The Good, the Bad and the Lucky: CEO Pay and Skill

CEO compensation varies widely, even within industries. In this paper, we investigate whether differences in skill explain these differences in CEO pay. Using the idea that skilled CEOs should be more likely to continue prior good performance and more likely to reverse prior poor performance, we develop a new methodology to detect whether skill is related to pay. We find that highly paid CEOs are more skilled than their less well paid peers when pay is performancebased and when there is a large shareholder. This detected link between pay and skill is strong even when we examine industry-wide declines: highly paid CEOs are more likely to reverse the firm’s fortunes. We also examine CEO turnovers and show that the firm’s post-turnover performance is related to differences between the two CEO’s pay levels. These results highlight conditions where pay and skill are linked, and hence identify firms where high pay appears to have no justification

The Good, the Bad and the Lucky: CEO Pay and Skill

CEO compensation varies widely, even within industries. In this paper, we investigate whether differences in skill explain these differences in CEO pay. Using the idea that skilled CEOs should be more likely to continue prior good performance and more likely to reverse prior poor performance, we develop a new methodology to detect whether skill is related to pay. We find that highly paid CEOs are more skilled than their less well paid peers when pay is performancebased and when there is a large shareholder. This detected link between pay and skill is strong even when we examine industry-wide declines: highly paid CEOs are more likely to reverse the firm’s fortunes. We also examine CEO turnovers and show that the firm’s post-turnover performance is related to differences between the two CEO’s pay levels. These results highlight conditions where pay and skill are linked, and hence identify firms where high pay appears to have no justification

Highlights from the 2016 North American Cystic Fibrosis Conference

The 30th annual North American Cystic Fibrosis Conference (NACFC) was held in Orlando, FL, on October 27-29, 2016. Abstracts were published in a supplement to Pediatric Pulmonology. This review summarizes several major topic areas addressed at the conference: the pathophysiology of cystic fibrosis (CF) lung disease, clinical trials, clinical management issues, and quality improvement. We sought to provide an overview of emerging concepts in several areas of CF research and care, rather than a comprehensive review of the conference. Citations from the conference are by first author and abstract number or symposium number, as designated in the supplement

The Extended Blue Continuum and Line Emission around the Central Radio Galaxy in Abell 2597

We present results from detailed imaging of the centrally dominant radio elliptical galaxy in the cooling flow cluster Abell 2597, using data obtained with the Wide Field and Planetary Camera 2 (WFPC2) on the Hubble Space Telescope (HST). This object is one of the archetypal "blue-lobed" cooling flow radio elliptical galaxies, also displaying a luminous emission-line nebula, a compact radio source, and a significant dust lane and evidence of molecular gas in its center. We show that the radio source is surrounded by a complex network of emission-line filaments, some of which display a close spatial association with the outer boundary of the radio lobes. We present a detailed analysis of the physical properties of ionized and neutral gas associated with the radio lobes, and show that their properties are strongly suggestive of direct interactions between the radio plasma and ambient gas. We resolve the blue continuum emission into a series of knots and clumps, and present evidence that these are most likely due to regions of recent star formation. We investigate several possible triggering mechanisms for the star formation, including direct interactions with the radio source, filaments condensing from the cooling flow, or the result of an interaction with a gas-rich galaxy, which may also have been responsible for fueling the active nucleus. We propose that the properties of the source are plausibly explained in terms of accretion of gas by the cD during an interaction with a gas-rich galaxy, which combined with the fact that this object is located at the center of a dense, high-pressure ICM can account for the high rates of star formation and the strong confinement of the radio source.Comment: Astrophysical Journal, in press, 34 pages, includes 6 PostScript figures. Latex format, uses aaspp4.sty and epsf.sty file

On the Internal Absorption of Galaxy Clusters

A study of the cores of galaxy clusters with the Einstein SSS indicated the presence of absorbing material corresponding to 1E+12 Msun of cold cluster gas, possibly resulting from cooling flows. Since this amount of cold gas is not confirmed by observations at other wavelengths, we examined whether this excess absorption is present in the ROSAT PSPC observations of 20 bright galaxy clusters. For 3/4 of the clusters, successful spectral fits were obtained with absorption due only to the Galaxy, and therefore no extra absorption is needed within the clusters, in disagreement with the results from the Einstein SSS data for some of the same clusters. For 1/4 of the clusters, none of our spectral fits was acceptable, suggesting a more complicated cluster medium than the two-temperature and cooling flow models considered here. However, even for these clusters, substantial excess absorption is not indicated.Comment: accepted by the Astrophysical Journa

Evolutionary Trace Annotation Server: automated enzyme function prediction in protein structures using 3D templates

