Are U.S. CEOs Paid More than U.K. CEOs? Inferences from Risk- Adjusted Pay (CRI 2009-003)

We compute and compare risk-adjusted pay for US and UK CEOs, where the adjustment is based on estimated risk premiums stemming from the equity incentives borne by CEOs. Controlling for firm and industry characteristics, we find that US CEOs have higher pay, but also bear much higher stock and option incentives than UK CEOs. Using reasonable estimates of risk premiums, we find that risk-adjusted US CEO pay does not appear large compared to that of UK CEOs. We also examine differences in pay and equity incentives between a sample of non-UK European CEOs and a matched sample of US CEOs, and find that risk-adjusting pay may explain about half of the apparent higher pay for US CEOs

Quantifying the efficiency and biases of forest Saccharomyces sampling strategies

Saccharomyces yeasts are emerging as model organisms for ecology and evolution, and researchers need environmental Saccharomyces isolates to test ecological and evolutionary hypotheses. However, methods for isolating Saccharomyces from nature have not been standardized and isolation methods may influence the genotypes and phenotypes of studied strains. We compared the effectiveness and potential biases of an established enrichment culturing method against a newly developed direct plating method for isolating forest floor Saccharomyces spp. In a European forest, enrichment culturing was both less successful at isolating S. paradoxus per sample collected and less labor intensive per isolated S. paradoxus colony than direct isolation. The two methods sampled similar S. paradoxus diversity: the number of unique genotypes sampled (i.e., genotypic diversity) per S. paradoxus isolate and average growth rates of S. paradoxus isolates did not differ between the two methods, and growth rate variances (i.e., phenotypic diversity) only differed in one of three tested environments. However, enrichment culturing did detect rare S. cerevisiae in the forest habitat, and also found two S. paradoxus isolates with outlier phenotypes. Our results validate the historically common method of using enrichment culturing to isolate representative collections of environmental Saccharomyces. We recommend that researchers choose a Saccharomyces sampling method based on resources available for sampling and isolate screening. Researchers interested in discovering new Saccharomyces phenotypes or rare Saccharomyces species from natural environments may also have more success using enrichment culturing. We include step-by-step sampling protocols in the supplemental materials

Intonation in unaccompanied singing: Accuracy, drift, and a model of reference pitch memory

Copyright 2014 Acoustical Society of America. This article may be downloaded for personal use only. Any other use requires prior permission of the author and the Acoustical Society of America. The following article appeared in J. Acoust. Soc. Am. 136, 401 (2014) and may be found at http://dx.doi.org/10.1121/1.4881915

Breeding latitude predicts timing but not rate of spring migration in a widespread migratory bird in South America

Identifying the processes that determine avian migratory strategies in different environmental contexts is imperative to understanding the constraints to survival and reproduction faced by migratory birds across the planet. We compared the spring migration strategies of Fork‐tailed Flycatchers (Tyrannus s. savana) that breed at south‐temperate latitudes (i.e., austral migrants) vs. tropical latitudes (i.e., intratropical migrants) in South America. We hypothesized that austral migrant flycatchers are more time‐selected than intratropical migrants during spring migration. As such, we predicted that austral migrants, which migrate further than intratropical migrants, will migrate at a faster rate and that the rate of migration for austral migrants will be positively correlated with the onset of spring migration. We attached light‐level geolocators to Fork‐tailed Flycatchers at two tropical breeding sites in Brazil and at two south‐temperate breeding sites in Argentina and tracked their movements until the following breeding season. Of 286 geolocators that were deployed, 37 were recovered ~1 year later, of which 28 provided useable data. Rate of spring migration did not differ significantly between the two groups, and only at one site was there a significantly positive relationship between date of initiation of spring migration and arrival date. This represents the first comparison of individual migratory strategies among conspecific passerines breeding at tropical vs. temperate latitudes and suggests that austral migrant Fork‐tailed Flycatchers in South America are not more time‐selected on spring migration than intratropical migrant conspecifics. Low sample sizes could have diminished our power to detect differences (e.g., between sexes), such that further research into the mechanisms underpinning migratory strategies in this poorly understood system is necessary.Fil: Jahn, Alex. Universidade Estadual Paulista Julio de Mesquita Filho; BrasilFil: Cereghetti, Joaquín. Universidad Nacional de La Pampa; ArgentinaFil: Cueto, Víctor. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte. Centro de Investigación Esquel de Montaña y Estepa Patagóica. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel. Centro de Investigación Esquel de Montaña y Estepa Patagónica; ArgentinaFil: Hallworth, Michael T.. Smithsonian Conservation Biology Institute; Estados UnidosFil: Levey, Douglas J.. National Science Foundation; Estados UnidosFil: Marini, Miguel Â.. Universidade do Brasília; BrasilFil: Masson, Diego. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo; ArgentinaFil: Pizo, Marco A.. Universidade Estadual Paulista Julio de Mesquita Filho; BrasilFil: Sarasola, José Hernán. Consejo Nacional de Investigaciones Científicas y Técnicas. Instituto de Ciencias de la Tierra y Ambientales de La Pampa. Universidad Nacional de La Pampa. Facultad de Ciencias Exactas y Naturales. Instituto de Ciencias de la Tierra y Ambientales de La Pampa; ArgentinaFil: Tuero, Diego Tomas. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Ecología, Genética y Evolución de Buenos Aires. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Ecología, Genética y Evolución de Buenos Aires; Argentin

