Pay Me Later: Inside Debt and Its Role in Managerial Compensation

Inside debt, such as pensions and deferred compensation, constitutes a widely-used form of executive compensation, yet the the valuation and incentive effects of these instruments have been almost entirely overlooked by prior work. Our paper initiates this line of research. Among our findings are that pensions constitute a significant component of overall compensation; that CEO compensation in most firms exhibits a balance between debtand equity-based incentives, with the balance shifting systematically away from equity and toward debt as CEOs grow older; that CEOs with high debt-based incentives manage their firms conservatively to reduce default risk; and that pension plan compensation strongly influences patterns of CEO turnover and CEO cash compensation

Pay Me Later: Inside Debt and Its Role in Managerial Compensation

Many companies pay their executives using inside debt, such as pensions and deferred compensation. Though these instruments are widely used, their valuation and incentive effects for managers have been almost entirely overlooked by prior research. CEO compensation in most firms exhibits a balance between debt and equity based incentives, and the balance systematically shifts away from equity and toward debt as CEOs grow older. CEOs with high debt-based incentives manage their firms conservatively to reduce default risk. Pension plan compensation strongly influences patterns of CEO turnover and CEO cash compensation

Pain management in Gridhrasi through Ayurveda - An Observational Study

Gridhrasi is a Shula Pradhana Vata Nanatmaja Vyadhi which is characterized by the Kramat Shula in the Prushtha Bhaaga of Sphik, Kati, Uru, Jaanu Jangha and Pada Pradesha. It is corelated with Sciatica based on the aetiology and symptomatology. This disease is mainly caused due the improper postures and the nature of the work. The main challenge is the management of pain. In Modern Science this condition is managed by the administration of Analgesics and in the later conditions Surgery will be advised with no definite relief. Shodhana, Siravyadha, Basti, Agni Karma are the treatment modalities have been mentioned in the classics. Here the study is conducted to evaluate the efficacy of Siravyadha in the management of the Shula in Gridhrasi with a successful outcome

Potential therapeutic applications of biosurfactants

Biosurfactants have recently emerged as promising molecules for their structural novelty, versatility, and diverse properties that are potentially useful for many therapeutic applications. Mainly due to their surface activity, these molecules interact with cell membranes of several organisms and/or with the surrounding environments, and thus can be viewed as potential cancer therapeutics or as constituents of drug delivery systems. Some types of microbial surfactants, such as lipopeptides and glycolipids, have been shown to selectively inhibit the proliferation of cancer cells and to disrupt cell membranes causing their lysis through apoptosis pathways. Moreover, biosurfactants as drug delivery vehicles offer commercially attractive and scientifically novel applications. This review covers the current state-ofthe- art in biosurfactant research for therapeutic purposes, providing new directions towards the discovery and development of molecules with novel structures and diverse functions for advanced applications.The authors acknowledge Fundacao para a Ciencia e a Tecnologia (FCT) (Portugal) and the Department of Science and Technology (DST) (India) for financial support of the project 'MEDSURF - The potential use of biosurfactants for medical applications' developed under the scope of a bilateral agreement between Portugal and India

Understanding and Evaluating Assurance Cases

Assurance cases are a method for providing assurance for a system by giving an argument to justify a claim about the system, based on evidence about its design, development, and tested behavior. In comparison with assurance based on guidelines or standards (which essentially specify only the evidence to be produced), the chief novelty in assurance cases is provision of an explicit argument. In principle, this can allow assurance cases to be more finely tuned to the specific circumstances of the system, and more agile than guidelines in adapting to new techniques and applications. The first part of this report (Sections 1-4) provides an introduction to assurance cases. Although this material should be accessible to all those with an interest in these topics, the examples focus on software for airborne systems, traditionally assured using the DO-178C guidelines and its predecessors. A brief survey of some existing assurance cases is provided in Section 5. The second part (Section 6) considers the criteria, methods, and tools that may be used to evaluate whether an assurance case provides sufficient confidence that a particular system or service is fit for its intended use. An assurance case cannot provide unequivocal "proof" for its claim, so much of the discussion focuses on the interpretation of such less-than-definitive arguments, and on methods to counteract confirmation bias and other fallibilities in human reasoning

