The Determinants Of Equity Based Compensation: A Bidimensional Validity Of The Agency Theory

Previous studies have tried to make a comparative analysis between the market-oriented system and the mixed governance system on the determinants of stock option awards for managers; however, these studies exhibit some failures that must be overcome. In addition, we note the absence of studies addressing the validity of the agency theory on the determinants of equity-based compensation in times of instability or crisis. We used a sample of 159 French companies and 203 US companies for the period spanning 2002 to 2010. The results of the present study support the conclusion that the variables measuring the size of the firm, growth opportunity, debt, management and control functions, size of the board, and ownership concentration explain the decision to grant equity-based compensation, regardless of the sample and period considered. Using a variable representing the presence of institutional investors, we show that this type of investor is only involved in controlling the leader in the French case, during a period of financial instability

Earnings Management, Equity-based Compensation, Economic Conjuncture and Governance Mechanisms: A Comparative Study between France and the United States

Based on a sample of 159 French firms and 203 U.S. firms for the period extending from 2003 to 2010, generally, we find that for both cases, managers engage in earnings' management when they have a high percentage of equity-based compensation. The financial crisis was obviously important on managerial behavior and particularly on earnings management. Thus, the economic conjuncture is a new research question for equity compensation when it grants policy and earnings management. In addition, the governance mechanisms used to limit the opportunistic behavior of the manager also comes into play. Then we examine the governance mechanisms which encourage earnings management, particularly during allocation of equity compensation, where these two ideas have not been previously analyzed. We show that in contrast to a period of instability and economic recession, the manager has an incentive to earnings management to maximize his equity-based compensation during the period of economic growth. On the second point of research, we find on the one hand, that a governance mechanism which is effective in controlling earnings management that does not yield this result persists when awarding equity compensation. On the other hand, in the American case, the characteristics of the board of directors, and principally the compensation committee, and the ownership structure in the French case, can limit the opportunistic behavior of the manager during the allocation period of equity-based compensation. Keywords: Equity Compensation, Earnings Management, Economic Conjuncture, Governance Mechanisms JEL Classification: G3

Correction to: Relationship between SARS-CoV-2 infection and the incidence of ventilator-associated lower respiratory tract infections: a European multicenter cohort study

International audienc

Assessment of Factors Associated with Morbidity and Textbook Outcomes of Laparoscopic Liver Resection in Obese Patients. A French Nationwide Study

BACKGROUND: Liver surgeons need to know the expected outcomes of laparoscopic liver resection (LLR) in obese patients.OBJECTIVE: The purpose of the present study is to assess morbidity, mortality and textbook outcomes (TO) after LLR in obese patients.METHODS: This is a French multicenter study of patients undergoing LLR between 1996 and 2018. Obesity was defined by a BMI at or above 30 kg/m(2). Short-term outcomes and TO were compared between obese (ob) and nonobese (non-ob) patients. Factors associated with severe morbidity and TO were investigated.RESULTS: Of 3,154 patients included, 616 (19.5%) were obese. Ob-group patients had significantly higher American Society of Anesthesiologists (ASA) score and higher incidence of metabolic syndrome and chronic liver disease and were less likely to undergo major hepatectomy. Mortality rates were similar between ob and non-ob groups (0.8 vs 1.1%; p = 0.66). Overall morbidity and hospital stay were significantly increased in the ob group compared with the non-ob group (39.4 vs 34.7%, p = 0.03; and 9.5 vs 8.6 days, p = 0.02), whereas severe 90-day morbidity (at or above Clavien-Dindo grade III) was similar between groups (8% in both groups; p = 0.90). TO rate was significantly lower for the ob group than the non-ob group (58.3 vs 63.7%; p = 0.01). In multivariate analysis, obesity did not emerge as a risk factor for severe 90-day morbidity but was associated with a lower TO rate after LLR (odds ratio = 0.8, 95% CI 0.7-1.0; p = 0.03).CONCLUSIONS: LLR in obese patients is safe and effective with acceptable mortality and morbidity. Obesity had no impact on severe morbidity but was a factor for failing to achieve TO after LLR. (C) 2022 by the American College of Surgeons. Published by Wolters Kluwer Health, Inc. All rights reserved

Rare predicted loss-of-function variants of type I IFN immunity genes are associated with life-threatening COVID-19

BackgroundWe previously reported that impaired type I IFN activity, due to inborn errors of TLR3- and TLR7-dependent type I interferon (IFN) immunity or to autoantibodies against type I IFN, account for 15-20% of cases of life-threatening COVID-19 in unvaccinated patients. Therefore, the determinants of life-threatening COVID-19 remain to be identified in similar to 80% of cases.MethodsWe report here a genome-wide rare variant burden association analysis in 3269 unvaccinated patients with life-threatening COVID-19, and 1373 unvaccinated SARS-CoV-2-infected individuals without pneumonia. Among the 928 patients tested for autoantibodies against type I IFN, a quarter (234) were positive and were excluded.ResultsNo gene reached genome-wide significance. Under a recessive model, the most significant gene with at-risk variants was TLR7, with an OR of 27.68 (95%CI 1.5-528.7, P=1.1x10(-4)) for biochemically loss-of-function (bLOF) variants. We replicated the enrichment in rare predicted LOF (pLOF) variants at 13 influenza susceptibility loci involved in TLR3-dependent type I IFN immunity (OR=3.70[95%CI 1.3-8.2], P=2.1x10(-4)). This enrichment was further strengthened by (1) adding the recently reported TYK2 and TLR7 COVID-19 loci, particularly under a recessive model (OR=19.65[95%CI 2.1-2635.4], P=3.4x10(-3)), and (2) considering as pLOF branchpoint variants with potentially strong impacts on splicing among the 15 loci (OR=4.40[9%CI 2.3-8.4], P=7.7x10(-8)). Finally, the patients with pLOF/bLOF variants at these 15 loci were significantly younger (mean age [SD]=43.3 [20.3] years) than the other patients (56.0 [17.3] years; P=1.68x10(-5)).ConclusionsRare variants of TLR3- and TLR7-dependent type I IFN immunity genes can underlie life-threatening COVID-19, particularly with recessive inheritance, in patients under 60 years old