Do CEOs Exercise Their Stock Options Earlier than Other Executives?

This paper looks at the timing chosen by CEOs to exercise their stock options and to sell their shares of stock compared to the timing chosen by other top executives in the firm. We first present a model that predicts when CEOs should exercise their options and/or sell their shares, and when other top managers should. Using a tournament approach we find that other top executives should exercise their stock options later than the CEO. We test this model using an unique data set of Canadian companies from 1993 onward. Our results seem to support the theoretical model as non-CEO executives seem to exercise their stock options about a calendar year later than the CEO. Moreover, non-CEO executive a more likely to exercise when a new CEO has been appointed, confirming our tournament model results. Nous étudions dans cet article le moment choisi par le PDG d'une compagnie pour lever ses options ou vendre ses actions dans la compagnie comparativement au moment choisi par les autres hauts dirigeants de la compagnie. Nous présentons premièrement un modèle théorique de tournoi qui fait des prédictions quant au moment opportun pour le PDG et les autres dirigeants de lever leurs options et/ou de vendre leurs actions dans la compagnie. Nous montrons théoriquement dans un tel modèle de tournoi que les hauts dirigeants devraient lever leurs options après le PDG. Nous testons ce modèle en utilisant une base de données unique de compagnies canadiennes de 1993 à 1999. Nos résultats empiriques semblent supporter notre modèle théorique puisque les hauts dirigeants semblent lever leurs options un an plus tard que le PDG. De plus, les hauts dirigeants semblent plus enclins à lever leurs options lorsqu'un nouveau PDG vient d'être nommé, confirmant ainsi notre modèle de tournoi.CEO and Executive Compensation, Options, Timing of Exercised Options., Contributions volontaires, pertes publiques, risque, ambiguïté, données expérimentales

«Tu ne tueras plus!» : une étude du processus de «recivilisation» de la société ouest-allemande d’après les catéchismes catholiques (1945-1970)

Chez les historiens qui se sont consacrés à l’étude de l’Allemagne contemporaine, plusieurs considèrent qu’en perpétrant un crime aussi barbare que la Shoah, le Troisième Reich a provoqué une « rupture de civilisation » (Zivilisationsbruch) au sein de l’histoire occidentale. En règle générale, ces spécialistes ont réfléchi sur le sens ainsi que sur les implications historiques et philosophiques de cet événement pour le monde contemporain. Peu d’entre eux, toutefois, se sont intéressés au pendant de cette « rupture de civilisation » : le processus de « recivilisation » qui a été à l’œuvre dans la société ouest-allemande au cours des premières décennies d’après-guerre. Caractérisé par le rejet de la violence et du militarisme, par la restauration des normes élémentaires de la civilité ainsi que par l’importance croissante accordée à des valeurs telles que la démocratie et le respect des droits de la personne, ce processus permet en grande partie d’expliquer comment, en à peine deux décennies, les Allemands de l’Ouest ont réussi à édifier un État stable et démocratique sur les ruines d’une dictature génocidaire. En étudiant la présentation du Décalogue dans les catéchismes catholiques, ce mémoire cherche à déterminer le rôle attribué aux prescriptions morales de nature religieuse dans le processus de « recivilisation » de la société ouest-allemande. Il se propose de montrer qu’au cours des années 1950 et 1960, les catéchismes catholiques publiés en RFA ont présenté de plus en plus d’indices d’une volonté que l’on pourrait qualifier de « recivilisatrice ». Ces indices ont surtout pris la forme d’une attention grandissante aux questions relatives à la guerre et à la paix, d’un assouplissement dans la présentation de l’autorité parentale et de l’adoption d’une conception de l’autorité civile fondée désormais sur l’accomplissement de devoirs civiques plutôt que sur l’obéissance aux supérieurs hiérarchiques.Among scholars who have studied contemporary Germany, many consider that by perpetrating such a barbaric crime as the Holocaust, the Third Reich caused a “rupture of civilizationˮ (Zivilisationsbruch) in the history of the Western world. These experts have reflected on the meaning as well as on the historical and philosophical consequences of the Holocaust for the contemporary world. However, very few of them have examined the other side of this “rupture of civilizationˮ, i.e. the “recivilizingˮ process that occurred in West German society during the first postwar decades. Characterized by the rejection of violence and militarism, the restoration of elementary norms of civility and the growing importance attached to civic values such as democracy and human rights, this process explains how, within barely two decades, West Germans succeeded in building a stable and democratic state on the ruins of a genocidal dictatorship. Using the presentation of the Decalogue in the Catholic catechisms, this master’s thesis examines the role attributed to religious moral norms in the “recivilizingˮ process of West German society. It intends to show that during the 1950s and 1960s the Catholic catechisms published in the FRG presented numerous signs of a “recivilizingˮ will, which consisted in a particular attention to issues of war and peace, an updated view of parental authority and the adoption of a conception of civil authority based on the fulfilment of civic duties rather than on sheer obedience to hierarchy

