Shareholder Voting and Directors’ Remuneration Report Legislation: Say on Pay in the U.K. (CRI 2009-004)

This paper investigates shareholder voting in the UK. The Directors’ Remuneration Report (DRR) Regulations of 2002 gave shareholders a mandatory non-binding vote on boardroom pay. First, using data on about 50,000 resolutions over the period 2002 to 2007 we find that less than 10% of shareholders abstain or vote against the mandated Directors’ Remuneration Report (DRR) resolution. Second, investors are more likely to vote against DRR resolutions compared to non-pay resolutions. Third, shareholders are more likely to vote against general executive pay resolutions, such as stock options, long term incentive plans and bonus resolutions compared to non-pay resolutions. Forth, firms with higher CEO pay attract greater voting dissent. Fifth, there is little evidence that CEO pay is lower in firms that previously experienced high levels of shareholder dissent. In addition, there is little evidence that the equity pay-mix, representing better owner-manager alignment, is greater in such firms. Currently, we find limited evidence that, on average, ‘say on pay’ materially alters the subsequent level and design of CEO compensation

Long- and short-time asymptotics of the first-passage time of the Ornstein-Uhlenbeck and other mean-reverting processes

The first-passage problem of the Ornstein-Uhlenbeck process to a boundary is a long-standing problem with no known closed-form solution except in specific cases. Taking this as a starting-point, and extending to a general mean-reverting process, we investigate the long- and short-time asymptotics using a combination of Hopf-Cole and Laplace transform techniques. As a result we are able to give a single formula that is correct in both limits, as well as being exact in certain special cases. We demonstrate the results using a variety of other models

Analytical approximation to the multidimensional Fokker--Planck equation with steady state

The Fokker--Planck equation is a key ingredient of many models in physics, and related subjects, and arises in a diverse array of settings. Analytical solutions are limited to special cases, and resorting to numerical simulation is often the only route available; in high dimensions, or for parametric studies, this can become unwieldy. Using asymptotic techniques, that draw upon the known Ornstein--Uhlenbeck (OU) case, we consider a mean-reverting system and obtain its representation as a product of terms, representing short-term, long-term, and medium-term behaviour. A further reduction yields a simple explicit formula, both intuitive in terms of its physical origin and fast to evaluate. We illustrate a breadth of cases, some of which are `far' from the OU model, such as double-well potentials, and even then, perhaps surprisingly, the approximation still gives very good results when compared with numerical simulations. Both one- and two-dimensional examples are considered.Comment: Updated version as publishe

Lattice-Spin Mechanism in Colossal Magnetoresistant Manganites

We present a single-orbital double-exchange model, coupled with cooperative phonons (the so called breathing-modes of the oxygen octahedra in manganites). The model is studied with Monte Carlo simulations. For a finite range of doping and coupling constants, a first-order Metal-Insulator phase transition is found, that coincides with the Paramagnetic-Ferromagnetic phase transition. The insulating state is due to the self-trapping of every carrier within an oxygen octahedron distortion.Comment: 4 pages, 5 figures, ReVTeX macro, accepted for publication in PR

Planets Transiting Non-Eclipsing Binaries

The majority of binary stars do not eclipse. Current searches for transiting circumbinary planets concentrate on eclipsing binaries, and are therefore restricted to a small fraction of potential hosts. We investigate the concept of finding planets transiting non-eclipsing binaries, whose geometry would require mutually inclined planes. Using an N-body code we explore how the number and sequence of transits vary as functions of observing time and orbital parameters. The concept is then generalised thanks to a suite of simulated circumbinary systems. Binaries are constructed from RV surveys of the solar neighbourhood. They are then populated with orbiting gas giants, drawn from a range of distributions. The binary population is shown to be compatible with the Kepler eclipsing binary catalogue, indicating that the properties of binaries may be as universal as the initial mass function. These synthetic systems produce transiting circumbinary planets occurring on both eclipsing and non-eclipsing binaries. Simulated planets transiting eclipsing binaries are compared with published Kepler detections. We obtain 1) that planets transiting non-eclipsing binaries probably exist in the Kepler data, 2) that observational biases alone cannot account for the observed over-density of circumbinary planets near the stability limit, implying a physical pile-up, and 3) that the distributions of gas giants orbiting single and binary stars are likely different. Estimating the frequency of circumbinary planets is degenerate with the spread in mutual inclination. Only a minimum occurrence rate can be produced, which we find to be compatible with 9%. Searching for inclined circumbinary planets may significantly increase the population of known objects and will test our conclusions. Their existence, or absence, will reveal the true occurrence rate and help develop circumbinary planet formation theories.Comment: 19 pages, 14 figures, accepted August 2014 to A&A, minor changes to previous arXiv versio

Motion software for a synergistic six-degree-of-freedom motion base

Computer software for the conversion of fixed-base simulations into moving-base simulations utilizing a synergistic six-degree-of-freedom motion simulator has been developed. This software includes an actuator extension transformation, inverse actuator extension transformation, a centroid transformation, and a washout circuit. Particular emphasis is placed upon the washout circuitry as adapted to fit the synergistic motion simulator. The description of the washout circuitry and illustration by means of a sample flight emphasize that translational cue representation may be of good fidelity, but care in the selection of parameters is very necessary, particularly in regard to anomalous rotational cues

Estimation of mean sea surfaces in the north Atlantic, the Pacific and the Indian Ocean using GEOS-3 altimeter data

The mean surfaces of several regions of the world's oceans were estimated using GEOS-3 altimeter data. The northwest Atlantic, the northeast Pacific off the coast of California, the Indian Ocean, the southwest Pacific, and the Phillipine Sea are included. These surfaces have been oriented with respect to a common earth center-of-mass system by constraining the separate solutions to conform to precisely determined laser reference control orbits. The same reference orbits were used for all regions assuring continuity of the separate solutions. Radial accuracies of the control orbits were in the order of one meter. The altimeter measured sea surface height crossover differences were minimized by the adjustment of tilt and bias parameters for each pass with the exception of laser reference control passes. The tilt and bias adjustments removed long wavelength errors which were primarily due to orbit error. Ocean tides were evaluated. The resolution of the estimated sea surfaces varied from 0.25 degrees off the east coast of the United States to about 2 degrees in part of the Indian Ocean near Australia. The rms crossover discrepancy after adjustment varied from 30 cm to 70 cm depending upon geographic location. Comparisons of the altimeter derived mean sea surface in the North Atlantic with the 5 feet x 5 feet GEM-8 detailed gravimetric geoid indicated a relative consistency of better than a meter