You can't take it with you: asset run-down at the end of the life cycle

This article presents evidence on the extent to which households run down their assets after retirement. The authors show that, once corrections are made for several econometric problems, households engage in very little asset decumulation after retirement.Retirement ; Income ; Wealth

You Can't Take It With You: Sunset Provisions for Equity Compensation When Managers Retire, Resign, or Die

Company stock option plans have diverse “sunset” policies for modifying terms of options held by managers who exit the firm. In our S&P 500 sample, these forfeiture, vesting, and expiration provisions are less generous in companies characterized by fast growth, dependence on skilled human capital, and high strategic interaction with competitors. While these results apply for workers who retire at the end of their careers, almost no variation exists in the treatment of workers who resign with the possibility of working elsewhere. We show that these features of firms’ option plans directly impact management turnover. For CEOs over age 60, companies’ sunset rules imply large discounts to option award values and estimates of total compensation. The authors appreciate helpful comments from Manuel Ammann, Patrick Bolton, Jennifer Carpenter, Don Chance, Stephen Choi, John Core, Joan Heminway, Tracie Woidtke, and seminar participants at Chinese University Hong Kong, Fordham University, Georgetown University, Mannheim University, University of St. Gallen, University of Tennessee, and the Gerzensee European Summer Symposium in Financial Markets

You Can't Take It With You: Sunset Provisions for Equity Compensation When Managers Retire, Resign, or Die

Company stock option plans have diverse “sunset” policies for modifying terms of options held by managers who exit the firm. In our S&P 500 sample, these forfeiture, vesting, and expiration provisions are less generous in companies characterized by fast growth, dependence on skilled human capital, and high strategic interaction with competitors. We show that these features of firms’ option plans directly impact management turnover, early exercise of stock options, and the availability of data about early exercises. For CEOs over age 60, companies’ sunset rules generally imply large discounts to option award values and estimates of total compensation. The authors appreciate helpful comments from Manuel Ammann, Patrick Bolton, Jennifer Carpenter, Don Chance, Stephen Choi, John Core, Joan Heminway, Tracie Woidtke, and seminar participants at Georgetown University, Mannheim University, University of St.Gallen, University of Tennessee, and the Gerzensee European Summer Symposium in Financial Markets

Bewitched by the Word "Know�

You ask me if our friend is in town, I say yes; you ask, "Are you sure?,� I reply, "I know it – I just installed him in our guest room!�—What if you're mistaken?—One can't be making a mistake about something like that!---So you"re claiming infallibility?—Saying "I can't be making a mistake" was just a way of saying "I know ...�; I wasn"t alleging a ridiculous "justification� for my claim!---But only the infallible possession of truth really justifies a claim to knowledge.— The "I know ...� is just an instrument with a limited, practical purpose -- a purpose which the following expansion of the "builder's language" helps to bring out: The number [of building stones] is sometimes estimated, sometimes established by counting. Then the question arises "Do you believe there are as many stones as that?,� and the answer "I know there are – I"ve just counted them.� But then the "I know� could be dropped. If, however, there are several ways of finding something out for sure, like counting, weighing, measuring the stack, then the statement "I know� can take the place of mentioning how I know. [Wittgenstein 1969, sec. 564

You Can't Take It With You? Immigrant Assimilation and the Portability of Human Capital

The national origin of an individual's human capital is a crucial determinant of its value. Education acquired abroad is significantly less valued than education obtained domestically. This difference can fully explain the earnings disadvantage of immigrants relative to comparable natives in Israel. Variation in the return to foreign schooling across origin countries may reflect differences in its quality and compatibility with the host labor market. Three factors language proficiency, domestic labor market experience, and further education following immigration appear to raise the return to education acquired abroad, suggesting a compound benefit of policies encouraging immigrants to obtain language and other training.

