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May 6th, 2015:

Pictorial cigarette pack warnings: a meta-analysis of experimental studies

May 6th, 2015
by AdminCTA.
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http://tobaccocontrol.bmj.com/content/early/2015/05/03/tobaccocontrol-2014-051978.abstract

Abstract

Objective To inform international research and policy, we conducted a meta-analysis of the experimental literature on pictorial cigarette pack warnings.

Data sources We systematically searched 7 computerised databases in April 2013 using several search terms. We also searched reference lists of relevant articles.

Study selection We included studies that used an experimental protocol to test cigarette pack warnings and reported data on both pictorial and text-only conditions. 37 studies with data on 48 independent samples (N=33 613) met criteria.

Data extraction and synthesis Two independent coders coded all study characteristics. Effect sizes were computed from data extracted from study reports and were combined using random effects meta-analytic procedures.

Results Pictorial warnings were more effective than text-only warnings for 12 of 17 effectiveness outcomes (all p<0.05). Relative to text-only warnings, pictorial warnings (1) attracted and held attention better; (2) garnered stronger cognitive and emotional reactions; (3) elicited more negative pack attitudes and negative smoking attitudes and (4) more effectively increased intentions to not start smoking and to quit smoking. Participants also perceived pictorial warnings as being more effective than text-only warnings across all 8 perceived effectiveness outcomes.

Conclusions The evidence from this international body of literature supports pictorial cigarette pack warnings as more effective than text-only warnings. Gaps in the literature include a lack of assessment of smoking behaviour and a dearth of theory-based research on how warnings exert their effects.

This is an Open Access article distributed in accordance with the terms of the Creative Commons Attribution (CC BY 4.0) license, which permits others to distribute, remix, adapt and build upon this work, for commercial use, provided the original work is properly cited. See: http://creativecommons.org/licenses/by/4.0/

Smoking guns? UK tobacco giant blames ISIS for cigarette sales slump

May 6th, 2015
by Editor.
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Imperial Tobacco has blamed a slump in cigarette sales on regional instability caused by the Islamic State (IS, formerly ISIS/ISIL) in the Middle East.

The UK tobacco giant, which owns global brands such as Golden Virginia and Gauloises, said 2 percent of the 5 percent fall in sales in the last quarter was due to “the deteriorating political and security situation” in Iraq.

Imperial Tobacco claim that land grabs by the Islamic State (IS, formerly ISIS) in northern Iraq have caused distribution problems, making it harder to get cigarettes to the areas.

While the Bristol-based company saw an overall decline in sales, its ‘growth’ brands – including Gauloises Blondes and Davidoff – sold 12 percent more.

The FTSE 100 firm’s profits also dipped by 2 percent to £959 million ($1.46 billion).

“Trading reduced significantly against a backdrop of a worsening political and security situation in territories where we have a high presence,” Imperial Tobacco’s earnings report read.

“The deteriorating political and security situation has significantly impacted industry volumes.”

The IS enforces strict anti-cigarette and alcohol laws in the territories it controls, according to reports from Raqqa, the group’s de facto capital.

Anyone caught smoking a cigarette could face public flogging, huge fines or even execution.

A founder of Raqqa is Being Slaughtered Silently (RBSS), Abu Mohammad Hussam, told the Independent: “The first time he will be arrested and flogged (40 lashes).

“If he smokes again, he will be whipped and imprisoned. On the third occasion, he will be taken to a camp in the countryside and fined a large sum of money.”

A senior figure in the IS police force was found decapitated in Syria in February, allegedly with a cigarette left in his mouth.

The words “O Sheikh this is munkar” were written on his body, translated as “this is evil, you Sheikh,” according to the British-based Syrian Observatory for Human Rights.

Imperial Tobacco may face trouble in its home market also, as the Labour Party has pledged to introduce a new levy on cigarette makers if it wins the general election on Thursday.

The company has said the windfall tax, which Labour leader Ed Miliband says will pay for cancer tests for NHS patients, will be passed on straight to customers.

Chief Executive of Imperial Tobacco Alison Cooper said “We know little about it, but this looks like a quasi-increase in excise so we would have to pass it on.

“We already have concerns about the high levels of excise in the UK, this will unfortunately increase those further.”

Despite regional instability in the Middle East and the prospect of increased taxes in the UK, Imperial Tobacco has seen its share price increase steadily over the past year.

The firm is currently awaiting permission from US regulators to acquire two American tobacco companies, Reynolds and Lorillard.

