Stock Option Compensation in Finland: An Analysis of Economic Determinants, Contracting Frequency, and Design

This paper addresses several questions in the compensation literature by examining stock option compensation practices of Finnish firms. First, the results indicate that principal-agent theory succeeds quite well in predicting the use of stock options. Proxies for monitoring costs, growth opportunities, ownership structure, and risk are found to determine the use of incentives consistent with theory. Furthermore, the paper examines whether determinants of stock options targeted to top management differ from determinants of broad-based stock option plans. Some evidence is found that factors driving these two types of incentives differ. Second, the results reveal that systematic risk significantly increases the likelihood that firms adopt stock option plans, whereas total firm risk and unsystematic risk do not seem to affect this decision. Third, the results show that growth opportunities are related to time-dimensional contracting frequency, consistent with the argument that incentive levels deviate more rapidly from optimum in firms with high growth opportunities. Finally, the results suggest that vesting schedules are decreasing in financial leverage, and that contract maturity is decreasing in firm focus. In addition, both vesting schedules and contract maturity tend to be longer in firms involving state ownership.

Requirements for information management system in agricultural contracting

Menneinä vuosikymmeninä maatalouden työt ovat ensin koneellistuneet voimakkaasti ja sittemmin mukaan on tullut automaatio. Nykyään koneiden kokoa suurentamalla ei enää saada tuottavuutta nostettua merkittävästi, vaan työn tehostaminen täytyy tehdä olemassa olevien resurssien käyttöä tehostamalla. Tässä työssä tarkastelun kohteena on ajosilppuriketju nurmisäilörehun korjuussa. Säilörehun korjuun intensiivisyys ja koneyksiköiden runsas määrä ovat työnjohdon kannalta vaativa yhdistelmä. Työn tavoitteena oli selvittää vaatimuksia maatalouden urakoinnin tueksi kehitettävälle tiedonhallintajärjestelmälle. Tutkimusta varten haastateltiin yhteensä 12 urakoitsijaa tai yhteistyötä tekevää viljelijää. Tutkimuksen perusteella urakoitsijoilla on tarvetta tietojärjestelmille.Luonnollisesti urakoinnin laajuus ja järjestelyt vaikuttavat asiaan. Tutkimuksen perusteella keskeisimpiä vaatimuksia tiedonhallinnalle ovat: • mahdollisimman laaja, yksityiskohtainen ja automaattinen tiedon keruu tehtävästä työstä • karttapohjaisuus, kuljettajien opastus kohteisiin • asiakasrekisteri, työn tilaus sähköisesti • tarjouspyyntöpohjat, hintalaskurit • luotettavuus, tiedon säilyvyys • sovellettavuus monenlaisiin töihin • yhteensopivuus muiden järjestelmien kanssa Kehitettävän järjestelmän tulisi siis tutkimuksen perusteella sisältää seuraavia osia: helppokäyttöinen suunnittelu/asiakasrekisterityökalu, toimintoja koneiden seurantaan, opastukseen ja johtamiseen, työnaikainen tiedonkeruu sekä kerätyn tiedon käsittelytoimintoja. Kaikki käyttäjät eivät kuitenkaan tarvitse kaikkia toimintoja, joten urakoitsijan on voitava valita tarvitsemansa osat ja mahdollisesti lisätä toimintoja myöhemmin. Tiukoissa taloudellisissa ja ajallisissa raameissa toimivat urakoitsijat ovat vaativia asiakkaita, joiden käyttämän tekniikan tulee olla toimivaa ja luotettavaa. Toisaalta inhimillisiä virheitä sattuu kokeneillekin, joten hyvällä tietojärjestelmällä työstä tulee helpompaa ja tehokkaampaa.

