Executive Pay: Regulation vs. Market Competition

The economic slowdown and the active political season are generating calls for imposing new regulations on executive pay. The presidential candidates of the two major parties have lashed out at what they perceive to be excessive pay for certain executives or for corporate executives in general. Such populist sentiments are often based on misunderstandings about the role of corporate executives in the economy and the vigorous competition that exists for these highly skilled leaders. In the past, federal regulatory efforts based on such misunderstandings have generated unintended consequences, which have damaged the economy and hurt the ability of the market for executives to self-regulate over time. The labor market for executives and the associated pay levels are already subject to high levels of regulation. Indeed, U.S. corporations are subject to more stringent executive pay disclosure requirements than corporations anywhere else in the world. Before additional regulatory and legislative efforts are unleashed, policymakers should examine the rationale for current pay structures and the strong links between executive pay and corporate performance. The misperceptions that drive regulatory efforts are grounded in the idea that the market for executives is not competitive and that pay levels do not reflect supply and demand for talent. Critics claim that executives essentially set their own pay through their influence over the boards of directors of corporations. This "myth of managerial power" leads some policy makers to conclude that greater government regulation is necessary because the market is "rigged." However, a large body of empirical research documents that labor markets for executives are indeed competitive, and that pay levels track corporate performance. This study examines the market forces that set the parameters of executive compensation, the process that boards use to determine pay packages, and the data that indicate the efficient workings of the current "pay-for-performance" model. It also discusses the adverse consequences of imposing rules and regulations on an executive compensation system that has helped to generate great wealth for shareholders and millions of jobs for American workers

The baseline intracluster entropy profile from gravitational structure formation

The radial entropy profile of the hot gas in clusters of galaxies tends to follow a power law in radius outside of the cluster core. Here we present a simple formula giving both the normalization and slope for the power-law entropy profiles of clusters that form in the absence of non-gravitational processes such as radiative cooling and subsequent feedback. It is based on seventy-one clusters drawn from four separate cosmological simulations, two using smoothed-particle hydrodynamics (SPH) and two using adaptive-mesh refinement (AMR), and can be used as a baseline for assessing the impact of non-gravitational processes on the intracluster medium outside of cluster cores. All the simulations produce clusters with self-similar structure in which the normalization of the entropy profile scales linearly with cluster temperature, and these profiles are in excellent agreement outside of 0.2 r_200. Because the observed entropy profiles of clusters do not scale linearly with temperature, our models confirm that non-gravitational processes are necessary to break the self-similarity seen in the simulations. However, the core entropy levels found by the two codes used here significantly differ, with the AMR code producing nearly twice as much entropy at the centre of a cluster.Comment: Accepted to MNRAS, 8 pages, 9 figure

Sport, children's rights and violence prevention: A source book on global issues and local programmes

Copyright @ Brunel University, 2012In line with the Convention on the Rights of the Child (CRC), UNICEF has been a strong advocate of children’s right to leisure and play. It recognizes the intrinsic value sports have in promoting the child’s health and well-being, education and development, and social inclusion, including by fostering the culture of tolerance and peace. Every child has the right to play safely, in an enabling and protective environment. However, although under-researched, evidence shows that children have been subjected to various forms of violence, abuse and exploitation ranging from undue pressure to achieve high performance, beatings and physical punishment, sexual harassment and assaults, to child labour and trafficking. The violence that children experience can lead to lifelong consequences for their health and development. It can also have devastating consequences. Article 19 of the CRC asserts that all children have the right to be protected from violence, calling on State Parties to take all appropriate measures for the protection of children, including while in the care others. Measures include strengthening child protection systems; increasing awareness and strengthening the protective role of parents, teachers, coaches and others caregivers as well as the media; developing and implementing standards for the protection and well-being of children in sports; implementing sport for development and other international programmes and initiatives; and improving data collection and research to develop an evidence-base of “what works”. Above all, the protection of young athletes starts by ensuring that those around children regard them in a way that is appropriate to their needs and that is respectful of their rights - as children first and athletes second. This book provides an expanded set of evidence and resources to back up the 2010 report from the UNICEF Innocenti Research Centre in Florence, Italy - Protecting Children from Violence in Sport: A review with a focus on industrialized countries. I am delighted to provide a Foreword as it complements the ongoing work being done by UNICEF in development and humanitarian environments to make sport a safer place for children

