4 resultados para Harmonic compensation

em Brock University, Canada


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The algebraic expressions for the anharmonic contributions to the Debye-Waller factor up to 0(A ) and 0 L% ) £ where ^ is the scattering wave-vector] have been derived in a form suitable for cubic metals with small ion cores where the interatomic potential extends to many neighbours. This has been achieved in terms of various wave-vector dependent tensors, following the work of Shukla and Taylor (1974) on the cubic anharmonic Helmholtz free energy. The contribution to the various wave-vector dependent tensors from the coulomb and the electron-ion terms in the interatomic metallic potential has been obtained by the Ewald procedure. All the restricted multiple whole B r i l l o u i n zone (B.Z.) sums are reduced to single whole B.Z. sums by using the plane wave representation of the delta function. These single whole B.Z. sums are further reduced to the •%?? portion of the B.Z. following Shukla and Wilk (1974) and Shukla and Taylor (1974). Numerical calculations have been performed for sodium where the Born-Mayer term in the interatomic potential has been neglected because i t is small £ Vosko (1964)3 • *n o^er to compare our calculated results with the experimental results of Dawton (1937), we have also calculated the r a t io of the intensities at different temperatures for the lowest five reflections (110), (200), (220), (310) and (400) . Our calculated quasi-harmonic results agree reasonably well with the experimental results at temperatures (T) of the order of the Debye temperature ( 0 ). For T » © ^ 9 our calculated anharmonic results are found to be in good agreement with the experimental results.The anomalous terms in the Debye-Waller factor are found not to be negligible for certain reflections even for T ^ ©^ . At temperature T yy Op 9 where the temperature is of the order of the melting temperature (Xm) » "the anomalous terms are found to be important almost for all the f i ve reflections.

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Literature suggests that CEOs of technology firms earn higher pay than CEOs of non-technology firms. I investigate whether compensation risk explains the difference in compensation between technology firms and non-technology firms. Controlling for firm size and performance, I find that CEOs in technology firms have higher pay, but also have much higher compensation risk compared to non-technology firms. Compensation risk explains the major part of the difference in CEO pay. My study is consistent with the labor market economics view that CEOs earn competitive risk-adjusted total compensation.

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This paper examines risk taking and CEO excess compensation problems in U.S firms to determine their impact on shareholders wealth. Literature suggests a positive effect of CEO incentive risk and strong corporate governance on CEO risk taking. Furthermore, the strong governance mitigates excess compensation problem. Controlling for governance quality and incentive risk, I provide empirical evidence of a significant association between risk taking and CEO excess compensation. When I also control for pay-performance sensitivity (delta) and feedback effects of incentive compensation on CEO risk taking, I find that higher use of incentive pay encourages risk taking, and due to a high exposure to risk CEOs draws excess compensation. Furthermore, I find that the excess compensation problem is more serious with CEOs taking high risk than with those taking low risk. Finally, I find that CEO risk taking also has structural impacts on CEO compensation

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The paper finds evidence that the equity-based CEO pay is positively related to firm performance and risk-taking. Both stock price and operating performance as well as firm's riskiness increase in the pay-performance sensitivities (PPS) provided by CEO stock options and stock holdings. PPS can explain stock returns better as an additional factor to the Fama-French 3-factor model. When CEOs are compensated with higher PPS, firms experience higher return on asset (ROA). The higher PPS also leads to the higher risk-taking. While CEO incentive compensation has been perceived mixed on its effectiveness, this study provides support to the equity-based CEO compensation in reducing agency conflicts between CEOs and shareholders.