The developmental environment modulates mating-induced aggression and fighting success in adult female Drosophila

Funding Information Rhodes Trust Brazilian Research Council. Grant Number: 211668/2013‐3 St. John's College, University of Oxford Christ Church College, University of Oxford Biotechnology and Biological Sciences Research Council. Grant Number: BB/K014544/1Peer reviewedPublisher PD

When Does Information Asymmetry Affect the Cost of Capital?

This paper examines when information asymmetry among investors affects the cost of capital in excess of standard risk factors. When equity markets are perfectly competitive, information asymmetry has no separate effect on the cost of capital. When markets are imperfect, information asymmetry can have a separate effect on firms’ cost of capital. Consistent with our prediction, we find that information asymmetry has a positive relation with firms’ cost of capital in excess of standard risk factors when markets are imperfect and no relation when markets approximate perfect competition. Overall, our results show that the degree of market competition is an important conditioning variable to consider when examining the relation between information asymmetry and cost of capital

Charting self-esteem during marital dissolution.

ObjectiveThe purpose of this study was to chart changes in self-esteem before and after marital dissolution to identify the factors that shape individuals' self-esteem during this life transition.MethodWe analyzed 10 annual waves of self-esteem data from 291 divorcees from a nationally representative panel study of the Netherlands (N ~ 13,000). We charted the course of self-esteem before and after marital dissolution and tested a broad set of moderator variables that may shape individuals' self-esteem trajectories.ResultsThe average divorcee experienced significant decrease in self-esteem preceding marital dissolution and remained stable afterward. There were substantial individual differences in self-esteem trajectories, both before and after marital separation. Divorcees who experienced financial hardship, were affiliated with a church or religion, or scored low in Conscientiousness showed the most pronounced decrease in self-esteem during the years approaching marital dissolution.ConclusionThis study highlights the importance of assessing people multiple times before and after marital dissolution to dissect how people approach and respond to this life event. Results are consistent with perspectives that view divorce as an opportunity to abate the strains of an unhappy marriage

Prospek Jawawut (Pennisetum Spp. ) sebagai Tanaman Pangan Serealia Alternatif

Untuk meningkatkan ketahanan pangan dan diversifikasi pangan, Indonesia dapatmemanfaatkan lahan kering yang cukup luas jumlahnya. Jawawut (Pennisetumspp.) memiliki potensi yang sangat baik sebagai tanaman pangan alternatifditinjau dari aspek kandungan gizi, dan kemampuan tumbuhnya di daerahberiklim kering. Dilihat dari segi kandungan gizinya, jawawut berpotensi sebagaisumber energi, protein, kalsium, vitamin B1, riboflavin (vitamin B2), sedangkannutrisi lainnya setara dengan beras. Potensi hasil yang dapat dicapai di Indonesiaadalah 4 ton per ha pada kondisi agroekologi yang marginal, dimanapertumbuhan serealia lainnya kurang berhasil. Jawawut dipanen sebagai tanamanpangan semusim

Hydrologic Niches Explain Species Coexistence and Abundance in a Shrub-Steppe System

Differences in vertical root distributions are often assumed to create resource uptake tradeoffs that determine plant growth and coexistence. Yet, most plant roots are in shallow soils, and data linking root distributions with resource uptake and plant abundances remain elusive. Here we used a tracer experiment to describe the vertical distribution of absorptive roots of dominant species in a shrub‐steppe ecosystem. To describe how these different rooting distributions affected water uptake in wet and dry soils across a growing season, we used a soil water movement model. Root traits were then correlated with plant landscape abundances. Deeper root distributions extracted more soil water, had larger unique hydrological niches and were more abundant on the landscape. Though most (\u3e 50%) root biomass and tracer uptake occurred in shallow soils (0–32 cm), the depth of 50% of tracer uptake varied from 11 to 32 cm across species and species with deeper rooting distributions were more abundant on the landscape (R2 = 0.95). The water flow model revealed that deeper rooting distributions should extract more soil water (i.e., a range of 60 to 113 mm of soil water) because shallow roots were often in dry soils. These potential water uptake values were tightly correlated with species’ abundances on the landscape (R2 = 0.90). Finally, each species’ rooting distribution demonstrated a depth and time at which it could extract more soil water than any other rooting distribution, and the size of these unique hydrological niches indices was also well correlated with species’ abundances (R2 = 0.89). Synthesis. Our results demonstrate not only a correlation between root distributions and species abundance, but also the mechanism through which differences in rooting distributions can determine resource uptake and niche partitioning, even when most roots are found in shallow soils