Beyond shareholder primacy? Reflections on the trajectory of UK corporate governance.

Core institutions of UK corporate governance, in particular the City Code on Takeovers and Mergers, the Combined Code on Corporate Governance and the law on directors’ duties, are strongly orientated towards the norm of shareholder primacy. Beyond the core, however, stakeholder interests are better represented, in particular at the intersection of insolvency and employment law. This reflects the influence of European Community laws on information and consultation of employees. In addition, there are signs that some institutional shareholders are redirecting their investment strategies, under government encouragement, away from a focus on short-term returns, in such a way as to favour stakeholder-inclusive practices by firms. On this basis we suggest that the UK system is currently in a state of flux and that the debate over shareholder primacy has not been concluded

Modeling Micro-Porous Surfaces for Secondary Electron Emission Control to Suppress Multipactor

This work seeks to understand how the topography of a surface can be engineered to control secondary electron emission (SEE) for multipactor suppression. Two unique, semi-empirical models for the secondary electron yield (SEY) of a micro-porous surface are derived and compared. The first model is based on a two-dimensional (2D) pore geometry. The second model is based on a three-dimensional (3D) pore geometry. The SEY of both models is shown to depend on two categories of surface parameters: chemistry and topography. An important parameter in these models is the probability of electron emissions to escape the surface pores. This probability is shown by both models to depend exclusively on the aspect ratio of the pore (the ratio of the pore height to the pore diameter). The increased accuracy of the 3D model (compared to the 2D model) results in lower electron escape probabilities with the greatest reductions occurring for aspect ratios less than two. In order to validate these models, a variety of micro-porous gold surfaces were designed and fabricated using photolithography and electroplating processes. The use of an additive metal-deposition process (instead of the more commonly used subtractive metal-etch process) provided geometrically ideal pores which were necessary to accurately assess the 2D and 3D models. Comparison of the experimentally measured SEY data with model predictions from both the 2D and 3D models illustrates the improved accuracy of the 3D model. For a micro-porous gold surface consisting of pores with aspect ratios of two and a 50% pore density, the 3D model predicts that the maximum total SEY will be one. This provides optimal engineered surface design objectives to pursue for multipactor suppression using gold surfaces

Early-type Galaxies at z ~ 1.3. III. On the Dependence of Formation Epochs and Star Formation Histories on Stellar Mass and Environment

We study the environmental dependence of stellar population properties at z ~ 1.3. We derive galaxy properties (stellar masses, ages, and star formation histories) for samples of massive, red, passive early-type galaxies (ETGs) in two high-redshift clusters, RXJ0849+4452 and RXJ0848+4453 (with redshifts of z = 1.26 and 1.27, respectively), and compare them with those measured for the RDCS1252.9–2927 cluster at z = 1.24 and with those measured for a similarly mass-selected sample of field contemporaries drawn from the GOODS-South field. Robust estimates of the aforementioned parameters have been obtained by comparing a large grid of composite stellar population models with extensive 8- to 10-band photometric coverage, from the rest-frame far-ultraviolet to the infrared. We find no variations of the overall stellar population properties among the different samples of cluster ETGs. However, when comparing cluster versus field stellar population properties we find that, even if the ages are similar and depend only on galaxy mass, the ones in the field do employ longer timescales to assemble their final mass. We find that, approximately 1 Gyr after the onset of star formation, the majority (75%) of cluster galaxies have already assembled most (>80%) of their final mass, while, by the same time, fewer (35%) field ETGs have. Thus, we conclude that while galaxy mass regulates the timing of galaxy formation, the environment regulates the timescale of their star formation histories

Early-type Galaxies at z ~ 1.3. II. Masses and Ages of Early-type Galaxies in Different Environments and Their Dependence on Stellar Population Model Assumptions

We have derived masses and ages for 79 early-type galaxies (ETGs) in different environments at z ~ 1.3 in the Lynx supercluster and in the GOODS/CDF-S field using multi-wavelength (0.6-4.5 μm; KPNO, Palomar, Keck, Hubble Space Telescope, Spitzer) data sets. At this redshift the contribution of the thermally pulsing asymptotic giant branch (TP-AGB) phase is important for ETGs, and the mass and age estimates depend on the choice of the stellar population model used in the spectral energy distribution fits. We describe in detail the differences among model predictions for a large range of galaxy ages, showing the dependence of these differences on age. Current models still yield large uncertainties. While recent models from Maraston and Charlot & Bruzual offer better modeling of the TP-AGB phase with respect to less recent Bruzual & Charlot models, their predictions do not often match. The modeling of this TP-AGB phase has a significant impact on the derived parameters for galaxies observed at high redshift. Some of our results do not depend on the choice of the model: for all models, the most massive galaxies are the oldest ones, independent of the environment. When using the Maraston and Charlot & Bruzual models, the mass distribution is similar in the clusters and in the groups, whereas in our field sample there is a deficit of massive (M ≳ 10^(11) M_☉) ETGs. According to those last models, ETGs belonging to the cluster environment host on average older stars with respect to group and field populations. This difference is less significant than the age difference in galaxies of different masses

