Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite consumption) reduce the returns earned by acquirers. As the managerial stake in the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their nondiversified financial portfolio. However, managers enjoy nonassignable private benefits of control at high levels of ownership which they are not willing to lose by selling their stake in the financial markets. These benefits of control are increasing in the managerial ownership stake and can lead to managers 'overpaying' even when they own a substantial fraction of the firm. Examining mergers that occurred during 1985 to 1991, we find evidence of such a nonmonotonic relationship between the stock returns earned by acquirers and their managerial ownership level. Further, we find that acquiring firms with high levels of managerial ownership tend to diversify more than acquiring firms with low levels of managerial ownership.

Executive Pay and Performance: Evidence from the U.S. Banking Industry

This paper examines an effect of deregulating the market for corporate control on CEO compensation in the banking industry. Given that each state's banking regulation defines the competitiveness of its corporate control market, we examine the effect of a state's interstate banking regulation on the level and structure of bank CEO compensation. Using panel data on 147 banks over the decade of the 1980s, we find evidence supporting the hypothesis that competitive corporate control markets (i.e., where interstate banking is permitted) require talented managers whose levels of compensation are higher. We also find that the compensation-performance relationship is stronger than for managers in markets where interstate banking is not permitted. Further, CEO turnover increases substantially after deregulation, as does the proportion in performance-related compensation. These results suggest strong evidence of a managerial talent market -- that is, one which matches the level and structure of compensation with the competitiveness of the banking environment.

Practical high-dimensional quantum key distribution with decoy states

High-dimensional quantum key distribution (HD-QKD) allows two parties to generate multiple secure bits of information per detected photon. In this work, we show that decoy state protocols can be practically implemented for HD-QKD using only one or two decoy states. HD-QKD with two decoy states, under realistic experimental constraints, can generate multiple secure bits per coincidence at distances over 200 km and at rates similar to those achieved by a protocol with infinite decoy states. Furthermore, HD-QKD with only one decoy state is practical at short distances, where it is almost as secure as a protocol with two decoy states. HD-QKD with only one or two decoy states can therefore be implemented to optimize the rate of secure quantum communications.Comment: 11 pages, 3 figure

A Low Temperature Nonlinear Optical Rotational Anisotropy Spectrometer for the Determination of Crystallographic and Electronic Symmetries

Nonlinear optical generation from a crystalline material can reveal the symmetries of both its lattice structure and underlying ordered electronic phases and can therefore be exploited as a complementary technique to diffraction based scattering probes. Although this technique has been successfully used to study the lattice and magnetic structures of systems such as semiconductor surfaces, multiferroic crystals, magnetic thin films and multilayers, challenging technical requirements have prevented its application to the plethora of complex electronic phases found in strongly correlated electron systems. These requirements include an ability to probe small bulk single crystals at the micron length scale, a need for sensitivity to the entire nonlinear optical susceptibility tensor, oblique light incidence reflection geometry and incident light frequency tunability among others. These measurements are further complicated by the need for extreme sample environments such as ultra low temperatures, high magnetic fields or high pressures. In this review we present a novel experimental construction using a rotating light scattering plane that meets all the aforementioned requirements. We demonstrate the efficacy of our scheme by making symmetry measurements on a micron scale facet of a small bulk single crystal of Sr$_2$IrO$_4$ using optical second and third harmonic generation.Comment: 8 pages, 5 figure

The Implementation of Public E-services for Immovable Property Contracts in Lithuania: Legal Aspects

This article analyzes the implementation model of Public E-Services in The Immovable Property Contracts (PESIPC)between Lithuanian State Enterprise (SE) “Centre of Registries†(Centre of Registries) and notary, and its legalaspects. the PESIPC informational system in Lithuania was instituted to simplify the contract conclusion andregistration procedures by eliminating appearance in person of the interested parties directly in the Centre ofRegistries, because all contract procedures would be completed at the notary office. All the official informationconcerning registry and cadastre of immovable property required for concluding and confirming the contract, must bedelivered through the Internet directly to notaries and interested parties. Both the preparation of contract documentsand the registration of varied legal facts and contracts themselves in the register of immovable property shall becomeautomatic. This is one of the first the PESIPC systems introduced in Europe, thus it is especially important to analyzethe legal aspects of practice of the above-mentioned informational system

Risiko Kebiasaan Merokok terhadap Gangguan Fungsi Pendengaran Pekerja di PT. X Provinsi Sulawesi Selatan

PT. X is one of the largest mines in Indonesia with the number of workers and about 3000 people working in different areas of work both in the field (processing area) as well as offices. Most workers are men who have the habit of smoking with or without exposure a noisy environment in the workplace. This study aims to identify risk factors for the incidence of smoking habit inter-ference hearing function of workers in PT. X of South Sulawesi Province, which is based on the degree of smokers including light smokers, medium smokers, and heavy smokers. This research is observational research methods using case control study aimed to determine the cause of the risk value at the time due to the different. Sampling using incidental sampling method for the sample cases and simple random sampling for the control sample. Data obtained further processed by using the device with the computer program SPSS analysis univariat, bivariat, and multivariat. Results of research shows that smokers at risk for the occurrence of interference hearing function than non smokers, but not all smokers, only a heavy smoker with a value of OR = 12.000 and p = 0.006 in the CI (95%) = 1.345 - 107.10. Key Words: Smoking Habits, Smokers, Hearing Disfunctio

Pembuatan Pc Game Endless Run “Zombie Run” Menggunakan Arduino Pro Micro Dan Gy-521 Sebagai Kontroler Gyroscope

“Zombie Run” is an endless running game that must played by two players on one computer or notebook and must be played using Arduino Pro Micro and GY-521 as controller. This game developed using Unity 3D game engine and controller developed using Arduino SDK. Player have to avoid as many obstacles to create highest score. Player can get uniquely exciting experience by tilting controller and pressing button in the controller to make character move. Testing has been done using blackbox method, alpha testing, and beta testing. The result show that this game have interesting concept by two players and gyroscope controlle