Executive compensation and the performance of the firm

A sample of large industrial corporations is examined to determine whether there is a relationship between the levels of compensation received by the senior executives of those firms and the firms' economic performances. We find consistent evidence of such a relationship, with differences across firms in the total compensation of their three highest-paid officers being positively related to differences in both the common stock returns and operating profitability of the firms. The implication is that compensation packages are designed to reduce agency costs.

Details of left ventricular radial wall motion supporting the ventricular theory of the third heart sound obtained by cardiac MR.

OBJECTIVE Obtaining new details of radial motion of left ventricular (LV) segments using velocity-encoding cardiac MRI. METHODS Cardiac MR examinations were performed on 14 healthy volunteers aged between 19 and 26 years. Cine images for navigator-gated phase contrast velocity mapping were acquired using a black blood segmented κ-space spoiled gradient echo sequence with a temporal resolution of 13.8 ms. Peak systolic and diastolic radial velocities as well as radial velocity curves were obtained for 16 ventricular segments. RESULTS Significant differences among peak radial velocities of basal and mid-ventricular segments have been recorded. Particular patterns of segmental radial velocity curves were also noted. An additional wave of outward radial movement during the phase of rapid ventricular filling, corresponding to the expected timing of the third heart sound, appeared of particular interest. CONCLUSION The technique has allowed visualization of new details of LV radial wall motion. In particular, higher peak systolic radial velocities of anterior and inferior segments are suggestive of a relatively higher dynamics of anteroposterior vs lateral radial motion in systole. Specific patterns of radial motion of other LV segments may provide additional insights into LV mechanics. ADVANCES IN KNOWLEDGE The outward radial movement of LV segments impacted by the blood flow during rapid ventricular filling provides a potential substrate for the third heart sound. A biphasic radial expansion of the basal anteroseptal segment in early diastole is likely to be related to the simultaneous longitudinal LV displacement by the stretched great vessels following repolarization and their close apposition to this segment.

Vertikale Integration und Unternehmenserfolg: eine empirische Untersuchung in der Formel 1

Die neue Theorie der Unternehmung befasst sich unter anderem mit der zentralen Frage, wie sich vertikale Integrationsentscheidungen auf das Investitionsverhalten von Unternehmen und deren Gewinne auswirken. In der Formel 1 kann seit dem Jahr 2002 eine Tendenz zur Gründung oder Übernahme von Rennställen durch große Automobilkonzerne beobachtet werden, die bisher nur als Motorenlieferanten auftraten. Die vorliegende Untersuchung zeigt, dass die vertikale Vorwärtsintegration von Automobilkonzernen den Teamerfolg in der Formel 1 steigert. Es wird insbesondere deutlich, dass vertikal integrierte Teams höhere Investitionen tätigen und dadurch die Qualität der Fahrer und die technische Qualität der Rennwagen verbessern. Diese Faktoren wirken signifikant auf den Rennerfolg. According to the (new) theory of the firm vertically integrated firms might under certain conditions outperform disintegrated firms. In particular, in a situation with high transaction specific investments and measurement problems concerning individual performance an underinvestment problem may arise. In this paper we show for Formula One motor racing that integrated firms solve arising underinvestment problems more efficiently than disintegrated firms and that the decision to integrate positively affect the firm’s performance.

Exercise training in heart failure: from theory to practice. A consensus document of the Heart Failure Association and the European Association for Cardiovascular Prevention and Rehabilitation

The European Society of Cardiology heart failure guidelines firmly recommend regular physical activity and structured exercise training (ET), but this recommendation is still poorly implemented in daily clinical practice outside specialized centres and in the real world of heart failure clinics. In reality, exercise intolerance can be successfully tackled by applying ET. We need to encourage the mindset that breathlessness may be evidence of signalling between the periphery and central haemodynamic performance and regular physical activity may ultimately bring about favourable changes in myocardial function, symptoms, functional capacity, and increased hospitalization-free life span and probably survival. In this position paper, we provide practical advice for the application of exercise in heart failure and how to overcome traditional barriers, based on the current scientific and clinical knowledge supporting the beneficial effect of this intervention.