954 resultados para Share-based Compensation Arrangements


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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

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Dados de equilíbrio da umidade da polpa de manga foram determinados utilizando-se o método estático gravimétrico. As isotermas de adsorção e dessorção foram obtidas na faixa de 30-70 ºC e as atividades de água (a w) de 0,02 a 0,97. A utilização do modelo de GAB nos resultados experimentais, através da análise de regressão não linear, proporcionou um bom ajuste entre os dados experimentais e os valores calculados. O calor isostérico de sorção foi estimado a partir dos dados de equilíbrio de sorção, utilizando-se a equação de Clausius-Clayperon. Notou-se que os calores isostéricos de sorção crescem com o aumento da temperatura e pode ser bem ajustado através de uma relação exponencial. A teoria da compensação entalpia-entropia foi aplicada às isotermas de sorção e gráficos deltaH versus deltaS forneceram as temperaturas isocinéticas, indicando um processo de sorção entalpicamente controlado.

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The net isosteric heat and entropy of water sorption were calculated for plum, based on sorption isotherms obtained by the static gravimetric method at different temperatures (20 to 70 degrees C). The Guggenheim-Anderson-deBoer model was applied to the experimental data giving a good agreement between experimental and calculated values. The net isosteric heat of water sorption, estimated by applying Claussius-Clapeyron equation to sorption isotherms, was found to be different for plum skin and pulp, mainly at low moisture contents, and could be well adjusted by an empirical exponential relationship. Plots of enthalpy in contrast to entropy provided the isokinetic temperatures for skin and pulp, indicating an enthalpy-controlled sorption process. Thermodynamic data on water sorption for plums are not found in literature, as opposed to prunes for which the data are abundant.

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This work describes a methodology for power factor control and correction of the unbalanced currents in four-wire electric circuits. The methodology is based on the insertion of two compensation networks, one wye-grounded neutral and other in delta, in parallel to the load. The mathematical development has been proposed in previous work [3]. In this paper, however, the determination of the compensation susceptances is based on the instantaneous values of load currents. The results are obtained using the MatLab-Simulink enviroment

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Considering the Conservative Power Theory (CPT), this paper proposes some novel compensation strategies for shunt passive or active devices. The CPT current decompositions result in several current terms (associated with specific physical phenomena), which were used for the definition of different selective current compensators, in terms of minimizing particular disturbing effects. Simulation results have been demonstrated in order to validate the possibilities and performance of the proposed strategies for single and three-phase four wired circuits.

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Considering the Conservative Power Theory (CPT), this paper proposes some novel compensation strategies for shunt passive or active devices. The CPT current decompositions result in several current terms, which are associated with specific physical phenomena (average power consumption P, energy storage Q, load and source distortion D, unbalances N). These current components were used in this work for the definition of different current compensators, which can be selective in terms of minimizing particular disturbing effects. Compensation strategies for single and three-phase four-wire circuits have also been considered. Simulation results have been demonstrated in order to validate the possibilities and performance of the proposed strategies. © 2010 IEEE.

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Considering the operation of shunt active compensators, such as active power filters, this paper proposes possible compensation strategies by means of the recent formulation of the Conservative Power Theory (CPT). The CPT current's decomposition results in several current components, which are associated with specific load characteristics (power transfer, energy storage, unbalances and/or non linearities). These current components are used for the definition of different compensation strategies, which can be selective in terms of minimizing particular disturbing effects. In order to validate the applicability of these new compensation strategies, simulation and experimental results for three-phase four-wire systems are presented. © 2011 IEEE.

