What influences the Changes in REIT CEO Compensation?: Evidence from Panel Data

This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin's q, and change in funds from operations. In addition, we examine the impact of managerial power on the change in compensation. Unbalanced panel data is employed to capture both the time-series and cross-sectional effects. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Contrary to previous findings and a priori expectations, bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power.

Financing Strategies of the R & D Firm

This paper investigates the financing strategies of the R&D firm. Our hypotheses are based on Cho\u27s (1992) game theory model where the firm develops a product but needs additional financing to bring it to market. The model generates a particularly rich set of hypotheses: 1) to fund the completion of its project and bring its product to market, the firm initiates negotiations with an established firm; 2) the majority of the acquisitions will be partial cash acquisitions through private secondary offerings. Confirming the model\u27s hypotheses, we find that the majority of the acquisitions are partial cash acquisitions by significantly larger established R&D firms

Does the Market Believe White Knights and Hostile Bidders are acting in Their Shareholders\u27 Interest?

This study examines why white knights suffer significant losses while their rival hostile bidders experience significant abnormal gains. We address two research questions: 1) Does the market believe that white knights and hostile bidders are acting in their shareholders\u27 interest? 2) Does Tobin\u27s q explain why white knights suffer significant losses and hostile bidders experience significant gains upon the announcement of their bids? The results show that hostile bidders are value-maximizing investors and white knights are not acting in their shareholders\u27 interest. Instead, white knights suffered significant reductions in value and historically have not maximized the wealth of investor

What Influences the Changes in REIT CEO Compensation? Evidence from Panel Data

This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin\u27s q, and change in funds from operations. The impact of managerial power on the change in compensation is also examined. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power

Void volumes in subcooled boiling systems

Introduction: Knowledge of the pressure drop in a channel and the resulting flow redistribution is essential in predicting the performance of a nuclear reactor. The pressure drop in a channel which is experiencing boiling is, in part, dependent on the void volumes present. In this report the results of an experimental investigation of the void volumes in systems at 500, 1000, and 1500 psia are presented. A method of predicting the void volumes is then presented. Finally, a comparison of measured end predicted void volumes is made with data collected at 2000 psia under completely different conditions. Agreement with the data is very good.Office of Naval Research D.S.R. Projec

La viscosidad del asfalto en el hormigón

Not availableEl gran impulso actual en la construcción de caminos, exige que el ingeniero emplee cuantos recursos se le ofrecen para llegar a resultados óptimos. La comprensión fundamental de las características de la viscosidad de los materiales asfálticos y el uso apropiado de estos conocimientos ofrece una mejora en la calidad y control de las construcciones asfálticas

Post-Agricultural Succession in El PetÉn, Guatemala

We compared post-agricultural succession across the range of farming activities practiced in Guatemala's northern lowlands: agroforestry, swidden, ranching, and input-intensive monocultures. At 10 sites over 13 to 40 months we assessed the following characteristics of trees and shrubs that were>1 cm diameter at breast height: height, basal-area accumulation, recruitment of all individuals and fleshy-fruited individuals, and accumulation of all species and fleshy-fruited species. Succession, as measured by all these response variables except height, was dramatically faster on agroforestry and swidden sites than on pastures or input-intensive monocultures. Overall recruitment was faster for swiddens than for agroforests, but other response variables did not differ significantly between the two treatments. Regression results suggest that initial ground cover by herbs inhibited recruitment of woody colonists. The significant positive coefficient for initial basal area and the significant negative coefficient for distance from forest for accumulation of both fleshy-fruited individuals and species are probably explained by the behavioral responses of seed-dispersing animals. Our results suggest that the conservation strategy of discouraging swidden agriculture in favor of sedentary, input-intensive agriculture to relieve pressure on old-growth forest may be counterproductive over the long term.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/75095/1/j.1523-1739.2003.01265.x.pd

Clinical trial of FK 506 immunosuppression in adult cardiac transplantation

The new immunosuppressive agent FK 506 was used as primary immunotherapy in conjunction with low-dose steroids and azathioprine in 72 patients subsequent to orthotopic cardiac transplantation. Overall patient survival at a mean follow-up of 360 days was 92%. The number of episodes of cardiac rejection (grade 3A or greater) within 90 days of transplantation was 0.95 per patient. The actuarial freedom from rejection at 90 days was 41%. Achievement of this level of immunosuppression is comparable with that of cyclosporine-based triple-drug therapy with OKT3 immunoprophylaxis. Thirty percent of patients were tapered off all steroids, and the average steroid dose in the group who received steroids was 8.6 mg of prednisone per day. The incidence of infection reflected the diminished necessity for steroids: seven major infections (10%) and 11 minor infections (16%). Renal dysfunction occurred during the perioperative period in most patients in this trial. However, the incidence of hypertension was 54% compared with 70% during the cyclosporine era. Ten adults underwent successful rescue therapy with FK 506 after cardiac rejection refractory to conventional immunotherapy. Side effects of FK 506 were notably few, and the results of the trial are encouraging for the future of the cardiac transplant recipient. © 1992