Pay Dispersion and Executive Behaviour:Evidence from Innovation

Compensation packages are widely used to motivate top executives. Pay dispersion among a firm's executives, however, can be associated with the antithetic effects of social comparison and individual motivation, with unclear implications for the company. We focus on innovation activities, which represent an important channel through which pay dispersion can affect firm performance, and test our predictions by exploring innovative output as a function of executives’ pay dispersion in a panel of US firms. We find that executive pay dispersion acts as a double-edged sword. On the one hand, the higher the dispersion in variable pay, the higher the innovation. On the other hand, the larger the dispersion in fixed pay, the lower the innovation. Results are robust to a number of tests, such as restricting the analysis to executives with direct responsibility for innovation projects and considering individual incentives in the form of cash pay.</p

Pay Dispersion and Executive Behaviour:Evidence from Innovation

Compensation packages are widely used to motivate top executives. Pay dispersion among a firm’s executives, however, can be associated with the antithetic effects of social comparison and individual motivation, with unclear implications for the company. We focus on innovation activities, which represent an important channel through which pay dispersion can affect firm performance, and test our predictions by exploring innovative output as a function of executives’ pay dispersion in a panel of US firms. We find that executive pay dispersion acts as a double-edged sword: on the one hand, the higher the dispersion in variable pay, the higher the innovation. On the other hand, the larger the dispersion in fixed pay, the lower the innovation. Results are robust to a number of tests, such as restricting the analysis to executives with direct responsibility for innovation projects and considering individual incentives in the form of cash pay

Entrepreneurship and employment stability — Job matching, labour market value, and personal commitment

This paper challenges the conventional belief that entrepreneurship is an unstable career path. Using longitudinal matched employer–employee data from Denmark, the analysis reveals that a transition to entrepreneurship decreases individual's employment turnover tendency. Three explanations are identified and empirically explored: (i) job matching, (ii) labour market value, and (iii) personal commitment. Entrepreneurs appear to be more productive and thus better matched compared to wageworkers. However, they also appear to be locked in entrepreneurship because of their anticipated lower value in the labour market and because of their personal attachment to the venture. The counter-intuitive finding – entrepreneurship yields greater employment stability – only holds with respect to subsequent transitions to wagework and not for new venture founding. The results have implications for our understanding of entrepreneurial entry and labour market dynamics.</p

Orientational Imaging of Subwavelength Au Particles with Higher Order Laser Modes

We present a new method for the imaging of single metallic nanoparticles that provides information about their shape and orientation. Using confocal microscopy in combination with higher order laser modes, scattering images of individual particles are recorded. Gold nanospheres and nonorods render characteristic patterns reflecting the different particle geometries. In the case of nanorods, the scattering patterns also reveal the orientation of the particles. This novel technique provides a promising tool for the visualization of nonbleaching labels in the biosciences

Three Essays on the Dynamics of Entrepreneurs in the Labor Market

New firms are a driving force of innovation and creative destruction, promoting social mobility and welfare creation. These result from the effort of entrepreneurial individuals who identify an opportunity, evaluate it, and create new organizations to exploit its business potential. Entrepreneurship is connected to existing organizations because the phenomenon of new firm foundation can be viewed in the vast majority of cases as a career choice of workers who found new firms following a period in wage employment. Extant literature in labor economics however prevalently focuses on individuals viewed as employees, thus overlooking the dynamic and transitory nature of entrepreneurship. This thesis consists of three essays on entrepreneurship that integrate the labor market literature with the entrepreneurship research. The first essay considers the entrepreneurial implications the founders’ pre-entry experiences in the labor market, by studying the impact of a varied career pattern in connection to the performance of new ventures. The second essay regards one important dimension of labor markets, i.e. the turnover of workers, in connection to entrepreneurship. The essay provides a dynamic analysis of an experience in entrepreneurship and its impact on workers’ turnover. The third essay explores how the existing organizations impact on the choices to become an entrepreneur. In particular, it is shown that a firm attribute such as tournament might produce a different effect on entrepreneurial individuals working in small firms as opposed to those employed in larger firms. All the essays draw on the IDA database, the integrated database for labor market research that is maintained by Statistics Denmark. The rich set of information available in IDA makes it possible to track individuals, their employers and the founders of new firms, thus enabling the study of entrepreneurs in connection to their experience in the labor market

