Origin of CEO and Compensation Strategy: Differences between Insiders and Outsiders

Increasingly, U.S. firms are hiring their new CEOs from outside the firms. This study investigates the differences in compensation between outsider CEOs and insider CEOs from three dimensions: pay level, pay and performance link, and pay mix. Our analyses show: (1) outsider CEOs are paid more than insider CEOs, (2) pay and performance link is very weak for outsider CEOs, and (3) compensation package for outsider CEOs emphasizes the use of stock options. While several factors (e.g., firm size, firm performance, CEO tenure, ownership structure) influence insider CEOs\u27 pay, firm size is the only determinant of outsider CEOs\u27 pay. Our results suggest we will be able to understand CEO compensation more accurately if we analyze CEOs from different origins (insiders, outsiders, founders) separately

Minimizing Competition? Entry-level Compensation in Japanese Firms

This is the first empirical study of the determinants of pay for entry-level jobs among Japanese firms. Pay data of 1,382 companies obtained from the Nikkei survey was matched with company size, performance, industry, and foreign ownership data from Toyo Keizai’s Japan Company Handbook. We found that unlike the results based on U.S. data, company size is not related to entry-level pay. Firm performance is positively related, but its effect is minimal. Industry membership and foreign ownership are positively related. We believe that these findings highlight the influence of the Japanese employment context and information sharing in Japan. Implications for research and practice are discussed

Organizational Pay Mix: The Implications of Various Theoretical Perspectives for the Conceptualization and Measurement of Individual Pay Components

While pay mix is one of the most frequently used variables in recent compensation research, its theoretical relevance and measurement remains underdeveloped. There is little agreement among studies on the definitions of the various forms of pay that go into pay mix. Even studies that examine the same theories tend to overlook the implications of differences in the measures and meanings of pay mix used in other studies. Our study explores the meaning of pay mix using several theories commonly used in recent compensation research (agency, efficiency wage, expectancy, equity, and person-organization fit). Recent studies generally use a single measure of mix (e.g., bonus/base, or stock options/total, or benefits/base). We argue that to fully understand the effects of employee compensation, the multiple forms of compensation must be taken into account. Therefore, we derived pay mix measures from the theories commonly used in compensation research. We classified the pay mix policies of 478 firms using cluster-analytic techniques. We found that the classification of organizations based on their pay mix depends on the measures used. We suggest that as more realistic measures of pay mix leads to reinterpretation of compensation research and offers directions for theory development

Thermodynamic properties and phase equilibria for Pt-Rh alloys

The activity of rhodium in solid Pt-Rh alloys is measured in the temperature range from 900 to 1300 K using the solid-state cell Pt-Rh, Rh + Rh2O3/(Y2O3)ZrO2/Pt1-xRhx + Rh2O3, Pt-Rh The activity of platinum and the free energy, enthalpy, and entropy of mixing are derived. Activities exhibit moderate negative deviation from Raoult's law. The mixing properties can be represented by a pseudosubregular solution model in which excess entropy has the same type of functional dependence on composition as the enthalpy of mixing, ΔH = XRh (1 - XRh)[-10,970 + 45XRh] J/mol ΔSE = XRh (1- XRh)[-3.80 + 1.55 × 10-2 XRh] J/mol·K The negative enthalpy of mixing obtained in this study is in qualitative agreement with predictions of semiempirical models of Miedema and co-workers and Colinet et al. The results of this study do not support the solid-state miscibility gap suggested in the literature, but are consistent with liquidus data within experimental uncertainty limits

Magnetoresistivity Behavior of some Dilute Cu-Fe, Cu-Mn, and Cu-Zn Alloys at Liquid Helium Temperatures

Resistance measurements in magnetic fields up to 100 kilo-oersteds have been made on some Cu-Fe, Cu-Mn, and Cu-Zn alloys in the liquid helium temperature range, where the Cu alloys containing paramagnetic impurities exhibit resistance anomalies. The sign of both the transverse and longitudinal magnetoresistivity in Cu-Fe alloys at 4.2°K is positive for alloys containing less than 0.04 at. % Fe and negative for alloys containing more than this concentration of iron. For all of the Cu-Fe alloys studied the magnitude of the magnetoresistance normalized to the zero-field resistivity is larger at 4.2°K than at lower temperatures. The sign of both the transverse and longitudinal magnetoresistivity in a Cu-0.007 at. % Mn alloy at 4.2°K is positive for all magnetic field values. However, at lower temperatures (1.3°K) the same alloy has a negative magnetoresistivity at low fields, which saturates and becomes positive at higher field values. The rate of change of the normalized transverse and longitudinal magnetoresistivity for Cu-Mn is also larger at 4.2°K than at lower temperatures. The magnetoresistivity of the Cu-Zn alloys decreases with decreasing field strength and increasing Zn concentration, with a modified Kohler law fitting the experimental data. The transverse magnetoresistivity is always larger than the longitudinal one, and for the most dilute Cu-Zn alloy the magnitude of both components is of the same order as that of pure Cu. It is found possible empirically to separate the Cu-Mn magnetoresistivity data into a positive and negative component ; however, for the Cu-Fe alloys studied the present analysis proves the existence of a negative component for the more concentrated alloys but does not permit a separation from the total magnetoresistivity effect

What Happens If an Unbroken Flavor Symmetry Exists?

