A test of the Bolton-Scheinkman-Xiong hypothesis of how speculation affects the vesting time of options granted to directors

This paper investigates empirically the Bolton, Scheinkman, and Xiong (2006) hypothesis, according to which initial shareholders may provide incentives to managers to take actions that stimulate speculative bubbles. We test this hypothesis with data on up to 8,544 directors and up to 1,677 companies between 2004-2008. Using vesting time as a measure of the short-term performance weighting in CEO compensation and various alternative measures of the extent of speculation, the findings support the hypothesis: vesting time decreases with more intensive speculation. The results prove robust in various empirical model specifications.

High-school students' need for cognition, self-control capacity, and school achievement: testing a mediation hypothesis

In the present article, we examine the hypothesis that high-school students' motivation to engage in cognitive endeavors (i.e., their need for cognition; NFC) is positively related to their dispositional self-control capacity. Furthermore, we test the prediction that the relation between NFC and school achievement is mediated by self-control capacity. A questionnaire study with grade ten high-school students (N = 604) revealed the expected relations between NFC, self-control capacity, and school achievement. Sobel tests showed that self-control capacity mediated the relation between NFC and school grades as well as grade retention.

Negative mood, self-focused attention, and the experience of physical symptoms: the joint impact hypothesis

A joint impact hypothesis on symptom experience is introduced that specifies the role of negative mood and self-focus, which have been considered independently in previous research. Accordingly, negative affect only promotes symptom experience when people simultaneously focus their attention on the self. One correlational study and 4 experiments supported this prediction: Only negative mood combined with self-focus facilitated the experience (see the self-reports in Studies 1, 2a, & 2b) and the accessibility (lexical decisions, Stroop task in Studies 3 & 4) of physical symptoms, whereas neither positive mood nor negative mood without self-focus did. Furthermore, the joint impact of negative mood and self-focused attention on momentary symptom experience remained significant after controlling for the influence of dispositional symptom reporting and neuroticism.

Ship Newspapers and Passenger Life Aboard Transoceanic Steamships in the Late Nineteenth Century

Despite the many technological innovations that had for some time contributed to a significant reduction of global travel times, intercontinental ship passages in the late nineteenth century were no quick affair. Depending on the route, such journeys could last between a few weeks and several months. During this time, crew and passengers shared the narrow space of the ship—largely isolated from the rest of the world and basically suspended between origin and destination. On many long-distance steamers, the production and consumption of ship newspapers became one possible means of whiling away the time in transit for the passengers. In this article, we seek to demonstrate how these extraordinary publications can serve as lenses not only on shipboard life but actually on historical actors of globalisation in a more general context. First, we seek to highlight why and how ship newspapers played an important role in the shaping of the peculiar social space of the passenger ship. We will then give a brief overview of the context in which these newspapers were produced and what kind of news they contained. In a third step, we will introduce two brief examples of topics discussed in ship newspapers and outline possible fields of research on which ship newspapers will be able to shed new light.

Did Impending War in Europe Help Destroy the Gold Bloc in 1936? An Internal Inconsistency Hypothesis

This paper investigates the gold bloc operated between France, the Netherlands, Switzerland and Belgium, especially over the period after the USA left the gold standard in March 1933 to its end in September 1936. It enquires into the effect of military-political developments in Germany and Italy on the sustainability of the gold bloc between its members. Juxtaposed is the view of leading political scientists, such as Henry Kissinger, who see impending war in Europe as deeply and adversely affecting psychology in Europe, and what may be called the standard "economists' view" that sees the demise of the gold bloc as being caused almost exclusively by economic factors. Developing concepts of external and internal inconsistency of the gold bloc, this investigation concludes that both economic and military-political developments played important roles in destroying the last vestiges of the gold standard.

US Corporate Default Swap Valuation: The Market Liquidity Hypothesis and Autonomous Credit Risk

This paper develops a reduced form three-factor model which includes a liquidity proxy of market conditions which is then used to provide implicit prices. The model prices are then compared with observed market prices of credit default swaps to determine if swap rates adequately reflect market risks. The findings of the analysis illustrate the importance of liquidity in the valuation process. Moreover, market liquidity, a measure of investors. willingness to commit resources in the credit default swap (CDS) market, was also found to improve the valuation of investors. autonomous credit risk. Thus a failure to include a liquidity proxy could underestimate the implied autonomous credit risk. Autonomous credit risk is defined as the fractional credit risk which does not vary with changes in market risk and liquidity conditions.

Uniformly reweighted belief propagation for distributed Bayesian hypothesis testing

Belief propagation (BP) is a technique for distributed inference in wireless networks and is often used even when the underlying graphical model contains cycles. In this paper, we propose a uniformly reweighted BP scheme that reduces the impact of cycles by weighting messages by a constant ?edge appearance probability? rho ? 1. We apply this algorithm to distributed binary hypothesis testing problems (e.g., distributed detection) in wireless networks with Markov random field models. We demonstrate that in the considered setting the proposed method outperforms standard BP, while maintaining similar complexity. We then show that the optimal ? can be approximated as a simple function of the average node degree, and can hence be computed in a distributed fashion through a consensus algorithm.

Influence of driving style on fuel consumption and Emissions in diesel-powered passenger car

This paper presents the main results of a study on the influence of driving style on fuel consumption and pollutant emissions of diesel passenger car in urban traffic. Driving styles (eco, normal or aggressive) patterns were based on the “eco-driving” criteria. The methodology is based on on-board emission measurements in real urban traffic in the city of Madrid. Five diesel passenger cars, have been tested. Through a statistical analysis, a Dynamic Performance Index was defined for diesel passenger cars. Likewise, the CO, NOX and HC emissions were compared for each driving style for the tested vehicles. Eco-driving reduces by 14% fuel consumption and CO2 emissions, but aggressive driving increase consumption by 40%. Aggressive driving increases NOX emission by more than 40%. CO and HC, show different trends, but being increased in eco-driving style.

Real time passenger information systems and quality of bus services

One of the main problems in urban areas is the steady growth in car ownership and traffic levels. Therefore, the challenge of sustainability is focused on a shift of the demand for mobility from cars to collective means of transport. For this end, buses are a key element of the public transport systems. In this respect Real Time Passenger Information (RTPI) systems help citizens change their travel behaviour towards more sustainable transport modes. This paper provides an assessment methodology which evaluates how RTPI systems improve the quality of bus services in two European cities, Madrid and Bremerhaven. In the case of Madrid, bus punctuality has increased by 3%. Regarding the travellers perception, Madrid raised its quality of service by 6% while Bremerhaven increased by 13%. On the other hand, the users ́ perception of Public Transport (PT) image increased by 14%.