Liquidity and Manipulation of Executive Compensation Schemes

Several standard components of managerial compensation contracts have been criticized for encouraging managers to manipulate short-term information about the firm, thereby reducing transparency. This includes bonus schemes that encourage earnings smoothing, and option packages that allow managers to cash out early when the firm is overvalued. We show in an optimal contracting framework that these components are critical for giving long-term incentives to managers. The lack of transparency induced by the features of the contract makes it harder for the principal to engage in ex post optimal but ex ante inefficient liquidity provision to the manager.Executive compensation; earnings management; transparency

Security Design with Investor Private Information

I study the security design problem of a firm when investors rather than managers have private information about the firm. I find that it is often optimal to issue information-sensitive securities like equity. The "folklore proposition of debt" from traditional signalling models only goes through if the firm can vary the face value of debt with investor demand. When the firm has several assets, debt backed by a pool of assets is optimal when the degree of competition among investors is low, while equity backed by individual assets can be optimal when competition is high.Security design; Capital Structure; Auctions; Asset backed securities

Borrow cheap, buy high? The determinants of leverage and pricing in buyouts

Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining capital structure theories. Using a large, detailed, international sample of buyouts from 1980-2008, we find that buyout leverage is unrelated to the cross-sectional factors – suggested by traditional capital structure theories – that drive public firm leverage. Instead, variation in economy-wide credit conditions is the main determinant of leverage in buyouts, while having little impact on public firms. Higher deal leverage is associated with higher transaction prices and lower buyout fund returns, suggesting that acquirers overpay when access to credit is easier

AEROX: Computer program for transonic aircraft aerodynamics to high angles of attack. Volume 1: Aerodynamic methods and program users' guide

The AEROX program estimates lift, induced-drag and pitching moments to high angles (typ. 60 deg) for wings and for wingbody combinations with or without an aft horizontal tail. Minimum drag coefficients are not estimated, but may be input for inclusion in the total aerodynamic parameters which are output in listed and plotted formats. The theory, users' guide, test cases, and program listing are presented

An Atypical Presentation of Cystic Echinococcosis

Cystic echinococcosis (CE) is an infection caused by the Echinococcus granulosus tapeworm. CE generally manifests in the liver, but it may present in any organ. These patients often first present to the emergency department. Mortality over 10 years is significant for those who go undiagnosed. We report the case of a 34-year-old patient who immigrated from Yemen six years earlier. She presented with acute onset dysuria, suprapubic pain, and fever. Imaging revealed a primary multicystic mass on the right renal pole with a secondary lesion in the right hepatic lobe. On further investigation, the patient’s serum was positive for echinococcus antibodies

Comparisons of AEROX computer program predictions of lift and induced drag with flight test data

The AEROX aerodynamic computer program which provides accurate predictions of induced drag and trim drag for the full angle of attack range and for Mach numbers from 0.4 to 3.0 is described. This capability is demonstrated comparing flight test data and AEROX predictions for 17 different tactical aircraft. Values of minimum (skin friction, pressure, and zero lift wave) drag coefficients and lift coefficient offset due to camber (when required) were input from the flight test data to produce total lift and drag curves. The comparisons of trimmed lift drag polars show excellent agreement between the AEROX predictions and the in flight measurements

Wall Street occupations

Many finance jobs entail the risk of large losses, and hard-to-monitor effort. We analyze the equilibrium consequences of these features in a model with optimal dynamic contracting. We show that finance jobs feature high compensation, up-or-out promotion and long work hours, and are more attractive than other jobs. Moral hazard problems are exacerbated in booms, even though pay increases. Employees whose talent would be more valuable elsewhere can be lured into finance jobs, while the most talented employees might be unable to land these jobs because they are “too hard to manage.

Preliminary performance estimates of a highly maneuverable remotely piloted vehicle

A computerized synthesis program has been used to assess the effects of various vehicle and mission parameters on the performance of a highly maneuverable remotely piloted vehicle (RPV) for the air-to-air combat role. The configuration used in the study is a trapezoidal-wing and body concept, with forward-mounted stabilizing and control surfaces. The study mission consists of an outbound cruise, an acceleration phase, a series of subsonic and supersonic turns, and a return cruise. Performance is evaluated in terms of both the required vehicle weight to accomplish this mission and combat effectiveness as measured by turning and acceleration capability. The report describes the synthesis program, the mission, the vehicle, and the results of sensitivity and trade studies

Konsumenter om klimat, mat och klimatmärkning

Intresset för hur maten framställs, vilka miljöeffekter den orsakar och varifrån den kommer är ett stort hos konsumenterna. Inte minst klimatfrågen är en miljöfråga som engagerar. En mängd olika märkningar och varumärken på marknaden försöker underlätta konsumentens val. I denna studie specialstuderas konsumenternas inställning till klimat, mat och klimatmärkning. Genom undersökningen ville vi få en bild av hur man ser på klimatfrågan och hur konsumenter försöker lösa frågan genom sina val av livsmedel. Som konsument tycker man att en klimatmärkning av livsmedel vore bra. Svenskt Sigill och KRAV är kända men har mycket att arbeta för när det gäller att kommunicera vad märkningarna står för och Carbon Footprint är tämligen okänd. Tre av fyra av de 184 konsumenterna ansåg att man bör ändra på sina matvanor för att bromsa klimatförändringen; framförallt genom att köpa mer närproducerad mat, köpa mat efter säsong och undvika att slänga mat