Old captains at the helm: chairman age and firm performance

This paper examines whether the chairmen of the boards (COBs) impose their life cycles on the firms over which they preside. Using a large sample of unlisted firms, we find a robust negative relation between COB age and firm performance. COBs age much like ‘ordinary’ people. Their cognitive abilities deteriorate, and they experience significant shifts in motivation. Deteriorating cognitive abilities are the main driver of the performance effect that we observe. The results imply that succession planning problems in unlisted firms are real. Mandatory retirement age clauses cannot solve these problems.

The cyclotron production and nuclear imaging of bromine-77

In this investigation, bromine-77 was produced with a medical cyclotron and imaged with gamma cameras. Br-77 emits a 240 kev photon with a half life of 56 hours. The C-Br bond is stronger than the C-I bond and bromine is not collected in the thyroid. Bromine can be used to label many organic molecules by methods analogous to radioiodination. The only North American source of Br-77 in the 70's and 80's was Los Alamos National Laboratory, but it discontinued production in 1989. In this method, a p,3n reaction on Br-77 produces Kr-77 which decays with a 1.2 hour half life to Br-77. A cyclotron generated 40 MeV proton beam is incident on a nearly saturated NaBr or LiBr solution contained in a copper or titanium target. A cooling chamber through which helium gas is flowed separates the solution from the cyclotron beam line. Helium gas is also flowed through the solution to extract Kr-77 gas. The mixture flows through a nitrogen trap where Kr-77 freezes and is allowed to decay to Br-77. Eight production runs were performed, three with a copper target and five with a titanium target with yields of 40, 104, 180, 679, 1080, 685, 762 and 118 uCi respectively. Gamma ray spectroscopy has shown the product to be very pure, however corrosion has been a major obstacle, causing the premature retirement of the copper target. Phantom and in-vivo rat nuclear images, and an autoradiograph in a rat are presented. The quality of the nuclear scans is reasonable and the autoradiograph reveals high isotope uptake in the renal parenchyma, a more moderate but uniform uptake in pulmonary and hepatic tissue, and low soft tissue uptake. There is no isotope uptake in the brain or the gastric mucosa. ^

“Jo wunderbar so im apriu kann man nicht mehr erwarten, capisci?” Multilingualism in a German language class for retired Italian migrants in Berne

Our proposal presents some aspects and results of a project of the University of Bern dealing with the consequences of retirement on multilingual competences. Referring to De Bot (2007), who defined "language related major life events" as moments in life relevant for changes in multilingual competences, we assume that retirement can be a turning point in a language biography. Firstly, there are phenomena, such as the cessation of the use of a foreign language, which was formerly related to work. Secondly, retirement might elicit the improvement of foreign language skills as a way to spend excess time after retirement or as a “cognitive exercise”. Many language schools have identified the people of advanced age as a group of major interest and increasingly offer so-called 50+ (fifty plus) courses in their curriculum. Furthermore, the concept of lifelong learning is increasingly gaining importance, as the reference by the European commission (LLP) indicates. However, most of the programs are intended for educated middle-class people and there are considerably fewer offers for people who are less familiar with learning environments in general. The present paper aims at investigating the multilingual setting of an offer of the second kind: a German language course designed for retired, established Italian workforce migrants living in the city of Berne, Switzerland. The multilingual setting is given by the facts that migrants living in Berne are confronted with diglossia (Standard German and Swissgerman dialects), that the Canton of Berne is bilingual (German and French) and that the migrants' mother tongue, Italian, is one of the Swiss national languages. As previous studies have shown, most of the Italian migrants have difficulties with the acquisition of Standard German due to the diglossic situation (Werlen, 2007) or never even learnt any of the German varieties. Another outcome of the linguistic situation the migrants are confronted with in Berne, is the usage of a continuum of varieties between Swissgerman dialect and Standard German (Zanovello-Müller, 1998). Therefore, in the classroom we find several varieties of German, as well as the Italian language and its varieties. In the present paper we will investigate the use of multilingual competences within the classroom and the dynamics of second language acquisition in a setting of older adults (>60 years old), learning their host country’s language after 40 years or more of living in it. The methods applied are an ethnographic observation of the language class, combined with qualitative interviews to gain in-depth information of the subjects’ life stories and language biographies.

