Company Flexibility, the Value of Management and Managerial Compensation

The variation in managerial compensation across countries and industries for firms of similar size is staggering. We analyze this phenomenon in a continuous time model of the firm, where the economic environment evolves stochastically over time and where changes to the firm operations are costly. The underlying idea is that managers in different countries and industries are compensated very differently, not necessarily because their skills differ substantially, but rather because the scope for management to add value to the firms varies substantially. If adjustment costs are low, or if the economic environment is relatively volatile, then the potential value-added from active management is larger. The positive relationship between economic environment volatility and the value of management suggests a real options interpretation of the manager: Active management can be viewed as a real option to make changes in the production plan. Our model shows that the higher the volatility of the economy, the larger the value of this real option. La variation dans les compensations des gestionnaires à travers les pays et les industries pour des compagnies de taille comparable est ahurissante. Nous analysons ce phénomène dans le cadre d'un modèle de compagnie en temps continu, dans lequel l'environnement économique évolue de manière stochastique et les changements dans le fonctionnement de la compagnie sont coûteux. L'idée sous-jacente est que les gestionnaires dans différents pays et industries sont rémunérés de manière très différente non pas parce que leurs compétences diffèrent de manière substantielle mais plutôt parce que la valeur ajoutée par la gestion diffère substantiellement. Si les coûts d'ajustement sont peu élevés ou si l'environnement économique est relativement volatile, alors le potentiel de valeur ajoutée par la gestion active est important. La relation positive entre la volatilité de l'environnement économique et la valeur de la gestion suggère une interprétation du gestionnaire en termes d'option réelle : la gestion active peut être vue comme une option réelle sur un changement dans le plan de production. Notre modèle montre que plus l'économie est volatile, plus l'option a de valeur.CEO Pay Variation, Production Adjustment Costs, Input Price Volatility, Real Options, Variation des rémunérations des directeurs d'entreprises, coûts d'ajustement de production, volatilité des prix des facteurs de production, options réelles

Value creation, risk management, and real options

The real options approach considers strategic management and decision-making as a process aimed at actively reducing exposition to downside risk and promoting exposition to upside opportunities. It stands at the hinge between pure finance and other areas of decision making under risk such as project evaluation, market entry and exit, organizational restructuring and re-engineering, technology adoption, climate change and biodiversity decisions, etc. The approach underlines a frame of mind and uses methodologies that appeal to a wide array of managers, thus providing a common language. Real options have applications in many areas that are central to modern corporations: market coverage and development, finance, human resources management, technology management, R&D and knowledge management, etc. Thinking in terms of real options represents a major development in strategic but remains relatively unknown in spite of its adoption by firms such as Airbus, GE, Hewlett Packard, Intel, Toshiba and others. Nonetheless, as shown in the academic literature and as argued in some of the quotes below, the contribution of higher level managers to the value of a firm lies in the creation and the exercise of real options. Indeed the value of strategic management itself can be assessed that way. At a more macroeconomic level, the efficiency of financial systems rests primarily on proper risk assessment and management in project evaluation. The real options approach is the crucial analytical tool to fulfill such a need and act as a link between the financial and the real sectors. Lorsqu'on applique une approche options réelles à la gestion, à la gestion stratégique en particulier, c'est que l'on perçoit la prise de décision stratégique comme un processus visant à la fois la réduction active de l'exposition au risque baissier et l'augmentation de l'exposition aux opportunités favorables. L'approche des options réelles se situe entre la finance pure et les autres domaines de la prise de décision en situation risquée tels l'évaluation de projet, l'entrée et la sortie d'un marché, la restructuration et la ré-ingénierie organisationnelle, l'adoption de nouvelles technologies, les décisions sur le changement climatique et la biodiversité, etc.. Elle souligne un état d'esprit et utilise des méthodologies auxquelles souscrivent beaucoup de gestionnaires, offrant ainsi un langage commun. Les options réelles concernent plusieurs domaines primordiaux des entreprises modernes : la couverture et le développement du marché, la finance, la gestion des ressources humaines, la gestion de la technologie, la R&D, la gestion des connaissances, etc.. Cette approche représente un changement important dans la gestion stratégique mais demeure relativement peu connue malgré son adoption par des entreprises telles que Airbus, GE, Hewlett Packard, Intel, Toshiba et autres. Néanmoins, comme l'indique la littérature académique et le soulignent certaines des citations ci-dessous, la contribution des gestionnaires à la valeur de l'entreprise peut se mesurer à l'aune des options qu'ils font surgir et qu'ils gèrent. À un niveau plus macroéconomique, l'efficacité des systèmes financiers repose essentiellement sur une bonne évaluation des risques et de la gestion des projets. Les options réelles constituent l'outil analytique crucial pour cette évaluation et font ainsi le lien entre secteur financier et secteur réel.Real Options, Investments, Uncertainty, Options réelles, Investissements, Incertitude