You Can't Take It With You: Sunset Provisions for Equity Compensation When Managers Retire, Resign, or Die

Company stock option plans have diverse “sunset” policies for modifying terms of options held by managers who exit the firm. In our S&P 500 sample, these forfeiture, vesting, and expiration provisions are less generous in companies characterized by fast growth, dependence on skilled human capital, and high strategic interaction with competitors. While these results apply for workers who retire at the end of their careers, almost no variation exists in the treatment of workers who resign with the possibility of working elsewhere. We show that these features of firms’ option plans directly impact management turnover. For CEOs over age 60, companies’ sunset rules imply large discounts to option award values and estimates of total compensation. The authors appreciate helpful comments from Manuel Ammann, Patrick Bolton, Jennifer Carpenter, Don Chance, Stephen Choi, John Core, Joan Heminway, Tracie Woidtke, and seminar participants at Chinese University Hong Kong, Fordham University, Georgetown University, Mannheim University, University of St. Gallen, University of Tennessee, and the Gerzensee European Summer Symposium in Financial Markets

Take it with you : poems

LOVE SONG Come embrace me, Your damp cheek against my careless chest. I am happy with these things, The indifference of others, two butterflies, our survival. Time's a casual rape; We're fucked, but not bruised. Screaming brings no rescue: Don't aggravate the man; he'll kill us. Uncertainty is graceless; Can't help dandelions. Let it go; that's what speckled wings are for. This is a permit for the present; Take it with you. It proves I live

Piano and Eggs - Concert Series Curation

The School of Media Arts, Wintec is proud to present “PIANO & EGGS” - a series of breakfast concerts to be held on the second Monday of every month from 7am-8am. The concerts will take place between the Creative Waikato space and Miltons Canteen on Alexandra Street in Hamilton. Following on from the success of the 2016 experiment with 'Piano & Eggs' with a month of concerts in August, we are now planning to spread the joy across the year and have one concert each month! Starting on April 10th. We all know that concerts are typically reserved for evenings towards the end of the week, providing a closing reward to the pressures of working life. But it really feels great when there is a way to kick off your week with an early Monday morning reward and enjoy your morning coffee and breakfast accompanied by some live music! Mark the dates in your calendar now! Each concert will be live streamed on the School of Media Arts, Wintec page - so even if you can't make it in, you can still enjoy the music. PIANO AND EGGS: Second Monday of Every Month - 7am start. April 10th; May 8th; June 12th; July 10th; August 14th; September 11th; October 9th; November 13th; December 11t

Place, recreation and local development

Proceedings of the 9th International Conference on Monitoring and Management of Visitors in Recreational and Protected Areas (MMV9), Bordeaux, FRA, 29-/08/2018 - 31/08/2018It is our pleasure to welcome you to the 9th international Conference on Monitoring and Management of Visitors in Recreational and Protected Areas (MMV9) with a program including keynote speeches, organized and poster sessions, a half-day field trip, social events and post conference trips. This is the first time that France has hosted an MMV Conference. Our country is ranked as the world's top tourist destination, thanks largely to its culture, art, and gastronomy, as well as popular cities such as Paris and Bordeaux. On the other hand, France's potential as a destination for outdoor recreation and nature-based tourism is not hugely publicized, despite its many unique features in this respect: varied climate and natural assets (shoreline, mountains, lakes, and forests), large expanses of countryside, and a network of protected natural areas, to name but a few. France's protected areas are often free to access for the general public. However, in contrast with other countries, nature conservation in specific areas is much less widespread. Where it does take place, it is often centered on territories that are perceived to be "attractive", and where many conflicting activities are practiced. This may be one of the reasons why contractual tools and regional park systems are quite popular in France. The MMV Conference offers an excellent opportunity to discuss the situation in France in greater depth. The theme proposed for the conference was "recreation, place and local development". This reflects our assumption that recreational areas are not just physical assets designed to receive visitors for the purpose of leisure - which in itself would already be something of great importance - but that they reflect deeper social phenomena, as demonstrated through the range of organized sessions dedicated to discussing questions such as environmental education and economic development, but also emerging themes such as social integration, community resilience, environmental justice, and health. The traditional topics covered by MMV Conference reflect an evolving society: with innovations in monitoring techniques (both on people and nature), focus on new populations (Y generation, ethnic minority) and a larger concern for individual engagement and participative management. The 9th Edition of MMV is co-hosted by Irstea and BSA. This would not have been possible without significant contributions from a large number of additional partners and sponsors as well as our national scientific and organizing committee. We would like to take this opportunity to thank everyone for their help. After two years of planning, we are proud to announce that we have more than 160 presentations from 30 countries, meaning that the conference will host over 200 participants from across the globe. We are honored that the International Steering Committee has given us the opportunity to be part of this great MMV community, which organized its first meeting in 2002. We hope you will enjoy the conference as much as we enjoyed organizing it. If you can't be with us in person, we hope that you will enjoy reading our publications