The effects of benefit finding on athletes’ quality of adjustment to career termination

Retirement from elite sports requires athletes to cope with adjustments on an occupational, financial, physical, social or emotional level. Research on critical life events (e.g., Filipp & Aymanns, 2010) suggests that benefit finding, defined as “the process of deriving positive growth from adversity” (Cassidy et al., 2014), may have a positive impact on this transition. The present study examined the effects of benefit finding on the quality of adjustment to career termination in the short, middle and long term. Former Swiss elite athletes (N = 290) completed a written survey collecting information on a) their emotional reaction to career termination, b) the amount of adjustment in various respects, c) situational characteristics of their career termination, d) the duration and quality of the transition, and e) their subjective well-being. Using Latent Variable Modelling, finding benefit in career termination was found to have both a direct and an indirect effect on long-term well-being (γ=.18). It predicts favorable emotional reactions to career termination (γ = .53) and less adjustment (γ = -.38) which in turn shortens the transition duration (β = -.15 and β = .55, respectively) and quality (β = -.15), and finally augments well-being (β = .41). The data suggest that a focus on benefit finding in both crisis-prevention and crisis-coping interventions may prove useful to prevent crisis transitions.

Three Essays on Age and Firm Performance

Old captains at the helm: Chairman age and firm performance Urs Waelchli and Jonas Zeller December, 2012 This paper examines whether the chairmen of the board (COBs) impose their life-cycles on the firms over which they preside. Using a large sample of unlisted firms we find a robust negative relation between COB age and firm performance. COBs age much like ‘ordinary’ people. Their cognitive abilities deteriorate and they experience significant shifts in motivation. Deteriorating cognitive abilities are the main driver of the performance effect that we observe. The results imply that succession planning problems in unlisted firms are real. Mandatory retirement age clauses cannot solve these problems. Corporate Aging around the World Jonas Zeller January, 2014 This paper examines whether firms internationally age as US firms do (Loderer, Stulz, and Wälchli, 2013). Using a large panel, I find that Tobin’s Q monotonically falls with firm Age across all nineteen countries in the sample. The decrease varies across countries but is generally extremely robust and economically significant. ROA, sales growth, and market share decrease over a firm’s lifetime in most countries as well. Furthermore, older firms reduce their capital expenditures and R&D outlays. Instead, they distribute more cash to their shareholders. Overall, the results suggest that corporate aging is not confined to the US but is a genuine phenomenon that affects listed firms worldwide. This evidence supports the hypothesis that corporate aging is driven by managers who optimally focus on managing their assets in place and neglect the development of growth opportunities. I finally ask whether the managers’ choice and with it the magnitude of the decline in Tobin’s Q is a function of country-level institutional settings. I find that most notably firms age faster in countries where employees are relatively well protected by labor regulation. Is employment protection the fountain of corporate youth? Claudio Loderer, Urs Wälchli, Jonas Zeller* September 2014 Acharya, Baghai, and Subramanian (2012, 2013) find that employment protection legislation (EPL) encourages innovation. We argue that this effect should be particularly strong in mature firms. We would therefore also expect EPL to boost growth opportunities. Using the natural Experiment created by the staggered passage of changes in EPL across seventeen countries, we find evidence that employment protection legislation does indeed stimulate Innovation efforts, especially in mature firms. The effect is stronger in countries in which patents are owned by the firm and in the context of regular contracts. Consistent with that, EPL encourages risk taking. Overall, however, there is Little evidence that the effect of EPL on innovation effort translates into higher firm value, not even in mature firms. EPL does motivate employees in those firms to put in a greater effort, as evidenced by stronger sales growth. Yet it also increases costs, reduces profitability, and depresses Tobin’s Q ratios in all firms, especially the mature ones, possibly because of the rigidities that characterize these firms [Loderer, Stulz, and Waelchli (2014)].

