Remuneration for sustainable value creation: incentive properties of deferred bonus payments

Performance-based compensation is commonly used to address principal agent problems. However, traditional compensation schemes are increasingly criticized for creating incentives for managers to improve current performance at the expense of long-term firm interest to increase their bonus. Proposed solutions to the problem of managerial myopia and opportunism include the use of bonus bank schemes, which delay the payment of bonuses and impose conditions for bonus payout. This dissertation contributes to the academic discourse by examining the incentive properties of bonus bank schemes in a rational economics framework and identifying parameters and conditions that influence the effectiveness of bonus bank schemes. The dissertation outlines and discusses the concept of bonus bank schemes proposed in the literature. It formalizes the proposed procedures and adopts an analytical approach to determine the conditions under which bonus bank schemes can provide incentives for fully rational managers to act in the best interest of the firm. In a second step, this dissertation dismisses assumptions of decision makers’ rationality and adopts a behavioral lens to examine whether and how bonus deferral and bonus recovery provisions individually and collectively affect individuals’ behavior. Laboratory experiments provide evidence on the behavioral incentives of bonus bank schemes on investment decisions, effort provision, and risk-taking behavior. This dissertation thus provides a better understanding of the behavioral incentives of bonus bank schemes and ultimately their effect on firm prospects

VOLATILITAS NILAI TUKAR RUPIAH TERHADAP DOLAR AS DAN FAKTOR-FAKTOR YANG MEMPENGARUHINYA DI INDONESIA (PENDEKATAN COINTEGRATION DAN ENGLE GRANGER-ERROR CORECTION MODEL)

The research and study cover a theoretical discussion and empirical study on Volatility Of Rupiah Exchange Rate to Us Dollar And Factors that it Influence based on Quartely data from Q12001 to Q42015 . The research employs the Cointegration and Engle Granger-Error Correction Model (ECM) approach by applying the Ordinary Least Square (OLS) method. The ECM is performed to anticipate the possibility of errors and disparity between the theoretical model and the statistical model as well as to identify long-term balance and validity of the model employed in the research. The research results indicate that within a long-term period, there is balance between changes in the rupiah exchange rate and macro-economic variables, i.e. interest rate and inflation within the observed period. On the other hand, within a short-term period changes in the rupiah exchange rate are affected significantly by interest rate, inflation and the ECT variable. Within such a period, PDB, and M2 variables do not significantly affect the volatility of rupiah exchange rate. Thus, it can be concluded that the rupiah exchange rate tend to respond to changes occurring in macro-economic variables, especially interest rate and inflation

Geophysical downhole logging analysis within the shallow depth ICDP STAR drilling project (Central Italy)

The ICDP STAR drilling project aims to study the seismic and aseismic fault slip behaviour of the active low-angle Alto Tiberina normal Fault (ATF) in the Northern Apennines, Central Italy, drilling and instrumenting six shallow boreholes with seismometers and strainmeters. During the STAR field work, a geophysical downhole logging campaign was carried on defining the optimal target depth for instrument deployment and formation rock characterization. In particular, the main objectives of this study were to define in situ physical properties of the rocks and the tectonic discontinuity geometry along the boreholes. The downhole logging data provide new findings and knowledge especially with regards to the physical properties such as resistivity, gamma ray and wave velocity. The collected parameters were compared to the results of literature data collected in similar lithologies, as well as with the results of logging performed in deeper wells drilled for commercial purposes. The physical properties of the Mesozoic-Early Tertiary calcareous formations show low Gamma Ray values and high compressional (Vp) and shear wave (Vs) velocities (up to 5.3 km/s and 2.9 km/s, respectively), whereas the overlying clay-rich Late Tertiary formations exhibit high Gamma Ray and low resistivity and relatively low Vp and Vs values (up to 3.5 km/s and 2.0 km/s, respectively). The results obtained from the analysis of the orientations of the tectonic structures, measured along the six boreholes, show a good agreement with the orientations of the present-day extensional stress field, NE-SW oriented. Our study allowed to bridge the gap between the physical properties obtained from literature data and those obtained from the deep wells measurements, representing a possible case history for future projects. These new data will contribute to the advancement of knowledge of the physical properties of the rocks at shallow depths, typically overlooked

Mountain resilience: a tool for mudflow risk management in the Ile Alatau Mountains, Kazakhstan

