Executive Pay Regulation: What Regulators, Shareholders, and Managers Can Learn from Major Sports Leagues

Executive pay regulation is widely discussed as a measure to reduce financial mismanagement in corporations. We show that the professional team sports industry, the only industry with substantial experience in the regulation of compensation arrangements, provides valuable insights for the regulation of executive pay. Based on the experience from professional sports leagues, we develop implications for the corporate sector regarding the establishment and enforcement of executive pay regulation as well as the level, structure, and rigidity of such regulatory measures.Salary Caps, Executive Compensation, Corporate Governance, Financial Crisis, Financial Regulation

Spherical sample holders to improve the susceptibility measurement of superparamagnetic materials

The design of two custom sample holders with a spherical cavity for commercial vibrating sample magnetometer systems is described. For such cavities the magnetization M and the internal magnetic field Hi of a sample are both homogeneous. Consequently, the material parameter M(Hi) of a sample can be determined even for liquids and powders with a high magnetic susceptibility.Comment: 7 pages, 12 figure

A Contest Model of a Professional Sports League with Two-Sided Markets

This paper develops a model of a professional sports league with network externalities by integrating the theory of two-sided markets into a contest model. In professional team sports, leagues function as a platform that enables sponsors to interact with fans. In these league-mediated interactions, positive network effects operate from the fan market to the sponsor market, while negative network effects operate from the sponsor market to the fan market. Clubs react to these network effects by charging higher (lower) prices to sponsors (fans). Our analysis shows that the size of these network effects determines the level of competitive balance within the league. Traditional models, which do not take network externalities into account, under- or overestimate the actual level of competitive balance, which may lead to wrong policy decisions. Moreover, we show that clubs benefit from stronger combined network effects through higher profits. Finally, we derive policy recommendations for improving competitive balance by taking advantage of network externalities.Competitive balance, contest, multisided market, network externalities, team sports league

Executive Pay Regulation: What Regulators, Shareholders, and Managers Can Learn from Major Sports Leagues

Executive pay regulation is widely discussed as a measure to reduce financial mismanagement in corporations. We show that the professional team sports industry, the only industry with substantial experience in the regulation of compensation arrangements, provides valuable insights for the regulation of executive pay. Based on the experience from professional sports leagues, we develop implications for the corporate sector regarding the establishment and enforcement of executive pay regulation as well as the level, structure, and rigidity of such regulatory measure

Broadband enhancement of the magneto-optical activity of hybrid Au loaded Bi:YIG

We unravel the underlying near-field mechanism of the enhancement of the magneto-optical activity of bismuth-substituted yttrium iron garnet films (Bi:YIG) loaded with gold nanoparticles. The experimental results show that the embedded gold nanoparticles lead to a broadband enhancement of the magneto-optical activity with respect to the activity of the bare Bi:YIG films. Full vectorial near- and far-field simulations demonstrate that this broadband enhancement is the result of a magneto-optically enabled cross-talking of orthogonal localized plasmon resonances. Our results pave the way to the on-demand design of the magneto-optical properties of hybrid magneto-plasmonic circuitry.Comment: 6 Pages, 3 Figure

Nuclear liability – a comparative assessment of the legal situation in South Africa and Germany against the backdrop of international law

The study is concerned with the topic of nuclear liability. One might think this is a topic of the last century, but it is not. In the last few years the demand and development of nuclear power plants were enhanced due to several reasons. Especially in South Africa, the further development of nuclear power plants is planned by the government. However, nuclear energy is an ultra-hazardous energy resource which could cause huge damage to people, their property and the environment. Therefore, a comprehensive legal framework for cases of nuclear damage is needed to balance the interests of victims and the nuclear industry. A legal framework regulating the case of nuclear damage can be found in international law, as well as in most domestic legal systems of countries producing nuclear energy. Due to the fact that South Africa wants to develop its nuclear energy programme, it is interesting to examine its nuclear liability provisions closer. The study assesses the South African nuclear liability regime by comparing it with the international legal framework for nuclear liability and the German nuclear liability regime. Therefore, the study will firstly outline principles of nuclear liability, secondly analyse the most important international conventions and finally examine the crucial nuclear liability provisions in the domestic legal systems of Germany and South Africa