Integrating diabetes self-management with the health goals of older adults: A qualitative exploration

Objective. This study investigates the life and health goals of older adults with diabetes, and explores the factors that influence their diabetes self-management. Methods: Qualitative in-depth interviews were conducted with 24 older adults with diabetes and other morbid conditions and/or their caregivers, when appropriate. ^ Results. Participants’ provided a consistent set of responses when describing life and health goals. Participants described goals for longevity, better physical functioning, spending time with family, or maintaining independence. Diabetes discordant conditions, but not diabetes, were seen as barriers to life goals for participants with functional impairments. Functionally independent participants described additional health goals that related to diabetes self-management as diabetes was seen often a barrier to life goals. Caregivers, co-morbid conditions, denial and retirement were among the factors that influenced initiation of diabetes self-management. ^ Conclusion. Participants endorsed health goals and diabetes self-management practices that they believed would help them accomplish their life goals. Functional capabilities and social support were key factors in the relationship between diabetes self-management and their broader goals. ^ Practice implications. When planning diabetes treatments, clinicians, patients and caregivers should discuss the relationship between diabetes self-management and health and life goals as well as the affects of functional limitations and caregiver support.^

Hormone therapy and physical activity as predictors of lung cancer risk and survival: The California Teachers Study

Cigarette smoking is responsible for the majority of lung cancer cases worldwide; however, a proportion of never smokers still develop lung cancer over their lifetime, prompting investigation into additional factors that may modify lung cancer incidence, as well as mortality. Although hormone therapy (HT), physical activity (PA), and lung cancer have been previously examined, the associations remain unclear. This study investigated exposure to HT and PA that may modulate underlying mechanisms of lung cancer etiology and progression among women by using existing, de-identified data from the California Teachers Study (CTS).^ The CTS cohort, established in 1995–1996, has 133,479 active and retired female teachers and administrators, recruited through the California State Teachers Retirement System, and followed annually for cancer diagnosis, death, and change of address. Each woman enrolled in the CTS returned a questionnaire covering a wide variety of issues related to cancer risk and women's health, including recent and past HT use and physical activity, as well as active and environmental cigarette smoke exposure. Complete data to assess the associations between HT and lung cancer risk and survival were available for 60,592 postmenopausal women. Between 1995 and 2007, 727 of these women were diagnosed with invasive lung cancer; 441 of these died. Complete data to assess the associations between PA and lung cancer risk and survival were available for 118,513 women. Between 1995 and 2007, 853 of these women were diagnosed with invasive lung cancer; 516 of these died.^ After careful adjustment for smoking habits and other potential confounders, no measure of HT use was associated with lung cancer risk; however, any HT use (vs. no use) was associated with a decrease in lung-cancer-specific mortality. Specifically, among women who only used estrogen (E-only), decreases in lung cancer mortality were seen for recent use, but not for former use; no association was observed for estrogen plus progestin (E+P). Furthermore, among former users of HT, a statistically significant decrease in lung cancer mortality was observed for E-only use within 5 years prior to baseline, but not for E-only use >5 years prior to baseline. Neither long-term recreational PA nor recent recreational PA alone were associated with lung cancer risk; however, among women with a BMI<25 and ever smokers, high long-term moderate+strenuous PA was associated with a decrease in lung cancer risk. Women with non-local disease showed a decrease in lung cancer mortality associated with increasing duration of strenuous long-term activity, and 1.50-3.00 h/wk/y of recent moderate or recent strenuous PA. Long-term moderate PA was associated with decreased lung cancer mortality in never smokers, whereas recent moderate PA was associated with increased lung cancer mortality in current smokers. ^ Placing our findings in the context of the current literature, HT does not appear to be associated with lung cancer risk and previous studies reporting a protective effect of HT use on lung cancer risk may be subject to residual confounding by smoking. Looking at our findings regarding PA overall, the evidence still remains inconclusive regarding whether or not physical activity influence lung cancer risk or mortality. Our results suggest that recreational PA may associated with decreased lung cancer risk among women with BMI<25 and ever smoking-women; however, residual confounding by smoking should be strongly considered. To our knowledge, this is the first study to investigate lifetime recreational PA and lung cancer mortality among women. Our results contribute to the growing body of knowledge regarding non-smoking-related risk factors for lung cancer incidence and mortality among women. Given the potential clinical and interventional significance, further study and validation of these findings is warranted.^

Demographic analysis of Certified Industrial Hygienists (CIH) with the use of survival analysis techniques

