A unified analysis of executive pay: the case of the banking industry

This study examines executive compensation determinants in the U.S. banking industry. Multiple theories of executive pay are discussed and tested using a relatively homogenous sample. We perform an in-depth look at the corporate governance and ownership structure of the companies selected. We explore the simultaneous relationship between compensation, firm performance, and board strength, exploiting variables unique to the banking industry. Our primary finding is that after controlling for both regulatory oversight and external market discipline, a strong board is associated with higher firm performance and lower levels of executive pay, consistent with such a board of directors providing a strong monitoring function.Executives - Salaries

Valuing the risk associated with willow and miscanthus relative to conventional agricultural systems

The agronomic characteristics of willow and miscanthus make these crops highly susceptible to risk. This is particularly true in a country such as Ireland which has limited experience in the production of these crops. Issues such as soil and climate suitability have as yet to be resolved. The lengthy production lifespan of energy crops only serve to heighten the level of risk that affects key variables. The uncertainty surrounding the risk variables involved in producing willow and miscanthus, such as the annual yield level and the energy price, make it difficult to accurately calculate the returns of such a project. The returns from willow and miscanthus are compared with those of conventional agricultural enterprises using Stochastic Efficiency with Respect to a Function (SERF). A risk premium is calculated which farmers would need to be compensated with in order for them to be indifferent between their current enterprise and switching to biomass crop production. With the exception of spring barley, a risk premium is required if farmers are to be indifferent between their current enterprise and willow or miscanthus. The value of the risk premium required to entice farmers to switch to miscanthus production is significantly less than that required for willow. This suggests that a greater level of risk is associated with willow than with miscanthus.Biomass, SERF, Risk Premium, Resource /Energy Economics and Policy, Risk and Uncertainty,

A first direct measurement of the intergalactic medium temperature around a quasar at z=6

The thermal state of the intergalactic medium (IGM) provides an indirect probe of both the HI and HeII reionisation epochs. Current constraints on the IGM temperature from the Lya forest are restricted to the redshift range 2<z<4.5, limiting the ability to probe the thermal memory of HI reionisation toward higher redshift. In this work, we present the first direct measurement of the IGM temperature around a z=6 quasar by analysing the Doppler widths of Lya absorption lines in the proximity zone of SDSS J0818+1722. We use a high resolution (R= 40000) Keck/HIRES spectrum in combination with detailed numerical modelling to obtain the temperature at mean density, T_0=23600\pm^5000_6900K (\pm^9200_9300K) at 68 (95) per cent confidence assuming a prior probability 13500K<T_0<38500 K following HI and HeII reionisation. This enables us to place an upper limit on the redshift of HI reionisation, z_H, within 33 comoving Mpc of SDSS J0818+1722. If the quasar reionises the HeII in its vicinity, then in the limit of instantaneous reionisation we infer z_H<9.0 (11.0) at 68 (95) per cent confidence assuming photoheating is the dominant heat source and that HI reionisation is driven by ionising sources with soft spectra, typical of population II stars. If the HI and HeII in the IGM around SDSS J0818+1722 are instead reionised simultaneously by a population of massive metal-free stars, characterised by very hard ionising spectra, we obtain a tighter upper limit of z_H<8.4 (9.4). Initiating reionisation at higher redshifts produces temperatures which are too low with respect to our constraint unless the HI ionising sources or the quasar itself have spectra significantly harder than typically assumed.Comment: 15 pages, 9 figures, accepted to MNRA

Water transport and leaf water relations in winter wheat crops

Leaf water potential (psiL) in winter wheat (Triticum aestivum L cv Huntsman) was related to crop evaporation rate and soil water potential. During the day psiL responded primarily to changes in evaporation, whereas seasonal changes in psiL resulted from changes in soil water potential. Hysteresis in the relation between psiL and the flow of water through the plants was attributed to changes in water storage in the soil-plant system. Modelling this gave estimates of the hydraulic resistance (R) and capacitance (C) of the soil-plant system which agreed with independent estimates. Components of R and C were also estimated. Then the soil water potential (psiS) was high, the largest hydraulic resistance could be atrributed to the soil-root system, the stem resistance was half of this. Resistance to water flow in the soil-root system increased when psiS was low, and there was evidence of large water potential gradients in the soil around the roots. There was a systematic decrease in leaf osmotic potential (psiPi) and increase in leaf turgor potential (psiP, ) from the bottom to the top of the stem. When psiL in the youngest leaves decreased so did psiPi, apparently by a combination of dehydration and solute accumulation in the leaves. Osmotic adaptation therefore tended to maintain psiP during water stress. Maintenance of psiP was important since stomatal conductance was reduced at low-leaf turgor potentials, irrespective of irradiance

Business in Nebraska # 278 - November 1967

The Nebraska Department of Economic Development (James W. Monroe) After 100 years of growth and prosperity based firmly upon a nearly self-sufficient agricultural economy, why has Nebraska seen fit to depart from its rural image and increase its efforts in the highly competitive business of attracting industry? Business Summary (E. L. Burgess) August\u27s dollar volume of business in Nebraska increased 3.3% from August, 1966 and the physical volume increased 2.7%. The U.S. dollar volume rose 5.3% from August, 1966. The U.S. construction activity index increased over year-ago levels for the first time since May, 1966. Nebraska\u27s construction index, having last shown an increase over year-ago levels in September, 1966, remained down with a 14.3% decline from August, 1966. Life insurance sales (-1.1%) was the only other Nebraska indicator declining from year-ago levels. Review (E. S. Wallace

