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.

A DC-to-Three-Phase-AC High-Frequency Link Converter With Compensation for Nonlinear Distortion

This paper focuses on a new high-frequency (HF) link dc-to-three-phase-ac power converter. The least number of switching devices among other HF link dc-to-three-phase-ac converters, improved power density due to the absence of devices of bidirectional voltage-blocking capability, simple commutation requirements, and isolation between input and output are the integral features of this topology. The commutation process of the converter requires zero portions in the link voltage. This causes a nonlinear distortion in the output three-phase voltages. The mathematical analysis is carried out to investigate the problem, and suitable compensation in modulating signal is proposed for different types of carrier. Along with the modified modulator structure, a synchronously rotating reference-frame-based control scheme is adopted for the three-phase ac side in order to achieve high dynamic performance. The effectiveness of the proposed scheme has been investigated and verified through computer simulations and experimental results with 1-kVA prototype.

How do heterogametic females survive without gene dosage compensation?

When the male is the heterogametic sex (XX♀-XY♂ or XX♀-XO♂), as inDrosophila, orthopteran insects, mammals andCaenorhabditis elegans, X-linked genes are subject to dosage compensation: the single X in the male is functionally equivalent to the two Xs in the female. However, when the female is heterogametic (ZZ♂-ZW♀), as in birds, butterflies and moths, Z-linked genes are apparently not dosage-compensated. This difference between X-linked and Z-linked genes raises fundamental questions about the role of dosage compensation. It is argued that (i) genes which require dosage compensation are primarily those that control morphogenesis and the prospective body plan; (ii) the products of these genes are required in disomic doses especially during oogenesis and early embryonic development; (iii) heterogametic females synthesize and store during oogenesis itself morphogenetically essential gene products - including those encoded by Z-linked genes — in large quantities; (iv) the abundance of these gene products in the egg and their persistence relatively late into embryogenesis enables heterogametic females to overcome the monosomic state of the Z chromosome in ZW embryos. Female heterogamety is predominant in birds, reptiles and amphibians, all of which have megalecithal eggs containing several thousand times more maternal RNA and other maternal messages than eggs of mammals,Caenorhabditis elegans, orDrosophila. This increase in egg size, yolk content and, concomitantly, the size of the maternal legacy to the embryo, may have facilitated female heterogamety and the absence of dosage compensation.

High-precision diode-laser-based temperature measurement for air refractive index compensation

We present a laser-based system to measure the refractive index of air over a long path length. In optical distance measurements it is essential to know the refractive index of air with high accuracy. Commonly, the refractive index of air is calculated from the properties of the ambient air using either Ciddor or Edlén equations, where the dominant uncertainty component is in most cases the air temperature. The method developed in this work utilises direct absorption spectroscopy of oxygen to measure the average temperature of air and of water vapor to measure relative humidity. The method allows measurement of temperature and humidity over the same beam path as in optical distance measurement, providing spatially well matching data. Indoor and outdoor measurements demonstrate the effectiveness of the method. In particular, we demonstrate an effective compensation of the refractive index of air in an interferometric length measurement at a time-variant and spatially non-homogenous temperature over a long time period. Further, we were able to demonstrate 7 mK RMS noise over a 67 m path length using 120 s sample time. To our knowledge, this is the best temperature precision reported for a spectroscopic temperature measurement.

Proposed role of w chromosome inactivation and the absence of dosage compensation in avian sex determination

Three features of avian sex chromosomes - female heterogamety (ZZ male, ZW female), the apparently inactive state of the W chromosome, and dose-dependent expression of Z-linked genes - are examined in regard to their possible relation to sex determination. It is proposed that the W chromosome is facultatively heterochromatic and that the Z and W chromosomes carry one or more homologous sex-determination genes. The absence of dosage compensation in ZZ embryos, and W inactivation in ZW embryos, would then bring about a 2n(ZZ)-n(ZW) inequality in the effective copy number of such genes. The absence of dosage compensation of Z-linked genes in ZZ embryos is viewed as a means by which two copies of Z-W homologous sex determination genes are kept active to meet the requirements of testis determination. W inactivation may promote ovarian development by reducing the effective copy number of these genes from 2n to n. If there is a W-specific gene for femaleness, spread of heterochromatization to this gene in cells forming the right gonadal primordium may explain the latter's normally undifferentiated state; reversal of heterochromatization may similarly explain the development of the right gonad into a testis following left ovariectomy.