Properties of Lightning Strike Protection Coatings

Les matériaux composites sont de plus en plus utilisés dans plusieurs domaines. Dans le cas des compagnies aéronautiques, ces matériaux sont introduits dans leurs avions pour réduire le poids et ainsi réduire les coûts de carburants. Ces avions sont donc plus légers mais la perte de conductivité électrique rend l'avion vulnérable à la foudre ; celle-ci peut frapper les avions commerciaux en moyenne une fois par an. La protection contre la foudre devient donc très importante. Les mailles de cuivre actuelles offrent une bonne protection mais elles augmentent le poids des composites. Dans le cadre du projet CRIAQ COMP-502, une équipe de partenaires industriels et de chercheurs académiques étudient de nouveaux revêtements conducteurs ayant les caractéristiques suivantes : bonne protection électromagnétique, résistance mécanique élevée, bonne protection contre l'environnement, bonne fabricabilité et des coûts modérés. Les objectifs principaux de ce mémoire, dans le cadre de ce projet, était de déterminer les caractéristiques principales (électriques et tribomécaniques) pour les revêtements conducteurs placés sur les panneaux composites. Leurs propriétés étaient également testées après des essais destructifs tels que des injections de courants et des essais environnementaux. Bombardier Aerospace a fourni le substrat, un matériau composite constitué de fibres de carbone qui renforcent une matrice époxy, et le produit commercial actuel, un film surfacique (surfacing film) qui comprend une feuille de cuivre déployé (expanded copper foil) pour comparer avec les autres revêtements. Voici la liste des revêtements conducteurs fabriqués par les étudiants: des nanoparticules d'argent dans une matrice (PEDOT:PSS ou un mélange d'époxy et de PEDOT:PSS); des nanofibres de carbone couvertes d'argent et intégrées dans le film de surface; un revêtement d'étain par projection à froid (cold spray); du graphène oxydé et fonctionnalisé (functionalized) avec des nanofils d'argent et un dépôt d'argent autocatalytique (electroless plating). De plus, dans le cadre du projet et mémoire, des revêtements d'aluminium ont été pulvérisés à l’aide d’un magnétron. Il y a trois principaux types de tests pour caractériser les revêtements conducteurs : électriques, mécaniques et environnementaux. Les tests électriques consistent à trouver la résistance-carré et la résistivité spécifique des revêtements conducteurs. Les tests mécaniques comprennent l'adhérence, le test d'éraflure, la dureté et le module de Young des revêtements. Les tests environnementaux comprennent des cycles thermiques et embrun salin (salt spray).----------Abstract Composite materials are being increasingly used by many industries. In the case of aerospace companies, those materials are installed on their aircraft to save weight, and thus, fuel costs. These aircraft are lighter, but the loss of electrical conductivity makes aircraft vulnerable to lightning strikes, which hit commercial aircrafts on average once per year. This makes lightning strike protection very important, and while current metallic expanded copper foils offer good protection, they increase the weight of composites. Therefore, under the CRIAQ COMP-502 project, a team of industrial partners and academic researchers are investigating new conductive coatings with the following characteristics: High electromagnetic protection, high mechanical resistance, good environmental protection, manufacturability and moderate cost. The main objectives of this thesis, as part of this project, was to determine the main characteristics, such as electrical and tribomechanical properties, of conductive coatings on composite panels. Their properties were also to be tested after destructive tests such as current injection and environmental testing. Bombardier Aerospace provided the substrate, a composite of carbon fiber reinforced epoxy matrix, and the current commercial product, a surfacing film that includes an expanded copper foil used to compare with the other coatings. The conductive coatings fabricated by the students are: silver nanoparticles inside a binding matrix (PEDOT:PSS or a mix of Epoxy and PEDOT:PSS), silvered carbon nanofibers embedded in the surfacing film, cold sprayed tin, graphene oxide functionalized with silver nanowires, and electroless plated silver. Additionally as part of the project and thesis, magnetron sputtered aluminum coated samples were fabricated. There are three main types of tests to characterize the conductive coatings: electrical, mechanical and environmental. Electrical tests consist of finding the sheet resistance and specific resistivity of conductive coatings. Mechanical tests include adhesion, scratch, hardness and Young's modulus of the coatings. The environmental tests are temperature cycling and salt spray cycling. These basic characteristics were investigated first, but further tests also combine the categories, such as electrical tests before, during and after environmental tests, and the effects on the sample's mechanical properties after high electrical current injections

