Deregulation and the relationship between bank CEO compensation and risk taking

The deregulation of the banking industry during the 1990s provides a natural (public policy) experiment for investigating how firms adjust their executive compensation contracts as the environment in which they operate becomes relatively more competitive. Using the Riegle-Neal Act of 1994 as a focal point, we investigate how banks changed the equity-based component of bank CEO compensation contracts. We also examine the relationships between equity- based compensation and risk, capital structure, and investment opportunity set. Consistent with theoretical predictions, we find that after deregulation, the equity- based component of bank CEO compensation increases significantly on average for the industry. Additionally, we find that more risky banks have significantly higher levels of equity-based compensation, as do banks with more investment opportunities. But, more levered banks do not have higher levels of equity-based CEO compensation. Finally, we observe that most of these relationships become more powerful in our post- deregulation period.Corporate governance ; Bank supervision

Practical theories for service life prediction of critical aerospace structural components

A new second-order theory was developed for predicting the service lives of aerospace structural components. The predictions based on this new theory were compared with those based on the Ko first-order theory and the classical theory of service life predictions. The new theory gives very accurate service life predictions. An equivalent constant-amplitude stress cycle method was proposed for representing the random load spectrum for crack growth calculations. This method predicts the most conservative service life. The proposed use of minimum detectable crack size, instead of proof load established crack size as an initial crack size for crack growth calculations, could give a more realistic service life

Deep ocean disposal of sewage sludge off Orange County, California: a research plan

Even though the discharge of sludge into the ocean via an outfall is not now permitted, this research plan has been prepared to show what could be learned with a full scale experimental sludge discharge of 150 dry tons/day by the County Sanitation Districts of Orange County into deep water (over 1000 feet). To provide a wide range of inputs and evaluation, a broad-based Research Planning Committee was established to advise the Environmental Quality Laboratory on the overall content and details of the research plan. Two meetings were held at EQL on: March 4-5, 1982: The entire Committee July 19-20, 1982: A working subgroup of the Committee The entire Committee is listed in Appendix B, with footnotes to indicate meeting attendance. Those unable to come to a meeting were asked to comment on the drafts by mail or telephone. We gratefully acknowledge the members of the Research Planning Committee for their generous help in formulating the research tasks and reviewing report drafts

Influence of microphone housing on the directional response of piezoelectric mems microphones inspired by Ormia ochracea

The influence of custom microphone housings on the acoustic directionality and frequency response of a multiband bio-inspired MEMS microphone is presented. The 3.2 mm by 1.7 mm piezoelectric MEMS microphone, fabricated by a cost-effective multi-user process, has four frequency bands of operation below 10 kHz, with a desired first-order directionality for all four bands. 7×7×2.5 mm3 3-D-printed bespoke housings with varying acoustic access to the backside of the microphone membrane are investigated through simulation and experiment with respect to their influence on the directionality and frequency response to sound stimulus. Results show a clear link between directionality and acoustic access to the back cavity of the microphone. Furthermore, there was a change in direction of the first-order directionality with reduced height in this back cavity acoustic access. The required configuration for creating an identical directionality for all four frequency bands is investigated along with the influence of reducing the symmetry of the acoustic back cavity access. This paper highlights the overall requirement of considering housing geometries and their influence on acoustic behavior for bio-inspired directional microphones

An Integrated Tourism Development Project: The Central Region of Ghana

The Republic of Ghana is located in West Africa approximately 750 kilometers north of the equator. As a country it has gone through a series of economic cycles but due to numerous coups, misguided economic policies, and the vagaries of international markets for export goods most growth has been short lived. Since 1990 economic growth has accelerated and the country is currently governed by an elected President and Parliament. One of the main economic development strategies in the last five years has been tourism

A low frequency dual-band operational microphone mimicking the hearing property of Ormia ochracea

This paper introduces a directional MEMS microphone designed for hearing aid applications appropriate to low frequency hearing impairment, inspired by the hearing mechanism of a fly, the female Ormia ochracea. It uses both piezoelectric and capacitive sensing schemes. In order to obtain a high sensitivity at low frequency bands, the presented microphone is designed to have two resonance frequencies below the threshold of low frequency hearing loss at approximately 2 kHz. One is around 500 Hz and the other is slightly above 2 kHz. The novel dual sensing mechanism allows for optimization of the microphone sensitivity at both frequencies, with a maximum open-circuit (excluding pre-amplification) acoustic response captured via differential piezoelectric sensing at approximately – 46 dB (V) ref. 94 dB (SPL) at the resonance frequencies. The corresponding minimum detectable sound pressure level is just below -12 dB. The comb finger capacitive sensing was employed due to a lower electrical response generated from a ground referenced single-ended output by the piezoelectric sensing at the first resonance frequency compared to the second resonance frequency. The capacitive sensing mechanism, connected to a charge amplifier, generates a -28.4 dB (V) ref. 94 dB (SPL) acoustic response when the device is excited at either of the two resonance frequencies. Due to the asymmetric geometry and the 400 µm thick substrate, the device is predicted to perform as a bi-directional microphone below 3 kHz, which is shown by the measured directional polar patterns

