Objectivity, Proximity and Adaptability in Corporate Governance

Countries appear to differ considerably in the basic orientations of their corporate governance structures. We postulate the trade-off between objectivity and proximity as fundamental to the corporate governance debate. We stress the value of objectivity that comes with distance (e.g. the market oriented U.S. system), and the value of better information that comes with proximity (e.g. the more intrusive Continental European model). Our key result is that the optimal distance between management and monitor (board or shareholders) has a bang-bang solution: either one should capitalize on the better information that comes with proximity or one should seek to benefit optimally from the objectivity that comes with distance. We argue that this result points at an important link between the optimal corporate governance arrangement and industry structure. In this context, we also discuss the ways in which investors have "contracted around" the flaws in their own corporate governance systems, pointing at the adaptability of different arrangements.http://deepblue.lib.umich.edu/bitstream/2027.42/39651/3/wp266.pd

Objectivity, Proximity and Adaptability in Corporate Governance

Countries appear to differ considerably in the basic orientations of their corporate governance structures. We postulate the trade-off between objectivity and proximity as fundamental to the corporate governance debate. We stress the value of objectivity that comes with distance (e.g. the market oriented U.S. system), and the value of better information that comes with proximity (e.g. the more intrusive Continental European model). Our key result is that the optimal distance between management and monitor (board or shareholders) has a bang-bang solution: either one should capitalize on the better information that comes with proximity or one should seek to benefit optimally from the objectivity that comes with distance. We argue that this result points at an important link between the optimal corporate governance arrangement and industry structure. In this context, we also discuss the ways in which investors have "contracted around" the flaws in their own corporate governance systems, pointing at the adaptability of different arrangements.corporate governance, comperitive systems, corporate finance, economic reform, convergence

'Trust is good, control is better': the 1974 Herstatt-Bank crisis and its implications for international regulatory reform

With its international supervisory and regulatory implications, the failure of Bankhaus Herstatt is one of the landmarks of post-war financial history. This article offers the first comprehensive historical account of the Herstatt crisis, and contributes to the wider discussions on international supervisory and regulatory reform since the mid-1970s, including regulatory capture, markets' self-regulation and resolution of failed banks. In doing so, it first argues that contrary to a widely held view, the German authorities received early and repeated warnings about Herstatt's dealings but this involved only limited and ineffective regulatory/supervisory responses, then it turns to the actual collapse of the bank in June 1974, and finally explores the wider regulatory issues raised by the Herstatt case

Linac modeling for external beam radiotherapy quality assurance using a dedicated 2D pixelated detector

International audienceQuality assurance is a key issue in intensity modulated radiotherapy. Errors can occur in the dose delivery process induces significant differences between the planned treatment and the delivered one. In this context, the Medical Application Physics group of the LPSC is developing TraDeRa (Transparent Detector for Radiotherapy), a 2D pixelated matrix of ionization chambers located upstream to the patient. The signal map obtained with TraDeRa has to be processed to provide medical observables to quantify the quality of the treatment delivery. This relies on accurate Monte Carlo simulations benchmarked with measurements performed under a linear accelerator (Linac).The work described in this paper lies in the optimization of the Linac head simulation and the development of an innovative Monte Carlo/measurements comparison method to perform an accurate enough model of the X-ray production device. An optimized parametrization of the particles transport allowed an increase of the simulation efficiency by a factor 3. The characteristics of an electron beam of a reference Linac were matched with the simulation results by using dose deposition of the created X-ray beam in a water tank. Two parameters are particularly critical: the nominal energy of the electrons and the radial distribution of impact on the target. The innovative method was able to provide within minutes those two parameters for any Linac, achieving, for example, a 10 keV precision on the energy determination for a 6 MV operating Linac

Quality not quantity: organic matter composition controls of CO₂and CH₄fluxes in neotropical peat profiles

Tropical peatlands represent an important source of carbon dioxide (CO₂) and methane (CH₄) to the atmosphere. However, we do not know where in the peat profile these gases are produced and how controlling factors, such as substrate quality, which can vary substantially with peat age, and anoxic-oxic conditions, interact to determine production rates. To address this knowledge gap, this study investigated if substrate limitation of CO₂ and CH₄ production differs under anoxic-oxic peat conditions using entire peat profiles, from tropical peatlands in Panama. We determined the variation in peat organic chemistry through stratigraphic profiles using tetramethylammonium-pyrolysis-gas chromatography-mass spectrometry (TMAH-Py-GC/MS). To explore how variation in peat organic chemistry through the depth profile impacted on CO₂ and CH₄ production rates under anoxic-oxic conditions we carried out a series of incubation experiments. The TMAH-Py-GC/MS analysis showed high concentrations of long chain fatty acids (>C₂₀) in surface peat, and variation in the distribution of the lignin monomers through the peat profile. Both anoxic CH₄ and CO₂ production was greatest from the surface of the peat profile with surface peat accounting for 92 ± 1.7 and 54 ± 2.9% of the cumulative CH₄ and CO₂ production, respectively. The high CO₂ and CH₄ production rate under anoxic conditions, in surface peat, was strongly related to greater concentrations of lignin, but also long chain fatty acids and polysaccharides, in this section of the peat profile. As expected, CH₄ production decreased, and became decoupled from peat organic chemistry, following peat aeration. In contrast, aeration dramatically increased CO₂ emissions throughout the entire peat profile. This demonstrates that the recalcitrance of buried peat does not protect C stocks in tropical peatlands, if their water tables are lowered in response to drainage or prolonged drought. In conclusion, our work highlight that information on both labile substrate availability and water table fluctuation are needed to predict CO₂ and CH₄ fluxes from tropical peatlands

