Performance-vested Stock Options and Pay-Performance Sensitivity

The paper investigates the incentive effects of performance-vested stock options (PVSOs) in aligning management interests with shareholder wealth. Performance targets attached to option vesting would prevent executives from receiving rewards from outcomes that are unaffected by their effort.Such targets align executive pay more closely with shareholder wealth.The degree of interest alignment is measured by pay-performance sensitivity (PPS).Using data on 4,238 executive-level observations for 1,383 executive directors in the largest 244 UK non-financial firms from 1999 to 2004, we find that the presence of PVSO schemes in executive-compensation contracts is associated with higher PPS, consistent with the idea that stronger incentives are provided by PVSOs.The empirical evidence also shows that PVSOs outperform unconditional stock options (TSOs) in providing incentives, since higher PPS is associated with the presence of PVSOs. Moreover, the results testify the role of vesting-target difficulty of PVSOs in the pay-performance relation.Specifically, difficult targets are associated with lower PPS levels, implying that too difficult targets negatively affect managers' choice of effort, that relatively lower effort is to be expected, and that the interests of managers will diverge from the interests of shareholders.stock options;pay-performance sensitivity;equity incentive

Influence of the number of samples on prediction error of visible and near infrared spectroscopy of selected soil properties at the farm scale.

Although visible and near infrared (vis-NIR) spectroscopy has proved to be a fast, inexpensive and relatively accurate tool to measure soil properties, considerable research is required to optimise the calibration procedure and establish robust calibration models. This paper reports on the influence of the number of samples used for the development of farm-scale calibration models for moisture content (MC), total nitrogen (TN) and organic carbon (OC) on the prediction error expressed as root mean square error of prediction (RMSEP). Fresh (wet) soil samples collected from four farms in Czech Republic, Germany, Denmark and the UK were scanned with a fibre type vis-NIR, AgroSpec spectrophotometer (tec5 Technology for Spectroscopy, Germany) with a spectral range of 305 - 2200 nm. Spectra were divided into calibration (two-third) and prediction (one-third) sets and the calibration spectra were subjected to a partial least squares regression (PLSR) with leave-one-out cross validation using Unscrambler 7.8 software (Camo Inc., Oslo, Norway). The RMSEP values of models with large sample number (46 - 84 samples from each farm) were compared with those of models developed using small sample number (25 samples selected from the large sample set of each farm) for the same variation range. Both large set and small set models were validated by the same prediction set for each property. Further PLSR analysis was carried out on samples from the German farm, with different sample number of the calibration set of 25, 50, 75 and 100 samples. Results showed that the large-size dataset models resulted in lower RMSEP values than the small-size dataset models for all the soil properties studied. The results also demonstrated that with the increase in sample number used in the calibration set, RMSEP decreased in almost linear fashion, although the largest decrease was between 25 and 50 samples. Therefore, it is recommended to chose the number of samples according to accuracy required, although 50 soil samples is considered appropriate in this study to establish calibration models of TN, OC and MC with smaller expected prediction errors as compared with smaller sample numbers

Hadronic Transition chi(c1)(1P) to eta(c) plus two pions at the Beijing Spectrometer BES and the Cornell CLEO-c

Hadronic transitions of the chi(cj)(1P) states have not been studied yet. We calculate the rate of the hadronic transition chi(c1)(1P) to eta(c) plus two pions in the framework of QCD multipole expansion. We show that this process can be studied experimentally at the upgraded Beijing Spectrometer BES III and the Cornell CLEO-c.Comment: 6 pages RevTex4(two-column). Version published in Phys. Rev. D 75, 054019 (2007

On the Galois-Gauss sums of weakly ramified characters

Bley, Burns and Hahn used relative algebraic $K$-theory methods to formulate a precise conjectural link between the (second Adams-operator twisted) Galois-Gauss sums of weakly ramified Artin characters and the square root of the inverse different of finite, odd degree, Galois extensions of number fields. We provide concrete new evidence for this conjecture in the setting of extensions of odd prime-power degree by using a refined version of a well-known result of Ullom.Comment: Format fixin

Probing Electroweak Symmetry Breaking Mechanism at the LHC: A Guideline from Power Counting Analysis

We formulate the equivalence theorem as a theoretical criterion for sensitively probing the electroweak symmetry breaking mechanism, and develop a precise power counting method for the chiral Lagrangian formulated electroweak theories. Armed with these, we perform a systematic analysis on the sensitivities of the scattering processes $W^\pm W^\pm \rightarrow W^\pm W^\pm$ and $q\bar{q}'\rightarrow W^\pm Z$ for testing all possible effective bosonic operators in the chiral Lagrangian formulated electroweak theories at the CERN Large Hadron Collider (LHC). The analysis shows that these two kinds of processes are "complementary" in probing the electroweak symmetry breaking sector.Comment: Extended version, 11-page-Latex-file and 3 separate PS-Figs. To be Published in Mod.Phys.Lett.

QCD Multipole Expansion and Hadronic Transitions in Heavy Quarkonium Systems

We review the developments of QCD multipole expansion and its applications to hadronic transitions and some radiative decays of heavy quarkonia. Theoretical predictions are compsred with updated experimental results.Comment: 23 pages, 7 figures. Some typos corrected, and 3 references adde

Prevention and control of Zika fever as a mosquito-borne and sexually transmitted disease

The ongoing Zika virus (ZIKV) epidemic poses a major global public health emergency. It is known that ZIKV is spread by \textit{Aedes} mosquitoes, recent studies show that ZIKV can also be transmitted via sexual contact and cases of sexually transmitted ZIKV have been confirmed in the U.S., France, and Italy. How sexual transmission affects the spread and control of ZIKV infection is not well-understood. We presented a mathematical model to investigate the impact of mosquito-borne and sexual transmission on spread and control of ZIKV and used the model to fit the ZIKV data in Brazil, Colombia, and El Salvador. Based on the estimated parameter values, we calculated the median and confidence interval of the basic reproduction number R0=2.055 (95% CI: 0.523-6.300), in which the distribution of the percentage of contribution by sexual transmission is 3.044 (95% CI: 0.123-45.73). Our study indicates that R0 is most sensitive to the biting rate and mortality rate of mosquitoes while sexual transmission increases the risk of infection and epidemic size and prolongs the outbreak. In order to prevent and control the transmission of ZIKV, it must be treated as not only a mosquito-borne disease but also a sexually transmitted disease