Corporate Inefficiency and the Risk of Takeover

The present study, using the Cox proportional hazard model, suggests a firm faces a significantly higher risk of takeover if its cost performance lags behind its industry benchmark. The effects of variables capturing cost inefficiency on the risk of takeover appear to be remarkably stable over the nearly two decades spanned by the sample, while the effect of the variables measuring the risk-size relationship indicate temporal changes. Once cost inefficiency is accounted for, the paper fails to find consistent evidence for the effects of other conventionally used performance measures, such as profitability and q, on the risk of takeover.

Does Tax Policy Affect Executive Compensation? Evidence from Postwar Tax Reforms

http://www.sciencedirect.com/science/journal/aip/00472727The trends in executive pay and labor income tax rates since the 1940s suggest a high elasticity of taxable income with respect to tax policy. By contrast, the level and structure of executive compensation have been largely unresponsive to tax incentives since the 1980s. However, the relative tax advantage of different forms of pay was small during this period. Using a sample of top executives in large firms from 1946 to 2005, we also find a small short run response of salaries, qualified stock options, and bonuses paid after retirement to changes in tax rates on labor income--even though tax rates were significantly higher and more heterogeneous across individuals in the first several decades following WWII. We explore several potential explanations for the conflicting impressions given by the long-run and short-run correlations between taxes and pay, including changes in social norms and concerns about pay equality

Does Tax Policy Affect Executive Compensation? Evidence from Postwar Tax Reforms

The trends in executive pay and labor income tax rates since the 1940s suggest a high elasticity of taxable income with respect to tax policy. By contrast, the level and structure of executive compensation have been largely unresponsive to tax incentives since the 1980s. However, the relative tax advantage of different forms of pay was small during this period. Using a sample of top executives in large firms from 1946 to 2005, we also find a small short run response of salaries, qualified stock options, and bonuses paid after retirement to changes in tax rates on labor income—even though tax rates were significantly higher and more heterogeneous across individuals in the first several decades following WWII. We explore several potential explanations for the conflicting impressions given by the long-run and short-run correlations between taxes and pay, including changes in social norms and concerns about pay equality.

The “Journey” of Doctoral Study in Applied Psychology: Lived Experiences of Students in Counseling, Clinical, and School Psychology

A qualitative methodology was adopted to explore the lived experiences of doctoral level students in applied psychology. A total of 15 students ranging in age from 24 to 43, who were at varying levels of their doctoral education, participated in individual semi-structured interviews exploring themes related to influences for the pursuit of graduate study, experiences in their program of study, and general reflections of the graduate school journey. All interviews were conducted from a constructivist-interpretivist model, transcribed verbatim, and analyzed using a phenomenological coding approach (Creswell, 2012; Moustakas, 1994). Emergent broad themes included antecedents leading to graduate study, current experience of doctoral education, and reflections on the doctoral experience. Implications for future research are discussed and recommendations for graduate programs based on findings are provided

Mechanisms and Functions of Spatial Protein Quality Control

A healthy proteome is essential for cell survival. Protein misfolding is linked to a rapidly expanding list of human diseases, ranging from neurodegenerative diseases to aging and cancer. Many of these diseases are characterized by the accumulation of misfolded proteins in intra- and extracellular inclusions, such as amyloid plaques. The clear link between protein misfolding and disease highlights the need to better understand the elaborate machinery that manages proteome homeostasis, or proteostasis, in the cell. Proteostasis depends on a network of molecular chaperones and clearance pathways involved in the recognition, refolding, and/or clearance of aberrant proteins. Recent studies reveal that an integral part of the cellular management of misfolded proteins is their spatial sequestration into several defined compartments. Here, we review the properties, function, and formation of these compartments. Spatial sequestration plays a central role in protein quality control and cellular fitness and represents a critical link to the pathogenesis of protein aggregation-linked diseases