EVOLUTION ET EFFETS INCITATIFS DES STOCK-OPTIONS : LE CAS DES DIRIGEANTS DU CAC40

Cet article étudie l'évolution et les effets incitatifs des stock-options attribuées aux dirigeants de dix-huit entreprises du CAC40 entre 1994 et 2003. Une base de données portant sur 184 plans d'attribution de stock-options par ces entreprises est utilisée afin de suivre l'évolution et la sensibilité des stock-options aux variations de la valeur boursière, du prix d'exercice et de la volatilité. Nos résultats montrent que les stock-options en France ont évolué d'une manière spectaculaire entre 1994 et 2003. Leurs valeurs étaient étroitement liées aux variations du cours boursiers, du prix d'exercice et de la volatilité. En outre, nous établissons que la valeur des stock-options est plus sensible à la rentabilité spécifique associée à l'effort et au savoir-faire des dirigeants qu'à la performance due aux fluctuations du marché.Classification JEL : J33 ; G13. Mots clés : stock-options, incitations, rémunération des dirigeants, évaluation des options

Comparing "challenge-based" and "code-based" internet voting verification implementations

Internet-enabled voting introduces an element of invisibility and unfamiliarity into the voting process, which makes it very different from traditional voting. Voters might be concerned about their vote being recorded correctly and included in the final tally. To mitigate mistrust, many Internet-enabled voting systems build verifiability into their systems. This allows voters to verify that their votes have been cast as intended, stored as cast and tallied as stored at the conclusion of the voting period. Verification implementations have not been universally successful, mostly due to voter difficulties using them. Here, we evaluate two cast as intended verification approaches in a lab study: (1) "Challenge-Based" and (2) "Code-Based". We assessed cast-as-intended vote verification efficacy, and identified usability issues related to verifying and/or vote casting. We also explored acceptance issues post-verification, to see whether our participants were willing to engage with Internet voting in a real election. Our study revealed the superiority of the code-based approach, in terms of ability to verify effectively. In terms of real-life Internet voting acceptance, convenience encourages acceptance, while security concerns and complexity might lead to rejection

Assessment at UK medical schools varies substantially in volume, type and intensity and correlates with postgraduate attainment

BACKGROUND: In the United Kingdom (UK), medical schools are free to develop local systems and policies that govern student assessment and progression. Successful completion of an undergraduate medical degree results in the automatic award of a provisional licence to practice medicine by the General Medical Council (GMC). Such a licensing process relies heavily on the assumption that individual schools develop similarly rigorous assessment policies. Little work has evaluated variability of undergraduate medical assessment between medical schools. That absence is important in the light of the GMC's recent announcement of the introduction of the UKMLA (UK Medical Licensing Assessment) for all doctors who wish to practise in the UK. The present study aimed to quantify and compare the volume, type and intensity of summative assessment across medicine (A100) courses in the United Kingdom, and to assess whether intensity of assessment correlates with the postgraduate attainment of doctors from these schools. METHODS: Locally knowledgeable students in each school were approached to take part in guided-questionnaire interviews via telephone or Skype(TM). Their understanding of assessment at their medical school was probed, and later validated with the assessment department of the respective medical school. We gathered data for 25 of 27 A100 programmes in the UK and compared volume, type and intensity of assessment between schools. We then correlated these data with the mean first-attempt score of graduates sitting MRCGP and MRCP(UK), as well as with UKFPO selection measures. RESULTS: The median written assessment volume across all schools was 2000 min (mean = 2027, SD = 586, LQ = 1500, UQ = 2500, range = 1000-3200) and 1400 marks (mean = 1555, SD = 463, LQ = 1200, UQ = 1800, range = 1100-2800). The median practical assessment volume was 400 min (mean = 472, SD = 207, LQ = 400, UQ = 600, range = 200-1000). The median intensity (minutes per mark ratio) of summative written assessment was 1.24 min per mark (mean = 1.28, SD = 0.30, LQ = 1.11, UQ = 1.37, range = 0.85-2.08). An exploratory analysis suggested a significant correlation of total assessment time with mean first-attempt score on both the knowledge and the clinical assessments of MRCGP and of MRCP(UK). CONCLUSIONS: There are substantial differences in the volume, format and intensity of undergraduate assessment between UK medical schools. These findings suggest a potential for differences in the reliability of detecting poorly performing students, or differences in identifying and stratifying academically equivalent students for ranking in the Foundation Programme Application System (FPAS). Furthermore, these differences appear to directly correlate with performance in postgraduate examinations. Taken together, our findings highlight highly variable local assessment procedures that warrant further investigation to establish their potential impact on students