Correction of non-linearity effects in detectors for electron spectroscopy

Using photoemission intensities and a detection system employed by many groups in the electron spectroscopy community as an example, we have quantitatively characterized and corrected detector non-linearity effects over the full dynamic range of the system. Non-linearity effects are found to be important whenever measuring relative peak intensities accurately is important, even in the low-countrate regime. This includes, for example, performing quantitative analyses for surface contaminants or sample bulk stoichiometries, where the peak intensities involved can differ by one or two orders of magnitude, and thus could occupy a significant portion of the detector dynamic range. Two successful procedures for correcting non-linearity effects are presented. The first one yields directly the detector efficiency by measuring a flat-background reference intensity as a function of incident x-ray flux, while the second one determines the detector response from a least-squares analysis of broad-scan survey spectra at different incident x-ray fluxes. Although we have used one spectrometer and detection system as an example, these methodologies should be useful for many other cases.Comment: 13 pages, 12 figure

Perfect State Transfer: Beyond Nearest-Neighbor Couplings

In this paper we build on the ideas presented in previous works for perfectly transferring a quantum state between opposite ends of a spin chain using a fixed Hamiltonian. While all previous studies have concentrated on nearest-neighbor couplings, we demonstrate how to incorporate additional terms in the Hamiltonian by solving an Inverse Eigenvalue Problem. We also explore issues relating to the choice of the eigenvalue spectrum of the Hamiltonian, such as the tolerance to errors and the rate of information transfer.Comment: 8 pages, 2 figures. Reorganised, more detailed derivations provided and section on rate of information transfer adde

Brick Walls and AdS/CFT

We discuss the relationship between the bulk-boundary correspondence in Rehren's algebraic holography (and in other 'fixed-background' approaches to holography) and in mainstream 'Maldacena AdS/CFT'. Especially, we contrast the understanding of black-hole entropy from the viewpoint of QFT in curved spacetime -- in the framework of 't Hooft's 'brick wall' model -- with the understanding based on Maldacena AdS/CFT. We show that the brick-wall modification of a Klein Gordon field in the Hartle-Hawking-Israel state on 1+2-Schwarzschild AdS (BTZ) has a well-defined boundary limit with the same temperature and entropy as the brick-wall-modified bulk theory. One of our main purposes is to point out a close connection, for general AdS/CFT situations, between the puzzle raised by Arnsdorf and Smolin regarding the relationship between Rehren's algebraic holography and mainstream AdS/CFT and the puzzle embodied in the 'correspondence principle' proposed by Mukohyama and Israel in their work on the brick-wall approach to black hole entropy. Working on the assumption that similar results will hold for bulk QFT other than the Klein Gordon field and for Schwarzschild AdS in other dimensions, and recalling the first author's proposed resolution to the Mukohyama-Israel puzzle based on his 'matter-gravity entanglement hypothesis', we argue that, in Maldacena AdS/CFT, the algebra of the boundary CFT is isomorphic only to a proper subalgebra of the bulk algebra, albeit (at non-zero temperature) the (GNS) Hilbert spaces of bulk and boundary theories are still the 'same' -- the total bulk state being pure, while the boundary state is mixed (thermal). We also argue from the finiteness of its boundary (and hence, on our assumptions, also bulk) entropy at finite temperature, that the Rehren dual of the Maldacena boundary CFT cannot itself be a QFT and must, instead, presumably be something like a string theory.Comment: 54 pages, 3 figures. Arguments strengthened in the light of B.S. Kay `Instability of Enclosed Horizons' arXiv:1310.739

Deflection and Rotation of CMEs from Active Region 11158

Between the 13 and 16 of February 2011 a series of coronal mass ejections (CMEs) erupted from multiple polarity inversion lines within active region 11158. For seven of these CMEs we use the Graduated Cylindrical Shell (GCS) flux rope model to determine the CME trajectory using both Solar Terrestrial Relations Observatory (STEREO) extreme ultraviolet (EUV) and coronagraph images. We then use the Forecasting a CME's Altered Trajectory (ForeCAT) model for nonradial CME dynamics driven by magnetic forces, to simulate the deflection and rotation of the seven CMEs. We find good agreement between the ForeCAT results and the reconstructed CME positions and orientations. The CME deflections range in magnitude between 10 degrees and 30 degrees. All CMEs deflect to the north but we find variations in the direction of the longitudinal deflection. The rotations range between 5\mydeg and 50\mydeg with both clockwise and counterclockwise rotations occurring. Three of the CMEs begin with initial positions within 2 degrees of one another. These three CMEs all deflect primarily northward, with some minor eastward deflection, and rotate counterclockwise. Their final positions and orientations, however, respectively differ by 20 degrees and 30 degrees. This variation in deflection and rotation results from differences in the CME expansion and radial propagation close to the Sun, as well as the CME mass. Ultimately, only one of these seven CMEs yielded discernible in situ signatures near Earth, despite the active region facing near Earth throughout the eruptions. We suggest that the differences in the deflection and rotation of the CMEs can explain whether each CME impacted or missed the Earth.Comment: 18 pages, 6 figures, accepted in Solar Physic