MAT-735: OPTIMIZING PERFORMANCE OF ZINC COATED REINFORCING STEEL IN CONCRETE STRUCTURES

Corrosion of steel reinforcing bar (rebar) is the most significant cause of concrete failure, resulting in expensive repairs and premature structure replacements across the country. This paper will discuss a new, low-cost, zinc coating process for rebar. The properties of this new coated rebar and its contribution to improvement of concrete performance will be presented together with the status of related national and international standards. The Continuous Galvanized Rebar (CGR) coating process is similar to galvanizing of sheet steel. The zinc coating is durable and resistant to abrasion that is routine during transport and construction, but is also highly ductile and can be bent without cracking to diameters of less than 4x the rebar diameter. This property ensures the bars can be coated pre-fabrication, reducing cost and speeding construction schedules. Once in the concrete, the zinc coating protects the rebar both as a barrier coating and with the well-known sacrificial properties of a galvanized coating

Motor and sensory disturbances induced by sensorimotor conflicts during passive and active movements in healthy participants

© 2018 Brun et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Sensorimotor conflict induces both sensory and motor disturbances, but the specific factors playing a role in conflict-induced disturbances are still misunderstood. For example, we still do not know the role played by motor intention (vs. a purely visuo-proprioceptive conflict) or the influence of specific types of incongruent visual feedback. The objective of this study was threefold: 1- to compare the effect of passive and active movement during sensorimotor conflict on sensory disturbances measured with a questionnaire; 2- to compare the effect of three incongruent visual feedback conditions on sensory and motor (mediolateral drift and movement amplitude) disturbances; 3- to test whether conflict-induced sensory and motor disturbances were stable over time. 20 healthy participants realized active or passive cyclic upper limb movements while viewing either congruent or incongruent visual feedback about their movement using a robotized exoskeleton combined with 2D virtual reality interface. First, results showed that in condition of conflict, participants reported higher sensory disturbances during active movements compared to passive movements (p = 0.034), suggesting that the efference copy reinforces the conflict between vision and proprioception. Second, the three conditions of incongruence in the active condition induced similar sensory (all p>0.45) and motor disturbances (medio-lateral drift: all p>0.59 and amplitude: all p>0.25), suggesting that conflict induced motor disturbances could be related more to the observation of another movement rather than to a detection of conflict between motor intention and sensory feedback. Finally, both sensory and motor disturbances were stable over time (all ICCs between 0.76 and 0.87), demonstrating low variability within participants. Overall, our results suggest that the efference copy is more involved in sensory disturbances than in motor disturbances, suggesting that they might rely on independent processes

