CEO power and R&D investment

Purpose This study aims to examine whether and how the power of a chief executive officer (CEO) relates to firm-level research and development (R&D) investment. Design/methodology/approach The authors use clustered standard errors ordinary least squares regression using a large sample of US firms from 1994 to 2017. Findings The authors find a significant negative relation between CEO power and R&D investment, suggesting that firms with more powerful CEOs are less likely to invest in R&D activities. Besides, the study finds that this significant negative relation is largely driven by firms with weaker corporate governance. Originality/value This study contributes to the finance literature on the impact and consequences of having powerful CEOs and the financial accounting literature on the determinants of R&D expenditures

X-ray scaling relations from a complete sample of the richest maxBCG clusters

We use a complete sample of 38 richest maxBCG clusters to study the ICM-galaxy scaling relations and the halo mass selection properties of the maxBCG algorithm, based on X-ray and optical observations. The clusters are selected from the two largest bins of optical richness in the Planck stacking work with the maxBCG richness $N_{200} \geq 78$. We analyze their Chandra and XMM-Newton data to derive the X-ray properties of the ICM. We then use the distribution of $P(X|N)$, $X=T_X,\ L_X,\ Y_X$, to study the mass selection $P(M|N)$ of maxBCG. Compared with previous works based on the whole richness sample, a significant fraction of blended systems with boosted richness is skewed into this richest sample. Parts of the blended halos are picked apart by the redMaPPer, an updated red-sequence cluster finding algorithm with lower mass scatter. Moreover, all the optical blended halos are resolved as individual X-ray halos, following the established $L_X-T_X$ and $L_X-Y_X$ relations. We further discuss that the discrepancy between ICM-galaxy scaling relations, especially for future blind stacking, can come from several factors, including miscentering, projection, contamination of low mass systems, mass bias and covariance bias. We also evaluate the fractions of relaxed and cool core clusters in our sample. Both are smaller than those from SZ or X-ray selected samples. Moreover, disturbed clusters show a higher level of mass bias than relaxed clusters.Comment: 28 pages, 12 figures, MNRAS in pres

Negative feedback control of jasmonate signaling by an alternative splice variant of JAZ10

The plant hormone jasmonate (JA) activates gene expression by promoting ubiquitin-dependent degradation of JAZ transcriptional repressor proteins. A key feature of all JAZ proteins is the highly conserved Jas motif, which mediates both JAZ degradation and JAZ binding to the transcription factor MYC2. Rapid expression of JAZ genes in response to JA is thought to attenuate JA responses, but little is known about the mechanisms by which newly synthesized JAZ proteins exert repression in the presence of the hormone. Here, we show that desensitization to JA is mediated by an alternative splice variant (JAZ10.4) of JAZ10 that lacks the Jas motif. Unbiased protein-protein interaction screens identified three related bHLH transcription factors (MYC2, MYC3, and MYC4) and the co-repressor NINJA as JAZ10.4-binding partners. We show that the N-terminal region of JAZ10.4 contains a cryptic MYC2-binding site that resembles the Jas motif, and that the ZIM motif of JAZ10.4 functions as a transferable repressor domain whose activity is associated with recruitment of NINJA. Functional studies showed that expression of JAZ10.4 from the native JAZ10 promoter complemented the JA-hypersensitive phenotype of a jaz10 mutant. Moreover, treatment of these complemented lines with JA resulted in rapid accumulation of JAZ10.4 protein. Our results provide an explanation for how the unique domain architecture of JAZ10.4 links transcription factors to a co-repressor complex, and suggest how JA-induced transcription and alternative splicing of JAZ10 pre-mRNA creates a regulatory circuit to attenuate JA responses.Fil: Moreno, Javier Edgardo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Santa Fe. Instituto de Agrobiotecnología del Litoral. Universidad Nacional del Litoral. Instituto de Agrobiotecnología del Litoral; Argentina. Michigan State University; Estados UnidosFil: Shyu, Christine. Michigan State University; Estados UnidosFil: Campos, Marcelo L.. Michigan State University; Estados UnidosFil: Patel, Lalita C.. Michigan State University; Estados UnidosFil: Chung, Hoo Sun. Michigan State University; Estados UnidosFil: Yao, Jian. Michigan State University; Estados UnidosFil: He, Sheng Hang. Michigan State University; Estados UnidosFil: Howe, Gregg A.. Michigan State University; Estados Unido

Chandra and ROSAT observations of Abell 194: detection of an X-ray cavity and mapping the dynamics of the cluster