Water transport and leaf water relations in winter wheat crops

Leaf water potential (psiL) in winter wheat (Triticum aestivum L cv Huntsman) was related to crop evaporation rate and soil water potential. During the day psiL responded primarily to changes in evaporation, whereas seasonal changes in psiL resulted from changes in soil water potential. Hysteresis in the relation between psiL and the flow of water through the plants was attributed to changes in water storage in the soil-plant system. Modelling this gave estimates of the hydraulic resistance (R) and capacitance (C) of the soil-plant system which agreed with independent estimates. Components of R and C were also estimated. Then the soil water potential (psiS) was high, the largest hydraulic resistance could be atrributed to the soil-root system, the stem resistance was half of this. Resistance to water flow in the soil-root system increased when psiS was low, and there was evidence of large water potential gradients in the soil around the roots. There was a systematic decrease in leaf osmotic potential (psiPi) and increase in leaf turgor potential (psiP, ) from the bottom to the top of the stem. When psiL in the youngest leaves decreased so did psiPi, apparently by a combination of dehydration and solute accumulation in the leaves. Osmotic adaptation therefore tended to maintain psiP during water stress. Maintenance of psiP was important since stomatal conductance was reduced at low-leaf turgor potentials, irrespective of irradiance

A fast scintillator Compton telescope for medium-energy gamma-ray astronomy

The field of medium-energy gamma-ray astronomy urgently needs a new mission to build on the success of the COMPTEL instrument on the Compton Gamma Ray Observatory. This mission must achieve sensitivity significantly greater than that of COMPTEL in order to advance the science of relativistic particle accelerators, nuclear astrophysics, and diffuse backgrounds, and bridge the gap between current and future hard X-ray missions and the high-energy Fermi mission. Such an increase in sensitivity can only come about via a dramatic decrease in the instrumental background. We are currently developing a concept for a low-background Compton telescope that employs modern scintillator technology to achieve this increase in sensitivity. Specifically, by employing LaBr3 scintillators for the calorimeter, one can take advantage of the unique speed and resolving power of this material to improve the instrument sensitivity while simultaneously enhancing its spectroscopic and imaging performance. Also, using deuterated organic scintillator in the scattering detector will reduce internal background from neutron capture. We present calibration results from a laboratory prototype of such an instrument, including time-of-flight, energy, and angular resolution, and compare them to simulation results using a detailed Monte Carlo model. We also describe the balloon payload we have built for a test flight of the instrument in the fall of 2010

A new low-background Compton telescope using LaBr3 scintillator

Gamma-ray astronomy in the MeV range suffers from weak fluxes from sources and high background in the nuclear energy range. The background comes primarily from neutron-induced gamma rays, with the neutrons being produced by cosmic-ray interactions in the Earth\u27s atmosphere, the spacecraft, and the instrument. Compton telescope designs often suppress this background by requiring coincidences in multiple detectors and a narrow time-of-flight (ToF) acceptance window. The COMPTEL experience on the Compton Gamma Ray Observatory shows that a 1.9-ns ToF resolution is insufficiently narrow to achieve the required low background count rate. Furthermore, neutron interactions in the detectors themselves generate an irreducible background. By employing LaBr3 scintillators for the calorimeter, one can take advantage of the unique speed and resolving power of the material to improve the instrument sensitivity and simultaneously enhance its spectroscopic performance and thus its imaging performance. We present a concept for a balloon- or space-borne Compton telescope that employs deuterated liquid in the scattering detector and LaBr3 as a calorimeter and estimate the improvement in sensitivity over past realizations of Compton telescopes. We show initial laboratory test results from a small prototype, including energy and timing resolution. Finally, we describe our plan to fly this prototype on a test balloon flight to directly validate our background predictions and guide the development of a full-scale instrument

Incentivizing preventive services in primary care: perspectives on Local Enhanced Services

Background: General practitioners in the UK play a key role in prevention but provision of preventive services is variable. The 2004 General Medical Services contract allows Primary Care Trusts (PCTs) to address health needs through providing locally agreed payments for Local Enhanced Services (LESs). This study identifies how this contractual flexibility is used for preventive services and explores its perceived effectiveness. Methods: Semi-structured interviews were carried out (2008–09) in 10 purposively selected case study sites in England. Details of LESs for these sites were collected (2009) through Freedom of Information requests or local contacts. A national on-line survey of PCTs (2009) provided a national context for case study findings. Results: LESs were considered to be effective in incentivizing preventive activity. However, specifications and performance management were often weak, awareness of how to optimize incentives was low and, as optional services, LESs were perceived to be at risk in a financial downturn. Conclusions: Using LESs for preventive services highlights gaps in ‘core’ primary care responsibilities and in the national pay-for-performance framework. Current incentive arrangements are complex, could increase inequalities and provide only a partial, short-term solution to developing a proactive approach to prevention in primary care

Antioxidant vitamin C prevents decline in endothelial function during sitting

BACKGROUND: This study was designed to test the hypothesis that antioxidant Vitamin C prevents the impairment of endothelial function during prolonged sitting. MATERIAL AND METHODS: Eleven men (24.2 ± 4.4 yrs) participated in 2 randomized 3-h sitting trials. In the sitting without vitamin C (SIT) and the sitting with vitamin C (VIT) trial, participants were seated for 3 h without moving their legs. Additionally, in the VIT trial, participants ingested 2 vitamin C tablets (1 g and 500 mg) at 30 min and 1 h 30 min, respectively. Superficial femoral artery (SFA) flow-mediated dilation (FMD) was measured hourly for 3 h. RESULTS: By a 1-way ANOVA, there was a significant decline in FMD during 3 h of SIT (p0.05). CONCLUSIONS: Three hours of sitting resulted in impaired SFA FMD. Antioxidant Vitamin C prevented the decline in SFA FMD, suggesting that oxidative stress may contribute to the impairment in endothelial function during sitting