Say-on-pay votes and their impact on CEO power, firm performance and firm strategic policies : evidence from Anglo-Saxon economies

This thesis aims to provide additional insights into the understanding and the importance of various types of SOP votes. Motived by a new regulation called “Pay Ratio Disclosure” in the UK and the USA, and the subsequent changes of SOP regulation in Australia and the UK, which have not been covered in previous studies, this thesis aims to investigate the impact of SOP votes on CEO power as measured by the ratio of CEO pay to the average employee pay; on firm performance; and on firm strategic policiesA data is obtained for a sample 1931 listed firms in the four countries, namely, Australia, Canada, the UK and the USA during the period from 2012 to 2015 in Australia and Canada, from 2014 to 2016 in the UK, and from 2011 to 2015 in the USA. These periods are different since they are based on the date of adopting the SOP law. By employing a Limited Information Maximum Likelihood (LIML) estimator, the findings of the empirical analyses show that CEO power is negatively impacted by SOP votes in the four countries. This indicates that shareholders’ voice is successful in reducing managerial power, regardless of the nature of votes.Furthermore, the current research suggests that efficiency improvement may come via some other mechanisms, for example, the pressure from shareholders’ active monitoring. In addition, multiple evidences that emerged from this study suggest that stock market returns are driven by factors beyond the control of corporate managers. This study also finds that the varying effects of SOP votes on firms’ strategic policies might be ascribed to either the adoption of a specific SOP practice or the effectiveness of the board . The thesis’s findings have several implications for shareholders, firms, government and policymakers

Photoinduced insulator-metal transition in correlated electrons -- a Floquet analysis with the dynamical mean-field theory

In order to investigate photoinduced insulator-metal transitions observed in correlated electron systems, we propose a new theoretical method, where we combine a Floquet-matrix method for AC-driven systems with the dynamical mean-field theory. The method can treat nonequilibrium steady states exactly beyond the linear-response regime. We have applied the method to the Falicov-Kimball model coupled to AC electric fields, and numerically obtained the spectral function, the nonequilibrium distribution function and the current-voltage characteristic. The results show that intense AC fields indeed drive Mott-like insulating states into photoinduced metallic states in a nonlinear way.Comment: 4 pages, 3 figures, Proceedings of LT2

The status of human papillomavirus vaccination recommendation, funding, and coverage in WHO Europe countries (2018-2019).

Background: There is a need to better understand HPV vaccination (HPVv) implementation in WHO Europe Region (WHO/ER), including recommendations, funding, and vaccination coverage rates (VCR). Metho..

The impact of p16(ink4a) positivity in invasive vulvar cancer on disease-free and disease-specific survival, a retrospective study

Purpose To evaluate HPV and p16(ink4a) status as prognostic factors in patients with invasive vulvar cancer. Methods Retrospective analysis of disease-free (DFS) and disease-specific survival (DSS) of patients with invasive vulvar cancer at a single tertiary care center. Histology, HPV and p16(ink4a) status were evaluated in the context of a global multicenter trial. Logistic regression models were performed to identify the impact of p16(ink4a) positivity. Results 135 patients were included in the analysis. 32 (23.7%) showed a p16(ink4a) expression of over 25%. Disease-free and disease-specific survival was longer in p16(ink4a) positive patients (23 vs. 10 months, p = 0.004, respectively, 29 vs. 21 months, p = 0.016). In multivariate analysis, p16(ink4a) positivity was an independent parameter for DFS (p = 0.025, HR: 2.120 (1.100-4.085)), but not for DSS (p = 0.926, HR: 1.029 (0.558-1.901), in contrast to age and tumor stage. Conclusions Age and tumor stage negatively affect survival. However, disease-free survival is significantly longer in patients with p16(ink4a) positive invasive vulvar cancer

Effect of Particle-Hole Asymmetry on the Mott-Hubbard Metal-Insulator Transition

The Mott-Hubbard metal-insulator transition is one of the most important problems in correlated electron systems. In the past decade, much progress has been made on examining a particle-hole symmetric form of the transition in the Hubbard model with dynamical mean field theory where it was found that the electronic self energy develops a pole at the transition. We examine the particle-hole asymmetric metal-insulator transition in the Falicov-Kimball model, and find that a number of features change when the noninteracting density of states has a finite bandwidth. Since, generically particle-hole symmetry is broken in real materials, our results have an impact on understanding the metal-insulator transition in real materials.Comment: 5 pages, 3 figure

Steady-state nonequilibrium density of states of driven strongly correlated lattice models in infinite dimensions

The formalism for exactly calculating the retarded and advanced Green's functions of strongly correlated lattice models in a uniform electric field is derived within dynamical mean-field theory. To illustrate the method, we solve for the nonequilibrium density of states of the Hubbard model in both the metallic and Mott insulating phases at half-filling (with an arbitrary strength electric field) by employing the numerical renormalization group as the impurity solver. This general approach can be applied to any strongly correlated lattice model in the limit of large dimensions.Comment: (5 pages, 2 figures, RevTeX

Corrigendum to "Use of the nonavalent HPV vaccine in individuals previously fully or partially vaccinated with bivalent or quadrivalent HPV vaccines" [Vaccine 34 (2016) 757–761]

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Effect of the human papillomavirus (HPV) quadrivalent vaccine in a subgroup of women with cervical and vulvar disease: retrospective pooled analysis of trial data

Objectives To determine the effect of human papillomavirus (HPV) quadrivalent vaccine on the risk of developing subsequent disease after an excisional procedure for cervical intraepithelial neoplasia or diagnosis of genital warts, vulvar intraepithelial neoplasia, or vaginal intraepithelial neoplasia

Optimizing thermal transport in the Falicov-Kimball model: binary-alloy picture

We analyze the thermal transport properties of the Falicov-Kimball model concentrating on locating regions of parameter space where the thermoelectric figure-of-merit ZT is large. We focus on high temperature for power generation applications and low temperature for cooling applications. We constrain the static particles (ions) to have a fixed concentration, and vary the conduction electron concentration as in the binary-alloy picture of the Falicov-Kimball model. We find a large region of parameter space with ZT>1 at high temperature and we find a small region of parameter space with ZT>1 at low temperature for correlated systems, but we believe inclusion of the lattice thermal conductivity will greatly reduce the low-temperature figure-of-merit.Comment: 13 pages, 14 figures, typeset with ReVTe