Essays On CEO Compensation: New Evidence On The Managerial-Power Vs. Optimal Contracting Debate

This dissertation analyzes the effect of market analysts’ expectations of share prices (price targets) on executive compensation. It examines how well the estimated effects of price targets on compensation fit with two competing views on determining executive compensation: the arm’s length bargaining model, which assumes that a board seeks to maximize shareholders’ interests, and the managerial power model, which assumes that a board seeks to maximize managers’ compensation (Bebchuk et al. 2005). The first chapter documents the pattern of CEO pay from fiscal year 1996 to 2010. The second chapter analyzes the Institutional Broker Estimate System Detail History Price Target data file, which that reports analysts’ price targets for firms. I show that the number of price target announcements is positively associated with company share price’s volatility, that price targets are predictive of changes in the value of stocks, and that when analysts announce positive (negative) expectations of future stock price, share prices change in the same direction in the short run. The third chapter analyzes the effect of price targets on executive compensation. I find that analysts' price targets alter the composition of executive pay between cash-based compensation and stock-based compensation. When analysts forecast a rise (fall) in the share price for a firm, the compensation package tilts toward stock-based (cash-based) compensation. The substitution effect is stronger in companies that have weaker corporate governance. The fourth chapter explores the effect of the introduction of the Sarbanes-Oxley Act (SOX) in 2002 and its reinforcement in 2006 on the options granting process. I show that the introduction of SOX and its reinforcement eliminated the practice of backdating options but increased “spring-loading” of option grants around price targets announcements. Overall, the dissertation shows that price targets provide insights into the determinants of executive pay in favor of the managerial power model.

Solid state micro and nanopore sensors for single entity detection

A general description of the work presented in this thesis can be divided into three areas of interest: micropore fabrication, nanopore modification, and their applications. The first part of the thesis is related to the novel, reliable, cost-effective, potable, mass-productive, robust, and ease of use micropore flowcell that works based on the RPS technique. Based on our first goal, which was finding an alternate materials and processes that would shorten production times while lowering costs and improving signal quality, the polyimide film was used as a substrate to create precise pores by femtosecond laser, and the resulting current blockades of different sizes of the nanoparticles were recorded. Based on the results, the device can detecting nano-sized particles by changing the current level. The experimental and theoretical investigation, scanning electron microscopy, and focus ion beam were performed to explain the micropore's performance. The second goal was design and fabrication of a leak-free, easy-to-assemble, and portable polymethyl methacrylate flowcell for nanopore experiments. Here, ion current rectification was studied in our nanodevice. We showed a self-assembly-based, controllable, and monitorable in situ Poly(l-lysine)- g-poly(ethylene glycol) coating method under voltage-driven electrolyte flow and electrostatic interaction between nanopore walls and PLL backbones. Using designed nanopore flowcell and in situ monolayer PLL-g-PEG functionalized 20±4 nm SiN nanopores, we observed non-sticky α-1 anti-trypsin protein translocation. additionally, we could show the enhancement of translocation events through this non-sticky nanopore, and also, estimate the volume of the translocated protein. In this study, by comparing the AAT protein translocation results from functionalized and non-functionalized nanopore we demonstrated the 105 times dwell time reduction (31-0.59ms), 25% amplitude enhancement (0.24-0.3 nA), and 15 times event’s number increase (1-15events/s) after functionalization in 1×PBS at physiological pH. Also, the AAT protein volume was measured, close to the calculated AAT protein hydrodynamic volume and previous reports.