Keeping the Board in the Dark: CEO Compensation and Entrenchment

We study a model in which a CEO can entrench himself by hiding information from the board that would allow the board to conclude that he should be replaced. Assuming that even diligent monitoring by the board cannot fully overcome the information asymmetry visà- vis the CEO, we ask if there is a role for CEO compensation to mitigate the inefficiency. Our analysis points to a novel argument for high-powered, non-linear CEO compensation such as bonus pay or stock options. By shifting the CEO’s compensation into states where the firm’s value is highest, a high-powered compensation scheme makes it as unattractive as possible for the CEO to entrench himself when he expects that the firm’s future value under his management and strategy is low. This, in turn, minimizes the severance pay needed to induce the CEO not to entrench himself, thereby minimizing the CEO’s informational rents. Amongst other things, our model suggests how deregulation and technological changes in the 1980s and 1990s might have contributed to the rise in CEO pay and turnover over the same period

Robust estimation of bacterial cell count from optical density

Optical density (OD) is widely used to estimate the density of cells in liquid culture, but cannot be compared between instruments without a standardized calibration protocol and is challenging to relate to actual cell count. We address this with an interlaboratory study comparing three simple, low-cost, and highly accessible OD calibration protocols across 244 laboratories, applied to eight strains of constitutive GFP-expressing E. coli. Based on our results, we recommend calibrating OD to estimated cell count using serial dilution of silica microspheres, which produces highly precise calibration (95.5% of residuals <1.2-fold), is easily assessed for quality control, also assesses instrument effective linear range, and can be combined with fluorescence calibration to obtain units of Molecules of Equivalent Fluorescein (MEFL) per cell, allowing direct comparison and data fusion with flow cytometry measurements: in our study, fluorescence per cell measurements showed only a 1.07-fold mean difference between plate reader and flow cytometry data

User rating activity within KIWI: A technology for public health event monitoring and early warning signal detection

Objectives: To review user signal rating activity within the Canadian Network for Public Health Intelligence’s (CNPHI’s) Knowledge Integration using Web-based Intelligence (KIWI) technology by answering the following questions: (1) who is rating, (2) how are users rating, and (3) how well are users rating?Methods: KIWI rating data was extracted from the CNPHI platform. Zoonotic & Emerging program signals with first rating occurring between January 1, 2016 and December 31, 2017 were included. Krippendorff’s alpha was used to estimate inter-rater reliability between users. A z-test was used to identify whether users tended to rate within 95% confidence interval (versus outside) the average community rating.Results: The 37 users who rated signals represented 20 organizations. 27.0% (n = 10) of users rated ≥10% of all rated signals, and their inter-rater reliability estimate was 72.4% (95% CI: 66.5-77.9%). Five users tended to rate significantly outside of the average community rating. An average user rated 58.4% of the time within the signal’s 95% CI. All users who significantly rated within the average community rating rated outside the 95% CI at least once.Discussion: A diverse community of raters participated in rating the signals. Krippendorff’s Alpha estimate revealed moderate reliability for users who rated ≥10% of signals. It was observed that inter-rater reliability increased for users with more experience rating signals.Conclusions: Diversity was observed between user ratings. It is hypothesized that rating diversity is influenced by differences in user expertise and experience, and that the number of times a user rates within and outside of a signal’s 95% CI can be used as a proxy for user expertise. The introduction of a weighted rating algorithm within KIWI that takes this into consideration could be beneficial

Measuring equity: An index of health care disparities.

OBJECTIVE: To create an index that would serve as a simple tool to measure the quality of hospital care by race and ethnicity. STUDY DESIGN: Following extensive review of existing disparities indices, we created a disparities quality index (DQI) designed to easily measure differences in the quality of care hospitals deliver to different populations. The DQI uses performance data already collected by virtually all hospitals. It highlights areas where there are large numbers of patients in a specific population receiving potentially lower-quality care. SETTING: Data were collected from 2 acute care hospitals that participated in a multihospital collaborative. DATA COLLECTION/EXTRACTION METHODS: We applied the DQI to 2 hospitals\u27 quality data, specifically to their performance on the Hospital Quality Alliance measure for patients with heart failure who were receiving angiotensin-converting enzyme inhibitor or angiotensin receptor blocker. RESULTS: The DQI was simple to apply and was able to measure differences in the care of different ethnic groups. It also detected changes in disparities over time. CONCLUSIONS: The DQI can help hospitals and other providers focus on the domain of equity in their quality-improvement efforts. Further testing is required to determine its applicability for community-wide equity projects

Should I call an interpreter?--How do physicians with second language skills decide?

A Review of The New Politics of Pornography by Donald A. Down