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.

Optimization and design of energy transport system for solar cooking application

This paper proposes a hybrid solar cooking system where the solar energy is transported to the kitchen. The thermal energy source is used to supplement the Liquefied Petroleum Gas (LPG) that is in common use in kitchens. Solar energy is transferred to the kitchen by means of a circulating fluid. Energy collected from sun is maximized by changing the flow rate dynamically. This paper proposes a concept of maximum power point tracking (MPPT) for the solar thermal collector. The diameter of the pipe is selected to optimize the overall energy transfer. Design and sizing of different components of the system are explained. Concept of MPPT is validated with simulation and experimental results. (C) 2010 Elsevier Ltd. All rights reserved.

An algebraic formulation of static isotropy and design of statically isotropic 6–6 Stewart platform manipulators

In this paper, we present an algebraic method to study and design spatial parallel manipulators that demonstrate isotropy in the force and moment distributions. We use the force and moment transformation matrices separately, and derive conditions for their isotropy individually as well as in combination. The isotropy conditions are derived in closed-form in terms of the invariants of the quadratic forms associated with these matrices. The formulation is applied to a class of Stewart platform manipulator, and a multi-parameter family of isotropic manipulators is identified analytically. We show that it is impossible to obtain a spatially isotropic configuration within this family. We also compute the isotropic configurations of an existing manipulator and demonstrate a procedure for designing the manipulator for isotropy at a given configuration.

Advances in the analysis and design of concrete structures, metal containments and liner plate for extreme loads

The material presented in this paper summarizes the progress that has been made in the analysis, design, and testing of concrete structures. The material is summarized in the following documents: 1. Part I - Containment Design Criteria and Loading Combinations - J.D. Stevenson (Stevenson and Associates, Cleveland, Ohio, USA) 2. Part II - Reinforced and Prestressed Concrete Behavior - J. Eibl and M. Curbach (Karlsruhe University, Karlsruhe, Germany) 3. Part III - Concrete Containment Analysis, Design and Related Testing - T.E. Johnson and M.A. Daye (Bechtel Power Corporation, Gaithersburg, Maryland USA) 4. Part IV - Impact and Impulse Loading and Response Prediction - J.D. Riera (School of Engineering - UFRGS, Porto Alegre, RS, Brazil) 5. Part V - Metal Containments and Liner Plate Systems - N.J. Krutzik (Siemens AG, Offenbach Am Main, Germany) 6. Part VI - Prestressed Reactor Vessel Design, Testing and Analysis - J. Nemet (Austrian Research Center, Seibersdorf, Austria) and K.T.S. Iyengar (Indian Institute of Science, Bangalore, India).

Conformational analysis and design of cross-strand disulfides in antiparallel beta-sheets

Cross-strand disulfides bridge two cysteines in a registered pair of antiparallel beta-strands. A nonredundant data set comprising 5025 polypeptides containing 2311 disulfides was used to study cross-strand disulfides. Seventy-six cross-strand disulfides were found of which 75 and 1 occurred at non-hydrogen-bonded (NHB) and hydrogen-bonded (HB) registered pairs, respectively. Conformational analysis and modeling studies demonstrated that disulfide formation at HB pairs necessarily requires an extremely rare and positive chi(1) value for at least one of the cysteine residues. Disulfides at HB positions also have more unfavorable steric repulsion with the main chain. Thirteen pairs of disulfides were introduced in NHB and HB pairs in four model proteins: leucine binding protein (LBP), leucine, isoleucine, valine binding protein (LIVBP), maltose binding protein (MBP), and Top7. All mutants LIVBP T247C V331C showed disulfide formation either on purification, or on treatment with oxidants. Protein stability in both oxidized and reduced states of all mutants was measured. Relative to wild type, LBP and MBP mutants were destabilized with respect to chemical denaturation, although the sole exposed NHB LBP mutant showed an increase of 3.1 degrees C in T-m. All Top7 mutants were characterized for stability through guanidinium thiocyanate chemical denaturation. Both exposed and two of the three buried NHB mutants were appreciably stabilized. All four HB Top7 mutants were destabilized (Delta Delta G(0) = -3.3 to -6.7 kcal/mol). The data demonstrate that introduction of cross-strand disulfides at exposed NHB pairs is a robust method of improving protein stability. All four exposed Top7 disulfide mutants showed mild redox activity. Proteins 2011; 79: 244-260. (C) 2010 Wiley-Liss, Inc.