Flap‐Lag Damping in Hover and Forward Flight with a Three‐Dimensional Wake

Prediction of lag damping is difficult owing to the delicate balance of drag, induced drag and Coriolis forces in the in‐plane direction. Moreover, induced drag” is sensitive to dynamic wake, bath shed and trailing components, and thus its prediction requires adequate unsteady‐wake representation. Accordingly, rigid‐blade flap‐lag equations are coupled with a three‐dimensional finite‐state wake model; three isolatcd rotor canfigurations with three, four and five blades are treated over a range of thrust levels, tack numbers, lag frequencies and advance ratios. The investigation includes convergence characteristics of damping with respect to the number of radial shape functions and harmonics of the wake model for multiblade modes of low frequency (< 1/ rev.) to high frequency (> 1/rev.). Predicted flap and lag damping levels are then compared with similar predictions with 1) rigid wake (no unsteady induced now), 2) Loewy lift deficiency and 3) dynamic inflow. The coverage also includes correlations with the measured lag regressive‐mode damping in hover and forward flight and comparisons with similar correlations with dynamic inflow. Lag‐damping predictions with the dynamic wake model are consistently higher than the predictions with the dynamic inflow model; even for the low frequency lag regressive mode, the number of wake harmonics should at least be equal to twice the number of blades.

A Feature-Based Solution to Forward Problem in Electrical Capacitance Tomography of Conductive Materials

A new feature-based technique is introduced to solve the nonlinear forward problem (FP) of the electrical capacitance tomography with the target application of monitoring the metal fill profile in the lost foam casting process. The new technique is based on combining a linear solution to the FP and a correction factor (CF). The CF is estimated using an artificial neural network (ANN) trained using key features extracted from the metal distribution. The CF adjusts the linear solution of the FP to account for the nonlinear effects caused by the shielding effects of the metal. This approach shows promising results and avoids the curse of dimensionality through the use of features and not the actual metal distribution to train the ANN. The ANN is trained using nine features extracted from the metal distributions as input. The expected sensors readings are generated using ANSYS software. The performance of the ANN for the training and testing data was satisfactory, with an average root-mean-square error equal to 2.2%.

Cooperative OFDM with Amplify-and-Forward Relaying with Timing Offset

In this paper, we investigate cooperative OFDM communications using amplify-and-forward (AF) protocol at the relays, in the presence of imperfect timing synchronization. In most studies on cooperative communications, perfect time synchronization among cooperating nodes is assumed. In practice, however, due to imperfect time synchronization, orthogonality among the subcarriers of the different nodes' signals at the destination receiver can be lost, causing inter-symbol interference (ISI). In this paper, we derive analytical expressions for the average SINR at the DFT output at the destination as a function of timing offset in cooperative OFDM with AF protocol, and illustrate the SINR degradation as a function of the timing offset. We also present an interference canceling (IC) receiver to mitigate the effects of ISI when there is timing offset. We show that the proposed IC receiver achieves improved BER performance even when timing offsets are large.

Flap-lag-torsion stability in hover and forward flight with three-dimensional wake

The contributions of full-wake dynamics in trim analysis are demonstrated for finding the control inputs and periodic responses simultaneously, as well as in Floquet eigenanalysis for finding the damping levels. The equations of flap bending, lag bending, and torsion are coupled with a three-dimensional, finite state wake, and low-frequency (<1/rev) to high frequency (>1/rev) multiblade modes are considered. Full blade-wake dynamics is used in trim analysis and Floquet eigenanalysis. A uniform cantilever blade in trimmed flight is investigated over a range of thrust levels, advance ratios, number of blades, and blade torsional frequencies. The investigation includes the convergence characteristics of control inputs, periodic responses, and damping levels with respect to the number of spatial azimuthal harmonics and radial shape functions in the wake representation. It also includes correlation with the measured lag damping of a three-bladed untrimmed rotor. The parametric study shows the dominant influence of wake dynamics on control inputs, periodic responses, and damping levels, and wake theory generally improves the correlation.

Quasi-Orthogonal Design and Performance Analysis of Amplify-And-Forward Relay Networks with Multiple-Antennas

This paper is on the design and performance analysis of practical distributed space-time codes for wireless relay networks with multiple antennas terminals. The amplify-andforward scheme is used in a way that each relay transmits a scaled version of the linear combination of the received symbols. We propose distributed generalized quasi-orthogonal space-time codes which are distributed among the source antennas and relays, and valid for any number of relays. Assuming M-PSK and M-QAM signals, we derive a formula for the symbol error probability of the investigated scheme over Rayleigh fading channels. For sufficiently large SNR, this paper derives closed-form average SER expression. The simplicity of the asymptotic results provides valuable insights into the performance of cooperative networks and suggests means of optimizing them. Our analytical results have been confirmed by simulation results, using full-rate full-diversity distributed codes.

