Origin of CEO and Compensation Strategy: Differences between Insiders and Outsiders

Increasingly, U.S. firms are hiring their new CEOs from outside the firms. This study investigates the differences in compensation between outsider CEOs and insider CEOs from three dimensions: pay level, pay and performance link, and pay mix. Our analyses show: (1) outsider CEOs are paid more than insider CEOs, (2) pay and performance link is very weak for outsider CEOs, and (3) compensation package for outsider CEOs emphasizes the use of stock options. While several factors (e.g., firm size, firm performance, CEO tenure, ownership structure) influence insider CEOs\u27 pay, firm size is the only determinant of outsider CEOs\u27 pay. Our results suggest we will be able to understand CEO compensation more accurately if we analyze CEOs from different origins (insiders, outsiders, founders) separately

Minimizing Competition? Entry-level Compensation in Japanese Firms

This is the first empirical study of the determinants of pay for entry-level jobs among Japanese firms. Pay data of 1,382 companies obtained from the Nikkei survey was matched with company size, performance, industry, and foreign ownership data from Toyo Keizai’s Japan Company Handbook. We found that unlike the results based on U.S. data, company size is not related to entry-level pay. Firm performance is positively related, but its effect is minimal. Industry membership and foreign ownership are positively related. We believe that these findings highlight the influence of the Japanese employment context and information sharing in Japan. Implications for research and practice are discussed

Organizational Pay Mix: The Implications of Various Theoretical Perspectives for the Conceptualization and Measurement of Individual Pay Components

While pay mix is one of the most frequently used variables in recent compensation research, its theoretical relevance and measurement remains underdeveloped. There is little agreement among studies on the definitions of the various forms of pay that go into pay mix. Even studies that examine the same theories tend to overlook the implications of differences in the measures and meanings of pay mix used in other studies. Our study explores the meaning of pay mix using several theories commonly used in recent compensation research (agency, efficiency wage, expectancy, equity, and person-organization fit). Recent studies generally use a single measure of mix (e.g., bonus/base, or stock options/total, or benefits/base). We argue that to fully understand the effects of employee compensation, the multiple forms of compensation must be taken into account. Therefore, we derived pay mix measures from the theories commonly used in compensation research. We classified the pay mix policies of 478 firms using cluster-analytic techniques. We found that the classification of organizations based on their pay mix depends on the measures used. We suggest that as more realistic measures of pay mix leads to reinterpretation of compensation research and offers directions for theory development

A simple construction of fermion measure term in U(1) chiral lattice gauge theories with exact gauge invariance

In the gauge invariant formulation of U(1) chiral lattice gauge theories based on the Ginsparg-Wilson relation, the gauge field dependence of the fermion measure is determined through the so-called measure term. We derive a closed formula of the measure term on the finite volume lattice. The Wilson line degrees of freedom (torons) of the link field are treated separately to take care of the global integrability. The local counter term is explicitly constructed with the local current associated with the cohomologically trivial part of the gauge anomaly in a finite volume. The resulted formula is very close to the known expression of the measure term in the infinite volume with a single parameter integration, and would be useful in practical implementations.Comment: 25 pages, uses JHEP3.cls, the version to appear in JHE

Four-dimensional lattice chiral gauge theories with anomalous fermion content

In continuum field theory, it has been discussed that chiral gauge theories with Weyl fermions in anomalous gauge representations (anomalous gauge theories) can consistently be quantized, provided that some of gauge bosons are permitted to acquire mass. Such theories in four dimensions are inevitablly non-renormalizable and must be regarded as a low-energy effective theory with a finite ultraviolet (UV) cutoff. In this paper, we present a lattice framework which enables one to study such theories in a non-perturbative level. By introducing bare mass terms of gauge bosons that impose ``smoothness'' on the link field, we explicitly construct a consistent fermion integration measure in a lattice formulation based on the Ginsparg-Wilson (GW) relation. This framework may be used to determine in a non-perturbative level an upper bound on the UV cutoff in low-energy effective theories with anomalous fermion content. By further introducing the St\"uckelberg or Wess-Zumino (WZ) scalar field, this framework provides also a lattice definition of a non-linear sigma model with the Wess-Zumino-Witten (WZW) term.Comment: 18 pages, the final version to appear in JHE

Two dimensional lattice Gross--Neveu model with domain-wall fermions

We investigate the two dimensional lattice Gross--Neveu model in large flavor number limit using the domain-wall fermion formulation, as a toy model of lattice QCD. We study nonperturbative behaviorn of the restoration of chiral symmetry of the domain-wall fermions as the extent of the extra dimension $(N_s)$ is increased to infinity. We find the the parity broken phase (Aoki phase) for finite $N_s$, and study the phase diagram, which is related to the mechanism of the chiral restoration in $N_s\to\infty$ limit. The continuum limit is taken and $O(a)$ scaling violation of observables vanishes in $N_s\to\infty$ limit. We also examine the systematic dependencies of observables to the parameters.Comment: 36 pages (26 figures), Latex (epsf style-file needed

What Happens If an Unbroken Flavor Symmetry Exists?

