Other People\u27s Money: The Effects of Ownership on Compensation Strategy and Executive Pay

In this paper we develop and test hypotheses based on agency theory and managerial capitalism to address the question of whether firms\u27 compensation strategies are designed to motivate actions in the interests of equity holders or those of management. We examined differences in the organizational incentive structure of lower-level executives in management-controlled, owner controlled, and owner-managed firms. We found that when managers controlled the firm, there was pervasively weak incentive alignment for managers within the hierarchy and that, beyond base pay, they were able to extract compensation premiums through bonuses and long-term incentives, in spite of the fact that their firms did not demonstrate better economic performance than other types of firms. We were also able to demonstrate that equity holders pay substantial agency costs in management-controlled firms compared with owner-controlled firms. We end with a discussion of the organizational context for rationalizing executive compensation and the role of compensation consultants

HII Region Metallicity Distribution in the Milky Way Disk

The distribution of metals in the Galaxy provides important information about galaxy formation and evolution. HII regions are the most luminous objects in the Milky Way at mid-infrared to radio wavelengths and can be seen across the entire Galactic disk. We used the NRAO Green Bank Telescope (GBT) to measure radio recombination line and continuum emission in 81 Galactic HII regions. We calculated LTE electron temperatures using these data. In thermal equilibrium metal abundances are expected to set the nebular electron temperature with high abundances producing low temperatures. Our HII region distribution covers a large range of Galactocentric radius (5 to 22 kpc) and samples the Galactic azimuth range 330 degree to 60 degree. Using our highest quality data (72 objects) we derived an O/H Galactocentric radial gradient of -0.0383 +/- 0.0074 dex/kpc. Combining these data with a similar survey made with the NRAO 140 Foot telescope we get a radial gradient of -0.0446 +/- 0.0049 dex/kpc for this larger sample of 133 nebulae. The data are well fit by a linear model and no discontinuities are detected. Dividing our sample into three Galactic azimuth regions produced significantly different radial gradients that range from -0.03 to -0.07 dex/kpc. These inhomogeneities suggest that metals are not well mixed at a given radius. We stress the importance of homogeneous samples to reduce the confusion of comparing data sets with different systematics. Galactic chemical evolution models typically derive chemical evolution along only the radial dimension with time. Future models should consider azimuthal evolution as well.Comment: Accepted for publication in Ap

The chemistry of planetary nebulae and HII regions in the dwarf galaxies Sextans A and B from deep VLT spectra

Spectroscopic observations obtained with the VLT of one planetary nebula (PN) in Sextans A and of five PNe in Sextans B and of several HII regions (HII) in these two dwarf irregular galaxies are presented. The extended spectral coverage, from 320.0 to 1000.0nm, and the large telescope aperture allowed us to detect a number of emission lines, covering more than one ionization stage for several elements (He, O, S, Ar). The electron temperature (Te) diagnostic [OIII] line at 436.3 nm was measured in all six PNe and in several HII allowing for an accurate determination of the ionic and total chemical abundances by means of the Ionization Correction Factors method. For the time being, these PNe are the farthest ones where such a direct measurement of the Te is obtained. In addition, all PNe and HII were also modelled using the photoionization code CLOUDY. The physico-chemical properties of PNe and HII are presented and discussed. A small dispersion in the oxygen abundance of HII was found in both galaxies: 12 + $\log$(O/H)=7.6$\pm$0.2 in SextansA, and 7.8$\pm$0.2 in SextansB. For the five PNe of SextansA, we find that 12 + $\log$(O/H)=8.0$\pm$0.3, with a mean abundance consistent with that of HII. The only PN known in SextansA appears to have been produced by a quite massive progenitor, and has a significant nitrogen overabundance. In addition, its oxygen abundance is 0.4 dex larger than the mean abundance of HII, possibly indicating an efficient third dredge-up for massive, low-metallicity PN progenitors. The metal enrichment of both galaxies is analyzed using these new data.Comment: 19 pages, 11 figures, Accepted by A&

