Management Compensation And Project Life

The goal of this paper is to empirically examine the relation between management compensation and project life.  Prior theoretical research suggests that short-term compensation, in the form of bonus plans, have a tendency to induce managers to invest in projects with short lives. Initially, we develop a model that relates management compensation, earnings announcement and project life defined in terms of duration.  Our testable hypothesis states that a greater weight placed on short-term compensation induces managers to invest in projects with shorter duration and is reflected in a lower earnings response coefficient (ERC) for a concurrent earnings announcement. We empirically examine whether there is a relation between type of managerial compensation and ERC. After controlling for the firm's investment opportunity set and other variables known to affect the ERC, we find strong evidence indicating a negative relation between project life and the fraction of short-term compensation in the total compensation package.  This result provides evidence that managers with greater proportionate earnings-based compensation tend to invest in shorter-term projects

Increasing Groundwater Availability and Seasonal Base Flow Through Agricultural Managed Aquifer Recharge in an Irrigated Basin

Groundwater aquifers provide an important “insurance” against climate variability. Due to prolonged droughts and/or irrigation demands, groundwater exploitation results in significant groundwater storage depletion. Managed aquifer recharge (MAR) is a promising management practice that intentionally places or retains more water in groundwater aquifers than would otherwise naturally occur. In this study, we examine the possibility of using large irrigated agricultural areas as potential MAR locations (Ag-MAR). Using the California Central Valley Groundwater-Surface Water Simulation Model we tested four different agricultural recharge land distributions, two streamflow diversion locations, eight recharge target amounts, and five recharge timings. These scenarios allowed a systematic evaluation of Ag-MAR on changes in regional, long-term groundwater storage, streamflow, and groundwater levels. The results show that overall availability of stream water for recharge is critical for Ag-MAR systems. If stream water availability is limited, longer recharge periods at lower diversion rates allow diverting larger volumes and more efficient recharge compared to shorter diversion periods with higher rates. The recharged stream water increases both groundwater storage and net groundwater contributions to streamflow. During the first decades of Ag-MAR operation, the diverted water contributed mainly to groundwater storage. After 80 years of Ag-MAR operation about 34% of the overall diverted water remained in groundwater storage while 66% discharged back to streams, enhancing base flow during months with no recharge diversions. Groundwater level rise is shown to vary with the spatial and temporal distribution of Ag-MAR. Overall, Ag-MAR is shown to provide long-term benefits for water availability, in groundwater and in streams

Solute transport in a heterogeneous aquifer: a search for nonlinear deterministic dynamics

International audienceThe potential use of a nonlinear deterministic framework for understanding the dynamic nature of solute transport processes in subsurface formations is investigated. Time series of solute particle transport in a heterogeneous aquifer medium, simulated using an integrated probability/Markov chain (TP/MC) model, groundwater flow model, and particle transport model, are studied. The correlation dimension method, a popular nonlinear time series analysis technique, is used to identify nonlinear determinism. Sensitivity of the solute transport dynamics to the four hydrostratigraphic parameters involved in the TP/MC model: (1) number of facies; (2) volume proportions of facies; (3) mean lengths (and thereby anisotropy ratio of mean length) of facies; and (4) juxtapositional tendencies (i.e. degree of entropy) among the facies is also studied. The western San Joaquin Valley aquifer system in California is considered as a reference system. The results indicate, in general, the nonlinear deterministic nature of solute transport dynamics (dominantly governed by only a very few variables, on the order of 3), even though more complex behavior is possible under certain (extreme) hydrostratigraphic conditions. The sensitivity analysis reveals: (1) the importance of the hydrostratigraphic parameters (in particular, volume proportions of facies and mean lengths) in representing aquifer heterogeneity; and (2) the ability of the correlation dimension method in capturing the (extent of) complexity of the underlying dynamics. Verification and confirmation of the present results through use of other nonlinear deterministic techniques and assessment of their reliability for a wide range of solute transport scenarios are recommended

