Performance Incentives, Performance Pressure and Executive Turnover

We examine the relationship between the optimal incentive contract and the firm’s decision to fire a manager for poor performance. We first derive some theoretical results using a simple principal-agent model, and then examine the empirical evidence on the incidence of forced turnover among CEOs with different compensation contracts. We find that CEOs with steeper compensation contracts (i.e., with greater incentives) are more likely to be fired following poor firm performance. Logit estimations indicate that among firms that make a net loss in a given year, a CEO receiving incentives at the 60th percentile level is 26.55% more likely to be fired than a CEO with incentives at the 40th percentile. The corresponding figure for firms whose ROA is below the industry average level is 15.07%, and for firms whose stock return is below the market return is 15.86%. The results are robust to various performance and incentive measures. Overall, our re-sults indicate that CEOs with greater incentives also face greater performance pressures.Incentive Contracts, Executive Compensation, Equity-based compensation, Management Turnover

Learning versus Diversification in Project Choice

We study the issue of project choice when a risk-averse agent must choose whether to invest in two projects of the same type (focus) or of different types (diversification). Projects of the same type are subject to common type-specific shocks. Hence focusing is more risky within each period, but enables faster learning across periods. Optimal project choice involves balancing these two considerations. We demonstrate how an agent's choice of whether to focus or diversify is related to (i) the speed of learning (ii) the type-specific risk and (iii) his risk- aversion and investment horizon. We show that, contrary to intuition, an increase in type-specific risk may lead to a decrease in diversification. Our theory is applicable to occupational choice within households, project choice under group lending, and corporate diversification.Bayesian Learning, Insurance, Risk-Sharing

A comparison of the ForestMan AI software with the Heureka system regarding forest growth simulations and carbon calculations

The purpose of this study is to evaluate the reliability of the forest growth simulations and carbon calculations of the ForestMan AI forest planning system. The ForestMan AI software is developed by and the property of Skogr Kaupa Group AB. ForestMan AI is based on the ProdMod model from SLU and carbon calculations according to methodologies recommended by the IPCC in Guidelines for National Greenhouse Gas Inventories reporting.The Heureka system calculations are used as benchmark for the evaluation. Heureka is a planning system that has been developed over more than 20 years and has found extensive use in both research and among forest companies. The Heureka system calculations is used as the basis for evaluation since it can be considered state-of-the-art with respect to forest research and because it is also used for assessments for the Swedish reporting of greenhouse gas emissions.The evaluation is based on the data from a forest estate in the Halland county. The estate encompasses 2.037 ha and has spruce as dominating species. It is, by and large, representative of forest in the region.The evaluation shows ForestMan AI to perform growth projections and the associated carbon stock assessment to agree to a great extent. No major deviations between the outputs of the systems are identified.The result of the study can be used as a basis for further development of standards for evaluating forest planning systems. Carbon as a commodity represents an emerging branch of forestry. Furthermore, it is the quantity to report by financial institutions and forest owners in Climate Benefit Analyses (CBA) mandated by the EU Taxonomy. Thus, it is crucial that different actors, SMEs (Small, Medium Enterprises) and others, are given access to research in various forms to meet the needs of this emerging branch of forestry

Tensor fascia lata muscle pedicle grafting for avascular necrosis femoral head

Background: Osteonecrosis of femoral head (AVN) is a disabling condition with ill-defined etiology and pathogenesis. In more than 60% it leads to osteoarthritis of hip joint. Treatment for this condition includes both operative and non-operative methods with variable success rates. Surgical options being aimed at both conservation of femoral head and arthroplasty of hip joint. Aim of our study was to evaluate the efficacy of tensor fascia lata muscle pedicle grafting in the management of osteonecrosis of femoral head.Methods: 27 cases with a mean age of 38.7 years (range from 24 to 52) who underwent tensor fascia lata muscle pedicle grafting in the management of  osteonecrosis  of femoral head were prospectively evaluated with a  mean follow up period of  7.3 years (range from 3 to 12 years). Watson-Jones approach was used in all patients. Average hospital stay was 12 days. Harris hip score was used for the evaluation of clinical outcome.Results: In our series of 27 cases, the Harris hip score was excellent (90-100) in 19, good (80-89) in 5, fair (70-79) in 2 and  poor  (<70) in 1 case at final follow up.Conclusions: Tensor fascia lata muscle pedicle grafting is an effective, technically easier, pain relieving head-preserving procedure and will improve outcome in properly selected patients with osteonecrosis of femoral head.

Antiulcer Activity of Indigenous Plant Operculina turpethum

In the Indian traditional system of medicine Operculina turpethum is commonly used to treat various ailments including peptic ulcer, inflammation, and pain. Ulcer preventive and ulcer protective activities of HAOP and MOP stem bark extracts of Operculina turpethum (100 mg/kg, b.w., orally) were evaluated employing aspirin + pylorus ligation (APL) model in experimental rats. The results suggested that both extracts (HAOP and MOP) possess enhanced ulcer preventive and protective activities when compared with the standard drug ranitidine. HAOP showed more pronounced effect when compared to MOP. Further the result of the histopathological and biochemical studies also confirms potent ulcer preventive and protective nature of a extracts in a similar manner

Importance of Microscopic Studies in Mineral Dressing

The importance of microscopic studies in mineral dressing is emphasised with illustrations based mostly on the studies conducted by the authors on Indian samples The information obtainable includes (i) identity of minerals, (ii) grain size, nature and degree of intergrowth of minerals, (iii) quantitative data on the mineralogical constituents, and (iv) genesis and other data of special significance