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.

The role of larval nutrition in pre-imaginal biasing of caste in the primitively eusocial wasp Ropalidia marginata (Hymenoptera: Vespidae)

1. When freshly eclosed females of the primitively eusocial wasp Ropalidia marginata (Lep.) are isolated, only about 50% of them build nests and lay eggs thereby suggesting a pre-imaginal biasing of caste. 2. Wasps that lay eggs take a very variable amount of time after eclosion to start doing so. 3. Females eclosing from nests where larvae are fed at a relatively higher rate are more likely to become egg-layers and are likely to take less time after eclosion to begin to lay eggs. 4. Thus, both forms of pre-imaginal biasing of caste, namely, differences in egg laying capacity and differences in the time taken to attain reproductive maturity, appear to be influenced by larval nutrition.

Intraplate Response to the Great 2004 Sumatra-Andaman Earthquake: A Study from the Andaman Segment

The 1300-km rupture of the 2004 interplate earthquake terminated at around 15 degrees N, in the northernmost segment of the Andaman-Nicobar subduction zone. This part of the plate boundary is noted for its generally lower level seismicity, compared with the southern segments. Based on the Global Centroid Moment Tensor (CMT) and National Earthquake Information Center (NEIC) data, most of the earthquakes of M-w >= 4.5 prior to 2004 were associated with the Andaman Spreading Ridge (ASR), and a few events were located within the forearc basin. The 2004 event was followed by an upward migration of hypocenters along the subducting plate, and the Andaman segment experienced a surge of aftershock activity. The continuing extensional faulting events, including the most recent earthquake (10 August 2009; M-w 7.5) in the northern end of the 2004 rupture, suggest the reduction of compressional strain associated with the interplate event. The style of faulting of the intraplate events before and after a great plate boundary earthquake reflects the relative influences of the plate-driving forces. Here we discuss the pattern of earthquakes in the Andaman segment before and after the 2004 event to appraise the spatial and temporal relation between large interplate thrust events and intraplate deformation. This study suggests that faulting mechanisms in the outer-ridge and outer-rise regions could be indicative of the maturity of interplate seismic cycles.

Heterologous expression of P5CS gene in chickpea enhances salt tolerance without affecting yield

Vigna Delta(1)-pyrroline-5-carboxylate synthetase (P5CS) cDNA was transferred to chickpea (Cicer arietinum L.) cultivar Annigeri via Agrobacterium tumefaciens mediated transformation. Following selection on hygromycin and regeneration, 60 hygromycin-resistant plants were recovered. Southern blot analysis of five fertile independent lines of T0 and T1 generation revealed single and multiple insertions of the transgene. RT-PCR and Western blot analysis of T0 and T1 progeny demonstrated that the P5CS gene is expressed and produced functional protein in chickpea. T1 transgenic lines accumulated higher amount of proline under 250 mM NaCl compared to untransformed controls. Higher accumulation of Na(+) was noticed in the older leaves but negligible accumulation in seeds of T1 transgenic lines as compared to the controls. Chlorophyll stability and electrolyte leakage indicated that proline overproduction helps in alleviating salt stress in transgenic chickpea plants. The T1 transgenics lines were grown to maturity and set normal viable seeds under continuous salinity stress (250 mM) without any reduction in plant yield in terms of seed mass.

Finding hidden females in a crowd: Mate recognition in fig wasps

Multi-species mating aggregations are crowded environments within which mate recognition must occur. Mating aggregations of fig wasps can consist of thousands of individuals of many species that attain sexual maturity simultaneously and mate in the same microenvironment, i.e, in syntopy, within the close confines of an enclosed globular inflorescence called a syconium - a system that has many signalling constraints such as darkness and crowding. All wasps develop within individual galled flowers. Since mating mostly occurs when females are still confined within their galls,, male wasps have the additional burden of detecting conspecific females that are ``hidden'' behind barriers consisting of gall walls. In Ficus racemosa, we investigated signals used by pollinating fig wasp males to differentiate conspecific females from females of other syntopic fig wasp species. Male Ceratosolen fusciceps could detect conspecific females using cues from galls containing females, empty galls, as well as cues from gall volatiles and gall surface hydrocarbons. In many figs, syconia are pollinated by single foundress wasps, leading to high levels of wasp inbreeding due to sibmating. In F. racemosa, as most syconia contain many foundresses, we expected male pollinators to prefer non-sib females to female siblings to reduce inbreeding. We used galls containing females from non-natal figs as a proxy for non-sibs and those from natal figs as a proxy for sibling females. We found that males preferred galls of female pollinators from natal figs. However, males were undecided when given a choice between galls containing non-pollinator females from natal syconia and pollinator females from non-natal syconia, suggesting olfactory imprinting by the natal syconial environment. (C) 2013 Elsevier Masson SAS. All rights reserved.

