Behavioral and Performance Consequences of U.S. Executive Equity Compensation and Ownership

Logic and some empirical findings suggest that the consequences of the level of executive ownership and the size of stock option grants have non-monotic relations to firm performance. The size of option grants now typical in the U.S. is likely to encourage an excessive level of risk taking. Stock options are not an effective means of increasing executive ownership and are generally less efficient than full-value grants when comparing opportunity cost to the company and initial psychological value to the executive. Implications for research and compensation design are noted.

Light scattering calculations for the nephelometer experiment on the 1981/1982 Jupiter Orbiter-Probe mission

A variety of studies were carried out to help establish the accuracy of quantities describing physical characteristics of cloud particles (such as size, shape, and composition) that are to be inferred from light scattering data obtained with the nephelameter experiment on the Galileo spacecraft. The objectives were to provide data for validating and testing procedures for analyzing the Galileo nephelameter data with light scattering observations in a variety of on-going laboratory and field measurement programs for which simultaneous observations of the physical characteristics of the scattering particles were available

Sub-visual Cirrus detection and characterization

Analysis of archived cold optics (COR) radiometer data is yielding useful information on the diurnal, geographic, seasonal and altitude variability of atmospheric background radiance levels in the 11 micron window region. This database is a compilation of Kuiper Infrared Technology Experiment (KITE) and Atmospheric Radiance Study (ARS) observations under a wide variety of conditions. Correlating the measurements from these two studies with the LOWTRAN model code has revealed several important results. First, the 11 micron window appears to be filled-in, i.e., the troughs on either side of the nitric acid peak are shallower than expected. Second, the amplitude of the background radiances measured exceeds the model predictions by a factor of 2 to 3 or more. This is thought to be due to the existence of thin, high altitude cirrus clouds (sub-visual cirrus) above the sensor platform. These high background levels are observed under quiescent conditions in the South Pacific (Marshall Islands), as well as over the continental United States (the West Coast). In the tropics, there appears to be little diurnal variability, a plausible seasonal variation and a linear dependence between 7.2 and 11.4 micron band data, indicating possible multi-spectral approaches to detection of sub-visual cirrus clouds. Theoretical analysis of the magnitude of the effects of a sub-visual cirrus cloud on atmospheric background radiances measured by a near-horizontal sensor is in progress

Preliminary EoS for core-collapse supernova simulations with the QMC model

In this work we present the preliminary results of a complete equation of state (EoS) for core-collapse supernova simulations. We treat uniform matter made of nucleons using the the quark-meson coupling (QMC) model. We show a table with a variety of thermodynamic quantities, which covers the proton fraction range $Y_{p}=0-0.65$ with the linear grid spacing $\Delta Y_{p}=0.01$ ($66$ points) and the density range $\rho_{B}=10^{14}-10^{16}$g.cm$^{-3}$ with the logarithmic grid spacing $\Delta log_{10}(\rho_{B}/[$g.cm$^{-3}])=0.1$ ($21$ points). This preliminary study is performed at zero temperature and our results are compared with the widely used EoS already available in the literature

Laser radar measurements of the aerosol content of the atmosphere

A summary of the results of laser radar observations of atmospheric aerosols is presented along with a description of the laser radar system devised during the study and of the data handling techniques utilized for the analysis of the data of the temporal and spatial distribution of atmospheric aerosols. Current research conducted by the group is directed toward the analysis of the frequency spectrum of laser radar echoes to obtain absolute measurements of the dust content of the atmosphere by resolving the molecular and aerosol contributions to the laser radar echoes

Critical speeding-up near the monopole liquid-gas transition in magnetoelectric spin-ice

Competing interactions in the so-called spin-ice compounds stabilize a frustrated ground-state with finite zero-point entropy and, interestingly, emergent magnetic monopole excitations. The properties of these monopoles are at the focus of recent research with particular emphasis on their quantum dynamics. It is predicted that each monopole also possesses an electric dipole moment, which allows to investigate their dynamics via the dielectric function \epsilon(\nu). Here, we report on broadband spectroscopic measurements of \epsilon(\nu) in Dy2Ti2O7 down to temperatures of 200mK with a specific focus on the critical endpoint present for a magnetic field along the crystallographic [111] direction. Clear critical signatures are revealed in the dielectric response when, similarly as in the liquid-gas transition, the density of monopoles changes in a critical manner. Surprisingly, the dielectric relaxation time \tau\ exhibits a critical speeding-up with a significant enhancement of 1/\tau\ as the temperature is lowered towards the critical temperature. Besides demonstrating the magnetoelectric character of the emergent monopole excitations, our results reveal unique critical dynamics near the monopole condensation transition.Comment: Changes: Data shown and discussed as function of internal field H and flux density B, Figs.3&4 rearranged, references adde

Geophysical Research

Contains research objectives and summary of research.National Aeronautics and Space Administration (Grant NGR 22-009-131)Sloan Fund for Basic Research (M. I. T. Grant 98

Reform der EU-Milchmarktpolitik bei instabilen Weltmärkten

The article examines the market and welfare effects of the current CAP reform and further policy options on the EU dairy market. The main focus is the influence of unstable world markets and the uncertainty it generates in policy analysis which has been widely neglected. The simulations of a stochastic dairy market model reveal that the considered policy options affect the impact of world market instabilities on the EU dairy market. Thus, not only a changing level of producer price or revenues can be expected, but also a changing degree of instability. Policy making without taking such instability changes into account may lead to undesired effects and, finally, could undermine the realisation of policy objectives. Also, the evaluation of the welfare effects of the policy options is more sophisticated than in a deterministic examination. With respect to the assessment of the CAP reform the simulations show that its impact on the EU dairy market instability as well as on the uncertainty of the welfare effects depends crucially on whether the quota is binding or not.CAP, dairy market, milk quota system, partial equilibrium model, uncertainty, stochastic simulation, Agricultural and Food Policy, Livestock Production/Industries,