Executive compensation and the susceptibility of firms to hostile takeovers : An empirical investigation of the U.S. oil industry

We investigate the suggested substitutive relation between executive compensation and the disciplinary threat of takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and corporate control mechanisms in three distinct ways. First, we concentrate on firms in the oil industry for which agency problems were especially severe in the 1980s. Due to the extensive generation of excess cash flow, product and factor market discipline was ineffective. Second, we obtain a unique data set drawn directly from proxy statements which accounts not only for salary and bonus but for the value of all stock-market based compensation held in the portfolio of a CEO. Our data set consists of 51 firms in the U.S. oil industry from 1977 to 1994. Third, we employ ex ante measures of the threat of takeover at the individual firm level which are superior to ex post measures like actual takeover occurrence or past incidence of takeovers in an industry. Results show that annual compensation and, to a much higher degree, stock-based managerial compensation increase after a firm becomes protected from a hostile takeover. However, clear-cut evidence that CEOs of protected firms receive higher compensation than those of firms considered susceptible to a takeover cannot be found

Economic determinants of per capita carbon dioxide emissions An econometric comparative study between Algeria and the United States of America during the period (1990-2022).

      لا شك أن تقدير معادلة مستوى نصيب الفرد من انبعاثات غاز ثاني أكسيد الكربون في الجزائر ومقارنته من أحد أكبر الدول المسببة لهذه الانبعاثات تساعد كثيرا على تفادي وتجنب المخلفات البيئة السلبية الناتجة عنها، لذلك أصبحت الدراسات القياسية المقارنة تشغل باستمرار حيزا خاصا، وتفرض نفسها كفرع علمي هام، نظرا للدور المعتبر الذي تلعبه القيم القدرة لهذه المادة الغازية الخطيرة، على غرار غيرها من الظواهر البيئية والاقتصادية والاجتماعية الأخرى، في رسم وتوجيه البرامج والسياسات المثالية.       سنحاول من خلال دراستنا هذه، سرد واقع انبعاثات غاز ثاني أكسيد الكربون ومقارنة نصيب الفرد من انبعاثات غاز ثاني أكسيد الكربون بين الجزائر والولايات المتحدة الامريكية بأخذ ماضي هذه الظاهرة كأساس لتقدير معادلتها بدلالة بعض المتغيرات الاقتصادية حسب ادبيات الدراسة باستخدام نموذج الانحدار الذاتي للفجوات الزمنية الموزعة المتباطئة ARDL   There is no doubt that estimating the equation of carbon dioxide emissions per capita in Algeria and comparing it with one of the largest countries causing these emissions helps a lot in avoiding the negative environmental waste resulting from it. Therefore, comparative standard studies continuously occupy a special space, and impose themselves as an important scientific branch, given the considerable role played by the power values of this dangerous gaseous substance, like other environmental, economic and social phenomena, in drawing and directing ideal programs and policies.         Through this study, we will try to narrate the reality of carbon dioxide emissions and compare the individual’s share of carbon dioxide emissions between Algeria and the United States by taking the past of this phenomenon as a basis for estimating its equation in terms of some economic variables according to the literature of the study using the Autoregressive Distributed Lag (ARDL) model

A Network Model of Violent Elections and Clientilism

I analyze an electoral model where voters exert efforts on behalf of one candidate or another but not both. A voter also receives benefits from her neighbors that support the same candidate as she supports. A candidate\u27s campaign can influence voters either by vote buying (i.e., offering a wage for efforts) or by acting violently. The type of violence available to a campaign depends upon its social embeddedness (i.e., what it knows about the voters\u27 preferences and place in a social network). When embeddedness is low, campaigns can only use violence to increase the costs of public efforts on behalf of its opponent. When embeddedness is high, violence can be targeted at the opposition\u27s patronage network, reducing the indirect flows of patronage between voters. In the former case, vote buying and violence are substitutes in producing turnout; in the latter they are complements

Exposed Nerves and Archival Impulses: Digital Ruination and the Death of Adobe Flash

Senior Project submitted to The Division of Social Studies of Bard College

Utilization of Lidar Intensity Data and Passive Visible Imagery for Geological Mapping of Planetary Surfaces