Rice Galaxy: An open resource for plant science

Background: Rice molecular genetics, breeding, genetic diversity, and allied research (such as rice-pathogen interaction) have adopted sequencing technologies and high-density genotyping platforms for genome variation analysis and gene discovery. Germplasm collections representing rice diversity, improved varieties, and elite breeding materials are accessible through rice gene banks for use in research and breeding, with many having genome sequences and high-density genotype data available. Combining phenotypic and genotypic information on these accessions enables genome-wide association analysis, which is driving quantitative trait loci discovery and molecular marker development. Comparative sequence analyses across quantitative trait loci regions facilitate the discovery of novel alleles. Analyses involving DNA sequences and large genotyping matrices for thousands of samples, however, pose a challenge to non−computer savvy rice researchers. Findings: The Rice Galaxy resource has shared datasets that include high-density genotypes from the 3,000 Rice Genomes project and sequences with corresponding annotations from 9 published rice genomes. The Rice Galaxy web server and deployment installer includes tools for designing single-nucleotide polymorphism assays, analyzing genome-wide association studies, population diversity, rice−bacterial pathogen diagnostics, and a suite of published genomic prediction methods. A prototype Rice Galaxy compliant to Open Access, Open Data, and Findable, Accessible, Interoperable, and Reproducible principles is also presented. Conclusions: Rice Galaxy is a freely available resource that empowers the plant research community to perform state-of-the-art analyses and utilize publicly available big datasets for both fundamental and applied science

Fortschritte beim Aufbau Ost: Forschungsbericht wirtschaftswissenschaftlicher Forschungsinstitute über die wirtschaftliche Entwicklung in Ostdeutschland

Trotz der unbestreitbaren Fortschritte beim Aufbau Ost ist die wirtschaftliche Lage in Ostdeutschland unbefriedigend. Nicht nur, dass das gesamtwirtschaftliche Wachstum seit einigen Jahren hinter dem in Westdeutschland zurückbleibt und die Unterbeschäftigung auf hohem Niveau verharrt, gravierender noch ist, dass die Gefahr besteht, dass Mutlosigkeit und Resignation an Gewicht gewinnen. Die Erfolge, die seit Anfang der neunziger Jahre zu verzeichnen sind, treten dabei in den Hintergrund - Erfolge bei der Erneuerung der Infrastruktur, dem Aufbau einer wettbewerbsfähigen Unternehmensbasis sowie - und nicht zuletzt - bei der Verbesserung der materiellen Lebensverhältnisse der Menschen. Das Bundesministerium der Finanzen hat vor diesem Hintergrund fünf wirtschaftswissenschaftliche Forschungsinstitute beauftragt, in jährlichen „Fortschrittsberichten" ausgewählte Aspekte der wirtschaftlichen Entwicklung in den neuen Bundesländern zu begutachten. Diese fünf Institute - das Deutsche Institut für Wirtschaftsforschung Berlin (DIW), das Institut für Arbeitsmarkt- und Berufsforschung (IAB), das Institut für Weltwirtschaft an der Universität Kiel (IfW), das Institut für Wirtschaftsforschung Halle (IWH) und das Zentrum für Europäische Wirtschaftsforschung (ZEW) - haben soeben ihren ersten gemeinsamen Bericht fertiggestellt. 1 Ausgewählte Ergebnisse werden im Folgenden präsentiert. Den Bericht durchzieht - gleichsam als roter Faden - die Erkenntnis, dass die Lage in Ostdeutschland keineswegs so hoffnungslos ist, wie es in der Öffentlichkeit vielfach dargestellt wird. Hoffnung macht vor allem, dass die Industrie einen robusten Wachstumspfad eingeschlagen hat. Hoffnung macht auch, dass zunehmend mehr Unternehmen des Verarbeitenden Gewerbes im weltweiten Wettbewerb mithalten können und auf den internationalen Märkten expandieren. Das bedeutet zugleich, dass die Entwicklung der ostdeutschen Wirtschaft immer mehr vom allgemeinen Wirtschaftsverlauf bestimmt wird. In dem Maße, in dem die Anpassungskrise in der Bauwirtschaft überwunden werden kann, ist bei einer Verbesserung des konjunkturellen Umfelds auch wieder mit höheren gesamtwirtschaftlichen Wachstumsraten zu rechnen. Gleichwohl ist nicht zu verkennen, dass die wirtschaftlichen Probleme der neuen Bundesländer alles andere als gering sind. Denn es zeigen sich strukturelle Defizite, die, wie alle regionalökonomischen Erfahrungen lehren, nur langfristig gelöst werden können. Dabei sollte der Blick mehr als bisher auf die einzelnen Regionen der neuen Bundesländer gerichtet werden, denn Ostdeutschland ist auch in wirtschaftlicher Hinsicht kein einheitliches Ganzes. Weil es Zeit braucht, die noch bestehenden Strukturprobleme zu lösen, verbietet es sich, den Menschen übertriebene Hoffnungen zu machen. Das würde nur weitere Enttäuschungen nach sich ziehen. Ohne Zweifel bedarf es weiterer wirtschaftpolitischer Anstrengungen für den „Aufbau Ost". Nach Ansicht der Institute kommt es weiterhin vor allem darauf an, durch Investitionen die Standortbedingungen in Ostdeutschland zu verbessern; die Kompensation von Standortdefiziten durch Subventionen sollte hingegen zurückgeführt werden. Mehr Bedeutung als bisher sollte überdies Investitionen in das Humankapital eingeräumt werden - das gebietet die gegenwärtige und erst recht die absehbare demographische Entwicklung