Positive pleiotropic effects of HMG-CoA reductase inhibitor on vitiligo

BACKGROUND: HMG-CoA reductase inhibitors (statins) are commonly used in medicine to control blood lipid disorder. Large clinical trials have demonstrated that statins greatly reduces cardiovascular-related morbidity and mortality in patients with and without coronary artery disease. Also, the use of HMG-CoA reductase inhibitors has been reported to have immunosuppressive effects. CASE PRESENTATION: We describe an unusual case of regression of vitiligo in a patient treated with high dose simvastatin. The relation between simvastatin and regression of vitiligo in this case report may be related to the autoimmune pathophysiology of the disease. CONCLUSION: This unexpected beneficial impact provides another scientific credence to the hypothesis that immune mechanisms play a role in the development of vitiligo and that the use of statins as immuno-modulator could be of use not only for treatment relative to organ transplant but in other pathologies such as vitiligo

Using Mobile Device Communication to Strengthen e-Voting Protocols

Remote e-voting protocols strive to achieve sophisticated security properties. However, the inherent complexity of this level of sophistication typically comes at a cost: Protocols must either accept trade-offs in terms of security or are impractical. In this paper, we show how the additional communication capabilities given by the pervasive availability of mobile phones today can be used to strengthen the security offered by remote e-voting protocols. More precisely, the presence of two separate channels between the voter and the election authorities, namely the possibility for voters to communicate with authorities using both their computers and their mobile phones, opens up useful possibilities to significantly improve the security of remote e-voting with little cost in practicality. We discuss three mobile building blocks that can be plugged into many existing protocols from the literature, and that yield important security properties such as eligibility, resistance against impersonation attacks, inalterability, vote independence and coercion resistance, and even privacy and integrity of votes in the presence of malicious computers, under realistic assumptions

Exploring the Relationships Between Altered Body Perception, Limb Position Sense, and Limb Movement Sense in Complex Regional Pain Syndrome

© 2018 The Authors Chronic pain is often accompanied by patient-reported distorted body perception and an altered kinesthesia (referring to the senses of limb position and limb movement), but the association between these deficits is unknown. The objectives of this study were to assess body perception and the senses of limb position and limb movement in complex regional pain syndrome (CRPS) and to test whether these variables are related to each other and to pain intensity. Thirteen patients with upper limb CRPS (mean pain intensity, 4.2 ± 2.4 out of 10) and 13 controls were recruited. Body perception was self-reported with a questionnaire, and the senses of limb position (task 1) and of limb movement (task 2) were assessed with a robotic system combined with a 2D virtual reality display. The results showed altered kinesthesia in the patients with CRPS compared with controls (all

Automated Security Proofs for Almost-Universal Hash for MAC verification

Message authentication codes (MACs) are an essential primitive in cryptography. They are used to ensure the integrity and authenticity of a message, and can also be used as a building block for larger schemes, such as chosen-ciphertext secure encryption, or identity-based encryption. MACs are often built in two steps: first, the `front end\u27 of the MAC produces a short digest of the long message, then the `back end\u27 provides a mixing step to make the output of the MAC unpredictable for an attacker. Our verification method follows this structure. We develop a Hoare logic for proving that the front end of the MAC is an almost-universal hash function. The programming language used to specify these functions is fairly expressive and can be used to describe many block-cipher and compression function-based MACs. We implemented this method into a prototype that can automatically prove the security of almost-universal hash functions. This prototype can prove the security of the front-end of many CBC-based MACs (DMAC, ECBC, FCBC and XCBC to name only a few), PMAC and HMAC. We then provide a list of options for the back end of the MAC, each consisting of only two or three instructions, each of which can be composed with an almost-universal hash function to obtain a secure MAC