Modeling and design of a solar thermal system for hybrid cooking application

This paper proposes a hybrid solar cooking system where the solar energy is brought to the kitchen. The energy source is a combination of the solar thermal energy and the Liquefied Petroleum Gas (LPG) that is in common use in kitchens. The solar thermal energy is transferred to the kitchen by means of a circulating fluid. The transfer of solar heat is a twofold process wherein the energy from the collector is transferred first to an intermediate energy storage buffer and the energy is subsequently transferred from the buffer to the cooking load. There are three parameters that are controlled in order to maximize the energy transfer from the collector to the load viz, the fluid flow rate from collector to buffer, fluid flow rate from buffer to load and the diameter of the pipes. This is a complex multi energy domain system comprising energy flow across several domains such as thermal, electrical and hydraulic. The entire system is modeled using the bond graph approach with seamless integration of the power flow in these domains. A method to estimate different parameters of the practical cooking system is also explained. Design and life cycle costing of the system is also discussed. The modeled system is simulated and the results are validated experimentally. (C) 2010 Elsevier Ltd. All rights reserved.

Kinematic analysis and design of articulated manipulators with joint motion constraints

For an articulated manipulator with joint rotation constraints, we show that the maximum workspace is not necessarily obtained for equal link lengths but is also determined by the range and mean positions of the joint motions. We present expressions for sectional area, workspace volume, overlap volume and work area in terms of link ratios, mean positions and ranges of joint motion. We present a numerical procedure to obtain the maximum rectangular area that can be embedded in the workspace of an articulated manipulator with joint motion constraints. We demonstrate the use of analytical expressions and the numerical plots in the kinematic design of an articulated manipulator with joint rotation constraints.

Analysis and design of machine foundations at resonance

The design of machine foundations are done on the basis of two principal criteria viz., vibration amplitude should be within the permissible limits and natural frequency of machine-foundation-soil system should be away from the operating frequency (i.e. avoidance of resonance condition). In this paper the nondimensional amplitude factor M-m or M-r m and the nondimensional frequency factor a(o m) at resonance are related using elastic half space theory and is used as a new approach for a simplified design procedure for the design of machine foundations for all the modes of vibration fiz. vertical, horizontal, rocking and torsional for rigid base pressure distribution and weighted average displacement condition. The analysis show that one need not know the value of Poisson's ratio for rotating mass system for all the modes of vibration.

Loop Heat Pipes: A Review of Fundamentals, Operation, and Design

The loop heat pipe (LHP) is a passive two-phase heat transport device that is gaining importance as a part of spacecraft thermal control systems and also in applications such as in avionics cooling and submarines. A major advantage of a loop heat pipe is that the porous wick structure is confuned to the evaporator section, and connection between the evaporator and condenser sections is by smooth tubes, thus minimizing pressure drop. A brief overview of loop heat pipes with respect to basic fundamentals, construction details, operating principles, and typical operating characteristics is presented in this paper. Finally, the paper presents the current developments in modeling of thermohydraulics and design methodologies of LHPs.

Use of Vertex Index in Structure-Activity Analysis and Design of Molecules

The last few decades have witnessed application of graph theory and topological indices derived from molecular graph in structure-activity analysis. Such applications are based on regression and various multivariate analyses. Most of the topological indices are computed for the whole molecule and used as descriptors for explaining properties/activities of chemical compounds. However, some substructural descriptors in the form of topological distance based vertex indices have been found to be useful in identifying activity related substructures and in predicting pharmacological and toxicological activities of bioactive compounds. Another important aspect of drug discovery e. g. designing novel pharmaceutical candidates could also be done from the distance distribution associated with such vertex indices. In this article, we will review the development and applications of this approach both in activity prediction as well as in designing novel compounds.

Analysis and design of split-capacitor resistive-inductive passive damping for LCL filters in grid-connected inverters

Grid-connected inverters require a third-order LCL filter to meet standards such as the IEEE Std. 519-1992 while being compact and cost-effective. LCL filter introduces resonance, which needs to be damped through active or passive methods. Passive damping schemes have less control complexity and are more reliable. This study explores the split-capacitor resistive-inductive (SC-RL) passive damping scheme. The SC-RL damped LCL filter is modelled using state space approach. Using this model, the power loss and damping are analysed. Based on the analysis, the SC-RL scheme is shown to have lower losses than other simpler passive damping methods. This makes the SC-RL scheme suitable for high power applications. A method for component selection that minimises the power loss in the damping resistors while keeping the system well damped is proposed. The design selection takes into account the influence of switching frequency, resonance frequency and the choice of inductance and capacitance values of the filter on the damping component selection. The use of normalised parameters makes it suitable for a wide range of design applications. Analytical results show the losses and quality factor to be in the range of 0.05-0.1% and 2.0-2.5, respectively, which are validated experimentally.