The metallicity gradient of M 33: chemical abundances of HII regions

We present spectroscopic observations of a sample of 72 emission-line objects, including mainly HII regions, in the spiral galaxy M 33. Spectra were obtained with the multi-object, wide field spectrograph AF2/WYFFOS at the 4.2m WHT telescope. Line intensities, extinction, and electron density were determined for the whole sample of objects. The aim of the present work was to derive chemical and physical parameters of a set of HII regions, and from them the metallicity gradient. Electron temperatures and chemical abundances were derived for the 14 HII regions where both [OII] and [OIII] emission line fluxes were measured, including the electron temperature sensitive emission line [OIII] 436.3 nm and in a few cases [NII] 575.5 nm. The ionization correction factor (ICF) method was used to derive the total chemical abundances. The presence of abundance gradients was inferred from the radial behaviour of several emission-line ratios, and accurately measured from chemical abundances directly derived in 14 HII regions. The oxygen abundances of our HII regions, located in the radial region from ~2 to ~7.2 kpc, gave an oxygen gradient -0.054+/-0.011 dex/kpc The overall oxygen gradient for M 33 obtained using ours and previous oxygen determinations in a large number of HII regions with direct electron temperature determination as well as abundance in young stars presented a two slope shape: -0.19 dex/kpc for the central regions (R<3kpc), and -0.038dex/kpc for the outer regions (R>=3kpc).Comment: 16 pages, 14 figures, A&A accepted 10/05/200

The building up of the disk galaxy M33 and the evolution of the metallicity gradient

The evolution of radial gradients of metallicity in disk galaxies and its relation with the disk formation are not well understood. Theoretical models of galactic chemical evolution make contrasting predictions about the time evolution of metallicity gradients. To test chemical evolution models and trace the star formation and accretion history of low luminosity disk galaxies we focus on the Local Group galaxy M33. We analyze O/H and S/H abundances in planetary nebulae, H{\sc ii} regions, and young stars, together with known [Fe/H] abundances in the old stellar population of M33. With a theoretical model, we follow the time evolution of gas (diffuse and condensed in clouds), stars, and chemical abundances in the disk of M33, assuming that the galaxy is accreting gas from an external reservoir. Our model is able to reproduce the available observational constraints on the distribution of gas and stars in M33 and to predict the time evolution of several chemical abundances. In particular, we find that a model characterized by a continuous infall of gas on the disk, at a rate of $\dot M_{\rm inf}\approx 1$ $M_\odot$ yr$^{-1}$, almost constant with time, can also account for the relatively high rate of star formation and for the shallow chemical gradients. Supported by a large sample of high resolution observations for this nearby galaxy, we conclude that the metallicity in the disk of M33 has increased with time at all radii, with a continuous flattening of the gradient over the last $\sim 8$ Gyr.Comment: 16 pages, 11 figures, A&A accepte

The evolution of the Galactic metallicity gradient from high-resolution spectroscopy of open clusters

Open clusters offer a unique possibility to study the time evolution of the radial metallicity gradients of several elements in our Galaxy, because they span large intervals in age and Galactocentric distance, and both quantities can be more accurately derived than for field stars. We re-address the issue of the Galactic metallicity gradient and its time evolution by comparing the empirical gradients traced by a sample of 45 open clusters with a chemical evolution model of the Galaxy. At variance with previous similar studies, we have collected from the literature only abundances derived from high--resolution spectra. The clusters have distances $7 < RGC<22$ kpc and ages from $\sim 30$ Myr to 11 Gyr. We also consider the $\alpha$-elements Si, Ca, Ti, and the iron-peak elements Cr and Ni. The data for iron-peak and $\alpha$-elements indicate a steep metallicity gradient for R_GC<12$kpc and a plateau at larger radii. The time evolution of the metallicity distribution is characterized by a uniform increase of the metallicity at all radii, preserving the shape of the gradient, with marginal evidence for a flattening of the gradient with time in the radial range 7-12 kpc. Our model is able to reproduce the main features of the metallicity gradient and its evolution with an infall law exponentially decreasing with radius and with a collapse time scale of the order of 8 Gyr at the solar radius. This results in a rapid collapse in the inner regions, i.e.$R_{\rm GC}\lesssim 12$ kpc (that we associate with an early phase of disk formation from the collapse of the halo) and in a slow inflow of material per unit area in the outer regions at a constant rate with time.Comment: 16 pages, 18 figures, A&A accepte

