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.

A DC-to-Three-Phase-AC High-Frequency Link Converter With Compensation for Nonlinear Distortion

This paper focuses on a new high-frequency (HF) link dc-to-three-phase-ac power converter. The least number of switching devices among other HF link dc-to-three-phase-ac converters, improved power density due to the absence of devices of bidirectional voltage-blocking capability, simple commutation requirements, and isolation between input and output are the integral features of this topology. The commutation process of the converter requires zero portions in the link voltage. This causes a nonlinear distortion in the output three-phase voltages. The mathematical analysis is carried out to investigate the problem, and suitable compensation in modulating signal is proposed for different types of carrier. Along with the modified modulator structure, a synchronously rotating reference-frame-based control scheme is adopted for the three-phase ac side in order to achieve high dynamic performance. The effectiveness of the proposed scheme has been investigated and verified through computer simulations and experimental results with 1-kVA prototype.

How do heterogametic females survive without gene dosage compensation?

When the male is the heterogametic sex (XX♀-XY♂ or XX♀-XO♂), as inDrosophila, orthopteran insects, mammals andCaenorhabditis elegans, X-linked genes are subject to dosage compensation: the single X in the male is functionally equivalent to the two Xs in the female. However, when the female is heterogametic (ZZ♂-ZW♀), as in birds, butterflies and moths, Z-linked genes are apparently not dosage-compensated. This difference between X-linked and Z-linked genes raises fundamental questions about the role of dosage compensation. It is argued that (i) genes which require dosage compensation are primarily those that control morphogenesis and the prospective body plan; (ii) the products of these genes are required in disomic doses especially during oogenesis and early embryonic development; (iii) heterogametic females synthesize and store during oogenesis itself morphogenetically essential gene products - including those encoded by Z-linked genes — in large quantities; (iv) the abundance of these gene products in the egg and their persistence relatively late into embryogenesis enables heterogametic females to overcome the monosomic state of the Z chromosome in ZW embryos. Female heterogamety is predominant in birds, reptiles and amphibians, all of which have megalecithal eggs containing several thousand times more maternal RNA and other maternal messages than eggs of mammals,Caenorhabditis elegans, orDrosophila. This increase in egg size, yolk content and, concomitantly, the size of the maternal legacy to the embryo, may have facilitated female heterogamety and the absence of dosage compensation.

High-precision diode-laser-based temperature measurement for air refractive index compensation

We present a laser-based system to measure the refractive index of air over a long path length. In optical distance measurements it is essential to know the refractive index of air with high accuracy. Commonly, the refractive index of air is calculated from the properties of the ambient air using either Ciddor or Edlén equations, where the dominant uncertainty component is in most cases the air temperature. The method developed in this work utilises direct absorption spectroscopy of oxygen to measure the average temperature of air and of water vapor to measure relative humidity. The method allows measurement of temperature and humidity over the same beam path as in optical distance measurement, providing spatially well matching data. Indoor and outdoor measurements demonstrate the effectiveness of the method. In particular, we demonstrate an effective compensation of the refractive index of air in an interferometric length measurement at a time-variant and spatially non-homogenous temperature over a long time period. Further, we were able to demonstrate 7 mK RMS noise over a 67 m path length using 120 s sample time. To our knowledge, this is the best temperature precision reported for a spectroscopic temperature measurement.

Reduced ML-Decoding Complexity, Full-Rate STBCs for 4 Transmit Antenna Systems

For an n(t) transmit, n(r) receive antenna system (n(t) x nr system), a full-rate space time block code (STBC) transmits min(n(t), n(r)) complex symbols per channel use. In this paper, a scheme to obtain a full-rate STBC for 4 transmit antennas and any n(r), with reduced ML-decoding complexity is presented. The weight matrices of the proposed STBC are obtained from the unitary matrix representations of a Clifford Algebra. By puncturing the symbols of the STBC, full rate designs can be obtained for n(r) < 4. For any value of n(r), the proposed design offers the least ML-decoding complexity among known codes. The proposed design is comparable in error performance to the well known Perfect code for 4 transmit antennas while offering lower ML-decoding complexity. Further, when n(r) < 4, the proposed design has higher ergodic capacity than the punctured Perfect code. Simulation results which corroborate these claims are presented.

A Low-Complexity, Full-Rate, Full-Diversity 2 x 2 STBC with Golden Code's Coding Gain

This paper presents a low-ML-decoding-complexity, full-rate, full-diversity space-time block code (STBC) for a 2 transmit antenna, 2 receive antenna multiple-input multiple-output (MIMO) system, with coding gain equal to that of the best and well known Golden code for any QAM constellation. Recently, two codes have been proposed (by Paredes, Gershman and Alkhansari and by Sezginer and Sari), which enjoy a lower decoding complexity relative to the Golden code, but have lesser coding gain. The 2 x 2 STBC presented in this paper has lesser decoding complexity for non-square QAM constellations, compared with that of the Golden code, while having the same decoding complexity for square QAM constellations. Compared with the Paredes-Gershman-Alkhansari and Sezginer-Sari codes, the proposed code has the same decoding complexity for non-rectangular QAM constellations. Simulation results, which compare the codeword error rate (CER) performance, are presented.