Mineral pigments at Huaca Tacaynamo (Chan Chan, Peru)

X-ray diffraction analyses of five samples of pigments from a recently excavated mural at the archaeological site of Huaca Tacaynamo, a part of the Chan Chan archaeological complex, northern Peru, show that minerals related to metal occurrences known to have been exploited by ancient Andeans were also used as pigments. These minerals include: atacamite [Cu2Cl(OH3)] for green; azurite [Cu3(CO3)2(OH)2] for blue; calcite [CaCO3] for white; cinnabar [HgS] for red; and goethite [HFeO2] for yellow. Woven plant material from Tacaynamo gave a calibrated, 2 sigma 14C date of AD 1412-1614; however, initial occupation of the site and painting of the murals may have been earlier.Los análisis de difracción de rayos x en 5 muestras de pigmentos de un mural, recientemente excavado en el sitio arqueológico de Huaca Tacaynamo —una parte del complejo de Chan Chan en el norte del Perú—, muestran ciertos minerales relacionados con presencias metálicas que, como se sabe, han sido aprovechados por los antiguos habitantes de los Andes, también, como pigmentos. Estos minerales incluyen atacamita [Cu2Cl(OH3)] para el color verde; azurita [Cu3(CO3)2(OH)2] para el azul; calcita [CaCO3] para el blanco; cinabrio [HgS] para el rojo; y goetita [HFeO2] para el amarillo. La datación de los tejidos a partir de materiales vegetales de Tacaynamo con el 14C dio como resultado: AD 1412-1614. Sin embargo, la ocupación inicial del sitio y la pintura de los murales bien podría haber sido previas.Les analyses de diffraction des rayons X sur cinq échantillons de pigments d’une peinture murale récemment découverte sur le site archéologique de Huaca Tacaynamo — qui fait partie du complexe de Chan Chan, au nord du Pérou —, indiquent la présence de minéraux connus pour avoir servi de pigments aux anciens habitants des Andes. Ces minéraux sont l’atacamite [Cu2Cl(OH3)] pour la couleur verte; l’azurite [Cu3(CO3)2(OH)2] pour le bleu; la calcite [CaCO3] pour le blanc; le cinabre [HgS] pour le rouge; et la goethite [HFeO2] pour le jaune. Le matériel tissé d’origine végétale retrouvé à Tacaynamo a donné un calibrage de 2 sigma 14C avec une date de AD 1412-1614; cependant, la première occupation du site et les peintures murales pourraient bien être antérieures

Validation of Floating Node Method Using Three-Point Bend Doubler Under Quasi-Static Loading

The NASA Advanced Composite Project (ACP), an industry/government/university partnership, has embarked upon the task of developing technology that can aid in reducing the time line for structural certification of aircraft composite parts using a combination of technologies, one of which is high fidelity damage progression computational methods. Phase II of this project included a task for validating an approach based on the Floating Node Method combined with Directional Cohesive Elements (FNM-DCZE). This paper discusses predicted damage onset and growth in a three-point bend doubler specimen compared to experimental results. Sensitivity of the simulations to mesh refinement as well as key material properties and thermal effects are studied and reported. Overall, qualitative results suggest the main aspects of the damage progression have been captured, with the simulated damage morphology and sequence of events resembling closely what was observed experimentally. Quantitatively, the first load-peak is predicted. However, the re-loading observed in the experiments, after the first load peak, is not captured numerically, suggesting further investigation may be worth pursuing

A MEMS microphone inspired by Ormia for spatial sound detection

This work introduces a MEMS microphone with two pairs of orthogonal and joined sensor membranes, with independent acoustic directionality responses, leading to a 3D sound localization potential. This single microphone can thus be regarded as two individual bi-directional microphones. Combining this architecture with the fly Ormia ochracea’s tympana mechanism, this microphone is also the first biomimetic MEMS microphone with piezoelectric sensing, designed for 2D sound localization