3D gravity, Chern-Simons and higher spins: A mini introduction

We give a review on (a) elements of (2 + 1)-dimensional gravity, (b) some aspects of its relation to Chern-Simons theory, (c) its generalization to couple higher spins, and (d) cosmic singularity resolution as an application in the context of flat space higher spin theory. A knowledge of the Einstein-Hilbert action, classical non-Abelian gauge theory and some (negotiable amount of) maturity are the only pre-requisites.

Monte Carlo Valuation of natural gas investments

This paper deals with the valuation of energy assets related to natural gas. In particular, we evaluate a baseload Natural Gas Combined Cycle (NGCC) power plant and an ancillary instalation, namely a Liquefied Natural Gas (LNG) facility, in a realistic setting; specifically, these investments enjoy a long useful life but require some non-negligible time to build. Then we focus on the valuation of several investment options again in a realistic setting. These include the option to invest in the power plant when there is uncertainty concerning the initial outlay, or the option's time to maturity, or the cost of CO2 emission permits, or when there is a chance to double the plant size in the future. Our model comprises three sources of risk. We consider uncertain gas prices with regard to both the current level and the long-run equilibrium level; the current electricity price is also uncertain. They all are assumed to show mean reversion. The two-factor model for natural gas price is calibrated using data from NYMEX NG futures contracts. Also, we calibrate the one-factor model for electricity price using data from the Spanish wholesale electricity market, respectively. Then we use the estimated parameter values alongside actual physical parameters from a case study to value natural gas plants. Finally, the calibrated parameters are also used in a Monte Carlo simulation framework to evaluate several American-type options to invest in these energy assets. We accomplish this by following the least squares MC approach.

Processo de melhoria contínua de processos para a Câmara dos Deputados

Apresenta uma proposta para a melhoria contínua de processo de software. Fundamentado nas recomendações das normas e modelos de qualidade, a partir da convicção de que qualquer processo, independente da maturidade, necessita evoluir de uma forma organizada em função das metas estabelecidas pela alta direção e sugestões de melhoria e inovações. Inclui os papéis, o fluxo de trabalho, as atividades a serem executadas, as ferramentas empregadas e os indicadores a serem coletados e avaliados.

Autopercepción de la identidad en la transición a la edad adulta

[Es] La complejidad social de los países desarrollados, junto a la peculiaridad de los factores socioculturales de cada país y el protagonismo del sujeto en su propio desarrollo, están condicionando las diferentes trayectorias en el paso de la adolescencia a la edad adulta. La investigación que se presenta tiene por objeto profundizar en la autopercepción de la identidad personal y describir los procesos psicológicos que favorecen la madurez psicológica y la autonomía personal a pesar de mantener relaciones y estados de dependencia familiar y económica. Se han encuestado a un total de 231 varones y mujeres, de edades comprendidas entre los 19 y los 30 años de edad, para saber cómo se definen en relación con su identidad personal y cuáles son las razones que les lleva a tal percepción. Los resultados demuestran que hay hasta cuatro identidades diferenciadas en la década de los 20 a los 30 años, basadas en un proceso subjetivo del desarrollo del yo individual orientado hacia la madurez psicológica, más que en otros acontecimientos sociales más o menos normativos.

Corona y poderes urbanos en la Cornisa Cantábrica, siglos XVI y XVII

[ES]La formación de oligarquías municipales es un fenómeno que, arrancando de la Baja Edad Media, va alcanzando madurez durante la época de los Austrias. En ese tiempo fue posible hacer compatible el crecimiento del poder real con el mantenimiento del poder de las oligarquías en su territorio. En el presente trabajo se analizan el desarrollo y las peculiaridades de este proceso en las principales villas de la Cornisa Cantábrica.

Métodos cuantitativos versus métodos cualitativos en la economía de los Negocios. ¿Es una metodología reconciliable?

Changes in the organizational environment over the last three decades have increasingly led to traditional theories being called into question, by stimulating the search for new models suited to the new realities of business economics, generating a crisis or scientific revolution that may result in the appearance of a new paradigm. The positivism-phenomenology duality provokes an “epistemological crisis” in research in management sciences. But the existence of both approaches does not imply the election of one scientific orientation in frontal opposition to the other. From these two conceptions of research procedure, the methods applied can be classed into groups, quantitative and qualitative. The quantitative methodologies places great confidence in the ability of data and measurement to represent opinions or concepts, while qualitative methodologies focus on words and relations to describe a reality or situation. While the diversity of methods contribute to its development and indicates the maturity of an area, the methods must be suitably implemented to obtain significant, valid results. The methodology to be used is not going to depend solely on the type of study or the reality under examination, but also on the stage the research process has reached.