The impact of large scale licensing examinations in highly developed countries: a systematic review

BACKGROUND: To investigate the existing evidence base for the validity of large-scale licensing examinations including their impact. METHODS: Systematic review against a validity framework exploring: Embase (Ovid Medline); Medline (EBSCO); PubMed; Wiley Online; ScienceDirect; and PsychINFO from 2005 to April 2015. All papers were included when they discussed national or large regional (State level) examinations for clinical professionals, linked to examinations in early careers or near the point of graduation, and where success was required to subsequently be able to practice. Using a standardized data extraction form, two independent reviewers extracted study characteristics, with the rest of the team resolving any disagreement. A validity framework was used as developed by the American Educational Research Association, American Psychological Association, and National Council on Measurement in Education to evaluate each paper’s evidence to support or refute the validity of national licensing examinations. RESULTS: 24 published articles provided evidence of validity across the five domains of the validity framework. Most papers (n = 22) provided evidence of national licensing examinations relationships to other variables and their consequential validity. Overall there was evidence that those who do well on earlier or on subsequent examinations also do well on national testing. There is a correlation between NLE performance and some patient outcomes and rates of complaints, but no causal evidence has been established. CONCLUSIONS: The debate around licensure examinations is strong on opinion but weak on validity evidence. This is especially true of the wider claims that licensure examinations improve patient safety and practitioner competence

Genomic Sequence around Butterfly Wing Development Genes: Annotation and Comparative Analysis

, where a whole-genome BAC library allows targeted access to large genomic regions. genes. Comparative analysis with orthologous regions of the lepidopteran reference genome allowed assessment of conservation of fine-scale synteny (with detection of new inversions and translocations) and of DNA sequence (with detection of high levels of conservation of non-coding regions around some, but not all, developmental genes)., both involved in multiple developmental processes including wing pattern formation

Animal disease and narratives of nature: Farmers' reactions to the neoliberal governance of bovine Tuberculosis

This paper examines the relationship between neoliberal styles of animal disease governance and farmers' understandings of disease and nature. In the UK, new styles of animal disease governance has promised to shift the costs and responsibilities of disease management to farmers, creating opportunities for farmers to take responsibility for disease control themselves and opening up new markets for disease control interventions. Focussing on the management of bovine Tuberculosis (bTB) and drawing on interviews with 65 cattle farmers, the paper examines how farmer responses to these new styles of animal disease governance are shaped by their own knowledges and understandings of nature and disease. In particular, the paper examines how two key narratives of nature – the idea of ‘natural balance’ and ‘clean and dirty badgers’ – lead farmers to think about the control of bTB in wildlife (such as the choice between badger culling and/or vaccination) in very specific ways. However, whilst discourses of cost and responsibility appear to open up choice opportunities for farmers, that choice is constrained when viewed from the perspective of farmer subjectivities and narratives of nature. Discourses of neoliberalism as control rather than choice are therefore revealed, drawing attention to the complexities and plural strategies of neoliberal governance

“But One Needs to Work!”: Neoliberal Citizenship, Work-Based Immigrant Integration, and Post-Socialist Subjectivities in Berlin-Marzahn

This is the accepted version of the following article: MATEJSKOVA, T., 2012. "But One Needs to Work!": neoliberal citizenship, work-based immigrant integration, and post-socialist subjectivities in Berlin-Marzahn. Antipode, 45 (4), pp.984-1004, which has been published in final form at: http://dx.doi.org/10.1111/j.1467-8330.2012.01050.xThis paper examines how middle-aged and older post-Soviet immigrants in eastern Berlin navigate the neoliberalized landscape of work-based integration in face of their long-term unemployment. I first show how these immigrants’ own insistence on the centrality of paid work for their feeling integrated contributes to their experience of collective despondency and enrollment in exploitative quasi-markets, including workfare. Focusing on this insistence, I examine how it draws strength primarily from their continued subscription to the conceptions of self as deeply socially embedded, and of work as a practice of such an embedding, adopted through their Soviet-era socialization into the culture of dispersed personhood and obligation to work, rather than from their adoption of neoliberal concepts of citizenship in Germany. Contributing to geographies of post-socialist experience of neoliberalized regimes of citizenship and immigrant integration this paper thus highlights how some of the aspects of post-socialist subjectivities dovetail unexpectedly with the neoliberal project