The Taxation of Bonuses and its Effect on Executive Compensation - Evidence from the UK Experience

This paper explores the reaction of compensation components awarded to executive directors of UK financial institutions following the adoption of the bonus tax in December 2009. Excessive bonuses are blamed for encouraging risk taking and are regarded as one of the pull factors of the financial crisis. The British government attempted to reduce bonuses and accordingly corporate risk-taking by means of a special tax on cashbased bonuses. Using a comprehensive dataset on executive compensation we show that the introduction of the bonus tax decreased the net cash bonuses awarded to directors by about 43%, accompanied however by a simultaneous increase in other compensation components leaving both variable as well as total compensation unaffected. Hence, the incidence of the bonus tax was borne by the firms which compensated their managers for the decrease in cash-based compensation by awarding them different forms of pay. Consistent with this finding our data also suggests that firms reduced dividend pay-outs as a consequence of the bonus tax.

On "Renaissance" and "culture" and their Jewish applications : presitential address to the Union of Jewish Literary Societies by the Chief Rabbi, Monday, March 1st, 5675 - 1915 at University College, London

[Joseph Herman Hertz]

Mystic currents in ancient Israel : by the ... chief rabbi

(J. H. Hertz)

Conference of Jewish preachers opening address by the Chief Rabbi (Dr. J. H. Hertz) : 26 Tammuz - 10 July 1923

[Joseph Herman Hertz]

Being optimally aroused matters: Effects of a weak stress manipulation on children’s executive functions are moderated by temperament and age

We tested a core assumption of the bidirectional model of executive function (EF) (Blair & Ursache, 2011) indicating that EF is dependent on arousal. From a bottom-up perspective the performance on EF tasks is assumed to be curvilinearly related to arousal, with very high or low levels of arousal impairing EF. N = 107 4-and 6-year-olds’ performance on EF tasks was explored as a function of a weak stress manipulation aiming to raise children’s emotional arousal. EF (Stroop, Flanker, Go/no-go, and Backwards Color Recall) was assessed and stress was induced in half of the children by imposing a mild social evaluative threat. Furthermore, children’s temperament was assessed as a potential moderator. We found that stress effects on children’s EF performance were moderated by age and temperament: 4-year-olds with high Inhibitory Control and high Attentional Focusing were negatively affected by the stressor. However, it is unclear whether these effects were mediated by self-reported arousal. Our findings disconfirmed the hypotheses that adverse effects of the stressor are particularly high in children high on emotional reactivity aspects of temperament and low on self-regulatory aspects of temperament. Further, 6-year-olds did not show any stress effects. Results will be discussed within the framework of the Yerkes-Dodson law and with regard to stress manipulations in children.

The chief rabbis of England : a lecture

delivered by H. Adler

Quantitative depth profiling of Ce 3+ in Pt/CeO 2 by in situ high-energy XPS in a hydrogen atmosphere

The redox property of ceria is a key factor in the catalytic activity of ceria-based catalysts. The oxidation state of well-defined ceria nanocubes in gas environments was analysed in situ by a novel combination of near-ambient pressure X-ray Photoelectron Spectroscopy (XPS) and high-energy XPS at a synchrotron X-ray source. In situ high-energy XPS is a promising new tool to determine the electronic structure of matter under defined conditions. The aim was to quantitatively determine the degree of cerium reduction in a nano-structured ceria-supported platinum catalyst as a function of the gas environment. To obtain a non-destructive depth profile at near-ambient pressure, in situ high-energy XPS analysis was performed by varying the kinetic energy of photoelectrons from 1 to 5 keV, and, thus, the probing depth. In ceria nanocubes doped with platinum, oxygen vacancies formed only in the uppermost layers of ceria in an atmosphere of 1 mbar hydrogen and 403 K. For pristine ceria nanocubes, no change in the cerium oxidation state in various hydrogen or oxygen atmospheres was observed as a function of probing depth. In the absence of platinum, hydrogen does not dissociate and, thus, does not lead to reduction of ceria.

Prospective memory, executive functions, and metacognition are already differentiated in young elementary school children: Evidence from latent factor modelling

This study investigated the empirical differentiation of prospective memory, executive functions, and metacognition and their structural relationships in 119 elementary school children (M = 95 months, SD = 4.8 months). These cognitive abilities share many characteristics on the theoretical level and are all highly relevant in many everyday contexts when intentions must be executed. Nevertheless, their empirical relationships have not been examined on the latent level, although an empirical approach would contribute to our knowledge concerning the differentiation of cognitive abilities during childhood. We administered a computerized event-based prospective memory task, three executive function tasks (updating, inhibition, shifting), and a metacognitive control task in the context of spelling. Confirmatory factor analysis revealed that the three cognitive abilities are already empirically differentiable in young elementary school children. At the same time, prospective memory and executive functions were found to be strongly related, and there was also a close link between prospective memory and metacognitive control. Furthermore, executive functions and metacognitive control were marginally significantly related. The findings are discussed within a framework of developmental differentiation and conceptual similarities and differences.