19,258 research outputs found

    Executive Pay: Regulation vs. Market Competition

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    The economic slowdown and the active political season are generating calls for imposing new regulations on executive pay. The presidential candidates of the two major parties have lashed out at what they perceive to be excessive pay for certain executives or for corporate executives in general. Such populist sentiments are often based on misunderstandings about the role of corporate executives in the economy and the vigorous competition that exists for these highly skilled leaders. In the past, federal regulatory efforts based on such misunderstandings have generated unintended consequences, which have damaged the economy and hurt the ability of the market for executives to self-regulate over time. The labor market for executives and the associated pay levels are already subject to high levels of regulation. Indeed, U.S. corporations are subject to more stringent executive pay disclosure requirements than corporations anywhere else in the world. Before additional regulatory and legislative efforts are unleashed, policymakers should examine the rationale for current pay structures and the strong links between executive pay and corporate performance. The misperceptions that drive regulatory efforts are grounded in the idea that the market for executives is not competitive and that pay levels do not reflect supply and demand for talent. Critics claim that executives essentially set their own pay through their influence over the boards of directors of corporations. This "myth of managerial power" leads some policy makers to conclude that greater government regulation is necessary because the market is "rigged." However, a large body of empirical research documents that labor markets for executives are indeed competitive, and that pay levels track corporate performance. This study examines the market forces that set the parameters of executive compensation, the process that boards use to determine pay packages, and the data that indicate the efficient workings of the current "pay-for-performance" model. It also discusses the adverse consequences of imposing rules and regulations on an executive compensation system that has helped to generate great wealth for shareholders and millions of jobs for American workers

    Simulated X-ray Cluster Temperature Maps

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    Temperature maps are presented of the 9 largest clusters in the mock catalogues of Muanwong et al. for both the Preheating and Radiative models. The maps show that clusters are not smooth, featureless systems, but contain a variety of substructure which should be observable. The surface brightness contours are generally elliptical and features that are seen include cold clumps, hot spiral features, and cold fronts. Profiles of emission-weighted temperature, surface brightness and emission-weighted pressure across the surface brightness discontinuities seen in one of the bimodal clusters are consistent with the cold front in Abell 2142 observed by Markevitch et al.Comment: Submitted to Monthly Notices Royal Astronomical Societ

    The baseline intracluster entropy profile from gravitational structure formation

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    The radial entropy profile of the hot gas in clusters of galaxies tends to follow a power law in radius outside of the cluster core. Here we present a simple formula giving both the normalization and slope for the power-law entropy profiles of clusters that form in the absence of non-gravitational processes such as radiative cooling and subsequent feedback. It is based on seventy-one clusters drawn from four separate cosmological simulations, two using smoothed-particle hydrodynamics (SPH) and two using adaptive-mesh refinement (AMR), and can be used as a baseline for assessing the impact of non-gravitational processes on the intracluster medium outside of cluster cores. All the simulations produce clusters with self-similar structure in which the normalization of the entropy profile scales linearly with cluster temperature, and these profiles are in excellent agreement outside of 0.2 r_200. Because the observed entropy profiles of clusters do not scale linearly with temperature, our models confirm that non-gravitational processes are necessary to break the self-similarity seen in the simulations. However, the core entropy levels found by the two codes used here significantly differ, with the AMR code producing nearly twice as much entropy at the centre of a cluster.Comment: Accepted to MNRAS, 8 pages, 9 figure

    The health and sport engagement (HASE) intervention and evaluation project: protocol for the design, outcome, process and economic evaluation of a complex community sport intervention to increase levels of physical activity.

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    INTRODUCTION: Sport is being promoted to raise population levels of physical activity for health. National sport participation policy focuses on complex community provision tailored to diverse local users. Few quality research studies exist that examine the role of community sport interventions in raising physical activity levels and no research to date has examined the costs and cost-effectiveness of such provision. This study is a protocol for the design, outcome, process and economic evaluation of a complex community sport intervention to increase levels of physical activity, the Health and Sport Engagement (HASE) project part of the national Get Healthy Get Active programme led by Sport England. METHODS AND ANALYSIS: The HASE study is a collaborative partnership between local community sport deliverers and sport and public health researchers. It involves designing, delivering and evaluating community sport interventions. The aim is to engage previously inactive people in sustained sporting activity for 1×30 min a week and to examine associated health and well-being outcomes. The study uses mixed methods. Outcomes (physical activity, health, well-being costs to individuals) will be measured by a series of self-report questionnaires and attendance data and evaluated using interrupted time series analysis controlling for a range of sociodemographic factors. Resource use will be identified and measured using diaries, interviews and records and presented alongside effectiveness data as incremental cost-effectiveness ratios and cost-effectiveness acceptability curves. A longitudinal process evaluation (focus groups, structured observations, in-depth interview methods) will examine the efficacy of the project for achieving its aim using the principles of thematic analysis. ETHICS AND DISSEMINATION: The results of this study will be disseminated through peer-reviewed publications, academic conference presentations, Sport England and national public health organisation policy conferences, and practice-based case studies. Ethical approval was obtained through Brunel University London's research ethics committee (reference number RE33-12)

    Mixed mode pattern in Doublefoot mutant mouse limb - Turing reaction-diffusion model on a growing domain during limb development

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    It has been suggested that the Turing reaction–diffusion model on a growing domain is applicable during limb development, but experimental evidence for this hypothesis has been lacking. In the present study, we found that in Doublefoot mutant mice, which have supernumerary digits due to overexpansion of the limb bud, thin digits exist in the proximal part of the hand or foot, which sometimes become normal abruptly at the distal part. We found that exactly the same behaviour can be reproduced by numerical simulation of the simplest possible Turing reaction–diffusion model on a growing domain. We analytically showed that this pattern is related to the saturation of activator kinetics in the model. Furthermore, we showed that a number of experimentally observed phenomena in this system can be explained within the context of a Turing reaction–diffusion model. Finally, we make some experimentally testable predictions
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