Learning through a Smokescreen: CEO Compensation over Tenure

ABSTRACT In this paper we investigate the dynamics of executive compensation over the tenure of the CEO in a firm, where shareholders learn about a CEO's ability and the quality of the CEO-firm job match in the presence of reporting distortions. Career concerns are very high in the early years of tenure because of incomplete information and shareholders update their beliefs using current firm performance which, as suggested by Fudenberg and Tirole (1995), may be distorted by CEOs to maximize the expected length of their tenure. We consider the dynamics of CEO compensation using 1,624 completed tenure spells in 1,023 firms from 1992 to 2009 and use JEL classifications: G3; G32; G38; J22; K2

Progress on Transverse Beam Profile Measurement Using the Heterodyne Near Field Speckles Method at ALBA

We present the recent developments of a study aiming at measuring the transverse beam profile using the Heterodyne Near Field Speckles (HNFS) method. The HNFS technique consists of a suspension of nanoparticles suspended in a liquid and illuminated by synchrotron radiation (either in the visible or in X-ray wavelength range). The transverse coherence of the source, and therefore, under the conditions of validity of the Van Cittert and Zernike theorem, the transverse electron beam size is retrieved from the interference between the transmitted beam and the spherical waves scattered by each nanoparticle. We here describe the fundamentals of this technique, as well as the recent experimental results obtained with 12 keV radiation at the NCD beamline at ALBA. The applicability of such technique for future accelerators (e.g. CLIC or FCC) is also discussed

Electron Beam Size Measurements Using the Heterodyne Near Field Speckles at ALBA

Experiments using the heterodyne near field speckle method (HNFS) have been performed at ALBA to characterize the spatial coherence of the synchrotron radiation, with the ultimate goal of measuring both the horizontal and vertical electron beam sizes. The HNFS technique consists on the analysis of the interference between the radiation scattered by a colloidal suspension of nanoparticles and the synchrotron radiation, which in this case corresponds to the hard x-rays (12keV) produced by the in-vacuum undulator of the NCD-Sweet beamline. This paper describes the fundamentals of the technique, possible limitations, and shows the first experimental results changing the beam coupling of the storage ring