Health monitoring,of a helicopter rotor in forward flight using fuzzy logic

A fuzzy logic system is developed for helicopter rotor system fault isolation. Inputs to the fuzzy logic system are measurement deviations of blade bending and torsion response and vibration from a "good" undamaged helicopter rotor. The rotor system measurements used are flap and lag bending tip deflections, elastic twist deflection at the tip, and three forces and three moments at the rotor hub. The fuzzy logic system uses rules developed from an aeroelastic model of the helicopter rotor with implanted faults to isolate the fault while accounting for uncertainty in the measurements. The faults modeled include moisture absorption, loss of trim mass, damaged lag damper, damaged pitch control system, misadjusted pitch link, and damaged flap. Tests with simulated data show that the fuzzy system isolates rotor system faults with an accuracy of about 90-100%. Furthermore, the fuzzy system is robust and gives excellent results, even when some measurements are not available. A rule-based expert system based on similar rules from the aeroelastic model performs much more poorly than the fuzzy system in the presence of high levels of uncertainty.

Weekly periodicities of aerosol properties observed at an urban location in India

Multi-year (similar to 7 years) observations of aerosol optical and microphysical properties were conducted at a tropical urban location in Bangalore, India. As a consequence of rapid urbanization, Bangalore presents high local atmospheric emissions, which makes it an interesting site to study the effect of anthropogenic activities on aerosol properties. It has been found that both column (aerosol optical depth, AOD) and ground-level measurements (black carbon (BC) and composite aerosol mass) exhibit a weekly cycle with low aerosol concentrations on weekends. In comparison to the weekdays, the weekend reductions of aerosol optical depth, black carbon and composite aerosol mass concentrations were similar to 15%, 25% and 24%, respectively. The magnitude of weekend reduction of black carbon is as much as similar to 1 mu g m(-3). The similarity in the weekly cycle between the column and surface measurements suggests that the aerosol column loading at this location is governed by local anthropogenic emissions. The strongest weekly cycle in composite aerosol mass concentration was observed in the super micron mass range (>1 mu m). The weekly cycle of composite aerosol mass in the sub micron mass range (<1 mu m) was weak in comparison to the super micron aerosol mass. (C) 2011 Elsevier B.V. All rights reserved.

Top polarization, forward-backward asymmetry, and new physics

We consider how the measurement of top polarization at the Tevatron can be used to characterize and discriminate among different new physics models that have been suggested to explain the anomalous top forward-backward asymmetry reported at the Tevatron. This has the advantage of catching the essence of the parity-violating effect characteristic to the different suggested new physics models. Other observables constructed from these asymmetries are shown to be useful in discriminating between the models, even after taking into account the statistical errors. Finally, we discuss some signals at the 7 TeV LHC.

Novel algorithm for online voltage stability assessment based on feed forward neural network

This paper presents an artificial feed forward neural network (FFNN) approach for the assessment of power system voltage stability. A novel approach based on the input-output relation between real and reactive power, as well as voltage vectors for generators and load buses is used to train the neural net (NN). The input properties of the feed forward network are generated from offline training data with various simulated loading conditions using a conventional voltage stability algorithm based on the L-index. The neural network is trained for the L-index output as the target vector for each of the system loads. Two separate trained NN, corresponding to normal loading and contingency, are investigated on the 367 node practical power system network. The performance of the trained artificial neural network (ANN) is also investigated on the system under various voltage stability assessment conditions. As compared to the computationally intensive benchmark conventional software, near accurate results in the value of L-index and thus the voltage profile were obtained. Proposed algorithm is fast, robust and accurate and can be used online for predicting the L-indices of all the power system buses. The proposed ANN approach is also shown to be effective and computationally feasible in voltage stability assessment as well as potential enhancements within an overall energy management system in order to determining local and global stability indices

SPLIT-STEP FORWARD MILSTEIN METHOD FOR STOCHASTIC DIFFERENTIAL EQUATIONS

In this paper, we consider the problem of computing numerical solutions for stochastic differential equations (SDEs) of Ito form. A fully explicit method, the split-step forward Milstein (SSFM) method, is constructed for solving SDEs. It is proved that the SSFM method is convergent with strong order gamma = 1 in the mean-square sense. The analysis of stability shows that the mean-square stability properties of the method proposed in this paper are an improvement on the mean-square stability properties of the Milstein method and three stage Milstein methods.