The massive end of the luminosity and stellar mass functions: Dependence on the fit to the light profile

In addition to the large systematic differences arising from assumptions about the stellar mass-to-light ratio, the massive end of the stellar mass function is rather sensitive to how one fits the light profiles of the most luminous galaxies. We quantify this by comparing the luminosity and stellar mass functions based on SDSS cmodel magnitudes, and PyMorph single-Sersic and Sersic-Exponential fits to the surface brightness profiles of galaxies in the SDSS. The PyMorph fits return more light, so that the predicted masses are larger than when cmodel magnitudes are used. As a result, the total stellar mass density at z~0.1 is about 1.2x larger than in our previous analysis of the SDSS. The differences are most pronounced at the massive end, where the measured number density of objects having M* > 6 x 10^{11} Msun is ~5x larger. Alternatively, at number densities of 10^{-6} Mpc^{-3}, the limiting stellar mass is 2x larger. The differences with respect to fits by other authors, typically based on Petrosian-like magnitudes, are even more dramatic, although some of these differences are due to sky-subtraction problems, and are sometimes masked by large differences in the assumed $M_*/L$ (even after scaling to the same IMF). Our results impact studies of the growth and assembly of stellar mass in galaxies, and of the relation between stellar and halo mass, so we provide simple analytic fits to these new luminosity and stellar mass functions and quantify how they depend on morphology, as well as the binned counts in electronic format.Comment: 8 pages, 6 figures; accepted for publication in MNRAS. Electronic versions of Tables 2 and 3, which list the binned counts, are provided as "ancillary" file

Nonlinear Parabolic Equations arising in Mathematical Finance

This survey paper is focused on qualitative and numerical analyses of fully nonlinear partial differential equations of parabolic type arising in financial mathematics. The main purpose is to review various non-linear extensions of the classical Black-Scholes theory for pricing financial instruments, as well as models of stochastic dynamic portfolio optimization leading to the Hamilton-Jacobi-Bellman (HJB) equation. After suitable transformations, both problems can be represented by solutions to nonlinear parabolic equations. Qualitative analysis will be focused on issues concerning the existence and uniqueness of solutions. In the numerical part we discuss a stable finite-volume and finite difference schemes for solving fully nonlinear parabolic equations.Comment: arXiv admin note: substantial text overlap with arXiv:1603.0387

The importance of major mergers in the build up of stellar mass in brightest cluster galaxies at z=1

Recent independent results from numerical simulations and observations have shown that brightest cluster galaxies (BCGs) have increased their stellar mass by a factor of almost two between z~0.9 and z~0.2. The numerical simulations further suggest that more than half this mass is accreted through major mergers. Using a sample of 18 distant galaxy clusters with over 600 spectroscopically confirmed cluster members between them, we search for observational evidence that major mergers do play a significant role. We find a major merger rate of 0.38 +/- 0.14 mergers per Gyr at z~1. While the uncertainties, which stem from the small size of our sample, are relatively large, our rate is consistent with the results that are derived from numerical simulations. If we assume that this rate continues to the present day and that half of the mass of the companion is accreted onto the BCG during these mergers, then we find that this rate can explain the growth in the stellar mass of the BCGs that is observed and predicted by simulations. Major mergers therefore appear to be playing an important role, perhaps even the dominant one, in the build up of stellar mass in these extraordinary galaxies.Comment: 15 pages, 6 figures, accepted for publication in MNRAS. Reduced data will be made available through the ESO archiv

The Current State of Performance Appraisal Research and Practice: Concerns, Directions, and Implications

On the surface, it is not readily apparent how some performance appraisal research issues inform performance appraisal practice. Because performance appraisal is an applied topic, it is useful to periodically consider the current state of performance research and its relation to performance appraisal practice. This review examines the performance appraisal literature published in both academic and practitioner outlets between 1985 and 1990, briefly discusses the current state of performance appraisal practice, highlights the juxtaposition of research and practice, and suggests directions for further research