Executive compensation: investor preferences during say-on-pay votes and the role of proxy voting advisors

Shareholder say-on-pay voting allows institutional investors to influence the incentives of managers and, consequently, corporate behaviour. Surprisingly, the preferences of investors on executive compensation have been largely overlooked in the ongoing debates on the role of say-on-pay in corporate governance and the impact of shareholder stewardship on sustainable corporate behaviour. The analysis of investor disclosed explanations of say-on-pay votes in the FTSE 100 companies during 2013-2021 shows that institutional investors rely repeatedly on several dominant themes aimed at improving the incentives of corporate managers and controlling managerial rent extraction. But shareholder interests remain the core focus of say-on-pay votes with only few investors demanding companies to reward executive directors for protecting the interests of a broader range of affected stakeholders. Additionally, most investors can be grouped into several clusters formed around the voting recommendations of proxy advisors. A group of UK-based institutional investors stands out by taking more individualistic and diverse approach to the stewardship of executive compensation. These findings highlight the role of local investors in the oversight of executive pay, the growing influence of proxy advisors along with the increasing share of foreign institutional investors, and the influence of best practice governance codes in driving investor stewardship preferences

The incidence of VAT evasion

Who benefits from the evasion of value added taxes (VAT)? Using a reform that enforced VAT on previously non-compliant large retailers in Armenia, we estimate a onethird passthrough of the tax burden on prices. This suggests that pre-enforcement evasion rents were broadly shared with consumers through lower prices. Our theoretical and empirical results explain this low passthrough rate by the supply-chain effects and second-order compliance responses of firms to VAT enforcement. Our distributional analysis shows that households at the bottom of the income distribution benefit more from the rents of evasion

1,2,3,6,7,8-Hexahydro­cinnolino[5,4,3-cde]cinnoline

The title compound, C12H12N4, was synthesized by the reaction of hydrazine hydrate and 9-methyl-3,4,6,7-tetra­hydro-2H-xanthene-1,8(5H,9H)-dione in ethanol. In the crystal, the mol­ecule lies across an inversion centre. The pyridazine rings are coplanar and the C6 rings adopt envelope conformations

Exporting costs and multi-product shipments

In this paper, employing transaction level data for Russian imports, we explore the role of multi-product shipments in explaining shipping patterns across countries. First, we document that firms from more developed countries include on average more different products into a single shipment. We then show that such multi-product shipments can potentially explain why more developed countries tend to have a higher number of shipments per period with a lower average quantity and value. The mechanism considered in the paper is based on that multiproduct shipments allow splitting fixed costs per shipment across many products and, therefore, reducing total shipment costs. As a result, more developed countries tend to have lower fixed costs per shipment. Finally, we construct a simple partial equilibrium model that enables us to quantify the role of multi-product shipments in determining shipping costs

Double Feedback LFSR Parallel Output Generation

LFSR shift registers provide the mechanism that allows generating PRN (pseudo-random numbers) sequences. LFSR consists of sequentially connected memory cells where each cell can apply one of the two values 0 or 1. These cells are often called flipflops. In each step, the value from the last flipflop is passed to the next one. The first flip-flop in register applies LFSR's feedback value. The feedback value is the modulo addition of current values from specified flipflops in position. The output code of LFSR is a sequence of ones and zeros. Mostly these outputs or PRN sequences are used for signal modulation in CDMA. For example, in GPS, the broadcasting signal from satellites is modulated with unique PRN numbers for each satellite to allow receivers to identify data with broad-casting satellite numbers. The identification process is performed based on the correlation between locally generated PRN numbers and received signals from satellites. The pick of correlation value means that the signal is identified. Also, the LFSR’s are using in cryptography, and the encryption and decryption time depends on LFSR’s output generation time. The parallel generation method will short this time. The PRN code generation is a sequential process, making it parallel will short the overall signal identification and correlation time for CDMA usage and the encryption and decryption time in cryptography . This article as a unit of discussion will be two feedback based on LFSR’s parallel output generation, and the definition of generic formula that will allow us to define upcoming states of double feedback LFSR without sequential processing

