Clawback Provisions in Real Estate Investment Trusts

Using a sample of 195 unique real estate investment trusts (REITs), we examine factors related to the adoption of clawback provisions within managerial compensation contracts. In general, we find strong and consistent empirical evidence that clawback provision are directly related to firm size, complexity, leverage, growth options, monitoring incentives, and CEO performance incentives. We also find that clawbacks are associated with enhanced market and accounting performance, with stronger performance relations observed for adoption decisions tied directly to regulatory mandates. In sum, we conclude compensation clawback provisions represent a value-relevant, strategic governance mechanism for REITs

Using sports infrastructure to deliver economic and social change: Lessons for London beyond 2012

Over the last two decades, there has been a new trend emerging within sport, which has seen a shift, from investment for the sake of sport, to investment in sport for good (Sport England, 2008). In the context of the latter approach, there has been an emergence of the use of sport to address regeneration objectives, largely stemming from the belief of government and other sporting and non-sporting organizations, that it can confer a wide range of economic and social benefits to individuals and communities beyond those of a purely physical sporting nature, and can contribute positively to the revitalization of declining urban areas (BURA, 2003). This commentary will examine regeneration legacy in the context of the London Olympic Games. In particular, it will focus on the use of sports stadia as a tool for delivering economic and social change, and by drawing upon previous examples, suggest lessons London can learn to enhance regeneration legacies beyond 2012

Osteoarthritis of the Hip Joint

The incidence of osteoarthritis of the hip is increasing internationally. With the population becoming older and the rates of obesity increasing on a global scale, we are seeing more traumatic and idiopathic degeneration of the native hip joint. The pathological processes occurring in the hip have been described at a macroscopic and microscopic level. The inability of surface hyaline cartilage to heal is one of the major contributors to the irreversible nature of degeneration once it begins. Many classification systems have been described to characterise the extent of disease. History and examination play a pivotal role in the management algorithm. The goals of treatment are to improve pain, function and quality of life. Numerous non-operative treatments exist as do many operative interventions. Total hip arthroplasty is arguably the most successful operation developed in orthopaedic surgery to date. We discuss the condition of osteoarthritis as it pertains to the hip and we consider the patients’ course from onset of symptoms through their investigation up to their definitive management

Case Report: man on antiretroviral therapy with painful thighs

A 54 year old man presented with increasing pain in both thighs for three months during a follow up visit at the antiretroviral therapy (ART) clinic of Queen Elizabeth Central Hospital

Contrasting mechanisms of magma fragmentation during coeval magmatic and hydromagmatic activity: the Hverfjall Fires fissure eruption, Iceland

Growing evidence for significant magmatic vesiculation prior to magma-water interaction (MWI) has brought into question the use of ‘diagnostic’ features, such as low vesicularities and blocky morphologies, to identify hydromagmatic pyroclasts. We address this question by quantifying co-variations in particle size, shape and texture in both magmatic and hydromagmatic deposits from the Hverfjall Fires fissure eruption, Iceland. Overlapping vesicularity and bubble number density distributions measured in rapidly quenched magmatic and hydromagmatic pyroclasts indicate a shared initial history of bubble nucleation and growth, with substantial vesiculation prior to MWI. Hydromagmatic fragmentation occurred principally by brittle mechanisms, where the length scale and geometry of fracturing was controlled by the bubble population. This suggests that the elevated fragmentation efficiency of hydromagmatic deposits is driven, at least in part, by brittle disintegration of vesicular pyroclasts due to high thermal stress generated during rapid cooling. In this way, the shape and size distributions of hydromagmatic pyroclasts, both critical input parameters for ash dispersion models, are strongly influenced by the dynamics of vesiculation prior to MWI. This result underlines the need to analyse multiple grain-size fractions to characterise the balance between magmatic and hydromagmatic processes. During the Hverfjall Fires eruption, the external water supply was sufficient to maintain MWI throughout the eruption, with no evidence for progressive exhaustion of a water reservoir. We suggest that both the longevity and the spatial distribution of MWI were determined by the pre-existing regional hydrology and represent continuous interaction between a propagating dike and a strong groundwater flow system hosted within permeable basalt lavas