Objective. The goal of this study is to characterize the current workforce of CIHs, the lengths of professional practice careers of the past and current CIHs.^ Methods. This is a secondary data analysis of data compiled from all of the nearly 50 annual roster listings of the American Board of Industrial Hygiene (ABIH) for Certified Industrial Hygienists active in each year since 1960. Survival analysis was performed as a technique to measure the primary outcome of interest. The technique which was involved in this study was the Kaplan-Meier method for estimating the survival function.^ Study subjects: The population to be studied is all Certified Industrial Hygienists (CIHs). A CIH is defined by the ABIH as an individual who has achieved the minimum requirements for education, working experience and through examination, has demonstrated a minimum level of knowledge and competency in the prevention of occupational illnesses. ^ Results. A Cox-proportional hazards model analysis was performed by different start-time cohorts of CIHs. In this model we chose cohort 1 as the reference cohort. The estimated relative risk of the event (defined as retirement, or absent from 5 consecutive years of listing) occurred for CIHs for cohorts 2,3,4,5 relative to cohort 1 is 0.385, 0.214, 0.234, 0.299 relatively. The result show that cohort 2 (CIHs issued from 1970-1980) has the lowest hazard ratio which indicates the lowest retirement rate.^ Conclusion. The manpower of CIHs (still actively practicing up to the end of 2009) increased tremendously starting in 1980 and grew into a plateau in recent decades. This indicates that the supply and demand of the profession may have reached equilibrium. More demographic information and variables are needed to actually predict the future number of CIHs needed. ^

LIFE SATISFACTION: A COMPARISON OF RETIRED AND EMPLOYED WOMEN

This research addressed the question of life satisfaction for retired and employed women with long-term employment in a typically female occupational setting. Questions of how women's retirement is related to life satisfaction have been largely neglected because of cultural assumptions about the relative unimportance of the work role in women's lives. It is generally believed that the major source of satisfaction for women is in traditional family roles. Therefore, it follows that retirement from work is not experienced as a loss for women.^ The actual consequences of women's retirement have not been examined systematically. Descriptive data about their lives are inadequate. It is not known what patterns and resources result from a lifetime of work for women.^ The objectives of the study were to test assumptions from role and continuity theory regarding life satisfaction for retired women and women employed late in life and to describe the retirement and work experiences of the women.^ Life satisfaction was measured by the Neugarten, Havighurst and Tobin Life Satisfaction Index. Perceptions of appropriate roles for females and males were assessed through an attitudinal sex-role instrument. A composite index, derived from perceptions of health, social participation, and income at two time periods, measured level of continuity. These indices and demographic information, attitudinal items about work and retirement, and social network data comprised the mailed, self-administered survey and the personal interviews.^ The study population included 91 retired and 53 employed women, 55 years or older with a minimum of 20 years continuous employment, who were enrolled in the pension program of a large retail store.^ The retired women's perceptions of their health and social participation were more positive than the employed women's. Traditional retired women demonstrated higher life satisfaction than nontraditional retired women. Both retired and employed women who perceived continuity in life patterns scored statistically higher on life satisfaction than women who perceived discontinuity. Financial planning was the area of greatest retirement concern for retired and employed women.^

MS 066 Guide to the Howard B. Hamilton, MD, papers; 1945-1997

The Howard B. Hamilton, MD, papers, MS 66, includes material from 1945-1997 related to the Atomic Bomb Casualty Commission (ABCC) and the Radiation Effects Research Foundation (RERF). Hamilton was the Chief of Clinical Laboratories for the Atomic Bomb Casualty Commission from 1956 until its dissolution in 1975. He served in the same capacity for the Radiation Effects Research Foundation, which succeeded the ABCC, until 1984. This collection encompasses this period of time in Dr. Hamilton's career, as well as his related scholarly work after his retirement from RERF. Dr. Hamilton donated his collection of letters, reprints, newspaper articles, photographs, memos, and ephemera to the John P. McGovern Historical Collections and Research Center between 1985 and 2002. The collection is in good condition and consists of 3.75 cubic feet (10 boxes).