Assessment of Atlantic Red Drum for 1999: Northern and southern regions

An assessment of the status of the Atlantic stock of red drum is conducted using recreational and commercial data from 1986 through 1998. This assessment updates data and analyses from the 1989, 1991, 1992 and 1995 stock assessments on Atlantic coast red drum (Vaughan and Helser, 1990; Vaughan 1992; 1993; 1996). Since 1981, coastwide recreational catches ranged between 762,300 pounds in 1980 and 2,623,900 pounds in 1984, while commercial landings ranged between 60,900 pounds in 1997 and 422,500 pounds in 1984. In weight of fish caught, Atlantic red drum constitute predominantly a recreational fishery (ranging between 85 and 95% during the 1990s). Commercially, red drum continue to be harvested as part of mixed species fisheries. Using available length-frequency distributions and age-length keys, recreational and commercial catches are converted to catch in numbers at age. Separable and tuned virtual population analyses are conducted on the catch in numbers at age to obtain estimates of fishing mortality rates and population size (including recruitment to age 1). In tum, these estimates of fishing mortality rates combined with estimates of growth (length and weight), sex ratios, sexual maturity and fecundity are used to estimate yield per recruit, escapement to age 4, and static (or equilibrium) spawning potential ratio (static SPR, based on both female biomass and egg production). Three virtual analysis approaches (separable, spreadsheet, and FADAPT) were applied to catch matrices for two time periods (early: 1986-1991, and late: 1992-1998) and two regions (Northern: North Carolina and north, and Southern: South Carolina through east coast of Florida). Additional catch matrices were developed based on different treatments for the catch-and-release recreationally-caught red drum (B2-type). These approaches included assuming 0% mortality (BASEO) versus 10% mortality for B2 fish. For the 10% mortality on B2 fish, sizes were assumed the same as caught fish (BASEl), or positive difference in size distribution between the early period and the later period (DELTA), or intermediate (PROP). Hence, a total of 8 catch matrices were developed (2 regions, and 4 B2 assumptions for 1986-1998) to which the three VPA approaches were applied. The question of when offshore emigration or reduced availability begins (during or after age 3) continues to be a source of bias that tends to result in overestimates of fishing mortality. Additionally, the continued assumption (Vaughan and Helser, 1990; Vaughan 1992; 1993; 1996) of no fishing mortality on adults (ages 6 and older), causes a bias that results in underestimates of fishing mortality for adult ages (0 versus some positive value). Because of emigration and the effect of the slot limit for the later period, a range in relative exploitations of age 3 to age 2 red drum was considered. Tuning indices were developed from the MRFSS, and state indices for use in the spreadsheet and FADAPT VPAs. The SAFMC Red Drum Assessment Group (Appendix A) favored the FADAPT approach with catch matrix based on DELTA and a selectivity for age 3 relative to age 2 of 0.70 for the northern region and 0.87 for the southern region. In the northern region, estimates of static SPR increased from about 1.3% for the period 1987-1991 to approximately 18% (15% and 20%) for the period 1992-1998. For the southern region, estimates of static SPR increased from about 0.5% for the period 1988-1991 to approximately 15% for the period 1992-1998. Population models used in this assessment (specifically yield per recruit and static spawning potential ratio) are based on equilibrium assumptions: because no direct estimates are available as to the current status of the adult stock, model results imply potential longer term, equilibrium effects. Because current status of the adult stock is unknown, a specific rebuilding schedule cannot be determined. However, the duration of a rebuilding schedule should reflect, in part, a measure of the generation time of the fish species under consideration. For a long-lived, but relatively early spawning, species as red drum, mean generation time would be on the order of 15 to 20 years based on age-specific egg production. Maximum age is 50 to 60 years for the northern region, and about 40 years for the southern region. The ASMFC Red Drum Board's first phase recovery goal of increasing %SPR to at least 10% appears to have been met. (PDF contains 79 pages)

Spawning, egg development, and early life history dynamics of arrowtooth flounder (Atheresthes stomias) in the Gulf of Alaska