Study on the Effect of Dead Time and its Compensation for Bus-Clamping PWM Techniques

Dead-time is provided in between the gating signals of the top and bottom semiconductor switches in an inverter leg to prevent the shorting of DC bus. Due to this dead time, there is a significant unwanted change in the output voltage of the inverter. The effect is different for different pulse width modulation (PWM) methodologies. The effect of dead-time on the output fundamental voltage is studied theoretically as well as experimentally for bus-clamping PWM methodologies. Further, experimental observations on the effectiveness of dead-time compensation are presented.

An Improved Dead-Time Compensation Scheme for Voltage Source Inverters Considering the Device Switching Transition Times

Inverter dead-time, which is meant to prevent shoot-through fault, causes harmonic distortion and change in the fundamental voltage in the inverter output. Typical dead-time compensation schemes ensure that the amplitude of the fundamental output current is as desired, and also improve the current waveform quality significantly. However, even with compensation, the motor line current waveform is observed to be distorted close to the current zero-crossings. The IGBT switching transition times being significantly longer at low currents than at high currents is an important reason for this zero-crossover distortion. Hence, this paper proposes an improved dead-time compensation scheme, which makes use of the measured IGBT switching transition times at low currents. Measured line current waveforms in a 2.2 kW induction motor drive with the proposed compensation scheme are compared against those with the conventional dead-time compensation scheme and without dead-time compensation. The experimental results on the motor drive clearly demonstrate the improvement in the line current waveform quality with the proposed method.

Temperature compensation in CNT-composite distributed strain sensors

A temperature compensation method is proposed for CNT-composite strain sensors. CNT-composite sensors are fabricated on an elastic polymer substrate having known thermo-mechanical properties to introduce thermo-mechanical strain and further calibration of the sensor. Strain is induced on the sensor by bending the substrate as a cantilever configuration. Response of the sensor is measured using a bridge circuit method. Induced strain in the beam is determined using beam theory. The sensors are characterized for different CNT concentrations and at various temperatures. A model based temperature compensation scheme is proposed and verified experimentally. The result proves the ability of CNT-nanocomposite strain sensors to be used under varying temperature applications. A method is proposed to determine the strain and temperature simultaneously. The CNT sensors are simple to fabricate in complex patterns with excellent repeatability and do not require bonding layer.

A novel index for identification of weak nodes for reactive compensation to improve voltage stability

In this study, a new reactive power loss index (RPLI) is proposed for identification of weak buses in the system. This index is further used for determining the optimal locations for placement of reactive compensation devices in the power system for additional voltage support. The new index is computed from the reactive power support and loss allocation algorithm using Y-bus method for the system under intact condition and as well as critical/severe network contingencies cases. Fuzzy logic approach is used to select the important and critical/severe line contingencies from the contingency list. The inherent characteristics of the reactive power in system operation is properly addressed while determining the reactive power loss allocation to load buses. The proposed index is tested on sample 10-bus equivalent system and 72-bus practical equivalent system of Indian southern region power grid. The validation of the weak buses identification from the proposed index with that from other existing methods in the literature is carried out to demonstrate the effectiveness of the proposed index. Simulation results show that the identification of weak buses in the system from the new RPLI is completely non-iterative, thus requires minimal computational efforts as compared with other existing methods in the literature.

The X Chromosome of Hemipteran Insects: Conservation, Dosage Compensation and Sex-Biased Expression

Insects of the order Hemiptera (true bugs) use a wide range of mechanisms of sex determination, including genetic sex determination, paternal genome elimination, and haplodiploidy. Genetic sex determination, the prevalent mode, is generally controlled by a pair of XY sex chromosomes or by an XX/XO system, but different configurations that include additional sex chromosomes are also present. Although this diversity of sex determining systems has been extensively studied at the cytogenetic level, only the X chromosome of the model pea aphid Acyrthosiphon pisum has been analyzed at the genomic level, and little is known about X chromosome biology in the rest of the order. In this study, we take advantage of published DNA- and RNA-seq data from three additional Hemiptera species to perform a comparative analysis of the gene content and expression of the X chromosome throughout this clade. We find that, despite showing evidence of dosage compensation, the X chromosomes of these species show female-biased expression, and a deficit of male-biased genes, in direct contrast to the pea aphid X. We further detect an excess of shared gene content between these very distant species, suggesting that despite the diversity of sex determining systems, the same chromosomal element is used as the X throughout a large portion of the order.