Founding family firms, CEO incentive pay, and dual agency problems

This paper contributes to the literature on agency theory by examining relations between family involvement and CEO compensation. Using a panel of 362 small U.S. listed firms, we analyze how founding families influence firm performance through option portfolio price sensitivity. Consistent with the dual agency framework, we find that family firms have lower CEO incentive pay, which is further reduced by higher executive ownership. Interestingly, such incentive pay offsets the positive impact that families have on firm valuation. Collectively, our results show that, compared with nonfamily firms, lower incentive pay adopted by family firms due to lower agency costs mitigates the direct effect of family involvement on firm performance. Once accounting for CEO incentive pay, we do not observe performance differences between family and nonfamily firms

Topological Charge of Lattice Abelian Gauge Theory

Configuration space of abelian gauge theory on a periodic lattice becomes topologically disconnected by excising exceptional gauge field configurations. It is possible to define a U(1) bundle from the nonexceptional link variables by a smooth interpolation of the transition functions. The lattice analogue of Chern character obtained by a cohomological technique based on the noncommutative differential calculus is shown to give a topological charge related to the topological winding number of the U(1) bundle.Comment: 20 pages, latex, nofigur

Ergodicity and Mixing in Quantum Dynamics

After a brief historical review of ergodicity and mixing in dynamics, particularly in quantum dynamics, we introduce definitions of quantum ergodicity and mixing using the structure of the system's energy levels and spacings. Our definitions are consistent with usual understanding of ergodicity and mixing. Two parameters concerning the degeneracy in energy levels and spacings are introduced. They are computed for right triangular billiards and the results indicate a very close relation between quantum ergodicity (mixing) and quantum chaos. At the end, we argue that, besides ergodicity and mixing, there may exist a third class of quantum dynamics which is characterized by a maximized entropy.Comment: 10 pages, 6 figures and 1 tabl

Analysis of test system misalignment in the creep test

Sheet type rectangular 1100-0 aluminum specimens were tested. The creep strain at the geometric centerline of the specimen is different than that at the neutral axis, and decreases with time. The effect of misalignment, which decreases with creep time, is minimized when creep tests are conducted with long pullrods and large initial strain level (high creep stress)

Massive Complex Scalar Field in a Kerr-Sen Black Hole Background: Exact Solution of Wave Equation and Hawking Radiation

The separated radial part of a massive complex scalar wave equation in the Kerr-Sen geometry is shown to satisfy the generalized spheroidal wave equation which is, in fact, a confluent Heun equation up to a multiplier. The Hawking evaporation of scalar particles in the Kerr-Sen black hole background is investigated by the Damour-Ruffini-Sannan's method. It is shown that quantum thermal effect of the Kerr-Sen black hole has the same characteras that of the Kerr-Newman black hole.Comment: Revtex, 5 pages, no figure, submitted to Phys. Rev.