Objectivity, Proximity and Adaptability in Corporate Governance

Countries appear to differ considerably in the basic orientations of their corporate governance structures. We postulate the trade-off between objectivity and proximity as fundamental to the corporate governance debate. We stress the value of objectivity that comes with distance (e.g. the market oriented U.S. system), and the value of better information that comes with proximity (e.g. the more intrusive Continental European model). Our key result is that the optimal distance between management and monitor (board or shareholders) has a bang-bang solution: either one should capitalize on the better information that comes with proximity or one should seek to benefit optimally from the objectivity that comes with distance. We argue that this result points at an important link between the optimal corporate governance arrangement and industry structure. In this context, we also discuss the ways in which investors have "contracted around" the flaws in their own corporate governance systems, pointing at the adaptability of different arrangements.http://deepblue.lib.umich.edu/bitstream/2027.42/39651/3/wp266.pd

Monitoring Corporate Performance: The Role of Objectivity, Proximity, and Adaptability in Corporate Governance

This Article identifies the fundamental tradeoff faced by individuals, firms and institutions that monitor corporate management\u27s performance. This tradeoff, between objectivity in monitoring and proximity in monitoring, is central to the corporate governance debate. Proximity exists when monitors maintain close contact with management and participate in important decisions on a real-time basis. Objectivity exists when monitors, such as hostile acquirers, analysts, credit rating agencies, accounting firms, and outside lenders, remain distant from management and evaluate management\u27s performance without influence by management

Analysis of the Copenhagen Accord pledges and its global climatic impacts‚ a snapshot of dissonant ambitions

This analysis of the Copenhagen Accord evaluates emission reduction pledges by individual countries against the Accord's climate-related objectives. Probabilistic estimates of the climatic consequences for a set of resulting multi-gas scenarios over the 21st century are calculated with a reduced complexity climate model, yielding global temperature increase and atmospheric CO2 and CO2-equivalent concentrations. Provisions for banked surplus emission allowances and credits from land use, land-use change and forestry are assessed and are shown to have the potential to lead to significant deterioration of the ambition levels implied by the pledges in 2020. This analysis demonstrates that the Copenhagen Accord and the pledges made under it represent a set of dissonant ambitions. The ambition level of the current pledges for 2020 and the lack of commonly agreed goals for 2050 place in peril the Accord's own ambition: to limit global warming to below 2 °C, and even more so for 1.5 °C, which is referenced in the Accord in association with potentially strengthening the long-term temperature goal in 2015. Due to the limited level of ambition by 2020, the ability to limit emissions afterwards to pathways consistent with either the 2 or 1.5 °C goal is likely to become less feasibl

Disrupted functional brain network organization in patients with obstructive sleep apnea.

IntroductionObstructive sleep apnea (OSA) subjects show impaired autonomic, affective, executive, sensorimotor, and cognitive functions. Brain injury in OSA subjects appears in multiple sites regulating these functions, but the integrity of functional networks within the regulatory sites remains unclear. Our aim was to examine the functional interactions and the complex network organization of these interactions across the whole brain in OSA, using regional functional connectivity (FC) and brain network topological properties.MethodsWe collected resting-state functional magnetic resonance imaging (MRI) data, using a 3.0-Tesla MRI scanner, from 69 newly diagnosed, treatment-naïve, moderate-to-severe OSA (age, 48.3 ± 9.2 years; body mass index, 31 ± 6.2 kg/m(2); apnea-hypopnea index (AHI), 35.6 ± 23.3 events/h) and 82 control subjects (47.6 ± 9.1 years; body mass index, 25.1 ± 3.5 kg/m(2)). Data were analyzed to examine FC in OSA over controls as interregional correlations and brain network topological properties.ResultsObstructive sleep apnea subjects showed significantly altered FC in the cerebellar, frontal, parietal, temporal, occipital, limbic, and basal ganglia regions (FDR, P < 0.05). Entire functional brain networks in OSA subjects showed significantly less efficient integration, and their regional topological properties of functional integration and specialization characteristics also showed declined trends in areas showing altered FC, an outcome which would interfere with brain network organization (P < 0.05; 10,000 permutations). Brain sites with abnormal topological properties in OSA showed significant relationships with AHI scores.ConclusionsOur findings suggest that the dysfunction extends to resting conditions, and the altered FC and impaired network organization may underlie the impaired responses in autonomic, cognitive, and sensorimotor functions. The outcomes likely result from the prominent structural changes in both axons and nuclear structures, which occur in the condition

