Hubmayr, Kevin, Huffenberger, Hughes, John P., Anna, Ijjas, Margaret, Ikape, Kent, Irwin, Jaffe, Andrew H., Bhuvnesh, Jain, Oliver, Jeong, Matthew, Johnson, Daisuke, Kaneko, Karpel, Ethan D., Nobuhiko, Katayama, Brian, Keating, Reijo, Keskitalo, Theodore, Kisner, Kenji, Kiuchi, Jeff, Klein, Kenda, Knowles, Anna, Kofman, Brian, Koopman, Arthur, Kosowsky, Nicoletta, Krachmalnicoff, Akito, Kusaka, Phil, Laplante, Jacob, Lashner, Adrian, Lee, Eunseong, Lee, Antony, Lewis, Yaqiong, Li, Zack, Li, Michele, Limon, Eric, Linder, Jia, Liu, Carlos, Lopez-Caraballo, Thibaut, Louis, Marius, Lungu, Mathew, Madhavacheril, Daisy, Mak, Felipe, Maldonado, Hamdi, Mani, Ben, Mates, Frederick, Matsuda, Loïc, Maurin, Phil, Mauskopf, Andrew, May, Nialh, Mccallum, Heather, Mccarrick, Chris, Mckenney, Jeff, Mcmahon, Daniel Meerburg, P., James, Mertens, Joel, Meyers, Amber, Miller, Mark, Mirmelstein, Kavilan, Moodley, Jenna, Moore, Moritz, Munchmeyer, Charles, Munson, Masaaki, Murata, Sigurd, Naess, Toshiya, Namikawa, Federico, Nati, Martin, Navaroli, Laura, Newburgh, Ho Nam Nguyen, Andrina, Nicola, Mike, Niemack, Haruki, Nishino, Yume, Nishinomiya, John, Orlowski-Scherer, Luca, Pagano, Bruce, Partridge, Francesca, Perrotta, Phumlani, Phakathi, Lucio, Piccirillo, Elena, Pierpaoli, Giampaolo, Pisano, Davide, Poletti, Roberto, Puddu, Giuseppe, Puglisi, Chris, Raum, Reichardt, Christian L., Mathieu, Remazeilles, Yoel, Rephaeli, Dominik, Riechers, Felipe, Rojas, Aditya, Rotti, Anirban, Roy, Sharon, Sadeh, Yuki, Sakurai, Maria, Salatino, Mayuri Sathyanarayana Rao, Lauren, Saunders, Emmanuel, Schaan, Marcel, Schmittfull, Neelima, Sehgal, Joseph, Seibert, Uros, Seljak, Paul, Shellard, Blake, Sherwin, Meir, Shimon, Carlos, Sierra, Jonathan, Sievers, Cristobal, Sifon, Precious, Sikhosana, Maximiliano, Silva-Feaver, Simon, Sara M., Adrian, Sinclair, Kendrick, Smith, Wuhyun, Sohn, Rita, Sonka, David, Spergel, Jacob, Spisak, Staggs, Suzanne T., George, Stein, Stevens, Jason R., Radek, Stompor, Aritoki, Suzuki, Osamu, Tajima, Satoru, Takakura, Grant, Teply, Thomas, Daniel B., Ben, Thorne, Robert, Thornton, Trac, Hy, Jesse, Treu, Calvin, Tsai, Carole, Tucker, Joel, Ullom, Vagnozzi, Sunny, Alexander van Engelen, Jeff Van Lanen, Van Winkle, Daniel D., Vavagiakis, Eve M., Clara, Vergès, Michael, Vissers, Kasey, Wagoner, Samantha, Walker, Yuhan, Wang, Jon, Ward, Ben, Westbrook, Nathan, Whitehorn, Jason, Williams, Joel, Williams, Edward, Wollack, Zhilei, Xu, Siavash, Yasini, Edward, Young, Byeonghee, Yu, Cyndia, Yu, Fernando, Zago, Mario, Zannoni, Hezi, Zhang, Kaiwen, Zheng, Ningfeng, Zhu, and Andrea, Zonca

Published
2019

9. DO INVESTORS USE CUSTOMER METRICS TO VALUE HIGH GROWTH SERVICE FIRMS?

Author

Neeraj J. Gupta and Joseph Golec

Subjects
jel:G14, jel:M41, Customers, Valuation, Intangibles, jel:G12
Abstract

High growth service firms invest resources to acquire and retain customers, creating intangible assets. This paper tests whether investors use customer metrics to value these firms. Using a unique handcollected data set, we show that investors discount the values of high growth service firms if their service costs per customer are high, perhaps because high service costs are associated with inefficient business operations. Conversely, investors boost the values of high growth service firms with high acquisition costs per customer, perhaps because higher acquisition costs are associated with customers who generate larger future cash flows. We also show that relatively high growth firms tend to disclose customer metrics more frequently, monthly rather than quarterly, helping to moderate the inherent uncertainty in their quarterly earnings. We find that customer metrics are incrementally informative to traditional financial performance measures, particularly when valuing high-growth service firms.

