$100 investment. In Panel A, the data point for RJ Reynolds dates from March 1991 to 2002. Sources for both panels: Center for Research in Security Prices (CRSP), University of Chicago Graduate School of Business, NYSE daily and monthly master/returns file, 1990-2002. Sloan FA, Trogdon JG, Mathews LITIGATION CA. Duke University Working Paper 2004. Yahoo Finance Research for Russell 2000. finance.yahoo.com [Access November 14, 2003]. The guardianship law is based on the statutory finding that, given the MSA`s finding that state rights are settled against large tobacco companies, [i] t would be contrary to state policy, if tobacco manufacturers who opt for such a transaction could benefit from a cost advantage that would result in making significant and short-term profits in the years preceding liability, without ensuring that the state would have a potential source of recovery with them if they acted responsibly. It is therefore in the interest of the state to require these producers to create a reserve fund to provide a source of compensation and to prevent these producers from making significant short-term profits and then becoming secure before liability can arise.
 It has been almost a decade since the Attorneys General joined in a concerted legal effort to recover the costs of care for smokers with cigarette-related illnesses. To avoid a possible bankruptcy, tobacco companies have accepted a legal agreement known as the Master Settlement Agreement (MSA). With the MSA, states received a 25-year payment of hundreds of billions of dollars from “Big Tobacco.” In addition, the tobacco industry has been forced to make new concessions on how advertising for cigarettes and other products is aimed at youth in order to reduce smoking across the country. In return, the 46 states that were parties to the MSA agreed to abandon their ongoing individual and collective actions against the tobacco industry. The impact of the scheme is the subject of much discussion. Here we return to the MSA as it was implemented, its potential effects and the lesson it teaches physicians about the realities of public health in the United States. Some pre-MSA strategies, such as brand sponsorships, have been severely limited or eliminated by the agreement. advertising money formerly intended for billboards and special sponsored events, 37-44 Even with MSA restrictions, youth exposure to cigarette advertising in magazines remains a topic.42 The colony also dissolves tobacco industry groups Tobacco Institute, Center for Indoor Air Research and Council for Tobacco Research. Within the MSA, producers (OPM), initially participants, agreed to contribute at least $206 billion in the first 25 years of the agreement.