Business pundits expect the merger to be given the green light by US anti-trust enforcers, a move which will see Imperial attain around $7 billion worth of asset

Does Vice Pay? The Answer May Surprise You

May 6th, 2015
by Editor.
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http://www.valuewalk.com/2015/05/vice-stocks-marijuana/

Does it pay to be bad? There’s an increasing amount of evidence which shows that it does.

The latest set of sin figures comes from SigFig. SigFig tracks over $350B in assets through partnerships with Fidelity, Schwab, and Ameritrade. The platform uses algorithmic strategies to organise portfolios for investors, reducing risk and minimizing fees. The asset management platform has just published a report titled “Does Vice Pay”, which looks at investor ownership of vice stocks, and how these vice stocks added, or detracted from performance during the past 12 months.

Low ownership

SigFig’s data shows that 1 in 8 stock investors (12.5%) on its platform owns a vice stock. In this case, SigFig defines vice as tobacco, marijuana, casinos and alcohol. The vice sector with the highest ownership is tobacco. 7% of the platform’s investors owned tobacco stocks — Lorillard, Reynolds American, Altria or Philip Morris.

Surprisingly, the vice sector with the smallest ownership as a percentage of SigFig platform users is alcohol. Only 1.5% of SigFig users have money invested in the alcoholic beverage sector. SigFig defines the alcohol sector as — Anheuser Busch Inbev, Molson Coors, Boston Beer, Craft Brew Alliance and Constellation Brands.

SigFig-1

Marijuana stocks were the second most owned vice stocks of SigFig users. 2.3% of Sigfig users held a marijuana sector stock in their portfolio at the time of the study. Casinos came in third place, with 1.7% of SigFig users owning a casino stock.

Who owns vice?

What’s really interesting about SigFig’s report is the group’s data on “who invests in vice”.

SigFig’s data shows that tobacco investors tend to be older, wealthy individuals with an average age of 55 to 60 and more than $500,000 in liquid investable assets. The majority of tobacco investors seem to come from red states.

The average alcohol investor also comes from a red state and tends to be older than average, with a mean age of around 50 and more than $500,000 in liquid assets. The average age of all investors on the SigFig platform is around 42 with $200,000 in liquid assets. The average marijuana investor on the platform has an average age of around 47 and under $100,000 in liquid invest-able assets.

Screenshot_554

Does vice pay?

But does vice really pay? Based on the performance of the four sectors SigFig studied, it doesn’t, or it didn’t over the past 12 months. SigFig’s numbers show that over the 12 months to 04/13/2015 the S&P 500 produced a total return of 12.7%. The median investor return on the SigFig platform was 7.5%.

However, as the chart below shows, investors with positions in alcohol and tobacco companies outperformed the average investor over the twelve-month period. Although vice investors still underperformed the S&P 500 over the period.

SigFig2

Pictorial cigarette pack warnings: a meta-analysis of experimental studies

May 6th, 2015
by Editor.
No comments yet

http://tobaccocontrol.bmj.com/content/early/2015/05/03/tobaccocontrol-2014-051978.full?g=w_tc_open_tab

Abstract

Objective

To inform international research and policy, we conducted a meta-analysis of the experimental literature on pictorial cigarette pack warnings.

Data sources

We systematically searched 7 computerised databases in April 2013 using several search terms. We also searched reference lists of relevant articles.

Study selection

We included studies that used an experimental protocol to test cigarette pack warnings and reported data on both pictorial and text-only conditions. 37 studies with data on 48 independent samples (N=33 613) met criteria.

Data extraction and synthesis

Two independent coders coded all study characteristics. Effect sizes were computed from data extracted from study reports and were combined using random effects meta-analytic procedures.

Results

Pictorial warnings were more effective than text-only warnings for 12 of 17 effectiveness outcomes (all p<0.05). Relative to text-only warnings, pictorial warnings (1) attracted and held attention better; (2) garnered stronger cognitive and emotional reactions; (3) elicited more negative pack attitudes and negative smoking attitudes and (4) more effectively increased intentions to not start smoking and to quit smoking. Participants also perceived pictorial warnings as being more effective than text-only warnings across all 8 perceived effectiveness outcomes.

Conclusions

The evidence from this international body of literature supports pictorial cigarette pack warnings as more effective than text-only warnings. Gaps in the literature include a lack of assessment of smoking behaviour and a dearth of theory-based research on how warnings exert their effects.