Comentarios y conclusiones II Seminario Internacional : la interdisciplina en el ordenamiento territorial

Por el éxito y trascendencia de sus eventos anteriores, el Instituto CIFOT siente la obligación de hacer conocer las principales conclusiones del II Seminario de Ordenamiento Territorial, el que comienza a marcar pautas a partir de las preocupaciones comunes, enfoques teórico-metodológicos prevalecientes en el Ordenamiento Territorial, la planificación Estratégica y Ambiental, como también sobre las prácticas de gestión de la información territorial. Se sintetiza la idea central de las conferencias Magistrales: - Dr. Juan Gastó- Pontificia Universidad Católica de Chile- presenta “ La Ordenación Territorial como eje del Desarrollo Rural", cuyo punto central es la imposibilidad de separar la problemática territorial urbana de la rural. - Dr. Eduardo Salinas- Universidad de La Habana , Cuba- en “El Ordenamiento Territorial como instrumento de la Planificación y Gestión Ambiental" establece la necesidad de una planificación sustentable ambientalmente, con una concepción sistémica y holística de los problemas. -Dra. Elsa Laurelli -Universidad de La Plata , Argentina- en “Nuevas Tendencias del Ordenamiento Territorial en una Economía de Mercado. Limitaciones y posibilidades" plantea coexistencia de áreas receptoras de IDE vs espacios degradados y con problemáticas sociales y reflexiona sobre el rol del Estado para atenuar los efectos del mercado en el territorio y la sociedad. - Dr. Pablo Ciccolella -UBA-, Argentina. En “ Desafíos y opciones en la Gestión Urbana bajo el Capitalismo Global: Planificación Estratégica y Desarrollo Económico-Territorial" alerta sobre la planificación llave en mano que genera un desarrollo elitista, banal y efímero. - Dr. Mariano Zamorano -Universidad Nacional de Cuyo, Mendoza- presenta “ Una propuesta de Regionalización de la Provincia de Mendoza sobre la base de la Lógica Territorial " destinada a optimizar la gestión municipal y provincial. Al II Seminario de Ordenamiento Territorial concurren alrededor de 140 personas y se exponen 43 trabajos en las siguientes áreas temáticas : - 1 Nuevas tendencias en el Ordenamiento territorial . - 2 Ambiente y Ordenamiento Territorial. - 3 El Ordenamiento Territorial en el ámbito urbano. - 4 El Ordenamiento Territorial en el ámbito rural. - 5 La gestión de la información en el Ordenamiento Territorial. - 6 El rol de las Instituciones en el Ordenamiento Territorial. Conclusiones De l rico debate e intercambio de ideas realizado durante el II Seminario, se extraen tres grandes temas: - La necesidad de una visión general y holística del territorio, evitando la fragmentación disciplinar. - La interdisciplina, como campo de convergencia de problemáticas complejas. La planificación estratégica como instancia participativa y visión integral del territorio. - La metodología para el Ordenamiento Territorial debe ser verdaderamente aplicada. No se puede seguir planificando con una racionalidad limitada en busca de una imagen objetivo rígida mientras el territorio, conformado por sistemas complejos y abiertos, está en constante cambio por exigencias propias de lo global. - Un Estado en retirada no contiene la estructura necesaria ni el consenso para imponerse en sociedades democráticas con dominio absoluto de tipo capitalista.

Reflexiones acerca de la tendencia posneoliberal de la reciente reforma previsional argentina

Los profundos cambios registrados en algo menos de dos décadas en el sistema previsional argentino (privatización parcial, instauración de un régimen de capitalización individual en la década neoliberal, plan de inclusión previsional, reestatización del sistema, ley de movilidad jubilatoria y otros) han sido de una magnitud tal que es posible describirlos como un cambio completo de paradigma en términos de política pública en la materia. En el presente artículo nos limitaremos a realizar un abordaje del tema acotándonos a lo que entendemos han sido los principales aspectos en la trayectoria del sistema previsional argentino en los últimos veinte años.