Sus scrofa: Population Structure, Reproduction and Condition in Tropical North Eastern Australia

Three feral pig populations inhabiting contrasting environments along the north easterncoast of Australia have been investigated with respect to population structure, individual condition andreproduction. The population on Prince of Wales Island contains a large proportion of juvenile andsub-adult pigs but lacks pigs in the higher age classes. Individuals also breed at an earlier age thananimals of the mainland populations. Pig populations on Cape York Peninsula show a largerproportion of older animals and feral pigs living in rainforest habitats show a low proportion ofanimals in very young and very old age classes. Pigs from the lowland rainforest population are inbetter condition than those of the other populations for most of the year, reflecting the availability offood all year round in this environment. Differences in the population structure of the threepopulations are discussed with respect to fecundity and several mortality factors such as predation anddiseases/parasites

Recent Developments in Digital Mathematics Libraries

The paper presents recent developments in the domain of digital mathematics libraries towards the envisioned 21st Century Global Library for Mathematics. The Bulgarian Digital Mathematical Library BulDML and the Czech Digital Mathematical Library DML-CZ are founding partners of the EuDML Initiative and through it contribute to the sustainable development of the European Digital Mathematics Library EuDML and to the global advancements in this area.The Fourth International Conference on Digital Presentation and Preservation of Cultural and Scientific Heritage—DiPP2014 is supported by the Ministry of Education and Science and is under the patronage of UNESCO

Création de valeur, gestion de risque et options réelles

Lorsqu'on applique une approche options réelles à la gestion, à la gestion stratégique en particulier, c'est que l'on perçoit la prise de décision stratégique comme un processus visant à la fois la réduction active de l'exposition au risque baissier et l'augmentation de l'exposition aux opportunités favorables. L'approche des options réelles se situe entre la finance pure et les autres domaines de la prise de décision en situation risquée tels l'évaluation de projet, l'entrée et la sortie d'un marché, la restructuration et la ré-ingénierie organisationnelle, l'adoption de nouvelles technologies, les décisions sur le changement climatique et la biodiversité, etc. Elle souligne un état d'esprit et utilise des méthodologies auxquelles souscrivent beaucoup de gestionnaires, offrant ainsi un langage commun. Les options réelles concernent plusieurs domaines primordiaux des entreprises modernes : la couverture et le développement du marché, la finance, la gestion des ressources humaines, la gestion de la technologie, la R-D, la gestion des connaissances, etc. Cette approche représente un changement important dans la gestion stratégique mais demeure relativement peu connue malgré son adoption par des entreprises telles que Airbus, GE, Hewlett Packard, Intel, Toshiba et autres. Néanmoins, comme l'indique la littérature académique et le soulignent certaines des citations ci-dessous, la contribution des gestionnaires à la valeur de l'entreprise peut se mesurer à l'aune des options qu'ils font surgir et qu'ils gèrent. À un niveau plus macroéconomique, l'efficacité des systèmes financiers repose essentiellement sur une bonne évaluation des risques et de la gestion des projets. Les options réelles constituent l'outil analytique crucial pour cette évaluation et font ainsi le lien entre secteur financier et secteur réel.The real options approach considers strategic management and decision-making as a process aimed at actively reducing exposition to downside risk and promoting exposition to upside opportunities. It stands at the hinge between pure finance and other areas of decision making under risk such as project evaluation, market entry and exit, organizational restructuring and re-engineering, technology adoption, climate change and biodiversity decisions, etc. The approach underlines a frame of mind and uses methodologies that appeal to a wide array of managers, thus providing a common language. Real options have applications in many areas that are central to modern corporations: market coverage and development, finance, human resources management, technology management, R&D and knowledge management, etc. Thinking in terms of real options represents a major development in strategic but remains relatively unknown in spite of its adoption by firms such as Airbus, GE, Hewlett Packard, Intel, Toshiba and others. Nonetheless, as shown in the academic literature and as argued in some of the quotes below, the contribution of higher level managers to the value of a firm lies in the creation and the exercise of real options. Indeed the value of strategic management itself can be assessed that way. At a more macroeconomic level, the efficiency of financial systems rests primarily on proper risk assessment and management in project evaluation. The real options approach is the crucial analytical tool to fulfill such a need and act as a link between the financial and the real sectors