While lidar has been historically used for generating digital terrain maps and as a navigation tool, recent research demonstrates that lidar has many potential scientific applications, including high resolution analysis of geological outcrops. Case studies were completed at the Tunnunik impact structure, Victoria Island, Arctic Canada, and the Nickel Rim South mine, Sudbury, Canada, to assess the fidelity of characterizing and differentiating mineralogical and lithological units remotely by integrating passive visible imagery with lidar intensity data. Unsupervised classification via k-means clustering was performed on the fused datasets, with results indicating that lithologies can indeed be successfully differentiated with minor a priori knowledge of the setting. Semi-quantitative analysis through XRD of Tunnunik samples demonstrates that distance-corrected intensity is linked in a linear relationship with both dolomite and clay content. The simultaneous acquisition of both geospatial and scientific data greatly increases the applications and value of using lidar, especially for mining, geological mapping in remote environments, and for future planetary missions

The Janus face of urban governance: State, informality and ambiguity in Berlin

Dieser Beitrag ist mit Zustimmung des Rechteinhabers aufgrund einer (DFG geförderten) Allianz- bzw. Nationallizenz frei zugänglich.This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.Informality is both produced by and an inherent characteristic of state practices. It thus requires close scrutiny of the structures, nature and uneven distribution of power between state and society. Using a focus on three different parks in Berlin, this article demonstrates how informality is appropriated and institutionalized in the planning regimes of pioneer urbanism at Tempelhofer Freiheit; how in everyday law enforcement, legality is stretched by policing illegitimate activities in zones of exceptions at Görlitzer Park; and why, in Preußenpark (aka Thai Park), the state embodies a theatricality of polyvalent performances, turning a blind eye to certain activities which are not tolerated in other settings. This analysis reveals the Janus-faced governance of social practices even as it exposes the inherent ambiguities in everyday statehood, in which the state is regulating activities that are beyond its rules and, at the same time, violating its own internal rules

Total factor productivity in the Federal Republic of Germany: (1970-1989). Results for mining and manufacturing industries

The paper presents results for the development of total factor productivity (TFP) growth for 35 industries. It analyses the medium-term and long-term trends in these industries during the last two decades. The method used for the calculation was first proposed by Hulten (1986). It takes into account capacity utilization effects for the capital stock. Comparing the average TFP growth rates for manufacturing before, during, and after the two oil price shocks one observes that there is a steady acceleration from a fairly low 1.4 per cent rate during 1970-74 to 2 per cent during 1984-89. Contrary labour productivity, measured by annual working hours, declined. Therefore the increase in TFP growth rates has to be attributed to a marked shift in capital productivity. During the early 70ies capital productivity growth rates were negative in manufacturing supporting a hypothesis of capital using and labour saving technological progress. Since then capital productivity became positive across all major subindustries in manufacturing. This led to the up-tum in TFP growth. Four hypothesis are proposed in the paper to explain the shift in the development of capital productivity growth. In the last section a number of cross-section regressions for the 35 industries for the whole period as well as a number of subperiods are calculated. As the results show Verdooms Law seems to be valid for all periods considered. Therefore high growth industries are - with respect to gross value added - leading industries in high TFP growth as wel

Totale Faktorproduktivität in der Bundesrepublik Deutschland: (1970-1989). Ergebnisse für das produzierende Gewerbe

The paper presents results for the development of total factor productivity (TFP) growth for 35 industries. It analyses the medium-term and long-term trends in these industries during the last two decades. The method used for the calculation was first proposed by Huiten (J986). It takes into account capacity utilization effects for the capital stock. Comparing the average TFP growth rates for manufacturing before, during, and after the two oil price shocks one observes that there is a steady acceleration from a fairly low 1.4per cent rate during 1970-74 to 2 per cent during 1984-89. Contrary labour productivity, measured by annual working hours, declined. Therefore the increase in TFP growth rates has to be attributed to a marked shift in capital productivity. During the early 70ies capital productivity growth rates were negative in manufacturing supporting a hypothesis of capital using and labour saving technological progress. Since then capital productivity became positive across all major subindustries in manufacturing. This led to the up-turn in TFP growth. Four hypothesis are proposed in the paper to explain the shift in the development of capital productivity growth. In the last section a number of cross-section regressions for the 35 industries for the whole period as well as a number of subperiods are calculated. As the results show Verdoorns Law seems to be valid for all periods considered Therefore high growth industries are - with respect to gross value added - leading industries in high TFP growth as well