Controlling molecular broadband-emission by optical confinement

We investigate experimentally and theoretically the fluorescence emitted by molecular ensembles as well as spatially isolated, single molecules of an organic dye immobilized in a quasi-planar optical microresonator at room temperature. The optically excited dipole emitters couple simultaneously to on- and off-axis cavity resonances of the microresonator. The multi-spectral radiative contributions are strongly modified with respect to free (non-confined) space due to enhancement and inhibition of the molecular spontaneous emission (SpE) rate. By varying the mirror spacing of the microresonator on the nanometer-scale, the SpE rate of the cavity-confined molecules and, consequently, the spectral line width of the microresonator-controlled broadband fluorescence can be tuned by up to one order of magnitude. Stepwise reducing the optical confinement, we observe that the microresonator-controlled molecular fluorescence line shape converges towards the measured fluorescence line shape in free space. Our results are important for research on and application of broadband emitters in nano-optics and -photonics as well as microcavity-enhanced (single molecule) spectroscopy

Entrepreneurship and employment stability — Job matching, labour market value, and personal commitment

This paper challenges the conventional belief that entrepreneurship is an unstable career path. Using longitudinal matched employer–employee data from Denmark, the analysis reveals that a transition to entrepreneurship decreases individual's employment turnover tendency. Three explanations are identified and empirically explored: (i) job matching, (ii) labour market value, and (iii) personal commitment. Entrepreneurs appear to be more productive and thus better matched compared to wageworkers. However, they also appear to be locked in entrepreneurship because of their anticipated lower value in the labour market and because of their personal attachment to the venture. The counter-intuitive finding – entrepreneurship yields greater employment stability – only holds with respect to subsequent transitions to wagework and not for new venture founding. The results have implications for our understanding of entrepreneurial entry and labour market dynamics.</p

Development of an artificial synovial fluid useful for studying Staphylococcus epidermidis joint infections

Staphylococcus epidermidis is a major causative agent of prosthetic joint infections (PJI). The ability to form biofilms supports this highly selective pathogenic potential. In vitro studies essentially relying on phenotypic assays and genetic approaches have provided a detailed picture of the molecular events contributing to biofilm assembly. A major limitation in these studies is the use of synthetic growth media, which significantly differs from the environmental conditions S. epidermidis encounters during host invasion. Building on evidence showing that growth in serum substantially affects S. epidermidis gene expression profiles and phenotypes, the major aim of this study was to develop and characterize a growth medium mimicking synovial fluid, thereby facilitating research addressing specific aspects related to PJI. Using fresh human plasma, a protocol was established allowing for the large-scale production of a medium that by biochemical analysis matches key characteristics of synovial fluid and therefore is referred to as artificial synovial fluid (ASF). By analysis of biofilm-positive, polysaccharide intercellular adhesion (PIA)-producing S. epidermidis 1457 and its isogenic, PIA- and biofilm-negative mutant 1457-M10, evidence is provided that the presence of ASF induces cluster formation in S. epidermidis 1457 and mutant 1457-M10. Consistent with the aggregative properties, both strains formed multilayered biofilms when analyzed by confocal laser scanning microscopy. In parallel to the phenotypic findings, expression analysis after growth in ASF found upregulation of genes encoding for intercellular adhesins (icaA, aap, and embp) as well as atlE, encoding for the major cell wall autolysin being responsible for eDNA release. In contrast, growth in ASF was associated with reduced expression of the master regulator agr. Collectively, these results indicate that ASF induces expression profiles that are able to support intercellular adhesion in both PIA-positive and PIA-negative S. epidermidis. Given the observation that ASF overall induced biofilm formation in a collection of S. epidermidis isolates from PJI, the results strongly support the idea of using growth media mimicking host environments. ASF may play an important role in future studies related to the pathogenesis of S. epidermidis PJI