Without assuming any specific flavor symmetry and/or any specific mass matrix forms, it is demonstrated that if a flavor symmetry (a discrete symmetry, a U(1) symmetry, and so on) exists, we cannot obtain the CKM quark mixing matrix $V$ and the MNS lepton mixing matrix $U$ except for those between two families for the case with the completely undegenerated fermion masses, so that we can never give the observed CKM and MNS mixings. Only in the limit of $m_{\nu 1} =m_{\nu 2}$ ($m_d=m_s$), we can obtain three family mixing with an interesting constraint $U_{e3}=0$ ($V_{ub}=0$).Comment: 10 pages, no figure, title and presentation change

Solving the local cohomology problem in U(1) chiral gauge theories within a finite lattice

In the gauge-invariant construction of abelian chiral gauge theories on the lattice based on the Ginsparg-Wilson relation, the gauge anomaly is topological and its cohomologically trivial part plays the role of the local counter term. We give a prescription to solve the local cohomology problem within a finite lattice by reformulating the Poincar\'e lemma so that it holds true on the finite lattice up to exponentially small corrections. We then argue that the path-integral measure of Weyl fermions can be constructed directly from the quantities defined on the finite lattice.Comment: revised version, 35pages, using JHEP3.cl

Ionic Switch Induced by a Rectangular-Hexagonal Phase Transition in Benzenammonium Columnar Liquid Crystals.

We demonstrate switching of ionic conductivities in wedge-shaped liquid-crystalline (LC) ammonium salts. A thermoreversible phase transition between the rectangular columnar (Colr) and hexagonal columnar (Colh) phases is used for the switch. The ionic conductivities in the Colh phase are about four orders of magnitude higher than those in the Colr phase. The switching behavior of conductivity can be ascribed to the structural change of assembled ionic channels. X-ray experiments reveal a highly ordered packing of the ions in the Colr phase, which prevents the ion transport

Dynamics of Quasi-ordered Structure in a Regio-regulated pi-Conjugated Polymer:Poly(4-methylthiazole-2,5-diyl)

Dynamics of regio-regulated Poly(4-methylthiazole-2,5-diyl) [HH-P4MeTz] was inves tigated by solid-state 1H, 2D, 13C NMR spectroscopies, and differential scanning calorimetry(DSC) measurements. DSC, 2D quadrupolar echo NMR, 13C cross-polarization and magic-angle spinning(CPMAS) NMR, and 2D spin-echo(2DSE) CPMAS NMR spectroscopy suggest existence of a quasi-ordered phase in which backbone twists take place with weakened pi-stackings. Two-dimensional exchange 2D NMR(2DEX) detected slow dynamics with a rate of an order of 10^2Hz for the CD_3 group in d_3-HH-P4MeTz at 288K. The frequency dependence of proton longitudinal relaxation rate at 288K shows a omega^-1/2 dependence, which is due to the one-dimensional diffusion-like motion of backbone conformational modulation waves. The diffusion rate was estimated as 3+/-2 GHz, which was approximately 10^7 times larger than that estimated by 2DEX NMR measurements. These results suggest that there exists anomalous dispersion of modulation waves in HH-P4MeTz. The one-dimensional group velocity of the wave packet is responsible for the behavior of proton longitudinal relaxation time. On the other hand, the 2DEX NMR is sensitive to phase velocity of the nutation of methyl groups that is associated with backbone twists. From proton T_1 and T_2 measurements, the activation energy was estimated as 2.9 and 3.4 kcal/mol, respectively. These were in agreement with 3.0 kcal/mol determined by Moller-Plesset(MP2) molecular orbital(MO) calculation. We also performed chemical shielding calculation of the methyl-carbon in order to understand chemical shift tensor behavior, leading to the fact that a quasi-ordered phase coexist with the crystalline phase.Comment: 14 pages, 11 figures, to appear in Phys.Rev.