The impact of bank merger growth on CEO compensation

We examine the impact of bank mergers on chief executive officer (CEO) compensation during the period 1992–2014, a period characterised by significant banking consolidation. We show that CEO compensation is positively related to both merger growth and non-merger internal growth, with the former relationship being higher in magnitude. While CEO pay–risk sensitivity is not significantly related to merger growth, CEO pay–performance sensitivity is negatively and significantly related to merger growth. Collectively, our results suggest that, through bank mergers, CEOs can earn higher compensation and decouple personal wealth from bank performance. Furthermore, we document a more severe agency problem in CEO compensation as a consequence of bank mergers relative to mergers in industrial firms. Finally, we find that the post-financial crisis regulatory reform of executive compensation in banks has limited effectiveness in curbing the merger–pay links

Low-energy spin excitations in optimally doped CaFe0.88_{0.88}Co0.12_{0.12}AsF superconductor studied with inelastic neutron scattering

There are few inelastic neutron scattering (INS) reports on the superconducting single crystals of FeAs-1111 system, even though it was first discovered in 2008, due to the extreme difficulty in large single crystal growth. In this paper, we have studied the low-energy spin excitations in the optimally electron-doped CaFe$_{0.88}$Co$_{0.12}$AsF single crystals with $T_\mathrm{c}$ = 21 K by INS. The resonance energy of the superconducting spin resonant mode with $E_\mathrm{r}$ = 12 meV amounts to 6.6 $k_\mathrm{B}$$T_\mathrm{c}$, which constitutes the largest $E_\mathrm{r}$/$k_\mathrm{B}$$T_\mathrm{c}$ ratio among iron-based superconductors reported to date. The large ratio implies a strong coupling between conduction electrons and magnetic excitations in CaFe$_{0.88}$Co$_{0.12}$AsF. The resonance possesses a magnonlike upward dispersion along transverse direction due to the anisotropy of spin-spin correlation length within $ab$ plane in the normal-state, which points to a spin fluctuation mediated sign-reversed ${s}\mathbf\pm$ wave pairing in CaFe$_{0.88}$Co$_{0.12}$AsF

Association of Combined Maternal-Fetal TNF-α Gene G308A Genotypes with Preterm Delivery: A Gene-Gene Interaction Study

Preterm delivery (PTD) is a complicated perinatal adverse event. We were interested in association of G308A polymorphism in tumor necrosis factor-α (TNF-α) gene with PTD; so we conducted a genetic epidemiology study in Anqing City, Anhui Province, China. Case families and control families were all collected between July 1999 and June 2002. To control potential population stratification as we could, all eligible subjects were ethnic Han Chinese. 250 case families and 247 control families were included in data analysis. A hybrid design which combines case-parent triads and control parents was employed, to test maternal-fetal genotype (MFG) incompatibility. The method is based on a log-linear modeling approach. In summary, we found that when the mother's or child's genotype was G/A, there was a reduced risk of PTD; however when the mother's or child's genotype was genotype A/A, there was a relatively higher risk of PTD. Combined maternal-fetal genotype GA/GA showed the most reduced risk of PTD. Comparison of the LRTs showed that the model with maternal-fetal genotype effects fits significantly better than the model with only maternal and fetal genotype main effects (log-likelihood = −719.4, P = .023, significant at 0.05 level). That means that the combined maternal-fetal genotype incompatibility was significantly associated with PTD. The model with maternal-fetal genotype effects can be considered a gene-gene interaction model. We claim that both maternal effects and fetal effects should be considered together while investigating genetic factors of certain perinatal diseases

Nutrient limitation of woody debris decomposition in a tropical forest:contrasting effects of N and P addition

1.Tropical forests represent a major terrestrial store of carbon (C), a large proportion of which is contained in the soil and decaying organic matter. Woody debris plays a key role in forest C dynamics because it contains a sizeable proportion of total forest C. Understanding the factors controlling the decomposition of organic matter in general, and woody debris in particular, is hence critical to assessing changes in tropical C storage. 2.We conducted a factorial fertilization experiment in a tropical forest in South China to investigate the influence of nitrogen (N) and phosphorus (P) availability onwoody debris decomposition using branch segments (5-cm diameter) of four species (Acacia auriculaeformis, Aphanamixis polystachya, Schefflera octophylla, Carallia brachiata) in plots fertilized with +N, +P, or +NP, and controls. 3.Fertilization with +P and +NP increased decomposition rates by 5-53% and the magnitude was species-specific. Contrary to expectations, we observed no negative effect of +N addition on decay rates or mass loss of woody debris in any of the four study species. Decomposition rates of woody debris were higher in species with lower C:P ratios regardless of treatment. 4.We observed significant accumulation of P in the woody debris of all species in plots fertilized with +P and +NP during the early stages of decomposition. N-release from woody debris of Acacia (N-fixing) was greater in the +P plots towards the end of the study, whereas fertilization with +N had no impact on the patterns of nutrient release during decomposition. 5.Synthesis: Our results indicate that decomposition of woody debris is primarily constrained by P availability in this tropical forest. However, contrary to expectations, +N addition did not exacerbate P-limitation. It is conceivable that decay rates of woody debris in tropical forests can be predicted by C:P or lignin:P ratios but additional work with more tree species is needed to determine whether the patterns we observed are more generally applicable

Growth of millimeter-sized high-quality CuFeSe2_2 single crystals by the molten salt method and study of their semiconducting behavior

An eutectic AlCl$_3$/KCl molten salt method in a horizontal configuration was employed to grow millimeter-sized and composition homogeneous CuFeSe$_2$ single crystals due to the continuous growth process in a temperature gradient induced solution convection. The typical as-grown CuFeSe$_2$ single crystals in cubic forms are nearly 1.6$\times$1.2$\times$1.0 mm3 in size. The chemical composition and homogeneity of the crystals was examined by both inductively coupled plasma atomic emission spectroscopy and energy dispersive spectrometer with Cu:Fe:Se = 0.96:1.00:1.99 consistent with the stoichiometric composition of CuFeSe$_2$. The magnetic measurements suggest a ferrimagnetic or weak ferromagnetic transition below T$_C$ = 146 K and the resistivity reveals a semiconducting behavior and an abrupt increase below T$_C$

Improvement of the Magnetic Properties of Nanocrystalline Nd 12.3

Nd12.3−xDyxFe81.7Zr0.8Nb0.8Cu0.4B6.0  (x=0–2.5) ribbons have been prepared by melt-spun at 30 m/s and subsequent annealing. The influence of addition of Dy on the crystallization behavior, magnetic properties, and microstructure were investigated. Differential scanning calorimeter (DSC) and X-ray diffraction (XRD) revealed a single-phase material. Microstructure studies using transmission electron microscopy (TEM) had shown a significant microstructure refinement with Dy addition. Wohlfarth’s analysis showed that the exchange coupling interactions increased first with Dy content x increasing, reached the maximum value at x=0.5, and then slightly decreased with x further increasing. Optimal magnetic properties with Jr=1.09 T, Hci=1048 kA/m, and BHmax=169.5 kJ/m3 are achieved by annealing the melt-spun ribbons with x=0.5 at% at 700°C for 10 min