Paying for long-term performance: restructuring bankers’ pay for risk regulation

The purpose of this paper is to propose hybrid capital securities as a new approach to compensation for senior bank executives and risk-takers instead of cash or equity-based compensation currently adopted by the industry. The global financial turmoil indicated that misaligned pay-for-performance compensation arrangements encouraged management short-termism and rewarded excessive risk-taking behaviour in Anglo-Saxon system. Rather than regulating specific instruments and processes, we believe that it is much more efficient to overhaul the compensation scheme to align it with risk management and governance. This empirical paper investigates the European hybrid market by employing data from the Merrill Lynch Global Index System from 2000 to 2010. Our paper contributes to both literature and practices by designing a structured scheme to tie the executive’s interests to long-term performance of the bank, the goal of regulators and the economy at large which consequently reduce the probability of future bank failures.

A prospectus for future geomorphological investigation of the Namib sand sea

The Namib Sand Sea in southern Africa offers an ideal location in which to consider general questions about the evolution of sand seas, about the fluxes of sand through contemporary dune fields and about the patterns of dune form that are created. This paper aims to provide a concise account of the approaches and techniques that are currently being used and will be used in the future to address these questions. The paper considers the techniques employed to investigate wind climate, the morphometry of the dunes, the internal structure of dune sediments, the age of the dunes and the potential to model dune development