Discussion of “Are CEOs compensated for value destroying growth in earnings?”

This discussion provides several explanations for the evidence presented in Balachandran and Mohanram (2010) that are consistent with efficient contracting. I also show that—contrary to the suggestion of the title—CEOs do not benefit from value destroying growth in earnings. Finally, I argue that there is no conclusive evidence that corporate investments destroy value

How Important Are Risk-Taking Incentives in Executive Compensation?

This paper investigates whether observed executive compensation contracts are designed to provide risk-taking incentives in addition to effort incentives. We develop a stylized principal-agent model that captures the interdependence between firm risk and managerial incentives. We calibrate the model to individual CEO data and show that it can explain observed compensation practice surprisingly well. In particular, it justifies large option holdings and high base salaries. Our analysis suggests that options should be issued in the money. If tax effects are taken into account, the model is consistent with the almost uniform use of at-the-money stock options. We conclude that the provision of risk-taking incentives is a major objective in executive compensation practice

Isogeometric Analysis and thermomechanical Mortar contact problems

Cataloged from PDF version of article.Thermomechanical Mortar contact algorithms and their application to NURBS based Isogeometric Analysis are investigated in the context of nonlinear elasticity. Mortar methods are applied to both the mechanical field and the thermal field in order to model frictional contact, the energy transfer between the surfaces as well as the frictional heating. A series of simplifications are considered so that a wide range of established numerical techniques for Mortar methods such as segmentation can be transferred to IGA without modification. The performance of the proposed framework is illustrated with representative numerical examples. (C) 2014 Elsevier B.V. All rights reserved

A priori probability that a qubit-qutrit pair is separable

We extend to arbitrarily coupled pairs of qubits (two-state quantum systems) and qutrits (three-state quantum systems) our earlier study (quant-ph/0207181), which was concerned with the simplest instance of entangled quantum systems, pairs of qubits. As in that analysis -- again on the basis of numerical (quasi-Monte Carlo) integration results, but now in a still higher-dimensional space (35-d vs. 15-d) -- we examine a conjecture that the Bures/SD (statistical distinguishability) probability that arbitrarily paired qubits and qutrits are separable (unentangled) has a simple exact value, u/(v Pi^3)= >.00124706, where u = 2^20 3^3 5 7 and v = 19 23 29 31 37 41 43 (the product of consecutive primes). This is considerably less than the conjectured value of the Bures/SD probability, 8/(11 Pi^2) = 0736881, in the qubit-qubit case. Both of these conjectures, in turn, rely upon ones to the effect that the SD volumes of separable states assume certain remarkable forms, involving "primorial" numbers. We also estimate the SD area of the boundary of separable qubit-qutrit states, and provide preliminary calculations of the Bures/SD probability of separability in the general qubit-qubit-qubit and qutrit-qutrit cases.Comment: 9 pages, 3 figures, 2 tables, LaTeX, we utilize recent exact computations of Sommers and Zyczkowski (quant-ph/0304041) of "the Bures volume of mixed quantum states" to refine our conjecture

Hierarchical NURBS and a higher-order phase-field approach to fracture for finite-deformation contact problems

In this paper we investigate variationally consistent Mortar contact algorithms applied to a phase-field approach to brittle fracture. Phase-field approaches allow for an efficient simulation of complex fracture problems, as they arise in contact and impact situations. To improve accuracy and convergence, a fourth-order phase-field model is considered, requiring C1 continuity throughout the domain. An isogeometrical framework is used for the spatial discretisation subject to hierarchical refinements to resolve local features. This reduces the computational effort tremendously, as will be shown in a series of representative examples. © 2015 Elsevier B.V

LONG HORIZON ANOMALY PREDICTION IN MULTIVARIATE TIME SERIES WITH CAUSAL AUTOENCODERS

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Probing orbital ordering in LaVO3_{3} epitaxial films by Raman scattering

Single crystals of Mott-Hubbard insulator LaVO3 exhibit spin and orbital ordering along with a structural change below ≈140 K. The occurrence of orbital ordering in epitaxial LaVO3films has, however, been little investigated. By temperature-dependent Raman scatteringspectroscopy, we probed and evidenced the transition to orbital ordering in epitaxial LaVO3film samples fabricated by pulsed-laser deposition. This opens up the possibility to explore the influence of different epitaxial strain (compressive vs. tensile) and of epitaxy-induced distortions of oxygen octahedra on the orbital ordering, in epitaxial perovskite vanadate films