An Empirical Examination of Compensation of REIT Managers

Principal-agent literature finds that manager and owner incentives can be aligned with performance contingent contracts. We investigate the compensation of Real Estate Investment Trust (REIT) industry executives. The competitive nature of mortgage and equity markets, in conjunction with the corporate tax exemption available when REITs distribute most of their earnings as dividends, is likely to influence the compensation of REIT managers. Executive compensation is modeled as a function of revenues and unexpected profit. After transforming the model to reduce collinearity and heteroskedasticity, we find compensation to be generally positively related to revenue. We also find unexpected profit to be generally insignificantly related to compensation, but positively related in those cases where it is significant.

Mortgage Lenders' Market Response to a Landmark Regulatory Decision Based on Fair Lending Compliance

Regulation of real estate lending has substantially increased in the past decade. Government efforts to improve compliance with Community Reinvestment Act mandates are evidence of increased emphasis on racial equal opportunity in loan origination. To investigate the impact of these efforts, this paper examines the Federal Reserve Bank rejection of Shawmut National Corporation's application to buy New Dartmouth Bank. Rejection was based on Shawmut's poor compliance with fair-lending guidelines. Testing finds significant negative abnormal stock returns for samples of mortgage lenders on the announcement day of Shawmut's application rejection. In addition, cross-sectional analysis reveals an inverse relationship between national banks' cumulative abnormal returns (CARs) and a measure of fair lending.

Feral Hogs Management at Merritt Island National Wildlife Refuge: Analysis of Current Management Program

This ST1 Technical Memorandum (TM) summarizes a two-month project on feral hog management in Merritt Island National Wildlife Refuge (MINWR). For this project, feral hogs were marked and recaptured, with the help of local trappers, to estimate population size and habitat preferences. Habitat covers included vegetation cover and Light Detection and Ranging (LIDAR) data for MINWR. In addition, an analysis was done of hunting records compiled by the Refuge and hog-car accidents compiled by KSC Security

Getting left behind? The localised consequences of exclusion from the credit market for UK SMEs

The authors wish to acknowledge the funding they received for the project from the Economic and Social Research Council (ESRC) grant number ES/W010259/1.Recent research has identified a key subset of the business population that comprises firms who had sought external finance but subsequently withdrew from the credit market completely despite still requiring finance. Utilising the UK’s Longitudinal Small Business Survey between 2015 and 2020, we identify the consequences in terms of lost jobs and sales of these small- and medium-sized enterprises (SMEs) dropping out of the credit market for finance. We conduct our analysis at the regional and sub-regional level and found that around 230,000 SMEs have dropped out of the UK credit market and that in many localities this has reduced job creation and sales income growth. We conclude that this exclusionary borrowing behaviour will add further to existing regional and sub-regional economic inequalities in the UK, making the ‘levelling up’ agenda a very elusive policy objective.Publisher PDFPeer reviewe

Applying implementation science to improve care for familial hypercholesterolemia

PURPOSE OF REVIEW: Improving care of individuals with familial hypercholesteremia (FH) is reliant on the synthesis of evidence-based guidelines and their subsequent implementation into clinical care. This review describes implementation strategies, defined as methods to improve translation of evidence into FH care, that have been mapped to strategies from the Expert Recommendations for Implementing Change (ERIC) compilation. RECENT FINDINGS: A search using the term \u27familial hypercholesterolemia\u27 returned 1350 articles from November 2018 to July 2021. Among these, there were 153 articles related to improving FH care; 1156 were excluded and the remaining 37 were mapped to the ERIC compilation of strategies: assess for readiness and identify barriers and facilitators [9], develop and organize quality monitoring systems [14], create new clinical teams [2], facilitate relay of clinical data to providers [4], and involve patients and family members [8]. There were only 8 of 37 studies that utilized an implementation science theory, model, or framework and two that explicitly addressed health disparities or equity. SUMMARY: The mapping of the studies to implementation strategies from the ERIC compilation provides a framework for organizing current strategies to improve FH care. This study identifies potential areas for the development of implementation strategies to target unaddressed aspects of FH care

Plexcitons: Dirac points and topological modes

Plexcitons are polaritonic modes that result from the strong coupling between excitons and plasmons. We consider plexcitons emerging from the interaction of excitons in an organic molecular layer with surface plasmons in a metallic film. We predict the emergence of Dirac cones in the two-dimensional bandstructure of plexcitons due to the inherent alignment of the excitonic transitions in the organic layer. These Dirac cones may open up in energy by simultaneously interfacing the metal with a magneto-optical layer and subjecting the whole system to a perpendicular magnetic field. The resulting energy gap becomes populated with topologically protected one-way modes which travel at the interface of this plexcitonic system. Our theoretical proposal suggests that plexcitons are a convenient and simple platform for the exploration of exotic phases of matter as well as of novel ways to direct energy flow at the nanoscale

Black hole growth and host galaxy morphology

We use data from large surveys of the local Universe (SDSS+Galaxy Zoo) to show that the galaxy-black hole connection is linked to host morphology at a fundamental level. The fraction of early-type galaxies with actively growing black holes, and therefore the AGN duty cycle, declines significantly with increasing black hole mass. Late-type galaxies exhibit the opposite trend: the fraction of actively growing black holes increases with black hole mass.Comment: 4 pages, 2 figures. Proceedings of the IAU Symposium no. 267, "Co-Evolution of Central Black Holes and Galaxies: Feeding and Feedback", eds. B.M. Peterson, R.S. Somerville and T. Storchi-Bergman