Published
2012

10. Financial Effects of Pharmaceutical Price Regulation on R&D Spending by EU versus US Firms

Author

Joseph Golec and John A. Vernon

Subjects
Drug-cost, Pharmaceutical-industry, Pricing, Research-and-development, jel:Z, jel:I1, jel:I18, jel:I19, jel:D, jel:C, jel:I, jel:I11
Abstract

EU countries closely regulate pharmaceutical prices, whereas the US does not. This paper shows how price constraints affect the profitability, stock returns and R&D spending of EU and US firms. Compared with EU firms, US firms are more profitable, earn higher stock returns and spend more on R&D. We tested the relationship between price regulation and R&D spending, and estimated the costs of tight EU price regulation. Although results show that EU consumers enjoyed much lower pharmaceutical price inflation, we estimated that price controls cost EU firms 46 fewer new medicines and 1680 fewer research jobs during our 19-year sample period. Had the US used controls similar to those used in the EU, we estimate it would have led to 117 fewer new medicines and 4368 fewer research jobs in the US.

Published
2010

11. Commentary

Author

Joseph Golec

Subjects
Management of Technology and Innovation, Strategy and Management, Management Science and Operations Research, Business and International Management
Published
2007
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12. What's the 'Interest' in FDA Drug Advisory Committee Conflicts of Interest?

Author

Joseph Golec and John Vernon

Subjects
jel:G38, jel:G14, jel:I18, jel:I28, jel:I11
Abstract

Food and Drug Administration (FDA) drug advisory committee members sometimes have financial interests tied to drug companies. Congress and the public have become concerned that these financial interests lead to conflicts of interest. They conclude that the conflicts bias committee recommendations, and lead to unsafe or ineffective drugs being approved for public consumption, or, conversely, delays in approval of safe and effective drugs. Our paper provides empirical evidence, based on an event study methodology, that advisory committee meetings lead to weak or statistically insignificant effects on stock prices and hence equity values of regulated companies assumed to be affected by the particular matters coming before committee meetings.

Published
2009

14. List of Contributors

Author

Mukhtar Ali, John Bacon-Shone, Bruno Deschamps, David Edelman, David Forrest, Olivier Gergaud, Joseph Golec, Marshall Gramm, Kent Grote, John Haigh, Donald B. Hausch, Stewart D. Hodges, J.E.V. Johnson, Bruno Jullien, Stephan Kossmeier, Daniel Lane, Victor S.Y. Lo, Victor Matheson, Marco Ottaviani, Matt E. Ryan, Bernard Salanié, Michael A. Smith, Erik Snowberg, Russell S. Sobel, Peter Norman Sørensen, Hal S. Stern, M. Sung, Maurry Tamarkin, Richard Thalheimer, Robert G. Tompkins, Leighton Vaughan Williams, Ian Walker, Simon Weinberger, Justin Wolfers, Alan Woods, William T. Ziemba, and Eric Zitzewitz

Published
2008
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15. Pharmaceutical Stock Price Reactions to Price Constraint Threats and Firm-Level R&D Spending

Author

Joseph Golec, Shantaram Hegde, and John A. Vernon

Subjects
body regions, jel:I1, jel:L65, embryonic structures, jel:O32, jel:G31, health care economics and organizations
Abstract

Political pressure in the United States is again building to constrain pharmaceutical prices either directly or through legalized reimportation of lower-priced pharmaceuticals from foreign countries. This study uses the Clinton Administration's Health Security Act (HSA) of 1993 as a natural experiment to show how threats of price constraints affect firm-level R&D spending. We link events surrounding the HSA to pharmaceutical company stock price changes and then examine the cross-sectional relation between the stock price changes and subsequent unexpected R&D spending changes. Results show that the HSA had significant negative effects on firm stock prices and R&D spending. Conservatively, the HSA reduced R&D spending by $1.6 billion, even though it never became law. If the HSA had passed, and had many small firms not raised capital just prior to the HSA, the R&D effects could have been much larger.

Published
2005

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