Summary:The Evolutionary Trace Annotation (ETA) Server predicts enzymatic activity. ETA starts with a structure of unknown function, such as those from structural genomics, and with no prior knowledge of its mechanism uses the phylogenetic Evolutionary Trace (ET) method to extract key functional residues and propose a function-associated 3D motif, called a 3D template. ETA then searches previously annotated structures for geometric template matches that suggest molecular and thus functional mimicry. In order to maximize the predictive value of these matches, ETA next applies distinctive specificity filters—evolutionary similarity, function plurality and match reciprocity. In large scale controls on enzymes, prediction coverage is 43% but the positive predictive value rises to 92%, thus minimizing false annotations. Users may modify any search parameter, including the template. ETA thus expands the ET suite for protein structure annotation, and can contribute to the annotation efforts of metaservers

Unique Neoproterozoic carbon isotope excursions sustained by coupled evaporite dissolution and pyrite burial

The Neoproterozoic era witnessed a succession of biological innovations that culminated in diverse animal body plans and behaviours during the Ediacaran–Cambrian radiations. Intriguingly, this interval is also marked by perturbations to the global carbon cycle, as evidenced by extreme fluctuations in climate and carbon isotopes. The Neoproterozoic isotope record has defied parsimonious explanation because sustained 12C-enrichment (low δ13C) in seawater seems to imply that substantially more oxygen was consumed by organic carbon oxidation than could possibly have been available. We propose a solution to this problem, in which carbon and oxygen cycles can maintain dynamic equilibrium during negative δ13C excursions when surplus oxidant is generated through bacterial reduction of sulfate that originates from evaporite weathering. Coupling of evaporite dissolution with pyrite burial drives a positive feedback loop whereby net oxidation of marine organic carbon can sustain greenhouse forcing of chemical weathering, nutrient input and ocean margin euxinia. Our proposed framework is particularly applicable to the late Ediacaran ‘Shuram’ isotope excursion that directly preceded the emergence of energetic metazoan metabolisms during the Ediacaran–Cambrian transition. Here we show that non-steady-state sulfate dynamics contributed to climate change, episodic ocean oxygenation and opportunistic radiations of aerobic life during the Neoproterozoic era

LRCH Proteins: A Novel Family of Cytoskeletal Regulators

Background: Comparative genomics has revealed an unexpected level of conservation for gene products across the evolution of animal species. However, the molecular function of only a few proteins has been investigated experimentally, and the role of many animal proteins still remains unknown. Here we report the characterization of a novel family of evolutionary conserved proteins, which display specific features of cytoskeletal scaffolding proteins, referred to as LRCHs. Principal Findings: Taking advantage of the existence of a single LRCH gene in flies, dLRCH, we explored its function in cultured cells, and show that dLRCH act to stabilize the cell cortex during cell division. dLRCH depletion leads to ectopic cortical blebs and alters positioning of the mitotic spindle. We further examined the consequences of dLRCH deletion throughout development and adult life. Although dLRCH is not essential for cell division in vivo, flies lacking dLRCH display a reduced fertility and fitness, particularly when raised at extreme temperatures. Conclusion/Significance: These results support the idea that some cytoskeletal regulators are important to buffer environmental variations and ensure the proper execution of basic cellular processes, such as the control of cell shape

Structural variation in the chicken genome identified by paired-end next-generation DNA sequencing of reduced representation libraries

<p>Abstract</p> <p>Background</p> <p>Variation within individual genomes ranges from single nucleotide polymorphisms (SNPs) to kilobase, and even megabase, sized structural variants (SVs), such as deletions, insertions, inversions, and more complex rearrangements. Although much is known about the extent of SVs in humans and mice, species in which they exert significant effects on phenotypes, very little is known about the extent of SVs in the 2.5-times smaller and less repetitive genome of the chicken.</p> <p>Results</p> <p>We identified hundreds of shared and divergent SVs in four commercial chicken lines relative to the reference chicken genome. The majority of SVs were found in intronic and intergenic regions, and we also found SVs in the coding regions. To identify the SVs, we combined high-throughput short read paired-end sequencing of genomic reduced representation libraries (RRLs) of pooled samples from 25 individuals and computational mapping of DNA sequences from a reference genome.</p> <p>Conclusion</p> <p>We provide a first glimpse of the high abundance of small structural genomic variations in the chicken. Extrapolating our results, we estimate that there are thousands of rearrangements in the chicken genome, the majority of which are located in non-coding regions. We observed that structural variation contributes to genetic differentiation among current domesticated chicken breeds and the Red Jungle Fowl. We expect that, because of their high abundance, SVs might explain phenotypic differences and play a role in the evolution of the chicken genome. Finally, our study exemplifies an efficient and cost-effective approach for identifying structural variation in sequenced genomes.</p