Dynamical and chemical evolution of NGC1569

Blue Compact Dwarf and Dwarf Irregular galaxies are generally believed to be unevolved objects, due to their blue colors, compact appearance and large gas fractions. Many of these objects show an ongoing intense burst of star formation or have experienced it in the recent past. By means of 2-D hydrodynamical simulations, coupled with detailed chemical yields originating from SNeII, SNeIa, and intermediate-mass stars, we study the dynamical and chemical evolution of model galaxies with structural parameters similar to NGC1569, a prototypical starburst galaxy. A burst of star formation with short duration is not able to account for the chemical and morphological properties of this galaxy. The best way to reproduce the chemical composition of this object is by assuming long-lasting episodes of star formation and a more recent burst, separated from the previous episodes by a short quiescent period. The last burst of star formation, in most of the explored cases, does not affect the chemical composition of the galaxy, since the enriched gas produced by young stars is in a too hot phase to be detectable with the optical spectroscopy. Models assuming the infall of a big cloud towards the center of the galaxy reproduce the chemical composition of the NGC1569, but the pressure exercised by the cloud hampers the expansion of the galactic wind, at variance with what observed in NGC1569.Comment: 16 pages, 10 figures, A&A accepte

Planetary nebulae: abundances and abundance gradients

In this work, a review is given of some recent results and problems involved in the determination of chemical abundances of galactic planetary nebulae, particularly regarding disk and bulge objects

Variations on a theme: diversification of cuticular hydrocarbons in a clade of cactophilic Drosophila

<p>Abstract</p> <p>Background</p> <p>We characterized variation and chemical composition of epicuticular hydrocarbons (CHCs) in the seven species of the <it>Drosophila buzzatii </it>cluster with gas chromatography/mass spectrometry. Despite the critical role of CHCs in providing resistance to desiccation and involvement in communication, such as courtship behavior, mating, and aggregation, few studies have investigated how CHC profiles evolve within and between species in a phylogenetic context. We analyzed quantitative differences in CHC profiles in populations of the <it>D. buzzatii </it>species cluster in order to assess the concordance of CHC differentiation with species divergence.</p> <p>Results</p> <p>Thirty-six CHC components were scored in single fly extracts with carbon chain lengths ranging from C₂₉to C₃₉, including methyl-branched alkanes, <it>n</it>-alkenes, and alkadienes. Multivariate analysis of variance revealed that CHC amounts were significantly different among all species and canonical discriminant function (CDF) analysis resolved all species into distinct, non-overlapping groups. Significant intraspecific variation was found in different populations of <it>D. serido </it>suggesting that this taxon is comprised of at least two species. We summarized CHC variation using CDF analysis and mapped the first five CHC canonical variates (CVs) onto an independently derived <it>period </it>(<it>per</it>) gene + chromosome inversion + mtDNA COI gene for each sex. We found that the COI sequences were not phylogenetically informative due to introgression between some species, so only <it>per </it>+ inversion data were used. Positive phylogenetic signal was observed mainly for CV1 when parsimony methods and the test for serial independence (TFSI) were used. These results changed when no outgroup species were included in the analysis and phylogenetic signal was then observed for female CV3 and/or CV4 and male CV4 and CV5. Finally, removal of divergent populations of <it>D. serido </it>significantly increased the amount of phylogenetic signal as up to four out of five CVs then displayed positive phylogenetic signal.</p> <p>Conclusions</p> <p>CHCs were conserved among species while quantitative differences in CHC profiles between populations and species were statistically significant. Most CHCs were species-, population-, and sex-specific. Mapping CHCs onto an independently derived phylogeny revealed that a significant portion of CHC variation was explained by species' systematic affinities indicating phylogenetic conservatism in the evolution of these hydrocarbon arrays, presumptive waterproofing compounds and courtship signals as in many other drosophilid species.</p