Agency, Delayed Compensation, and the Structure of Executive Remuneration

In this paper we examine the factors affecting the structure of executives' compensation packages. We focus particularly on the role of various types of delayed compensation as means of "bonding" executives to their firms. The basic problem is to design a compensation package that rewards actions that are in the long-run interest of the stockholders. Firms must take into account (1) their ability to discern unfortunate circumstances from mismanagement; (2) the extent to which a compensation package forces the executive to face risks, beyond his control; and (3) the willingness of a given executive to bear this risk. We use our theory to interpret some executive compensation data from the early 1970's. The results are generally in line with the theoretical predictions.

Necrotizing Enterocolitis Symposium: Epidemiology and Early Diagnosis

Despite decades of research on necrotizing enterocolitis (NEC), the outlook for infants afflicted by this devastating disease is all too often bleak. The aim of this symposium at the BAPS conference in Amsterdam was to highlight recent advances in the knowledge of the epidemiology and diagnosis of NEC. There were important contributions on the disease in the United Kingdom, both from a neonatal and a surgical point of view, whereas colleagues from the Netherlands and elsewhere in Europe shared their insights into novel diagnostic tools, both biofluid and imaging based. Level of Evidence: Level

CDC42 and Rac1 control different actin-dependent processes in the Drosophila wing disc epithelium.

Cdc42 and Rac1 are members of the rho family of small guanosinetriphosphatases and are required for a diverse set of cytoskeleton-membrane interactions in different cell types. Here we show that these two proteins contribute differently to the organization of epithelial cells in the Drosophila wing imaginal disc. Drac1 is required to assemble actin at adherens junctions. Failure of adherens junction actin assembly in Drac1 dominant-negative mutants is associated with increased cell death. Dcdc42, on the other hand, is required for processes that involve polarized cell shape changes during both pupal and larval development. In the third larval instar, Dcdc42 is required for apico-basal epithelial elongation. Whereas normal wing disc epithelial cells increase in height more than twofold during the third instar, cells that express a dominant-negative version of Dcdc42 remain short and are abnormally shaped. Dcdc42 localizes to both apical and basal regions of the cell during these events, and mediates elongation, at least in part, by effecting a reorganization of the basal actin cytoskeleton. These observations suggest that a common cdc42-based mechanism may govern polarized cell shape changes in a wide variety of cell types

Calculation of air supply rates and concentrations of airborne contamination in non-UDAF cleanrooms

This article reviews a series of scientific articles written by the authors, where the following topics were investigated in relation to non-unidirectional airflow cleanrooms. (1) The air supply rate required to obtain a specified concentration of airborne contamination. (2) The calculation of concentrations of airborne contaminants in different ventilation and dispersion of contamination situations. (3) The decay of airborne contamination (a) during the ‘clean up’ test described in Annex 1 of the EU Guidelines to Good Manufacturing Practice (2008); (b) during the recovery rate test described in Annex B12 of ISO 14644-3 (2005); (c) associated with clean areas, such as airlocks, to reduce airborne contamination before a door into a cleanroom is opened. Worked examples are provided to demonstrate the calculation methods to provide solutions to the above topics

Trends in Concurrency, Polygyny, and Multiple Sex Partnerships During a Decade of Declining HIV Prevalence in Eastern Zimbabwe.

Background. Observed declines in the prevalence of human immunodeficiency virus (HIV) infection in Zimbabwe have been attributed to population-level reductions in sexual partnership numbers. However, it remains unknown whether certain types of sex partnerships were more important to this decline. Particular debate surrounds the epidemiologic importance of polygyny (the practice of having multiple wives). Methods. We analyze changes in reported multiple partnerships, nonmarital concurrency, and polygyny in eastern Zimbabwe during a period of declining HIV prevalence, from 1998 to 2011. Trends are reported for adult men (age, 17–54 years) and women (age, 15–49 years) from 5 survey rounds of the Manicaland HIV/STD Prevention Project, a general-population open cohort study. Results. At baseline, 34.2% of men reported multiple partnerships, 11.9% reported nonmarital concurrency, and 4.6% reported polygyny. Among women, 4.6% and 1.8% reported multiple partnerships and concurrency, respectively. All 3 partnership indicators declined by similar relative amounts (around 60%–70%) over the period. Polygyny accounted for around 25% of male concurrency. Compared with monogamously married men, polygynous men reported higher levels of subsequent divorce/separation (adjusted relative risk [RR], 2.92; 95% confidence interval [CI], 1.87–4.55) and casual sex partnerships (adjusted RR, 1.63; 95% CI, 1.41–1.88). Conclusions. No indicator clearly dominated declines in partnerships. Polygyny was surprisingly unstable and, in this population, should not be considered a safe form of concurrency

The Phoretic Motion Experiment (PME) definition phase

The aerosol generator and the charge flow devices (CFD) chamber which were designed for zero-gravity operation was analyzed. Characteristics of the CFD chamber and aerosol generator which would be useful for cloud physics experimentation in a one-g as well as a zero-g environment are documented. The Collision type of aerosol generator is addressed. Relationships among the various input and output parameters are derived and subsequently used to determine the requirements on the controls of the input parameters to assure a given error budget of an output parameter. The CFD chamber operation in a zero-g environment is assessed utilizing a computer simulation program. Low nuclei critical supersaturation and high experiment accuracies are emphasized which lead to droplet growth times extending into hundreds of seconds. The analysis was extended to assess the performance constraints of the CFD chamber in a one-g environment operating in the horizontal mode

Technology and bilateral trade

We develop a Ricardian model to explore the role of trade in spreading the benefits of innovation. The theory delivers an equation for bilateral trade that, on its surface, resembles a gravity specification, but identifies underlying parameters of technology. We estimate the equation using trade in manufactures among the OECD. The parameter estimates allow us to simulate the model to investigate the role of trade in spreading the benefits of innovation and to examine the effects of lower trade barriers. Typically foreigners benefit by only a tenth as much as the innovating country, but in some cases the benefits to close neighbours approach those of the innovator