Arrowtooth flounder (Atheresthes stomias) has the highest biomass of any groundfish species in the Gulf of Alaska, is a voracious predator of age 1 walleye pollock (Theragra chalcogramma), and is a major component in the diet of Steller sea lions (Eumetopias jubatus). Owing to its ecological importance in the Gulf of Alaska and the limited information available on its reproduction, interest has intensified in describing its spawning and early life history. A study was undertaken in late January–February 2001–2003 in the Gulf of Alaska to obtain information on adult spawning location, depth distribution, and sexual maturity, and to obtain fertilized eggs for laboratory studies. Adults were found 200–600 m deep east of Kodiak Island over the outer continental shelf and upper slope, and southwest along the shelf break to the Shumagin Islands. Most ripe females (oocytes extruded with light pressure) were found at 400 m and most ripe males (milt extruded with light pressure) were found at depths ≥450 m. Eggs were fertilized and incubated in the laboratory at 3.0°, 4.5°, and 6.0°C. Eggs were reared to hatching, but larvae did not survive long enough to complete yolk absorption and develop pigment. Eggs were staged according to morphological hallmarks and incubation data were used to produce a stage duration table and a regression model to estimate egg age based on water temperature and developmental stage. Arrowtooth flounder eggs (1.58–1.98 mm in diameter) were collected in ichthyoplankton surveys along the continental shelf edge, primarily at depths ≥400 m. Early-stage eggs were found in tows that sampled to depths of ≥450 m. Larvae, which hatch between 3.9 and 4.8 mm standard length, increased in abundance with depth. Observations on arrowtooth flounder eggs and early-stage larvae were used to complete the description of the published partial developmental series.(PDF file contains 34 pages.)

Maturation of Nineteen Species of Finfish off the Northeast Coast of the United States, 1985-1990

Observations on maturation stages of nineteen species of economically important finfish off the Northeast coast of the USA were analyzed to examine relationships between fish size or age, and maturity. Maturation schedules and median lengths (L50) and ages (A50) at maturation were derived by fitting the logistic model to the observed proportions. Analyses were generally restricted to observations from 1985 to 1990 obtained during stratified random bottom trawl surveys conducted in spring and autumn by the Northeast Fisheries Science Center and the Commonwealth of Massachusetts Division of Marine Fisheries in waters of the continental shelf from Nova Scotia to Cape Hatteras, North Carolina. Butterfish, Peprilus triacanthus, attained sexual maturity at the smallest median length (11.4 cm, males) and pollock, Pollachius virens, at the highest (41.8 em, males). Median length at maturity for gadiforms ranged from 22.2 to 41.8 em. Within the pleuronectiforms, median length at maturity ranged from 19.1 to 30.4 cm. Median lengths for the pelagic and miscellaneous demersal species were in the same ranges as the pleuronectiforms. Butterfish also attained sexual maturity at the youngest median age (0.9 yr, both sexes) whereas redfish, Sebastes fasciatus, were the latest to mature (5.5 yr, both sexes). For gadids, the median age at maturity ranged from 1.3 to 2.3 yr. Within the pleuronectiforms, median age at maturity ranged from 1.3 to 4.4 yr and, for pelagic species, from 0.9 to 3.0 yr. Median lengths and ages for many species are lower than those reported in earlier studies of the same general region of the Northwest Atlantic. (PDF file contains 72 pages.)

Life history aspects of 19 rockfish species (Scorpaenidae: Sebastes) from the Southern California Bight

The authors investigated various life history aspects of 19 rockfish species (Sebastes chlorostictus, S. constellatus, S. dalli, S. elongatus, S. ensifer, S. entomelas, S. flavidus, S. goodei, S. hopkinsi, S. levis, S. melanostomus, S. miniatus, S. ovalis, S. paucispinis, S. rosaceus, S. rosenblatti, S. rufus, s. saxicola, S. semicinctus) from the southern California Bight. These aspects included depth distribution, age-length relationships (of 7 species), length-weight relationships, size at first maturity, spawning season, and fecundity. Growth rates of female S. elongatus, S. hopkinsi, S. ova/is, S. saxicola, and S. semicinctus were higher than male conspecifics. Multiple spawning per season was found in 12 species. Generally, most species spawned between late winter and early summer, though there was some spawning within the genus throughout the year. Spawning season duration ranged from 2 (S. flavidus) to 10 months (S. paucispinis). Spawning seasons tended to start earlier in the year and be of longer duration in the southern California Bight, compared to published data on central California conspecifics. Males matured at a smaller length in 7 of the 17 species studied. Maximum fecundities ranged from 18,000 (S. dalll) to about 2,680,000 (S. levis). (PDF file contains 44 pages.)