Executive Compensation and CEO Equity Incentives in China’s Listed Firms (CRI 2009-006)

This study investigates the economic, ownership and governance determinants of executive compensation and CEO equity incentives in China’s listed firms. Consistent with the agency theory, we find that executive compensation is positively correlated with firm size, performance, and growth opportunities. CEO incentives are negatively associated with firm size, positively linked with firm performance and growth opportunity. Firm risk has a negative effect on pay and incentives. Compensation and CEO incentives are significantly greater in privately-controlled firms compared to state-run firms and are lower in firms with concentrated ownership structures. Boardroom governance is important: firms with compensation committees or a greater fraction of independent directors on the board have higher executive pay and greater CEO equity incentives

Executive Compensation and Corporate Governance in China

We investigate executive compensation and corporate governance in China’s publicly traded firms. We also compare executive pay in China to the USA. Consistent with agency theory, we find that executive compensation is positively correlated to firm performance. The study shows that executive pay and CEO incentives are lower in State controlled firms and firms with concentrated ownership structures. Boardroom governance is important. We find that firms with more independent directors on the board have a higher pay-for-performance link. Non-State (private) controlled firms and firms with more independent directors on the board are more likely to replace the CEO for poor performance. Finally, we document that US executive pay (salary and bonus) is about seventeen times higher than in China. Significant differences in US-China pay persist even after controlling for economic and governance factors

Effects of current on vortex and transverse domain walls

By using the spin torque model in ferromagnets, we compare the response of vortex and transverse walls to the electrical current. For a defect-free sample and a small applied current, the steady state wall mobility is independent of the wall structure. In the presence of defects, the minimum current required to overcome the wall pinning potential is much smaller for the vortex wall than for the transverse wall. During the wall motion, the vortex wall tends to transform to the transverse wall. We construct a phase diagram for the wall mobility and the wall transformation driven by the current

Searching for radiative pumping lines of OH masers: II. The 53.3um absorption line towards 1612MHz OH maser sources

This paper analyzes the 53.3um line in the ISO LWS spectra towards a similar sample of OH/IR sources. We find 137 LWS spectra covering 53.3um and associated with 47 galactic OH/IR sources. Ten of these galactic OH/IR sources are found to show and another 5 ones tentatively show the 53.3um absorption while another 7 sources highly probably do not show this line. The source class is found to be correlated with the type of spectral profile: red supergiants (RSGs) and AGB stars tend to show strong blue-shifted filling emission in their 53.3um absorption line profiles while HII regions tend to show a weak red-shifted filling emission in the line profile. GC sources and megamasers do not show filling emission feature. It is argued that the filling emission might be the manifestation of an unresolved half emission half absorption profile of the 53.3um doublet. The 53.3 to 34.6um equivalent width (EW) ratio is close to unity for RSGs but much larger than unity for GC sources and megamasers while H II regions only show the 53.3um line. The pump rate defined as maser to IR photon flux ratio is approximately 5% for RSGs. The pump rates of GC sources are three order of magnitude smaller. Both the large 53.3 to 34.6um EW ratio and the small pump rate of the GC OH masers reflect that the two detected `pumping lines' in these sources are actually of interstellar origin. The pump rate of Arp 220 is 32%--much larger than that of RSGs, which indicates that the contribution of other pumping mechanisms to this megamaser is important.Comment: 34 pages, 12 figures, 4 table