Earnings distribution, corporate governance and CEO pay

We investigate the relationship between earnings differentials and the pay of CEOs of 190 British companies between 1970 and 1990. We find that (i) changes in the differential between the 90th and 50th weekly earnings percentiles for non-manual adult male workers [90:50] explain changes in the level of real CEO salary and bonus in our sample of companies; (ii) changes in this differential also account for changes in the elasticity of CEO pay to firm size; (iii) a broader measure of earnings inequality does far worse than 90:50 at explaining changes in both the level and the firm size elasticity of CEO pay; (iv) fitting the model on data for 1970-1983 and predicting pay levels for the period starting with the widespread adoption of executive share option schemes in 1984, we find a structural break in the relationship between lower management pay differentials and the pay of the CEO. We conclude first that top executive pay prior to 1984 was a stable function of both firm size and earnings differentials lower on the administrative ladder, consistent with a hypothesis advanced by Herbert Simon in 1957; and second that the use of share options from 1984 onward represents not simply a change in the mode of top executive compensation, but a de -linking of the pay of top executives and that of their subordinates

Restoring Aspen Riparian Stands With Beaver on the Northern Yellowstone Winter Range

Aspen (Populus tremuloides) on the Gardiner Ranger District, Gallatin National Forest, have declined over the last half-century. In an attempt to reverse this trend, beaver (Castor canadensis) were reintroduced in Eagle Creek in 1991. In 2005, we assessed the long-term effects of beaver on aspen stands and the associated riparian area in the Eagle Creek drainage. Aspen recovery was estimated by comparing vegetative changes among control sites with \u3c10 percent beaver use\u3e(n = 5), active beaver sites (n = 6), sites abandoned for 1 to 3 years (n = 7), sites abandoned for 4 to 6 years (n = 4), and sites abandoned for 7 to 11 years (n = 5). Aspen stem densities in active sites and sites abandoned by beaver for 1 to 3 years were similar (2.6/m2) and greater (P = 0.01) than the remaining sites. Sprout and sapling densities were greater (P = 0.01) on active and sites abandoned for 1 to 3 years compared to the other sites. Aspen suckers were not able to grow taller than 2m on sites without beaver activity for 4 to 1 years, which prevented aspen recovery. Beaver activity stimulated the growth of aspen sprouts and saplings, but ungulate herbivory prevented successful aspen recovery in Eagle Creek

Quaking Aspen Ecology on Forest Service Lands North of Yellowstone National Park

Quaking aspen (Populus tremuloides) occupy a small area in the northern Rocky Mountains, but are highly valued as wildlife habitat. Aspen stands in and around Yellowstone National Park commonly consist of few, large, mature overstory stems and numerous root suckers that do not grow above the browsing reach (≈ 2 m) of most wild ungulates. Our primary objective was to determine if the recruitment or density of aspen stems \u3e 2 m tall had changed from 1991 to 2006 on a portion of the Gallatin National Forest. The same aspen stands were surveyed in 1991 and 2006 in the 560 km² study area (n = 316). Secondary objectives were to determine if aspen density was influenced by elk (Cervus elaphus) browsing, conifer establishment, and cattle (Bos spp.) grazing. Mean recruitment stem density did not change from 1991 to 2006 (P = 0.95). Density of stems \u3e 2 m declined 12 percent from 1991 to 2006 (P = 0.04), which indicates that recruitment stems are not being produced at a sufficient rate to replace aging overstories. Areas with the greatest elk densities had the lowest recruitment stem densities and contributed the most to the decline. Although elk browsing seemed to play the largest role, conifer establishment and cattle grazing have also negatively impacted overstory recruitment in aspen stands. Even though elk numbers on the Northern Yellowstone Winter Range have declined since wolf reintroduction, aspen recruitment has not increased at the landscape level on the Gallatin National Forest

Managerial Ability and the Quality of Firms’ Information Environment

In this study, we examine the relation between managerial ability and the quality of a firm’s information environment. An emerging stream of research has identified managerial ability as an important determinant of accruals quality and management forecast quality. However, our understanding of the impact of managerial ability on a firm’s broader information environment is incomplete because it captures more than these specific financial reporting disclosures. Using a composite index based on various proxies for a firm’s information environment, we find a positive relation between managerial ability and a firm’s information environment. Consistent with our argument that managers’ equity incentives improve disclosure quality, we find that the quality of a firm’s information environment improves when managers have higher levels of equity incentives. We contribute to the literature by providing more complete and conclusive evidence about the impact of managerial ability on a firm’s broader information environment

Hyperpolarized 13C-pyruvate MRI detects real-time metabolic flux in prostate cancer metastases to bone and liver: a clinical feasibility study.

BackgroundHyperpolarized (HP) 13C-pyruvate MRI is a stable-isotope molecular imaging modality that provides real-time assessment of the rate of metabolism through glycolytic pathways in human prostate cancer. Heretofore this imaging modality has been successfully utilized in prostate cancer only in localized disease. This pilot clinical study investigated the feasibility and imaging performance of HP 13C-pyruvate MR metabolic imaging in prostate cancer patients with metastases to the bone and/or viscera.MethodsSix patients who had metastatic castration-resistant prostate cancer were recruited. Carbon-13 MR examination were conducted on a clinical 3T MRI following injection of 250 mM hyperpolarized 13C-pyruvate, where pyruvate-to-lactate conversion rate (kPL) was calculated. Paired metastatic tumor biopsy was performed with histopathological and RNA-seq analyses.ResultsWe observed a high rate of glycolytic metabolism in prostate cancer metastases, with a mean kPL value of 0.020 ± 0.006 (s-1) and 0.026 ± 0.000 (s-1) in bone (N = 4) and liver (N = 2) metastases, respectively. Overall, high kPL showed concordance with biopsy-confirmed high-grade prostate cancer including neuroendocrine differentiation in one case. Interval decrease of kPL from 0.026 at baseline to 0.015 (s-1) was observed in a liver metastasis 2 months after the initiation of taxane plus platinum chemotherapy. RNA-seq found higher levels of the lactate dehydrogenase isoform A (Ldha,15.7 ± 0.7) expression relative to the dominant isoform of pyruvate dehydrogenase (Pdha1, 12.8 ± 0.9).ConclusionsHP 13C-pyruvate MRI can detect real-time glycolytic metabolism within prostate cancer metastases, and can measure changes in quantitative kPL values following treatment response at early time points. This first feasibility study supports future clinical studies of HP 13C-pyruvate MRI in the setting of advanced prostate cancer

How Cereal Grass Shoots Perceive And Respond To Gravity

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/141646/1/ajb208758.pd