The impact of CEO compensation and CEO horizon on a firm's discretionary research and development expenditures

Agency costs are said to arise as a result of the separation of ownership from control inherent in the corporate form of ownership. One such agency problem concerns the potential variance between the time horizons of principal shareholders and agent managers. Agency theory suggests that these costs can be alleviated or controlled through performance-based Chief Executive Officer (CEO) contracting. However, components of a CEO's compensation contract can exacerbate or mitigate agency-related problems (Antle and Smith, 1985). According to the horizon hypothesis, a self-serving CEO reduces discretionary research and development (R&D) expenditures to increase earnings and earnings-based bonus compensation. Agency theorists contend that a CEO's market-based compensation component can mitigate horizon problems. This study seeks to determine whether there is a relationship between CEO earnings- and market-based compensation components and R&D expenditures in the largest United States industrial firms from 1987 to 1993.^ Consistent with the horizon hypothesis, results provide evidence of a negative and statistically significant relationship between CEO cash compensation (i.e., salary and bonus) and the firm's R&D expenditures. Consistent with the expectations of agency theory, results provide evidence of a positive and statistically significant relationship between market-based CEO compensation and R&D.^ Further results of this study provide evidence of a positive and statistically significant relationship between CEO tenure and the firm's R&D expenditures. Although there is a negative relationship between CEO age and the firm's R&D, it was not statistically significant at the 0.5 level. ^

A curricular analysis of the servicing of students who are hearing impaired in Dade County, Florida

Deafness is an invisible handicap which makes education difficult due to its effect on language acquisition and development, speech acquisition, and ability to communicate with others. Teachers of students who are hearing impaired have been at odds for more than a century as to the best method of communication to use in teaching students who are hearing impaired, and in providing these students with communication systems that will enable them to be effective communicators. This dissertation utilized qualitative research methods to analyze whether the Dade County Public Schools Procedures for Providing Special Education for Exceptional Students-Hearing Impaired (DCPS), (1976-77; 1992-93) show evidence of an appropriate curriculum and instructional program that is responsive to the conditions facing exceptional education students identified as hearing impaired. Results indicate that many of the curriculum and instructional program requirements are not identified nor described when analyzed by Tyler's "Rationale" for Curriculum and Stufflebeam's Improvement-Oriented Evaluation Model, better known as Stufflebeam's CIPP Model. Recommendations to improve and enhance programs for students who are hearing impaired are offered based on this analysis. ^

Specificity, stability and comparative physiology of coral-Symbiodinium mutualisms: Evaluating the potential for acclimation and/or adaptation in reef corals

The relationship between reef corals and endosymbiotic dinoflagellates is fundamental to the existence of coral reefs. To evaluate the fidelity of coral-Symbiodinium mutualisms, corals maintained in aquaria for years were analyzed by denaturant gradient gel electrophoresis (DGGE). Comparing Symbiodinium populations of captive aquarium colonies with known associations in nature is a practical way of examining partner flexibility. The finding of "normal" symbiont populations in corals existing under highly variable conditions supports the premise that most coral colonies possess stable associations. High sensitivity real-time PCR (rtPCR) was used to evaluate background populations of the putatively stress-tolerant Symbiodinium D in reef corals of the Caribbean. Analyses of samples collected during periods of environmental stability indicate the ability of Symbiodinium D to associate with a wider diversity of host taxa than previously recognized. To gain a broader perspective with regard to the ecology of Symbiodinium D1a, rtPCR and DGGE were used to evaluate the symbiont populations of reef corals from Barbados before and after the 2005 mass coral bleaching. Background populations were observed in 56% of the host genera prior to observations of bleaching. These findings indicate that 'stress', not 'bleaching', caused the displacement of 'natural' symbiont population and the opportunistic proliferation of D1a in many host taxa. Of the 12 host taxa monitored before and after the bleaching event, there was a 40% increase in colonies hosting Symbiodinium D1a. Together, these studies elucidate the mechanism responsible for recent observations reporting the emergence of Symbiodinium D following thermal disturbances. These observations are now most easily explained as the disproportionate growth of existing in hospite symbiont populations, rather than novel symbiont acquisition subsequent to bleaching. To evaluate the comparative "fitness" of corals able to host multiple symbiont types, rates of calcification were measured in P. verrucosa hosting either Symbiodinium C1b-c or D1 at elevated temperature. Rates of calcification decreased significantly for both host-symbiont combinations, but differences attributable to symbiont composition were not detected. This research improves our knowledge of the symbiosis biology and ecology of reef corals and contributes information necessary to most accurately predict the response of these ecosystems to global climate changes.

Disturbance Driven Colony Fragmentation as a Driver of a Coral Disease Outbreak

In September of 2010, Brewer's Bay reef, located in St. Thomas (U.S. Virgin Islands), was simultaneously affected by abnormally high temperatures and the passage of a hurricane that resulted in the mass bleaching and fragmentation of its coral community. An outbreak of a rapid tissue loss disease among coral colonies was associated with these two disturbances. Gross lesion signs and lesion progression rates indicated that the disease was most similar to the Caribbean coral disease white plague type 1. Experiments indicated that the disease was transmissible through direct contact between colonies, and five-meter radial transects showed a clustered spatial distribution of disease, with diseased colonies being concentrated within the first meter of other diseased colonies. Disease prevalence and the extent to which colonies were bleached were both significantly higher on unattached colony fragments than on attached colonies, and disease occurred primarily on fragments found in direct contact with sediment. In contrast to other recent studies, disease presence was not related to the extent of bleaching on colonies. The results of this study suggest that colony fragmentation and contact with sediment played primary roles in the initial appearance of disease, but that the disease was capable of spreading among colonies, which suggests secondary transmission is possible through some other, unidentified mechanism.

An Examination of Race, Socioeconomic Status, and Individualism-Collectivsm as Moderators of the Work/Family Antecedent and Work-Family Conflict Relationship

This study examines the role of race, socioeconomic status, and individualism-collectivism as moderators of the relationship between selected work and family antecedents and work-family conflict and evaluates the contribution of energy-based conflict to the work-family conflict (WFC) research. The study uses data obtained from a survey questionnaire given to 414 participants recruited from an online labor market. Study hypotheses were tested through structural equation modeling. The results indicate that while moderating effects were slight, a proposed model where energy-based conflict is included outperforms traditional time/strain/behavior-based models and that established variables may drop to non-significance when additional variables are included in prediction. In addition, novel individual difference variables such as individualism and collectivism were demonstrated to have effects beyond moderating antecedent-outcome relationships in the model. The findings imply that WFC models would benefit from the inclusion of variables found in the current study.

Hermes, a Concerto for Violoncello and Orchestra

This thesis consists of a large composition for violoncello and orchestra, together with an analytical paper in which I discuss my compositional techniques and some of their historical antecedents. The composition draws on the genres of imaginary musical theater, the symphonic poem, and the concerto. It was also inspired by the story of Hermes, the messenger god from Greek mythology. While the myth partially informs the compositional structure, the work is ultimately meant to showcase the versatility of the cello, the coloristic range of the orchestra (in some cases emulating the orchestral styles of previous composers), the balance of cello and orchestra together, and the eclectic invocation of many compositional techniques separately and simultaneously. These techniques encompass set theory (the use of unordered pitch collections), polytonality, and serialism. It is composed in a post-romantic style.