Evidence for a Binary Companion to the Central Compact Object 1E 1207.4-5209

Unique among neutron stars, 1E 1207.4-5209 is an X-ray pulsar with a spin period of 424 ms that contains at least two strong absorption features in its energy spectrum. This neutron star has been identified as a member of the radio-quiet compact central objects in supernova remnants. It has been found that 1E 1207.4-5209 is not spinning down monotonically suggesting that this neutron star undergoes strong, frequent glitches, contains a fall-back disk, or possess a binary companion. Here, we report on a sequence of seven XMM-Newton observations of 1E 1207.4-5209 performed during a 40 day window in June/July 2005. Due to unanticipated variance in the phase measurements beyond the statistical uncertainties, we could not identify a unique phase-coherent timing solution. The three most probable timing solutions give frequency time derivatives of +0.9, -2.6, and +1.6 X 10^(-12) Hz/s (listed in descending order of significance). We conclude that the local frequency derivative during our XMM-Newton observing campaign differs from the long-term spin-down rate by more than an order of magnitude, effectively ruling out glitch models for 1E 1207.4-5209. If the long-term spin frequency variations are caused by timing noise, the strength of the timing noise in 1E 1207.4-5209 is much stronger than in other pulsars with similar period derivatives. Therefore, it is highly unlikely that the spin variations are caused by the same physical process that causes timing noise in other isolated pulsars. The most plausible scenario for the observed spin irregularities is the presence of a binary companion to 1E 1207.4-5209. We identified a family of orbital solutions that are consistent with our phase-connected timing solution, archival frequency measurements, and constraints on the companions mass imposed by deep IR and optical observations.Comment: 8 pages, 4 figures. To be published in the proceedings of "Isolated Neutron Stars: from the Interior to the Surface" (April 24-28, 2006) - eds. D. Page, R. Turolla & S. Zan

Quantum metrology with critical driven-dissipative collective spin system

We propose a critical dissipaive quantum metrology schemes for single parameter estimation which are based on a quantum probe consisting of coherently driven ensemble of $N$ spin-1/2 particles under the effect of squeezed, collective spin decay. The collective spin system exhibits a dissipative phase transition between thermal and ferromagnetic phases, which is characterized with nonanalytical behavior of the spin observables. We show that thanks to the dissipative phase transition the sensitivity of the parameter estimation can be significantly enhanced. Furthermore, we show that our steady state is an entangled spin squeezed state which allow to perform parameter estimation with sub shot-noise limited measurement uncertainty.Comment: 7 pages, 5 figure

The Fifth National Information Day: Open Access to Scientific Information and Data

This work was supported in part by the EU „2nd Generation Open Access Infrastructure for Research in Europe" (OpenAIRE+). The autumn training school Development and Promotion of Open Access to Scientific Information and Research is organized in the frame of the Fourth International Conference on Digital Presentation and Preservation of Cultural and Scientific Heritage—DiPP2014 (September 18–21, 2014, Veliko Tarnovo, Bulgaria, http://dipp2014.math.bas.bg/), organized under the UNESCO patronage. The main organiser is the Institute of Mathematics and Informatics, Bulgarian Academy of Sciences with the support of EU project FOSTER (http://www.fosteropenscience.eu/) and the P. R. Slaveykov Regional Public Library in Veliko Tarnovo, Bulgaria