Estimating the Cost of Executive Stock Options: Evidence from Switzerland

It is often argued that Black-Scholes (1973) values overstate the subjective value of stock options granted to risk-averse and under-diversified executives. We construct a “representative” Swiss executive and extend the certainty- equivalence approach presented by Hall and Murphy (2002) to assess the value-cost wedge of executive stock options. Even with low coefficients of relative risk aversion, the discount can be above 50% compared to the Black-Scholes values. Regression analysis reveals that the equilibrium level of executive compensation is explained by economic determinant variables such as firm size and growth opportunities, whereas the managers’ pay-forperformance sensitivity remains largely unexplained. Firms with larger boards of directors pay higher wages, indicating potentially unresolved agency conflicts. We reject the hypothesis that cross-sectional differences in the amount of executive pay vanish when risk-adjusted values are used as the dependent variable.Managerial compensation, incentives, executive stock options, option valuation, risk aversion

Visualising accessibility: an interactive tool and two applications to empirical case studies of urban development and public engagement

While a substantial body of literature exists on the theoretical definitions and measures of accessibility, the extent to which such measures are applied into practice to assess project alternatives is less frequent (Geurs and Van Wee, 2004). Recent studies affirm that one of the main barriers to the usability of accessibility measure is the lack of visualisation quality and mapping tool for accessibility representation (te Brömmelstroet et al, 2014), while visualisation tools are commonly recognised as the most effective methodology to facilitate knowledge sharing, particularly in those processes involving public stakeholders and non-experts with different expertise. Starting form this consideration, this paper presents an application of the Interactive Visualisation Tool, named InViTo (Pensa and Masala, 2014a; 2014b; Pensa, et al., 2014; Pensa, Masala and Lami, 2013; Pensa, Masala and Marina, 2013) able to generate maps of the level of perceived accessibility (i.e. “desirability”) of different urban areas. Desirability is here computed as the perceived level of access to different urban items as transport supply (metro and rail stations, public transport stops, parking) and urban activities such as hospitals, schools, museums. In this respect, the concept of desirability encompasses a measure of accessibility to several urban facilities, and the perception that residents of the study area have of such facilities. The InViTo tool allows to build up maps of desirability interactively, by making selection of the chosen items and by giving differential weights to each items. This makes the tools powerful and very useful particularly when discussing and showing analysis results to stakeholders, who could have the opportunity to see in real time the results of different scenario alternatives and assumptions. In the paper two applications are presented. The first one to the empirical case study of Rome, presents the steps to undertake in order to apply the tool: from data gathering, maps coding, and results representation. The second application aims at exploring the potential usability of the tool in engaging public stakeholders into the assessment of different urban development options. Furthermore, the results of a workshop held in Turin, in which public and private stakeholders were interactively involved, are discussed. The paper is organised as follows. In section 2, an overview of the InViTo tool is given with a focus on its applicability formeasuring accessibility. In section 3 the results of the two InViTo applications are discussed. Conclusions are drawn in section 4, with an outlook to undergoing research issues

Gene Expressio Array Exploration Using K-Formal Concept Analysis

Proceeding of: 9th International Conference, ICFCA 2011, Nicosia, Cyprus, May 2-6, 2011.DNA micro-arrays are a mechanism for eliciting gene expression values, the concentration of the transcription products of a set of genes, under different chemical conditions. The phenomena of interest—up-regulation, down-regulation and co-regulation—are hypothesized to stem from the functional relationships among transcription products. In [1,2,3] a generalisation of Formal Concept Analysis was developed with data mining applications in mind, K-Formal Concept Analysis, where incidences take values in certain kinds of semirings, instead of the usual Boolean carrier set. In this paper, we use (Rmin+)- and (Rmax+) to analyse gene expression data for Arabidopsis thaliana. We introduce the mechanism to render the data in the appropriate algebra and profit by the wealth of different Galois Connections available in Generalized Formal Concept Analysis to carry different analysis for up- and down-regulated genes.Spanish Government-Comision Interministerial de Ciencia y Tecnología projects 2008-06382/TEC and 2008-02473/TEC and the regional projects S-505/TIC/0223 (DGUI-CM) and CCG08-UC3M/TIC- 4457 (Comunidad Aut onoma de Madrid - UC3M)

Inclusive processes: Concepts and Instruments for sharing the spatial information

The second thematic workshop within the SINERGI project (Turin, June 30 - July 2, 2015) is the final step of a process started several months before. A research team from SiTI (Turin, Italy) developed an instrumental method for structuring the aforementioned workshop following two parallel paths. The first path was methodological. It has been the fruit of the collaboration between SiTI and public institution of the City of Turin. The construction of the method focused on conceptual possibilities and choice of urban parameters for the building of different future scenarios for the case study area, a very large dismissed urban area with an industrial past and many future projects insisting on it. The second path was technical one. It concerned the issues needed to use the Interactive Visualisation Tool (InViTo) in order to achieve the planned tasks. A number of discussions emerged outlining possibilities and opportunities given by the use of interactive maps. After discussion and technical improvements, the application of the chosen method within the workshop in Turin provided a large number of outcomes: drawing planning options; discussions on the relationship between the policy-making and the choice of urban parameters; multi-disciplinary argumentations on the use of digital tools and on the human interaction with visual information

Inclusive processes: Concepts and Instruments for sharing the spatial information

The second thematic workshop within the SINERGI project (Turin, June 30 - July 2, 2015) is the final step of a process started several months before. A research team from SiTI (Turin, Italy) developed an instrumental method for structuring the aforementioned workshop following two parallel paths. The first path was methodological. It has been the fruit of the collaboration between SiTI and public institution of the City of Turin. The construction of the method focused on conceptual possibilities and choice of urban parameters for the building of different future scenarios for the case study area, a very large dismissed urban area with an industrial past and many future projects insisting on it. The second path was technical one. It concerned the issues needed to use the Interactive Visualisation Tool (InViTo) in order to achieve the planned tasks. A number of discussions emerged outlining possibilities and opportunities given by the use of interactive maps. After discussion and technical improvements, the application of the chosen method within the workshop in Turin provided a large number of outcomes: drawing planning options; discussions on the relationship between the policy-making and the choice of urban parameters; multi-disciplinary argumentations on the use of digital tools and on the human interaction with visual information

Stat3 is required to maintain the full differentiation potential of mammary stem cells and the proliferative potential of mammary luminal progenitors.

Stat3 has a defined role in mammary gland where it is a critical mediator of cell death during post-lactational regression. On the other hand, Stat3 is required for the self-renewal of embryonic stem cells and is sufficient for the induction of a naïve pluripotent state in epiblast stem cells. Mammary stem cells (MaSCs) have a high capacity for self-renewal and can grow robustly in transplantation experiments in vivo. However, a role for Stat3 in MaSCs has not been investigated. Here we show that depletion of Stat3 from basal cells results in reduced primary transplantation efficiency and diminishes the potential to generate ductal, but not alveolar, outgrowths. In addition, Stat3 is required for maximal proliferation of luminal progenitors