Can Compensation Committees Effectively Mitigate the CEO Horizon Problem? The Role of Co-opted Directors

Extant research finds inconclusive evidence about the CEO horizon problem. One possibility is that compensation committees design CEO compensation in a way that discourages retiring CEOs from opportunistic earnings management and R&D reduction. However, compensation committees dominated by co-opted directors may not be as effective as those with fewer co-opted directors in mitigating the CEO horizon problem, because directors co-opted by the CEO tend to bias their decisions in favor of the CEO. I find that compensation committees dominated by co-opted directors are associated with higher CEO compensation packages. I document R&D reduction and accruals management in firms with retiring CEOs and compensation committees dominated by co-opted directors, and find that R&D reduction and income-increasing accruals are less discouraged by compensation committees dominated by co-opted directors when deciding CEO compensation. I also examine the effect of boards of directors and compensation committee characteristics on CEO compensation and on mitigating the CEO horizon problem. I find that CEO compensation positively associates with CEO power, director independence, and the percentage of busy directors, and negatively associates with board of directors and committee size and director ownership. Moreover, I find that retiring CEOs are more likely to reduce R&D expenditures when CEOs have more power, and director tenure is longer; retiring CEOs in firms with large boards of directors and compensation committees are less likely to manage accruals.

Supervisory control of wastewater treatment plants by combining principal component analysis and fuzzy c-means clustering

In this paper a methodology for integrated multivariate monitoring and control of biological wastewater treatment plants during extreme events is presented. To monitor the process, on-line dynamic principal component analysis (PCA) is performed on the process data to extract the principal components that represent the underlying mechanisms of the process. Fuzzy c-means (FCM) clustering is used to classify the operational state. Performing clustering on scores from PCA solves computational problems as well as increases robustness due to noise attenuation. The class-membership information from FCM is used to derive adequate control set points for the local control loops. The methodology is illustrated by a simulation study of a biological wastewater treatment plant, on which disturbances of various types are imposed. The results show that the methodology can be used to determine and co-ordinate control actions in order to shift the control objective and improve the effluent quality.

Supervisory control of a variable speed wind turbine with doubly fed induction generator

This paper is on an onshore variable speed wind turbine with doubly fed induction generator and under supervisory control. The control architecture is equipped with an event-based supervisor for the supervision level and fuzzy proportional integral or discrete adaptive linear quadratic as proposed controllers for the execution level. The supervisory control assesses the operational state of the variable speed wind turbine and sends the state to the execution level. Controllers operation are in the full load region to extract energy at full power from the wind while ensuring safety conditions required to inject the energy into the electric grid. A comparison between the simulations of the proposed controllers with the inclusion of the supervisory control on the variable speed wind turbine benchmark model is presented to assess advantages of these controls. (C) 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

Plants of the coast of Coromandel :selected from drawings and descriptions presented to the hon. court of directors of the East India Company /by William Roxburgh.

v.1

Plants of the coast of Coromandel :selected from drawings and descriptions presented to the hon. court of directors of the East India Company /by William Roxburgh.

v.2

Plants of the coast of Coromandel :selected from drawings and descriptions presented to the hon. court of directors of the East India Company /by William Roxburgh.

v.3

Report of the State board of agriculture on the work of extermination of the gypsy moth.

1898:Jan.

Report of the State board of agriculture on the work of extermination of the gypsy moth.

1897:Jan.

Report of the Director to the Board of Trustees for the year ... / Chicago Natural History Museum.

1958

Report of the Director to the Board of Trustees for the year ... / Chicago Natural History Museum.

1959

Annual report of the Director to the Board of Trustees for the year ... / Field Museum of Natural History

12, no. 1

Annual report of the Director to the Board of Trustees for the year ... / Field Museum of Natural History

12, no. 3

Agriculture of Maine. ... annual report of the Secretary of the Maine Board of Agriculture.

1863

Agriculture of Maine. ... annual report of the Secretary of the Maine Board of Agriculture.

1862