Fully Automatic Facial Deformation Transfer

Facial Animation is a serious and ongoing challenge for the Computer Graphic industry. Because diverse and complex emotions need to be expressed by different facial deformation and animation, copying facial deformations from existing character to another is widely needed in both industry and academia, to reduce time-consuming and repetitive manual work of modeling to create the 3D shape sequences for every new character. But transfer of realistic facial animations between two 3D models is limited and inconvenient for general use. Modern deformation transfer methods require correspondences mapping, in most cases, which are tedious to get. In this paper, we present a fast and automatic approach to transfer the deformations of the facial mesh models by obtaining the 3D point-wise correspondences in the automatic manner. The key idea is that we could estimate the correspondences with different facial meshes using the robust facial landmark detection method by projecting the 3D model to the 2D image. Experiments show that without any manual labelling efforts, our method detects reliable correspondences faster and simpler compared with the state-of-the-art automatic deformation transfer method on the facial models

SIGMA: A System for Integrative Genomic Microarray Analysis of Cancer Genomes

BACKGROUND: The prevalence of high resolution profiling of genomes has created a need for the integrative analysis of information generated from multiple methodologies and platforms. Although the majority of data in the public domain are gene expression profiles, and expression analysis software are available, the increase of array CGH studies has enabled integration of high throughput genomic and gene expression datasets. However, tools for direct mining and analysis of array CGH data are limited. Hence, there is a great need for analytical and display software tailored to cross platform integrative analysis of cancer genomes. RESULTS: We have created a user-friendly java application to facilitate sophisticated visualization and analysis such as cross-tumor and cross-platform comparisons. To demonstrate the utility of this software, we assembled array CGH data representing Affymetrix SNP chip, Stanford cDNA arrays and whole genome tiling path array platforms for cross comparison. This cancer genome database contains 267 profiles from commonly used cancer cell lines representing 14 different tissue types. CONCLUSION: In this study we have developed an application for the visualization and analysis of data from high resolution array CGH platforms that can be adapted for analysis of multiple types of high throughput genomic datasets. Furthermore, we invite researchers using array CGH technology to deposit both their raw and processed data, as this will be a continually expanding database of cancer genomes. This publicly available resource, the System for Integrative Genomic Microarray Analysis (SIGMA) of cancer genomes, can be accessed at

Unit 4-Dairy Calf Housing and Environment

This archival publication may not reflect current scientific knowledge or recommendations. Current information available from the University of Minnesota Extension: https://www.extension.umn.edu

Examining the Role of Narrative Performance Appraisal Comments on Performance

Despite their prevalence in performance appraisal systems and purported importance in theory, narrative performance appraisal comments have been rarely examined. This study aimed to contribute to the literature by developing and testing a theory of quality narrative feedback. The author argues that managerial feedback that is both directive (i.e., lengthy, specific, and includes goals) and motivational (i.e., positive and high in interactional justice) would be related to year-lagged performance. Negative and positive emotions are also proposed as mediators of this relationship. Performance appraisal comments were coded for a sample of 1,019 clinical nurses. The structural equations modeling results provided preliminary evidence that feedback favorability and interactional justice demonstrated significant direct and indirect (through positive and negative emotion) effects on year-lagged employee performance. © 2013 Copyright Taylor and Francis Group, LLC