Reciprocally Interlocking Boards of Directors and Executive Compensation

Is executive compensation influenced by the composition of the board of directors? About 8% of chief executive officers (CEOs) are reciprocally interlocked with another CEO—the current CEO of firm A serves as a director of firm B and the current CEO of firm B serves as a director of firm A. Roughly 20% of firms have at least one current or retired employee sitting on the board of another firm and vice versa. I investigate how these and other features of board composition affect CEO pay by using a sample of 9,804 director positions in America\u27s largest companies. CEOs who lead interlocked firms earn significantly higher compensation. Also, interlocked CEOs tend to head larger firms. After controlling for firm and CEO characteristics, the pay gap is reduced dramatically. However, when firms that are interlocked due to documented business relationships are considered not interlocked, the measured return to interlock is as high as 17%. There also is evidence that the return to interlock was higher in the 1970s than in the early 1990s

Managerial Pay and Governance in American Nonprofits

This article examines the compensation of top managers of nonprofits in the United States using panel data from tax returns of the organizations from 1992 to 1996. Studying managers in nonprofits is particularly interesting given the difficulty in measuring performance. The article examines many areas commonly studied in the executive pay (within for-profit firms) literature. It explores pay differences between for-profit and nonprofit firms, pay variability within and across nonprofit industries, managerial pay and performance (including organization size and fund raising) in nonprofits, the effect of government grants on managerial pay, and the relationship between boards of directors and managerial pay in nonprofits

Mourning the Loss of a Leader

Deuteronomy 3

Wetland restoration design modifications to mitigate climate change impacts at Delaware Water Gap National Recreation Area: A case study report

Historic temperature and precipitation trends, and their projected climate change effects, were used to inform the development of wetland design tactics to restore a 30-acre degraded wetland at Delaware Water Gap National Recreation Area. The adverse effects of climate change to be addressed in the restoration design include increasing average daily air temperatures, rising stream and groundwater temperatures, increasing stream erosion, increasing precipitation, and increasing lake evaporation. Specific actions or tactics were developed that provide prescriptive direction in how restoration strategies can be translated to changes in on-the-ground conditions. Traditional on-the-ground tactics are described, along with modifications to the traditional tactics that should facilitate adaptation and increase the system’s capacity to survive adverse effects of climate change

[Review of \u3ci\u3ePay without Performance: The Unfulfilled Promise of Executive Compensation\u3c/i\u3e]

[Excerpt] Every once in a while someone comes out with an important book concerning corporate governance or executive compensation. Like Aldolf A. Berle and Gardiner C. Means\u27s The Modern Corporation and Private Property (New York: Harcourt, Brace, and World, 1932) and Graef S. Crystal\u27s In Search of Excess: The Overcompensation of American Executives (New York: W.W. Norton, 1991), Bebchuk and Fried\u27s new book is thought-provoking and interesting. It is a very important book and should be read not just by those interested in executive pay or corporate governance but by anyone interested in how corporations work

The Gender Gap in Top Corporate Jobs

Using the ExecuComp data set, which contains information on the five highest-paid executives in each of a large number of U.S. firms for the years 1992–97, the authors examine the gender compensation gap among high-level executives. Women, who represented about 2.5% of the sample, earned about 45% less than men. As much as 75% of this gap can be explained by the fact that women managed smaller companies and were less likely to be CEO, Chair, or company President. The unexplained gap falls to less than 5% with an allowance for the younger average age and lower average seniority of the female executives. These results do not rule out the possibility of discrimination via gender segregation or unequal promotion. Between 1992 and 1997, however, women nearly tripled their participation in the top executive ranks and also strongly improved their relative compensation, mostly by gaining representation in larger corporations

A Light Stop with a Heavy Gluino: Enlarging the Stop Gap

It is widely thought that increasing bounds on the gluino mass, which feeds down to the stop mass through renormalization group running, are making a light stop increasingly unlikely. Here we present a counter-example. We examine the case of the Minimal Composite Supersymmetric Standard Model which has a light composite stop. The large anomalous dimension of the stop from strong dynamics pushes the stop mass toward a quasi-fixed point in the infrared, which is smaller than standard estimates by a factor of a large logarithm. The gluino can be about three times heavier than the stop, which is comparable to hierarchy achieved with supersoft Dirac gluino masses. Thus, in this class of models, a heavy gluino is not necessarily indicative of a heavy stop.Comment: 6 pages, 1 figur

A global function for transcription factors in assisting RNA polymerase II termination.

The role of transcription factors (TFs) on nucleosome positioning, RNA polymerase recruitment, and transcription initiation has been extensively characterized. Here, we propose that a subset of TFs such as Reb1, Abf1, Rap1, and TFIIIB also serve a major function in partitioning transcription units by assisting the Nrd1p-Nab3p-Sen1p Pol II termination pathway