Without assuming any specific flavor symmetry and/or any specific mass matrix forms, it is demonstrated that if a flavor symmetry (a discrete symmetry, a U(1) symmetry, and so on) exists, we cannot obtain the CKM quark mixing matrix $V$ and the MNS lepton mixing matrix $U$ except for those between two families for the case with the completely undegenerated fermion masses, so that we can never give the observed CKM and MNS mixings. Only in the limit of $m_{\nu 1} =m_{\nu 2}$ ($m_d=m_s$), we can obtain three family mixing with an interesting constraint $U_{e3}=0$ ($V_{ub}=0$).Comment: 10 pages, no figure, title and presentation change

A simple construction of fermion measure term in U(1) chiral lattice gauge theories with exact gauge invariance

In the gauge invariant formulation of U(1) chiral lattice gauge theories based on the Ginsparg-Wilson relation, the gauge field dependence of the fermion measure is determined through the so-called measure term. We derive a closed formula of the measure term on the finite volume lattice. The Wilson line degrees of freedom (torons) of the link field are treated separately to take care of the global integrability. The local counter term is explicitly constructed with the local current associated with the cohomologically trivial part of the gauge anomaly in a finite volume. The resulted formula is very close to the known expression of the measure term in the infinite volume with a single parameter integration, and would be useful in practical implementations.Comment: 25 pages, uses JHEP3.cls, the version to appear in JHE

Four-dimensional lattice chiral gauge theories with anomalous fermion content

In continuum field theory, it has been discussed that chiral gauge theories with Weyl fermions in anomalous gauge representations (anomalous gauge theories) can consistently be quantized, provided that some of gauge bosons are permitted to acquire mass. Such theories in four dimensions are inevitablly non-renormalizable and must be regarded as a low-energy effective theory with a finite ultraviolet (UV) cutoff. In this paper, we present a lattice framework which enables one to study such theories in a non-perturbative level. By introducing bare mass terms of gauge bosons that impose ``smoothness'' on the link field, we explicitly construct a consistent fermion integration measure in a lattice formulation based on the Ginsparg-Wilson (GW) relation. This framework may be used to determine in a non-perturbative level an upper bound on the UV cutoff in low-energy effective theories with anomalous fermion content. By further introducing the St\"uckelberg or Wess-Zumino (WZ) scalar field, this framework provides also a lattice definition of a non-linear sigma model with the Wess-Zumino-Witten (WZW) term.Comment: 18 pages, the final version to appear in JHE

Neutrino Mixing based on Mass Matrices with a 2↔32 \leftrightarrow 3 Symmetry

Under the assumption that the $2\leftrightarrow 3$ symmetry is broken only through phases, we give a systematical investigation of possible lepton mass matrix forms without referring to the explicit parameter values. The two types of the $2\leftrightarrow 3$ symmetry are investigated: one is that the left- and right-handed fields $(f_L, f_R)$ obey the symmetry, and another one is that only $f_L$ obeys the symmetry. In latter case, in spite of no $2\leftrightarrow 3$ symmetry in the Majorana mass matrix $M_R$ for $\nu_R$, the neutrino seesaw mass matrix still obey the $2\leftrightarrow 3$ symmetry. Possible phenomenologies are discussed.Comment: 12 pages, title and conclusions modifie

Electroluminescence from Strained Ge membranes and Implications for an Efficient Si-Compatible Laser

We demonstrate room-temperature electroluminescence (EL) from light-emitting diodes (LED) on highly strained germanium (Ge) membranes. An external stressor technique was employed to introduce a 0.76% bi-axial tensile strain in the active region of a vertical PN junction. Electrical measurements show an on-off ratio increase of one order of magnitude in membrane LEDs compared to bulk. The EL spectrum from the 0.76% strained Ge LED shows a 100nm redshift of the center wavelength because of the strain-induced direct band gap reduction. Finally, using tight-binding and FDTD simulations, we discuss the implications for highly efficient Ge lasers.Comment: 4 Pages, 5 figure