Estrategias de orientación educativa y ocupacional en Adultos Mayores

El presente trabajo se propone articular el Modelo Teórico Operativo en Orientación, desarrollado por la Dra. Gavilán y el Modelo de Envejecimiento Activo con el objetivo de profundizar los aportes que pueden realizarse desde la Orientación y diseñar estrategias de intervención acordes a la población objeto de estudio. Presenta continuidad temática con los proyectos de investigación ?La Orientación en el Nuevo Modelo de Envejecimiento Activo: elecciones educativas, laborales, personales y sociales? y ?Estrategias orientadoras para la elaboración de proyectos en adultos mayores?, llevados a cabo como becaria de la Secretaría de Ciencia y Técnica de la Universidad Nacional de La Plata. Surge de la insuficiente producción teórica al respecto, así como de la inexistencia de enfoques, programas y estrategias de intervenciones de este tipo con sujetos adultos mayores a nivel local, a diferencia de lo que sucede con otras etapas evolutivas, fundamentalmente la adolescencia. Asimismo, son escasos los desarrollos internacionales sobre la temática. A los fines de esta investigación, se han tomado en consideración datos relativos a la expectativa de la vida de las personas, la transición demográfica de nuestro país y los lineamientos de organismos nacionales e internacionales en cuanto a la promoción de un envejecimiento activo y saludable. Con respecto a la Orientación Vocacional se adopta el enfoque de la orientación continua, es decir, como un proceso a lo largo de la vida. La insuficiencia de investigaciones sobre las cuestiones planteadas, pone de relieve el interés y el aporte de esta investigación, en la medida en que comporta una apertura a nuevas oportunidades de desarrollo y realización personal de un porcentaje significativo de la población, destinada a facilitar la comprensión de la elaboración de proyectos en la etapa considerada. El estudio sobre la vejez ha tomado gran relevancia desde las distintas disciplinas ya que el envejecimiento poblacional plantea nuevos escenarios y nuevos desafíos a la ciencia y a la sociedad en general. El fenómeno de transformación demográfica ha dado lugar a numerosas investigaciones y a diversas políticas para brindar una mejor calidad de vida a las personas mayores desde distintos sectores. Como fenómeno social requiere de una mirada desde el paradigma de la complejidad, de un abordaje interdisciplinario y del diseño de estrategias integrales

Estrategias de orientación educativa y ocupacional en Adultos Mayores

El presente trabajo se propone articular el Modelo Teórico Operativo en Orientación, desarrollado por la Dra. Gavilán y el Modelo de Envejecimiento Activo con el objetivo de profundizar los aportes que pueden realizarse desde la Orientación y diseñar estrategias de intervención acordes a la población objeto de estudio. Presenta continuidad temática con los proyectos de investigación ?La Orientación en el Nuevo Modelo de Envejecimiento Activo: elecciones educativas, laborales, personales y sociales? y ?Estrategias orientadoras para la elaboración de proyectos en adultos mayores?, llevados a cabo como becaria de la Secretaría de Ciencia y Técnica de la Universidad Nacional de La Plata. Surge de la insuficiente producción teórica al respecto, así como de la inexistencia de enfoques, programas y estrategias de intervenciones de este tipo con sujetos adultos mayores a nivel local, a diferencia de lo que sucede con otras etapas evolutivas, fundamentalmente la adolescencia. Asimismo, son escasos los desarrollos internacionales sobre la temática. A los fines de esta investigación, se han tomado en consideración datos relativos a la expectativa de la vida de las personas, la transición demográfica de nuestro país y los lineamientos de organismos nacionales e internacionales en cuanto a la promoción de un envejecimiento activo y saludable. Con respecto a la Orientación Vocacional se adopta el enfoque de la orientación continua, es decir, como un proceso a lo largo de la vida. La insuficiencia de investigaciones sobre las cuestiones planteadas, pone de relieve el interés y el aporte de esta investigación, en la medida en que comporta una apertura a nuevas oportunidades de desarrollo y realización personal de un porcentaje significativo de la población, destinada a facilitar la comprensión de la elaboración de proyectos en la etapa considerada. El estudio sobre la vejez ha tomado gran relevancia desde las distintas disciplinas ya que el envejecimiento poblacional plantea nuevos escenarios y nuevos desafíos a la ciencia y a la sociedad en general. El fenómeno de transformación demográfica ha dado lugar a numerosas investigaciones y a diversas políticas para brindar una mejor calidad de vida a las personas mayores desde distintos sectores. Como fenómeno social requiere de una mirada desde el paradigma de la complejidad, de un abordaje interdisciplinario y del diseño de estrategias integrales