The densely populated central part of the Ile Alatau mountains is one of the most mudflow-prone areas of Kazakhstan. Implementation of protection measures, early warning systems, and risk management plans is crucial to protect livelihoods and infrastructure from damage caused by mudflows. Increasing harm and damage from mudflows in recent decades—due to more frequent events, as well as increased economic development of the area—has made the establishment and implementation of a mudflow risk management system a priority. The effectiveness of such a system largely depends on the scientific validity of the management plan and hence is determined by the level of knowledge of the physical processes triggering such events. This knowledge is based on information that must be collected, analyzed, and systematized. However, such data are not easy to access; they are scattered over different archives and research institutes or simply missing. In recent years, scientific monographs, articles, and reports have been published that attempt to collect and systematize data on mudflow phenomena in general. These efforts provide a basis for further work but are often not readily available for use. This article presents the updateable, interactive, intelligent information system “Mudflow phenomena of the central part of the Ile Alatau” that links cartographic information with data on mudflow formation centers. This system concentrates and collates existing knowledge, making it accessible to stakeholders and decision-makers who can turn this knowledge into suitable applications for adaptive and sustainable risk management

Human rhinovirus infection causes different DNA methylation changes in nasal epithelial cells from healthy and asthmatic subjects

BACKGROUND: Mechanisms underlying the development of virus-induced asthma exacerbations remain unclear. To investigate if epigenetic mechanisms could be involved in virus-induced asthma exacerbations, we undertook DNA methylation profiling in asthmatic and healthy nasal epithelial cells (NECs) during Human Rhinovirus (HRV) infection in vitro. METHODS: Global and loci-specific methylation profiles were determined via Alu element and Infinium Human Methylation 450 K microarray, respectively. Principal components analysis identified the genomic loci influenced the most by disease-status and infection. Real-time PCR and pyrosequencing were used to confirm gene expression and DNA methylation, respectively. RESULTS: HRV infection significantly increased global DNA methylation in cells from asthmatic subjects only (43.6% to 44.1%, p = 0.04). Microarray analysis revealed 389 differentially methylated loci either based on disease status, or caused by virus infection. There were disease-associated DNA methylation patterns that were not affected by HRV infection as well as HRV-induced DNA methylation changes that were unique to each group. A common methylation locus stood out in response to HRV infection in both groups, where the small nucleolar RNA, H/ACA box 12 (SNORA12) is located. Further analysis indicated that a relationship existed between SNORA12 DNA methylation and gene expression in response to HRV infection. CONCLUSIONS: We describe for the first time that Human rhinovirus infection causes DNA methylation changes in airway epithelial cells that differ between asthmatic and healthy subjects. These epigenetic differences may possibly explain the mechanism by which respiratory viruses cause asthma exacerbations

Modulation of hypothalamic AMPK phosphorylation by olanzapine controls energy balance and body weight

[Background]: Second-generation antipsychotics (SGAs) are a mainstay therapy for schizophrenia. SGA-treated patients present higher risk for weight gain, dyslipidemia and hyperglycemia. Herein, we evaluated the effects of olanzapine (OLA), widely prescribed SGA, in mice focusing on changes in body weight and energy balance. We further explored OLA effects in protein tyrosine phosphatase-1B deficient (PTP1B-KO) mice, a preclinical model of leptin hypersensitivity protected against obesity.[Methods]: Wild-type (WT) and PTP1B-KO mice were fed an OLA-supplemented diet (5 mg/kg/day, 7 months) or treated with OLA via intraperitoneal (i.p.) injection or by oral gavage (10 mg/kg/day, 8 weeks). Readouts of the crosstalk between hypothalamus and brown or subcutaneous white adipose tissue (BAT and iWAT, respectively) were assessed. The effects of intrahypothalamic administration of OLA with adenoviruses expressing constitutive active AMPKα1 in mice were also analyzed.[Results]: Both WT and PTP1B-KO mice receiving OLA-supplemented diet presented hyperphagia, but weight gain was enhanced only in WT mice. Unexpectedly, all mice receiving OLA via i.p. lost weight without changes in food intake, but with increased energy expenditure (EE). In these mice, reduced hypothalamic AMPK phosphorylation concurred with elevations in UCP-1 and temperature in BAT. These effects were also found by intrahypothalamic OLA injection and were abolished by constitutive activation of AMPK in the hypothalamus. Additionally, OLA i.p. treatment was associated with enhanced Tyrosine Hydroxylase (TH)-positive innervation and less sympathetic neuron-associated macrophages in iWAT. Both central and i.p. OLA injections increased UCP-1 and TH in iWAT, an effect also prevented by hypothalamic AMPK activation. By contrast, in mice fed an OLA-supplemented diet, BAT thermogenesis was only enhanced in those lacking PTP1B. Our results shed light for the first time that a threshold of OLA levels reaching the hypothalamus is required to activate the hypothalamus BAT/iWAT axis and, therefore, avoid weight gain.[Conclusion]: Our results have unraveled an unexpected metabolic rewiring controlled by hypothalamic AMPK that avoids weight gain in male mice treated i.p. with OLA by activating BAT thermogenesis and iWAT browning and a potential benefit of PTP1B inhibition against OLA-induced weight gain upon oral treatment.This work was funded by grants PID-2021-122766OB-100 (to AMV) and PID2019-104399RB-I00 (to GS) funded by Ministerio de Ciencia e Innovación/Agencia Estatal de Investigación /10.13039/501100011033 and “ERDF A way of making Europe” by the European Union. We also acknowledge grants H2020 Marie Sklodowska-Curie ITN-TREATMENT (Grant Agreement 721236, European Commission), S2017/BMD-3684 (Comunidad de Madrid, Spain), Fundación Ramón Areces (Spain) and CIBERdem (ISCIII, Spain) to AMV. JWE was funded by the Swedish Diabetes Foundation and the Novo Nordisk Foundation (NNF20OC0063864). VF was a recipient of a contract from ITN-TREATMENT and is currently a PhD fellow from the Portuguese Foundation for Science and Technology (FCT, Portugal)/ERDF (2020.08388.BD). CF was awarded with Sara Borrell contract (CD19/00078, ISCIII, Spain)