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Includes bibliography

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This thesis consists of four essays on the design and disclosure of compensation contracts. Essays 1, 2 and 3 focus on behavioral aspects of mandatory compensation disclosure rules and of contract negotiations in agency relationships. The three experimental studies develop psychology- based theory and present results that deviate from standard economic predictions. Furthermore, the results of Essay 1 and 2 also have implications for firms’ discretion in how to communicate their top management’s incentives to the capital market. Essay 4 analyzes the role of fairness perceptions for the evaluation of executive compensation. For this purpose, two surveys targeting representative eligible voters as well as investment professionals were conducted. Essay 1 investigates the role of the detailed ‘Compensation Discussion and Analysis’, which is part of the Security and Exchange Commission’s 2006 regulation, on investors’ evaluations of executive performance. Compensation disclosure complying with this regulation clarifies the relationship between realized reported compensation and the underlying performance measures and their target achievement levels. The experimental findings suggest that the salient presentation of executives’ incentives inherent in the ‘Compensation Discussion and Analysis’ makes investors’ performance evaluations less outcome dependent. Therefore, investors’ judgment and investment decisions might be less affected by noisy environmental factors that drive financial performance. The results also suggest that fairness perceptions of compensation contracts are essential for investors’ performance evaluations in that more transparent disclosure increases the perceived fairness of compensation and the performance evaluation of managers who are not responsible for a bad financial performance. These results have important practical implications as firms might choose to communicate their top management’s incentive compensation more transparently in order to benefit from less volatile expectations about their future performance. Similar to the first experiment, the experiment described in Essay 2 addresses the question of more transparent compensation disclosure. However, other than the first experiment, the second experiment does not analyze the effect of a more salient presentation of contract information but the informational effect of contract information itself. For this purpose, the experiment tests two conditions in which the assessment of the compensation contracts’ incentive compatibility, which determines executive effort, is either possible or not. On the one hand, the results suggest that the quality of investors’ expectations about executive effort is improved, but on the other hand investors might over-adjust their prior expectations about executive effort if being confronted with an unexpected financial performance and under-adjust if the financial performance confirms their prior expectations. Therefore, in the experiment, more transparent compensation disclosure does not lead to more correct overall judgments of executive effort and to even lower processing quality of outcome information. These results add to the literature on disclosure which predominantly advocates more transparency. The findings of the experiment however, identify decreased information processing quality as a relevant disclosure cost category. Firms might therefore carefully evaluate the additional costs and benefits of more transparent compensation disclosure. Together with the results from the experiment in Essay 1, the two experiments on compensation disclosure imply that firms should rather focus on their discretion how to present their compensation disclosure to benefit from investors’ improved fairness perceptions and their spill-over on performance evaluation. Essay 3 studies the behavioral effects of contextual factors in recruitment processes that do not affect the employer’s or the applicant’s bargaining power from a standard economic perspective. In particular, the experiment studies two common characteristics of recruitment processes: Pre-contractual competition among job applicants and job applicants’ non-binding effort announcements as they might be made during job interviews. Despite the standard economic irrelevance of these factors, the experiment develops theory regarding the behavioral effects on employees’ subsequent effort provision and the employers’ contract design choices. The experimental findings largely support the predictions. More specifically, the results suggest that firms can benefit from increased effort and, therefore, may generate higher profits. Further, firms may seize a larger share of the employment relationship’s profit by highlighting the competitive aspects of the recruitment process and by requiring applicants to make announcements about their future effort. Finally, Essay 4 studies the role of fairness perceptions for the public evaluation of executive compensation. Although economic criteria for the design of incentive compensation generally do not make restrictive recommendations with regard to the amount of compensation, fairness perceptions might be relevant from the perspective of firms and standard setters. This is because behavioral theory has identified fairness as an important determinant of individuals’ judgment and decisions. However, although fairness concerns about executive compensation are often stated in the popular media and even in the literature, evidence on the meaning of fairness in the context of executive compensation is scarce and ambiguous. In order to inform practitioners and standard setters whether fairness concerns are exclusive to non-professionals or relevant for investment professionals as well, the two surveys presented in Essay 4 aim to find commonalities in the opinions of representative eligible voters and investments professionals. The results suggest that fairness is an important criterion for both groups. Especially, exposure to risk in the form of the variable compensation share is an important criterion shared by both groups. The higher the assumed variable share, the higher is the compensation amount to be perceived as fair. However, to a large extent, opinions on executive compensation depend on personality characteristics, and to some extent, investment professionals’ perceptions deviate systematically from those of non-professionals. The findings imply that firms might benefit from emphasizing the riskiness of their managers’ variable pay components and, therefore, the findings are also in line with those of Essay 1.

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MLS-based identification of nonlinear systems is largely affected by deviations in the excitation signal amenable to the combined effect of DC-offset and an arbitrary gain. These induce orthogonality loss in the MLS filter bank output, thus invalidating the underlying identification construction. In this paper we present a correction algorithm to derive the corrected Volterra kernels from the biased estimations provided by the standard MLS-based procedure.

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"Work supported in part by the National Science Foundation under Grant no. GJ-40221."