KINEMATIC AND TEMPORAL CHARACTERISfICS OF SELECTED JUDO HIP THROWS

The sport of judo, developed In 1882 in Japan by Jigoro Kano, is a refined version of the ancient martial art of jujitsu. Typically when one envisions martial arts, the mental image includes kicks, punches, and other striking techniques. The sport of judo involves none of these, but does permit the use of throwing techniques, mat work similar to wrestling, strangle holds and joint locks at the elbow. Despite its original role as a martial art, judo as practiced today is essentially the highest form of wrestling practiced anywhere in the world (Reay &Hobbs, 1979)

Lack of neuromuscular origins of adaptation after a long-term stretching program

pre-printContext: Static stretching is commonly used during the treatment and rehabilitation of orthopedic injuries to increase joint range of motion (ROM) and muscle flexibility. Understanding the physiological adaptations that occur in the neuromuscular system as a result of long-term stretching may provide insight into the mechanisms responsible for changes in flexibility. Objective: To examine possible neurological origins and adaptations in the Ia-reflex pathway that allow for increases in flexibility in ankle ROM, by evaluating the reduction in the synaptic transmission of Ia afferents to the motoneuron pool. Design: Repeated-measures, case-controlled study. Setting: Sports medicine research laboratory. Participants: 40 healthy volunteers with no history of cognitive impairment, neurological impairment, or lower extremity surgery or injury within the previous 12 mo. Intervention: Presynaptic and postsynaptic mechanisms were evaluated with a chronic stretching protocol. Twenty subjects stretched 5 times a wk for 6 wk. All subjects were measured at baseline, 3 wk, and 6 wk. Main Outcome Measures: Ankle-dorsiflexion ROM, Hmax:Mmax, presynaptic inhibition, and disynaptic reciprocal inhibition. Results: Only ROM had a significant interaction between group and time, whereas the other dependent variables did not show significant differences. The experimental group had significantly improved ROM from baseline to 3 wk (mean 6.2 ± 0.9, P < .001), 3 wk to 6 wk (mean 5.0 ± 0.8, P < .001), and baseline to 6 wk (mean 11.2 ±0.9, P < .001). Conclusions: Ankle dorsiflexion increased by 42.25% after 6 wk of static stretching, but no significant neurological changes resulted at any point of the study, contrasting current literature. Significant neuromuscular origins of adaptation do not exist in the Ia-reflex-pathway components after a long-term stretching program as currently understood. Thus, any increases in flexibility are the result of other factors, potentially mechanical changes or stretch tolerance

The onion industry in Pleasant Valley, Iowa

The Pleasant Valley onion district in Scott county, Iowa, presents a striking example of crop specialization and intensive culture in contrast to the typical corn belt farming which prevails in this state. Approximately 500 acres are devoted exclusively to onions on a continuous crop basis, and much of the land has been devoted to this particular crop for decades. This is one of the oldest agricultural regions of the state. In the following pages is presented a summary of a farm survey* of the onion industry of this region, including a study of the cultural practices, the problems of disease and insect control, cost of production, marketing, tenure and the seasonal distribution of labor

Detection of Overhead Contact Lines with a 2D-Digital-Beamforming Radar System for Automatic Guidance of Trolley Trucks

The benefit of trolley truck systems is the substitution of the diesel fuel by the cheaper and more ecological electrical energy. Trolley trucks are powered by electricity fromtwo overhead contact lines, where one is the supply and the other the return conductor. Such trolley trucks are used for haulage at open pit mining sites but could also be used for freight traffic at roadways in the future. Automatic guidance prevents the trolley-powered trucks fromleaving the track and thus allows higher operating speeds, higher loading capacity, and greater efficiency. Radar is the ideal sensing technique for automatic guidance in such environments.The presented radar systemwith two-dimensional digital beamforming capability offers a compact measurement solution as it can be installed on top of the truck. Besides the distance measurement, this radar system allows to detect the location and inclination of the overhead contact lines by digital beamforming in two dimensions. Besides automatic guidance, the knowledge of the inclination of the overhead contact lines could allow automatic speed adaption, which would help to achieve maximum speed especially in hilly terrain