The sensitivity of ECG contamination to surgical implantation site in brain computer interfaces.

BACKGROUND Brain sensing devices are approved today for Parkinson's, essential tremor, and epilepsy therapies. Clinical decisions for implants are often influenced by the premise that patients will benefit from using sensing technology. However, artifacts, such as ECG contamination, can render such treatments unreliable. Therefore, clinicians need to understand how surgical decisions may affect artifact probability. OBJECTIVES Investigate neural signal contamination with ECG activity in sensing enabled neurostimulation systems, and in particular clinical choices such as implant location that impact signal fidelity. METHODS Electric field modeling and empirical signals from 85 patients were used to investigate the relationship between implant location and ECG contamination. RESULTS The impact on neural recordings depends on the difference between ECG signal and noise floor of the electrophysiological recording. Empirically, we demonstrate that severe ECG contamination was more than 3.2x higher in left-sided subclavicular implants (48.3%), when compared to right-sided implants (15.3%). Cranial implants did not show ECG contamination. CONCLUSIONS Given the relative frequency of corrupted neural signals, we conclude that implant location will impact the ability of brain sensing devices to be used for "closed-loop" algorithms. Clinical adjustments such as implant location can significantly affect signal integrity and need consideration

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

The effects of bisphenol A and bisphenol S on adipokine expression and glucose metabolism in human adipose tissue

Purpose The environmental endocrine disruptors, bisphenol A (BPA) and bisphenol S (BPS) are associated with the development of type 2 diabetes. We aim to study the effects of BPA or BPS exposure on adipokine expression in human adipose tissue and on adipocyte glucose uptake. Methods Human subcutaneous adipose tissue was treated for 24 or 72 h with environmentally-relevant and supraphysiological concentrations of BPA or BPS (1–104 nM). Following exposure, gene expression of proinflammatory cytokines, adipokines, and estrogen receptors was measured in adipose tissue. Glucose uptake and the insulin signalling pathway were analyzed in isolated adipocytes following adipose tissue culture with BPA for 24 h. Results Adipose tissue treated with BPA for 24 h had reduced expression of the proinflammatory genes (IL6, IL1B, TNFA) and adipokines (ADIPOQ, FABP4). BPA and BPS had no effect on the expression of other proinflammatory genes (IL33), adipokines (LEP), or receptors (ESR1, ESR2) after 72-h exposure. Adipose tissue treated with environmentally-relevant concentrations of BPA for 24 h had reduced insulin-stimulated glucose uptake, without altered gene and protein levels of key insulin signalling pathway markers. Conclusions We found that human adipose tissue treated with environmentally-relevant concentrations of BPA for 24 h, but not BPS, reduced expression of proinflammatory genes and adipokines. Furthermore, BPA reduced glucose uptake in adipocytes independently of insulin signalling. Such mechanisms can contribute to the development of insulin resistance associated with BPA exposure