Some exact results for the trapping of subdiffusive particles in one dimension

We study a generalization of the standard trapping problem of random walk theory in which particles move subdiffusively on a one-dimensional lattice. We consider the cases in which the lattice is filled with a one-sided and a two-sided random distribution of static absorbing traps with concentration c. The survival probability Phi(t) that the random walker is not trapped by time t is obtained exactly in both versions of the problem through a fractional diffusion approach. Comparison with simulation results is madeComment: 15 pages, 2 figure

Scaling and Memory Effect in Volatility Return Interval of the Chinese Stock Market

We investigate the probability distribution of the volatility return intervals $\tau$ for the Chinese stock market. We rescale both the probability distribution $P_{q}(\tau)$ and the volatility return intervals $\tau$ as $P_{q}(\tau)=1/\bar{\tau} f(\tau/\bar{\tau})$ to obtain a uniform scaling curve for different threshold value $q$. The scaling curve can be well fitted by the stretched exponential function $f(x) \sim e^{-\alpha x^{\gamma}}$, which suggests memory exists in $\tau$. To demonstrate the memory effect, we investigate the conditional probability distribution $P_{q} (\tau|\tau_{0})$, the mean conditional interval $$ and the cumulative probability distribution of the cluster size of $\tau$. The results show clear clustering effect. We further investigate the persistence probability distribution $P_{\pm}(t)$ and find that $P_{-}(t)$ decays by a power law with the exponent far different from the value 0.5 for the random walk, which further confirms long memory exists in $\tau$. The scaling and long memory effect of $\tau$ for the Chinese stock market are similar to those obtained from the United States and the Japanese financial markets.Comment: 10 elsart pages including 7 eps figure

Leptogenesis with "Fuzzy Mass Shell" for Majorana Neutrinos

We study the mixing of elementary and composite particles. In quantum field theory the mixing of composite particles originates in the couplings of the constituent quarks and for neutrinos in self-energy diagrams. In the event that the incoming and outgoing neutrinos have different masses, the self-energy diagrams vanish because energy is not conserved but the finite decaying widths make the mixing possible. We can consider the neutrinos to be "fuzzy" states on their mass shell and the mixing is understood as the overlap of two wavefunctions. These considerations restrict the mass difference to be approximately equal to or smaller than the largest of the two widths: abs(M_i - M_j) lessorequal max(Gamma_i, Gamma_j).Comment: 11 pages, 1 figur

Granger Causality and Cross Recurrence Plots in Rheochaos

Our stress relaxation measurements on wormlike micelles using a Rheo-SALS (rheology + small angle light scattering) apparatus allow simultaneous measurements of the stress and the scattered depolarised intensity. The latter is sensitive to orientational ordering of the micelles. To determine the presence of causal influences between the stress and the depolarised intensity time series, we have used the technique of linear and nonlinear Granger causality. We find there exists a feedback mechanism between the two time series and that the orientational order has a stronger causal effect on the stress than vice versa. We have also studied the phase space dynamics of the stress and the depolarised intensity time series using the recently developed technique of cross recurrence plots (CRPs). The presence of diagonal line structures in the CRPs unambiguously proves that the two time series share similar phase space dynamics.Comment: 10 pages, 7 figure

Full-commanding a network: The dictator

A network of chaotic dynamical systems may synchronize. For some networks there is the possibility that, coupling a new node to the network, the synchronization will be commanded by that new node. That possibility depends on the network and on the way the new node is coupled to the network.We consider a coupling that can provide what we call a full-commanding and we define the corresponding full-commandwindow. The limit situations corresponding to a completely connected network and to a completely disconnected one provide us some understanding about what makes a network more receptive or more resistant to commanding