The Ursinus Weekly, November 15, 1943

We must not lose this peace, urges Miss Sigrid Schultz • Who\u27s Who honors Ursinus seniors • Arsenic and Old Lace scores hit before two capacity audiences • Middleton celebrates fifth year in Navy • St. Luke\u27s holds special services: Ursinus graduates prominent in history of local church • Men debaters seek new Navy, civilian members • Mr. W. H. Ludwick speaks to students at vespers • Students and faculty meet • E. Jane Thomas to review Joseph P. Marquand\u27s book • Student leaders to direct combined Y fireside chats • First Lantern to be Jan.1; will be distributed free • Hobson and Duhring emerge gay, livable after paint, confusion • Navy men transferred • True confession • Coeds remain undefeated; take strong Temple team • Jayvee\u27s trounce Temple; Sally Secor leads attack • Jeanne Mathieu and Ann Harting lead charge of forward line • Hockeyists cut grass on old football field • State teachers bow to hockey elven • Penn booters blank bears 5-0; snow hampers play • Snell\u27s belles have unusual teamwork plus outstanding individual players • Grace Knopf leads dances at first WAA meetinghttps://digitalcommons.ursinus.edu/weekly/1718/thumbnail.jp

Kinetic Predictions Concerning the Long-Term Stability of TKX-50 and Other Common Explosives Using the NETZSCH Kinetics Neo Software

Explosives are used in both military and civilian applications all over the world. Sufficient longevity and good thermal stability are therefore essential for safe handling and safe storage of energetic materials. In this work, five well-known compounds, TKX-50, RDX, HMX, CL-20 and PETN, were investigated by means of different kinetic models, in order to make predictions about their long-term stability. For this purpose, the compounds were synthesized according to literature-known procedures and thermogravimetric (TG) measurements were performed. The TG plots were analyzed using the Ozawa-Flynn-Wall, Friedman and ASTM E698 kinetic models with the NETZSCH Kinetics Neo software and the activation energy and isothermal long-term stability were determined. Moreover, various climatic predictions of different countries were made

Seasonal prediction of end-of-dry-season watershed behavior in a highly interconnected alluvial watershed in northern California

In undammed watersheds in Mediterranean climates, the timing and abruptness of the transition from the dry season to the wet season have major implications for aquatic ecosystems. Of particular concern in many coastal areas is whether this transition can provide sufficient flows at the right time to allow passage for spawning anadromous fish, which is determined by dry season baseflow rates and the timing of the onset of the rainy season. In (semi-) ephemeral watershed systems, these functional flows also dictate the timing of full reconnection of the stream system. In this study, we propose methods to predict, approximately 5 months in advance, two key hydrologic metrics in the undammed rural Scott River watershed in northern California. The two metrics are intended to characterize (1) the severity of a dry year and (2) the relative timing of the transition from the dry to the wet season. The ability to predict these metrics in advance could support seasonal adaptive management. The first metric is the minimum 30 d dry season baseflow volume, Vmin, which occurs at the end of the dry season (September–October) in this Mediterranean climate. The second metric is the cumulative precipitation, starting 1 September, necessary to bring the watershed to a “full” or “spilling” condition (i.e., initiate the onset of wet season storm- or baseflows) after the end of the dry season, referred to here as Pspill. As potential predictors of these two metrics, we assess maximum snowpack, cumulative precipitation, the timing of the snowpack and precipitation, spring groundwater levels, spring river flows, reference evapotranspiration, and a subset of these metrics from the previous water year. Though many of these predictors are correlated with the two metrics of interest, we find that the best prediction for both metrics is a linear combination of the maximum snowpack water content and total October–April precipitation. These two linear models could reproduce historical values of Vmin and Pspill with an average model error (RMSE) of 1.4 Mm3 per 30 d (19.4 cfs) and 25.4 mm (1 in.), corresponding to 49 % and 37 % of mean observed values, respectively. Although these predictive indices could be used by governance entities to support local water management, careful consideration of baseline conditions used as a basis for prediction is necessary.</p