Proposed role of w chromosome inactivation and the absence of dosage compensation in avian sex determination

Three features of avian sex chromosomes - female heterogamety (ZZ male, ZW female), the apparently inactive state of the W chromosome, and dose-dependent expression of Z-linked genes - are examined in regard to their possible relation to sex determination. It is proposed that the W chromosome is facultatively heterochromatic and that the Z and W chromosomes carry one or more homologous sex-determination genes. The absence of dosage compensation in ZZ embryos, and W inactivation in ZW embryos, would then bring about a 2n(ZZ)-n(ZW) inequality in the effective copy number of such genes. The absence of dosage compensation of Z-linked genes in ZZ embryos is viewed as a means by which two copies of Z-W homologous sex determination genes are kept active to meet the requirements of testis determination. W inactivation may promote ovarian development by reducing the effective copy number of these genes from 2n to n. If there is a W-specific gene for femaleness, spread of heterochromatization to this gene in cells forming the right gonadal primordium may explain the latter's normally undifferentiated state; reversal of heterochromatization may similarly explain the development of the right gonad into a testis following left ovariectomy.

Open-source tools for enhancing full-text searching of OPACs Use of Koha, Greenstone and Fedora

Purpose - There are many library automation packages available as open-source software, comprising two modules: staff-client module and online public access catalogue (OPAC). Although the OPAC of these library automation packages provides advanced features of searching and retrieval of bibliographic records, none of them facilitate full-text searching. Most of the available open-source digital library software facilitates indexing and searching of full-text documents in different formats. This paper makes an effort to enable full-text search features in the widely used open-source library automation package Koha, by integrating it with two open-source digital library software packages, Greenstone Digital Library Software (GSDL) and Fedora Generic Search Service (FGSS), independently. Design/methodology/approach - The implementation is done by making use of the Search and Retrieval by URL (SRU) feature available in Koha, GSDL and FGSS. The full-text documents are indexed both in Koha and GSDL and FGSS. Findings - Full-text searching capability in Koha is achieved by integrating either GSDL or FGSS into Koha and by passing an SRU request to GSDL or FGSS from Koha. The full-text documents are indexed both in the library automation package (Koha) and digital library software (GSDL, FGSS) Originality/value - This is the first implementation enabling the full-text search feature in a library automation software by integrating it into digital library software.

A New Full-diversity Criterion and Low-complexity STBCs with Partial Interference Cancellation Decoding

Recently, Guo and Xia gave sufficient conditions for an STBC to achieve full diversity when a PIC (Partial Interference Cancellation) or a PIC-SIC (PIC with Successive Interference Cancellation) decoder is used at the receiver. In this paper, we give alternative conditions for an STBC to achieve full diversity with PIC and PIC-SIC decoders, which are equivalent to Guo and Xia's conditions, but are much easier to check. Using these conditions, we construct a new class of full diversity PIC-SIC decodable codes, which contain the Toeplitz codes and a family of codes recently proposed by Zhang, Xu et. al. as proper subclasses. With the help of the new criteria, we also show that a class of PIC-SIC decodable codes recently proposed by Zhang, Shi et. al. can be decoded with much lower complexity than what is reported, without compromising on full diversity.

X-Codes: A Low Complexity Full-Rate High-Diversity Achieving Precoder for TDD MIMO Systems

We consider a time division duplex multiple-input multiple-output (nt × nr MIMO). Using channel state information (CSI) at the transmitter, singular value decomposition (SVD) of the channel matrix is performed. This transforms the MIMO channel into parallel subchannels, but has a low overall diversity order. Hence, we propose X-Codes which achieve a higher diversity order by pairing the subchannels, prior to SVD preceding. In particular, each pair of information symbols is encoded by a fixed 2 × 2 real rotation matrix. X-Codes can be decoded using nr very low complexity two-dimensional real sphere decoders. Error probability analysis for X-Codes enables us to choose the optimal pairing and the optimal rotation angle for each pair. Finally, we show that our new scheme outperforms other low complexity precoding schemes.

Comparative study on flexural response of full and partial depth fiber-reinforced high-strength concrete

This study presents the results of an experimental and analytical comparison of the flexural behavior of a high-strength concrete specimen (no conventional reinforcement) with an average plain concrete cube strength of nearly 65 MPa and containing trough shape steel fibers. Trough shape steel fibers with a volume fraction ranging from 0 to 1.5% and having a constant aspect ratio of 80 have been used in this study. Increased toughness and a more ductile stress-strain response were observed with an increase in fiber content, when the fibers were distributed over the full/partial depth of the beam cross section. Based on the tests, a robust analytical procedure has been proposed to establish the required partial depth to contain fiber-reinforced concrete (FRC) so as to obtain the flexural capacity of a member with FRC over the full depth. It is expected that this procedure will help designers in properly estimating the required partial depth of fibers in composite sections for specific structural applications. Empirical and mechanistic relations have also been proposed in this study to establish the load-deflection behavior of high-strength FRC.