Study of the forward photons productions in pp collisions at sqrt{s} = 7 TeV with the ZDC detector of the ATLAS experiment

The Zero Degree Calorimeter (ZDC) of the ATLAS experiment at CERN is placed in the TAN of the LHC collider, covering the pseudorapidity region higher than 8.3. It is composed by 2 calorimeters, each one longitudinally segmented in 4 modules, located at 140 m from the IP exactly on the beam axis. The ZDC can detect neutral particles during pp collisions and it is a tool for diffractive physics. Here we present results on the forward photon energy distribution obtained using p-p collision data at sqrt{s} = 7 TeV. First the pi0 reconstruction will be used for the detector calibration with photons, then we will show results on the forward photon energy distribution in p-p collisions and the same distribution, but obtained using MC generators. Finally a comparison between data and MC will be shown.

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.