Bank performance and executive pay: tournament or teamwork

We investigate the relationship between the dispersion of executive pay and bank performance/valuation by examining two competing theories, the tournament theory (hierarchical wage structure) and the equity fairness theory (compressed wage structure). The key variable of executive pay dispersion is measured using a hand-collected dataset composed of 63 banks from OECD countries and 29 banks from developing countries. The dataset covers the period 2004 to 2012. By combining and modifying a translog profit function and a pay-dispersion model, we are able to address the potential problems of relying on reduced-form estimation. In our subsample of developed and civil law countries, where bank performance is measured by either Tobin’s Q or by the price-to-book ratio, the overall impact of executive pay dispersion is mostly negative, and we find supporting evidence for the equity fairness theory, except for very high levels of dispersion. There is a non-linear effect, as banks perform best when there is either very low or very high executive pay dispersion. For developing country sample banks, greater executive pay dispersion has a negative impact on bank profit. In our subsample of common law countries, however, we find no evidence of a significant impact of executive pay dispersion on bank performance. We conclude that lower executive pay dispersion, a proxy for teamwork, is mostly effective in enhancing bank performance in a significant section of sample banks, i.e., civil law and developing countries

Severe Mg-deficiency is not associated with endothelial cell activation in mouse lung

Abstract. Several experimental and clinical studies suggest that the lungs are a specific target of Mg-hypomagnesemia, which is a common side effect of cyclosporin A therapy. Due to the possible effect of hypomagnesemia on lung allograft function, the aim of this study was to evaluate endothelial cell (EC) activation and tissue remodelling (apoptosis) in the lungs from mice fed Mg-deficient diets. Immunocytochemical examinations did not reveal any inflammatory process in Mg-deficient mice, infiltration of leukocytes (CD45 + cells), expression of I-A b class II molecules, E-selectin or ICAM-1 on ECs, and apoptotic cells. Quantification of mRNAs for E-selectin, ICAM-1 and VCAM-1, which are the most pertinent adhesins expressed by ECs, and for the cytokines TNFa and IL-2, demonstrated that severe Mg-deficiency does not result in EC activation. The balance between the up-regulation of G-CSF-R and CCL4 genes, and the down-regulation of the OPN gene shown by the cDNA microarray technique might be responsible for the absence of development of an inflammatory response, lung EC activation, and lung remodelling. However, we can hypothesize that severe Mg deficiency results in a latent inflammatory status of the lungs, which might be expressed following immune stresses, like transplantation conditions

A randomized, placebo-controlled phase 2 trial of laquinimod in primary progressive multiple sclerosis

OBJECTIVE: To evaluate efficacy, safety, and tolerability of laquinimod in patients with primary progressive multiple sclerosis (PPMS). METHODS: In the randomized, double-blind, placebo-controlled, phase 2 study ARPEGGIO (A Randomized Placebo-controlled trial Evaluating laquinimod in PPMS, Gauging Gradations In MRI and clinical Outcomes), eligible PPMS patients were randomized 1:1:1 to receive once-daily oral laquinimod 0.6 mg or 1.5 mg or matching placebo. Percentage brain volume change (PBVC; primary endpoint) from baseline to week 48 was assessed by MRI. Secondary and exploratory endpoints included clinical and MRI measures. Efficacy endpoints were evaluated using a predefined, hierarchical statistical testing procedure. Safety was monitored throughout the study. The laquinimod 1.5 mg dose arm was discontinued on January 1, 2016 due to findings of cardiovascular events. RESULTS: 374 patients were randomized to laquinimod 0.6 mg (n = 139) or 1.5 mg (n = 95) or placebo (n = 140). ARPEGGIO did not meet the primary endpoint of significant treatment effect with laquinimod 0.6 mg versus placebo on PBVC from baseline to week 48 (adjusted mean difference = 0.016%, p = 0.903). Laquinimod 0.6 mg reduced the number of new T2 brain lesions at week 48 (risk ratio = 0.4; 95% confidence interval, 0.26-0.69; p = 0.001). Incidence of adverse events was higher among patients treated with laquinimod 0.6 mg (83%) versus laquinimod 1.5 mg (66%) and placebo (78%). CONCLUSIONS: Laquinimod 0.6 mg did not demonstrate a statistically significant effect on brain volume loss in PPMS at week 48

" Développer une nouvelle approche pédagogique ", questionnement autour du cas de PicoLibre

International audienceCe papier s'intéresse à la problématique de mise en place d'une démarche pédagogique innovante dans le cadre des technologies de l'information et de la communication (TIC). Le sujet de cette analyse est une expérience qui a commencé voilà 2 à 3 ans au GET (Groupe des Ecoles des Télécommunication). Au terme de cette période, nous pointons un certain nombre d'observations et de réflexions par rapport à notre démarche même

Regional and local emissions in red river delta, Northern Vietnam

Fine (PM2.2) and coarse (PM2.2–10) particles concurrently collected in urban (Hanoi) and rural (Lucnam) areas were analyzed for ionic and elemental compositions to provide input for PMF receptor modeling of emission sources in the Red River Delta (RRD), a key economic development region in Vietnam. Long-range transport (LRT) aerosol, coal fly ash from major coal-fired plants in RRD, and marine aerosols are regional sources, which explain the minor variability of the mass concentrations of fine particles across the region. Local sources include soil/resuspended road dust, local coal fly ash, and biomass burning. Soil/resuspended road dust is the largest source component of coarse particles at the two sites. It is more abundant in Hanoi than in Lucnam reflecting the urban–rural contrast in traffic and construction works. Receptor models reveal the incorporation of secondary sulfate, nitrate, and ammonium into the various primary particles, i.e., soot, minerals, soil organic matter, and sea salt. Soot particles from LRT carry the largest amounts of sulfate and ammonium mass concentrations measured at the two sites. Based on receptor models, the yields and possible chemical forms of secondary sulfate, nitrate, and ammonium in different types of primary particles can be inferred