Based on Chandra and ROSAT observations, we investigated the nearby poor cluster Abell 194, which hosts two luminous radio galaxies, NGC547 (3C 40B) and NGC541 (3C 40A). We demonstrated the presence of a large X-ray cavity (r~34 kpc) formed by the giant southern radio lobe arising from 3C 40B in NGC547. The estimated age of the cavity is t=7.9 x 10^7 years and the total work of the AGN is 3.3 x 10^59 erg, hence the cavity power is P_cav=1.3 x 10^44 erg/s. Furthermore, in the Chandra images of NGC545 and NGC541 we detected sharp surface brightness edges, identified as merger cold fronts, and extended tails. Using the pressure ratios between inside and outside the cold fronts we estimated that the velocities of NGC545 and NGC541 correspond to Mach-numbers of M=1.0^{+0.3}_{-0.5} and M=0.9^{+0.2}_{-0.5}, respectively. The low radial velocities of these galaxies relative to the mean radial velocity of Abell 194 imply that their motion is oriented approximately in the plane of the sky. Based on these and earlier observations, we concluded that NGC545 and NGC541 are falling through the cluster, whose center is NGC547, suggesting that Abell 194 is undergoing a significant cluster merger event. Additionally, we detected 20 bright X-ray sources around NGC547 and NGC541, a surprisingly large number, since the predicted number of resolved LMXBs and CXB sources is 2.2 and 4.1, respectively. To explain the nature of additional sources, different possibilities were considered, none of which are satisfactory. We also studied the origin of X-ray emission in Minkowski's Object, and concluded that it is most likely dominated by the population of HMXBs rather than by hot diffuse ISM. Moreover, in view of the galaxy dynamics in Abell 194, we explored the possibility that the starburst in Minkowski's Object was triggered by its past interaction with NGC541, and concluded that it may be a viable path.Comment: 12 pages, 7 figures, accepted for publication in Ap

On the scale-height of the molecular gas disc in Milky Way-like galaxies

We study the relationship between the scale-height of the molecular gas disc and the turbulent velocity dispersion of the molecular interstellar medium within a simulation of a Milky Way-like galaxy in the moving-mesh code Arepo. We find that the vertical distribution of molecular gas can be described by a Gaussian function with a uniform scale-height of ~50 pc. We investigate whether this scale-height is consistent with a state of hydrostatic balance between gravity and turbulent pressure. We find that the hydrostatic prediction using the total turbulent velocity dispersion (as one would measure from kpc-scale observations) gives an over-estimate of the true molecular disc scale-height. The hydrostatic prediction using the velocity dispersion between the centroids of discrete giant molecular clouds (cloud-cloud velocity dispersion) leads to more-accurate estimates. The velocity dispersion internal to molecular clouds is elevated by the locally-enhanced gravitational field. Our results suggest that observations of molecular gas need to reach the scale of individual molecular clouds in order to accurately determine the molecular disc scale-height.Comment: MNRAS accepted, comments welcome. 14 pages, 10 figure

Auditor Bargaining Power and Audit Fee Lowballing

Incoming auditors usually charge less audit fees to obtain the business (audit fee lowballing). Prior research shows that industry expert auditors have better expertise and resources to perform higher quality audit than the non-expert auditors. Consistent with this literature, we predict and find empirical evidence that the magnitude of lowballing will be significantly smaller for industry expert auditors comparing with non-experts auditors. This result adds new evidence of the impact of auditors’ barging power to the audit fee lowballing literature. 

AGN Driven Weather and Multiphase Gas in the Core of the NGC 5044 Galaxy Group

A deep Chandra observation of the X-ray bright group, NGC 5044, shows that the central region of this group has been strongly perturbed by repeated AGN outbursts. These recent AGN outbursts have produced many small X-ray cavities, cool filaments and cold fronts. We find a correlation between the coolest X-ray emitting gas and the morphology of the Ha filaments. The Ha filaments are oriented in the direction of the X-ray cavities, suggesting that the warm gas responsible for the Halpha emission originated near the center of NGC 5044 and was dredged up behind the buoyant, AGN-inflated X-ray cavities. A detailed spectroscopic analysis shows that the central region of NGC 5044 contains spatially varying amounts of multiphase gas. The regions with the most inhomogeneous gas temperature distribution tend to correlate with the extended 235 MHz and 610 MHz radio emission detected by the GMRT. This may result from gas entrainment within the radio emitting plasma or mixing of different temperature gas in the regions surrounding the radio emitting plasma by AGN induced turbulence. Accounting for the effects of multiphase gas, we find that the abundance of heavy elements is fairly uniform within the central 100 kpc, with abundances of 60-80% solar for all elements except oxygen, which has a significantly sub-solar abundance. In the absence of continued AGN outbursts, the gas in the center of NGC 5044 should attain a more homogeneous distribution of gas temperature through the dissipation of turbulent kinetic energy and heat conduction in approximately 10e8 yr. The presence of multiphase gas in NGC 5044 indicates that the time between recent AGN outbursts has been less than approximately 10e8 yr