Stock Options for Undiversified Executives

We employ a certainty-equivalence framework to analyze the cost and value of, and pay/performance incentives provided by, non-tradable options held by undiversified, risk-averse executives. We derive Executive Value' lines, the risk-adjusted analogues to Black-Scholes lines, and distinguish between executive value' and company cost.' We demonstrate that the divergence between the value and cost of options explains, or provides insight into, virtually every major issue regarding stock option practice including: executive views about Black-Scholes measures of options; tradeoffs between options, stock and cash; exercise price policies; connections between the pay-setting process and exercise price policies; institutional investor views regarding options and restricted stock; option repricings; early exercise policies and decisions; and the length of vesting periods. It also leads to reinterpretations of both cross-sectional facts and longitudinal trends in the level of executive compensation.

Prosomal-width-to-weight relationships in American horseshoe crabs (Limulus polyphemus): examining conversion factors used to estimate landings

Horseshoe crabs (Limulus polyphemus) are valued by many stakeholders, including the commercial fishing industry, biomedical companies, and environmental interest groups. We designed a study to test the accuracy of the conversion factors that were used by NOAA Fisheries and state agencies to estimate horseshoe crab landings before mandatory reporting that began in 1998. Our results indicate that the NOAA Fisheries conversion factor consistently overestimates the weight of male horseshoe crabs, particularly those from New England populations. Because of the inaccuracy of this and other conversion factors, states are now mandated to report the number (not biomass) and sex of landed horseshoe crabs. However, accurate estimates of biomass are still necessary for use in prediction models that are being developed to better manage the horseshoe crab fishery. We recommend that managers use the conversion factors presented in this study to convert current landing data from numbers to biomass of harvested horseshoe crabs for future assessments

Five year prognosis in patients with angina identified in primary care : incident cohort study

Peer reviewedPublisher PD

Diffuse Interstellar Bands in z < 0.6 CaII Absorbers

The diffuse interstellar bands (DIBs) probably arise from complex organic molecules whose strength in local galaxies correlates with neutral hydrogen column density, N(HI), and dust reddening, E(B-V). Since CaII absorbers in quasar (QSO) spectra are posited to have high N(HI) and significant E(B-V), they represent promising sites for the detection of DIBs at cosmological distances. Here we present the results from the first search for DIBs in 9 CaII-selected absorbers at 0.07 < z_abs < 0.55. We detect the 5780Ang DIB in one line of sight at z_abs = 0.1556; this is only the second QSO absorber in which a DIB has been detected. Unlike the majority of local DIB sight-lines, both QSO absorbers with detected DIBs show weak 6284Ang absorption compared with the 5780Ang band. This may be indicative of different physical conditions in intermediate redshift QSO absorbers compared with local galaxies. Assuming that local relations between the 5780Ang DIB strength and N(HI) and E(B-V) apply in QSO absorbers, DIB detections and limits can be used to derive N(HI) and E(B-V). For the one absorber in this study with a detected DIB, we derive E(B-V) = 0.23mag and log[N(HI)] >= 20.9, consistent with previous conclusions that CaII systems have high HI column densities and significant reddening. For the remaining 8 CaII-selected absorbers with 5780Ang DIB non-detections, we derive E(B-V) upper limits of 0.1-0.3mag.Comment: 5 pages, 2 figures. Accepted to MNRAS Letter

Localisation of gamma-ray interaction points in thick monolithic CeBr3 and LaBr3:Ce scintillators

Localisation of gamma-ray interaction points in monolithic scintillator crystals can simplify the design and improve the performance of a future Compton telescope for gamma-ray astronomy. In this paper we compare the position resolution of three monolithic scintillators: a 28x28x20 mm3 (length x breadth x thickness) LaBr3:Ce crystal, a 25x25x20 mm3 CeBr3 crystal and a 25x25x10 mm3 CeBr3 crystal. Each crystal was encapsulated and coupled to an array of 4x4 silicon photomultipliers through an optical window. The measurements were conducted using 81 keV and 356 keV gamma-rays from a collimated 133Ba source. The 3D position reconstruction of interaction points was performed using artificial neural networks trained with experimental data. Although the position resolution was significantly better for the thinner crystal, the 20 mm thick CeBr3 crystal showed an acceptable resolution of about 5.4 mm FWHM for the x and y coordinates, and 7.8 mm FWHM for the z-coordinate (crystal depth) at 356 keV. These values were obtained from the full position scans of the crystal sides. The position resolution of the LaBr3:Ce crystal was found to be considerably worse, presumably due to the highly diffusive optical in- terface between the crystal and the optical window of the enclosure. The energy resolution (FWHM) measured for 662 keV gamma-rays was 4.0% for LaBr3:Ce and 5.5% for CeBr3. The same crystals equipped with a PMT (Hamamatsu R6322-100) gave an energy resolution of 3.0% and 4.7%, respectively

Impaired Hyperemic Response to Exercise Post Stroke

Individuals with chronic stroke have reduced perfusion of the paretic lower limb at rest; however, the hyperemic response to graded muscle contractions in this patient population has not been examined. This study quantified blood flow to the paretic and non-paretic lower limbs of subjects with chronic stroke after submaximal contractions of the knee extensor muscles and correlated those measures with limb function and activity. Ten subjects with chronic stroke and ten controls had blood flow through the superficial femoral artery quantified with ultrasonography before and immediately after 10 second contractions of the knee extensor muscles at 20, 40, 60, and 80% of the maximal voluntary contraction (MVC) of the test limb. Blood flow to the paretic and non-paretic limb of stroke subjects was significantly reduced at all load levels compared to control subjects even after normalization to lean muscle mass. Of variables measured, increased blood flow after an 80% MVC was the single best predictor of paretic limb strength, the symmetry of strength between the paretic and non-paretic limbs, coordination of the paretic limb, and physical activity. The impaired hemodynamic response to high intensity contractions was a better predictor of lower limb function than resting perfusion measures. Stroke-dependent weakness and atrophy of the paretic limb do not explain the reduced hyperemic response to muscle contraction alone as the response is similarly reduced in the non-paretic limb when compared to controls. These data may suggest a role for perfusion therapies to optimize rehabilitation post stroke