Executive Compensation and CEO Equity Incentives in China’s Listed Firms (CRI 2009-006)

This study investigates the economic, ownership and governance determinants of executive compensation and CEO equity incentives in China’s listed firms. Consistent with the agency theory, we find that executive compensation is positively correlated with firm size, performance, and growth opportunities. CEO incentives are negatively associated with firm size, positively linked with firm performance and growth opportunity. Firm risk has a negative effect on pay and incentives. Compensation and CEO incentives are significantly greater in privately-controlled firms compared to state-run firms and are lower in firms with concentrated ownership structures. Boardroom governance is important: firms with compensation committees or a greater fraction of independent directors on the board have higher executive pay and greater CEO equity incentives

Executive Compensation and Corporate Governance in China

We investigate executive compensation and corporate governance in China’s publicly traded firms. We also compare executive pay in China to the USA. Consistent with agency theory, we find that executive compensation is positively correlated to firm performance. The study shows that executive pay and CEO incentives are lower in State controlled firms and firms with concentrated ownership structures. Boardroom governance is important. We find that firms with more independent directors on the board have a higher pay-for-performance link. Non-State (private) controlled firms and firms with more independent directors on the board are more likely to replace the CEO for poor performance. Finally, we document that US executive pay (salary and bonus) is about seventeen times higher than in China. Significant differences in US-China pay persist even after controlling for economic and governance factors

Switching speed distribution of spin-torque-induced magnetic reversal

The switching probability of a single-domain ferromagnet under spin-current excitation is evaluated using the Fokker-Planck equation(FPE). In the case of uniaxial anisotropy, the FPE reduces to an ordinary differential equation in which the lowest eigenvalue $\lambda_1$ determines the slowest switching events. We have calculated $\lambda_1$ by using both analytical and numerical methods. It is found that the previous model based on thermally distributed initial magnetization states \cite{Sun1} can be accurately justified in some useful limiting conditions.Comment: The 10th Joint MMM/Intermag, HA-0