\u3cem\u3eThe Cherry Beret\u3c/em\u3e by Ashton L. Kerr [Review]

Review of Colonel Ashton L. Kerr, MD, The Cherry Beret: Distant recollections of World War II as remembered by one of the first Canloan officers. Published privately

Molecular propensity as a driver for explorative reactivity studies

Quantum chemical studies of reactivity involve calculations on a large number of molecular structures and comparison of their energies. Already the set-up of these calculations limits the scope of the results that one will obtain, because several system-specific variables such as the charge and spin need to be set prior to the calculation. For a reliable exploration of reaction mechanisms, a considerable number of calculations with varying global parameters must be taken into account, or important facts about the reactivity of the system under consideration can go undetected. For example, one could miss crossings of potential energy surfaces for different spin states or might not note that a molecule is prone to oxidation. Here, we introduce the concept of molecular propensity to account for the predisposition of a molecular system to react across different electronic states in certain nuclear configurations. Within our real-time quantum chemistry framework, we developed an algorithm that allows us to be alerted to such a propensity of a system under consideration.Comment: 10 pages, 7 figure

Stock options as incentive contracts and dividend policy

Executive Stock Option Programs (SOPs) have become the dominant compensation instrument for top-management in recent years. The incentive effects of an SOP both with respect to corporate investment and financing decisions critically depend on the design of the SOP. A specific problem in designing SOPs concerns dividend protection. Usually, SOPs are not dividend protected, i.e. any dividend payout decreases the value of a manager’s options. Empirical evidence shows that this results in a significant decrease in the level of corporate dividends and, at the same time, into an increase in share repurchases. Yet, few suggestions have been made on how to account for dividends in SOPs. This paper applies arguments from principal-agent-theory and from the theory of finance to analyze different forms of dividend protection, and to address the relevance of dividend protection in SOPs. Finally, the paper relates the theoretical analysis to empirical work on the link between share repurchases and SOPs