On the TGF/lightning ratio asymmetry

Africa is one of the most productive lightning regions on Earth, yet it has a lower TGF-to-lightning ratio especially compared with Central America. In this paper we have analyzed the global distribution of different meteorological parameters in order to explain the TGF/lightning ratio asymmetry. We show here that a drier surface and larger CAPE in Africa may produce thunderstorms with intense electric charge regions but elevated in the atmosphere and closer to each other, which allows for higher flash rates and less energetic, shorter and smaller flashes. The results we present here suggest that continental thunderstorms in Africa more rarely fulfill the lightning and thundercloud requirements for TGF production inferred from observations and models.Peer ReviewedPostprint (published version

Role of the Helicobacter pylori outer-membrane proteins AlpA and AlpB in colonization of the guinea pig stomach

The human gastric pathogen Helicobacter pylori expresses several putative outer-membrane proteins (OMPs), but the role of individual OMPs in colonization of the stomach by H. pylori is still poorly understood. The role of four such OMPs (AlpA, AlpB, OipA and HopZ) in a guinea pig model of H. pylori infection has been investigated. Single alpA, alpB, hopZ and oipA isogenic mutants were constructed in the guinea pig-adapted, wild-type H. pylori strain GP15. Guinea pigs were inoculated intragastrically with the wild-type strain, single mutants or a mixture of the wild-type and a single mutant in a 1: 1 ratio. Three weeks after infection, H. pylori could be isolated from stomach sections of all animals that were infected with the wild-type, the hopZ mutant or the oipA mutant, but from only five of nine (P = 0.18) and one of seven (P = 0.02) animals that were infected with the alpA or alpB mutants, respectively. The hopZ and oipA mutants colonized the majority of animals that were inoculated with the strain mixture, whereas alpA and alpB mutants could not be isolated from anim

Evaluation of vegetation communities, water table, and peat composition as drivers of greenhouse gas emissions in lowland tropical peatlands

© 2019 Elsevier B.V. Tropical peatlands are globally important source of greenhouse gases to the atmosphere, but data on carbon fluxes from these ecosystems is limited due to the logistical challenges of measuring gas fluxes in these ecosystems. Proposals to overcome the difficulties of measuring gas carbon fluxes in the tropics include remote sensing (top-down) approaches. However, these require information on the effect of vegetation communities on carbon dioxide (CO2) and methane (CH4) fluxes from the peat surface (bottom-up). Such information will help reducing the uncertainty in current carbon budgets and resolve inconsistencies between the top-down and bottom-up estimates of gas fluxes from tropical peatlands. We investigated temporal and spatial variability of CO2 and CH4 fluxes from tropical peatlands inhabited by two contrasting vegetation communities (i.e., mixed forest and palm swamp) in Panama. In addition, we explored the influence of peat chemistry and nutrient status (i.e., factorial nitrogen (N) and phosphorus (P) addition) on greenhouse gas fluxes from the peat surface. We found that: i) CO2 and CH4 fluxes were not significantly different between the two vegetation communities, but did vary temporally across an annual cycle; ii) precipitation rates and peat temperature were poor predictors of CO2 and CH4 fluxes; iii) nitrogen addition increased CH4 fluxes at the mixed forests when the water table was above the peat surface, but neither nitrogen nor phosphorus affected gas fluxes elsewhere; iv) gas fluxes varied significantly with the water table level, with CO2 flux being 80% greater at low water table, and CH4 fluxes being 81% higher with the water table above the surface. Taken together, our data suggested that water table is the most important control of greenhouse gas emissions from the peat surface in forested lowland tropical peatlands, and that neither the presence of distinct vegetation communities nor the addition of nutrients outweigh such control

Integrated stratigraphical study of the Rhuddanian-Aeronian (Llandovery, Silurian) boundary succession in the Rheidol Gorge, Wales:A proposed Global Stratotype Section and Point for the base of the Aeronian Stage

The Rheidol Gorge section, approximately 17 km east of Aberystwyth, mid Wales, exposes a ca. 20 m-thick succession of Llandovery (Silurian) strata from the upper Rhuddanian Pernerograptus revolutus Biozone through the lower Aeronian Demirastrites triangulatus Biozone and basal Neodiplograptus magnus Biozone. The section records deposition under a range of bottom-water oxygenation states. The Rhuddanian-Aeronian boundary is located 0.8 m above an abrupt lithological change from predominantly organic-poor, bioturbated `oxic' mudrocks to an interval of black, richly graptolitic `anoxic' shales. The graptolite fauna through the boundary interval, including the local lowest occurrence of D. triangulatus, allows precise correlation with other parts of the world. Graptolite assemblages indicative of separate divisions in the underlying revolutus Biozone and of the lower and upper parts of the triangulatus Biozone are also present. Chitinozoans are relatively well preserved in the section and indicate the Spinachitina maennili Biozone throughout the boundary interval, as is widely the case. The results of carbon isotope analyses from organic matter indistinctly show the weak interval of positive shift in d13C org values through the Rhuddanian-Aeronian boundary interval, as observed globally, though local or regional processes appear largely to overprint the global signal. Overall, the excellent biostratigraphical record, well-documented local and regional stratigraphical context, historical significance, as well as easy access and assured longterm preservation, mean that the Rheidol Gorge section can be proposed as a strong candidate for a new Global Stratotype Section and Point for the base of the Aeronian Stage.. Silurian, Llandovery, Rhuddanian, Aeronian, Global Stratotype Section and Point, Graptolites, Chitinozoa, Carbon Isotope