COST-S: a new methodology and tools for sewerage asset management based on whole life costs

This is the final version of the article. Freely available from IWA Publishing via the link in this record.This paper discusses the development of a methodology and software tools aimed at assisting management decisions in order to provide acceptable performance at a minimum cost over the whole life of the sewerage system. Whole Life Costing (WLC) approaches have been shown to offer an ideal platform to provide investment and operational management tools that take account of the timing of interventions, system behaviour and performance all within a sensible economic and engineering framework. The need for such a methodology and the requirements for its useful implementation are introduced first. The paper then describes how research collaboration between the UK Water Industry and two UK research centres (Centre for Water Systems at Exeter University and Pennine Water Group at Universities of Sheffield and Bradford), and supported by the UK Engineering and Physical Sciences Research Council grant, resulted in an innovative, practical and auditable methodology with associated tools for better proactive management of ageing and rapidly deteriorating sewerage systems.The authors would like to acknowledge the generous support of EPSRC (Project No.GR/M16122/01 and GR/R98617/01) as well as that of the industrial collaborators;AWG, Northumbrian Water,Thames Water Services,United Utilities and Yorkshire Water Services

Contrasting mechanisms of magma fragmentation during coeval magmatic and hydromagmatic activity: the Hverfjall Fires fissure eruption, Iceland

Growing evidence for significant magmatic vesiculation prior to magma-water interaction (MWI) has brought into question the use of ‘diagnostic’ features, such as low vesicularities and blocky morphologies, to identify hydromagmatic pyroclasts. We address this question by quantifying co-variations in particle size, shape and texture in both magmatic and hydromagmatic deposits from the Hverfjall Fires fissure eruption, Iceland. Overlapping vesicularity and bubble number density distributions measured in rapidly quenched magmatic and hydromagmatic pyroclasts indicate a shared initial history of bubble nucleation and growth, with substantial vesiculation prior to MWI. Hydromagmatic fragmentation occurred principally by brittle mechanisms, where the length scale and geometry of fracturing was controlled by the bubble population. This suggests that the elevated fragmentation efficiency of hydromagmatic deposits is driven, at least in part, by brittle disintegration of vesicular pyroclasts due to high thermal stress generated during rapid cooling. In this way, the shape and size distributions of hydromagmatic pyroclasts, both critical input parameters for ash dispersion models, are strongly influenced by the dynamics of vesiculation prior to MWI. This result underlines the need to analyse multiple grain-size fractions to characterise the balance between magmatic and hydromagmatic processes. During the Hverfjall Fires eruption, the external water supply was sufficient to maintain MWI throughout the eruption, with no evidence for progressive exhaustion of a water reservoir. We suggest that both the longevity and the spatial distribution of MWI were determined by the pre-existing regional hydrology and represent continuous interaction between a propagating dike and a strong groundwater flow system hosted within permeable basalt lavas

A new approach to ensuring oral health care for people living with HIV/AIDS: the dental case manager

INTRODUCTION: The American Dental Association has identified several barriers to adequate dental care for vulnerable populations, including appropriate case management. The objective of this study was to examine the perceptions, attitudes, and beliefs of dental patients living with HIV/AIDS on the role and value of the dental case manager (DCM) and the effect of DCM services on their oral or overall health. METHODS: We used a qualitative descriptive study design and focus groups. Twenty-five people who had received DCM services on Cape Cod, Massachusetts, attended 1 of 5 focus groups in 2009 and 2010. Digital recordings of the groups were transcribed verbatim. Textual data were categorized using directed qualitative content analysis techniques. We identified major themes and representative quotes. RESULTS: The following themes emerged from discussions on the DCM\u27s role: being available, knowledgeable about clients and insurance, and empathetic; increasing access; and providing comfort. Most participants credited their oral and overall health improvements to the DCM. All participants believed that the DCM was a valuable addition to the clinic and noted that other at-risk populations, including the elderly and developmentally disabled, likely would benefit from working with a DCM. CONCLUSION: The addition of a DCM facilitated access to dental care among this sample of people living with HIV/AIDS, providing them with an advocate and resulting in self-reported improvements to oral and overall health