Моделирование распределения числа символов двоичного сигнала дельта-модуляции

The possibilities of using delta-modulation as analog-to-digital converter in the first stage in the new cascade coding structure for digital data processing systems are developed. Selecting the delta-modulation is motivated account of its simplicity, comparable to other types of analog-to-digital conversion, noise immunity, and most importantly, with a low probability of symbols bursts appearance. The latter property, as well as the using interleaver in the following stages of multi-coding can significantly improve the characteristics of digital data processing systems. The distribution of the symbols bursts for the various input signals and delta- modulation algorithms are obtained.Рассмотрены возможности использования дельта-модуляции в качестве аналого-цифрового преобразования на первой ступени новой каскадной кодирующей конструкции, разработанной для цифровых систем обработки информации. Выбор дельта-модуляции обоснован ее простотой по сравнению с другими видами аналого-цифрового преобразования, помехозащищенностью и, самое главное, низкой вероятностью появления пачек символов. Последнее свойство, а также применение перемежителя на следующих стадиях многокаскадного кодирования, позволяют существенно улучшить характеристики цифровых систем обработки информации. Приведены распределения пачек символов для различных входных сигналов и алгоритмов дельта-модуляции

Вейвлет-анализ кардиосигналов в среде Matlab

This article is devoted to the problem of accurate detection of cardiosignal QRS-complexes for early diagnosis of various diseases of human cardiovascular system. For that purpose various algorithms based on either digital filtering methods or mathematical modeling of ECG signal particular sections are used. However, all listed methods have a number of disadvantages impairing the accuracy of QRS-complex determination. Yet wavelet transforms enabling accurate identification of local features for non-stationary signals are becoming more common in various fields of technology.The article presents wavelet spectrogram calculation by means of various wavelets and levels of decomposition in the Wavelet Toolbox environment. Based on wavelet coefficient amplitudes, the presence of jumps, discontinuities, i.e. QRS complex can be identified. In addition, by comparing the form of the QRS complex and the graph of the scaling function of different wavelets, the most optimal wavelet is determined for identifying the QRS complex, as well as noise suppression in cardiosignals.The obtained results can be used not only in electrocardiography, but also in solving problems of identification and processing of various types of signals. Рассмотрена проблема точного обнаружения QRS-комплексов кардиосигналов с целью раннего диаг­ностирования болезней сердечно-сосудистой системы человека. Для этой цели применяются различные алгоритмы, основанные либо на методах цифровой фильтрации, либо на математическом моделирова­нии отдельных участков электрокардиограммы. Однако указанные методы имеют ряд недостатков, снижающих точность определения QRS-комплексов. В то же время вейвлет-преобразования, позволяю­щие практически безошибочно идентифицировать локальные особенности нестационарных сигналов, находят все большее применение в различных областях техники.Представлено получение вейвлет-спектрограмм в среде Wavelet Toolbox с использованием различных вейвлетов и уровней декомпозиции. По амплитудам вейвлет-коэффициентов можно судить о наличии скачков, разрывов, т. е. идентифицировать QRS-комплекс. На основании сравнения вида QRS-комплекса и графиков масштабирующих функций различных вейвлетов определен наиболее оптимальный вейвлет для идентификации QRS-комплекса, а также шумоподавления в кардиосигналах.Полученные результаты могут применяться не только в электрокардиографии, но и при решении задач идентификации и обработки сигналов различного типа.

Favoritism and firms: Micro evidence and macro implications

We study the economic implications of regional favoritism, a form of distributive politics that redistributes resources spatially within countries. We use a large sample of enterprise surveys spanning across many low and middle income countries, and utilize transitions of national political leaders for identification. We document strong evidence of regional favoritism among firms located in close vicinity to leader’s birthplaces but not in other regions, nor in home regions before leader’s rise to power. Firms in favored regions become substantially larger in sales and employment, and also produce more output per worker, pay higher wages and, more generally, have higher total factor productivity. Furthermore, evidence from several mechanisms suggests that leaders divert public resources into their home regions by generating higher demand for firms operating in non-tradable sectors. A simple structural model of resource misallocation that is calibrated to match our empirical estimates implies that favoritism generates aggregate output loss of 0.5% annually