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.

A robust reference signal generator for synchronized ventricular assist devices

Ventricular assist devices (VADs) are blood pumps that offer an option to support the circulation of patients with severe heart failure. Since a failing heart has a remaining pump function, its interaction with the VAD influences the hemodynamics. Ideally, the heart's action is taken into account for actuating the device such that the device is synchronized to the natural cardiac cycle. To realize this in practice, a reliable real-time algorithm for the automatic synchronization of the VAD to the heart rate is required. This paper defines the tasks such an algorithm needs to fulfill: the automatic detection of irregular heart beats and the feedback control of the phase shift between the systolic phases of the heart and the assist device. We demonstrate a possible solution to these problems and analyze its performance in two steps. First, the algorithm is tested using the MIT-BIH arrhythmia database. Second, the algorithm is implemented in a controller for a pulsatile and a continuous-flow VAD. These devices are connected to a hybrid mock circulation where three test scenarios are evaluated. The proposed algorithm ensures a reliable synchronization of the VAD to the heart cycle, while being insensitive to irregularities in the heart rate.

The Quiet Eye and motor performance – Introducing fixation duration as an independent variable

Evidence suggests a strong relation between superior motor performance and the duration of the last fixation before movement initiation (called Quiet Eye, QE). Although this phenomenon proves to be quite robust, to date, only little is known about its functional role. Therefore, in two experiments, a novel paradigm is introduced, testing the QE as independent variable by experimentally manipulating the duration of the last fixation in a throwing task. In addition, this paradigm allowed for the manipulation of the predictability of the target position. Results of the first study revealed an increase in throwing accuracy as function of experimentally prolonged QE durations. Thus, the assumption that the QE does not surface as a mere by-product of superior performance could be confirmed. In the second study, this dependency was found only under high task-demand conditions in which the target position was not predictable. This finding confirms the hypothesis that it is the optimization of information processing which serves as the crucial mechanisms behind QE effects.

Understanding the performance of the FLake model over two African Great Lakes

The ability of the one-dimensional lake model FLake to represent the mixolimnion temperatures for tropical conditions was tested for three locations in East Africa: Lake Kivu and Lake Tanganyika's northern and southern basins. Meteorological observations from surrounding automatic weather stations were corrected and used to drive FLake, whereas a comprehensive set of water temperature profiles served to evaluate the model at each site. Careful forcing data correction and model configuration made it possible to reproduce the observed mixed layer seasonality at Lake Kivu and Lake Tanganyika (northern and southern basins), with correct representation of both the mixed layer depth and water temperatures. At Lake Kivu, mixolimnion temperatures predicted by FLake were found to be sensitive both to minimal variations in the external parameters and to small changes in the meteorological driving data, in particular wind velocity. In each case, small modifications may lead to a regime switch, from the correctly represented seasonal mixed layer deepening to either completely mixed or permanently stratified conditions from similar to 10 m downwards. In contrast, model temperatures were found to be robust close to the surface, with acceptable predictions of near-surface water temperatures even when the seasonal mixing regime is not reproduced. FLake can thus be a suitable tool to parameterise tropical lake water surface temperatures within atmospheric prediction models. Finally, FLake was used to attribute the seasonal mixing cycle at Lake Kivu to variations in the near-surface meteorological conditions. It was found that the annual mixing down to 60m during the main dry season is primarily due to enhanced lake evaporation and secondarily to the decreased incoming long wave radiation, both causing a significant heat loss from the lake surface and associated mixolimnion cooling.

A framework for benchmarking of homogenisation algorithm performance on the global scale

The International Surface Temperature Initiative (ISTI) is striving towards substantively improving our ability to robustly understand historical land surface air temperature change at all scales. A key recently completed first step has been collating all available records into a comprehensive open access, traceable and version-controlled databank. The crucial next step is to maximise the value of the collated data through a robust international framework of benchmarking and assessment for product intercomparison and uncertainty estimation. We focus on uncertainties arising from the presence of inhomogeneities in monthly mean land surface temperature data and the varied methodological choices made by various groups in building homogeneous temperature products. The central facet of the benchmarking process is the creation of global-scale synthetic analogues to the real-world database where both the "true" series and inhomogeneities are known (a luxury the real-world data do not afford us). Hence, algorithmic strengths and weaknesses can be meaningfully quantified and conditional inferences made about the real-world climate system. Here we discuss the necessary framework for developing an international homogenisation benchmarking system on the global scale for monthly mean temperatures. The value of this framework is critically dependent upon the number of groups taking part and so we strongly advocate involvement in the benchmarking exercise from as many data analyst groups as possible to make the best use of this substantial effort.

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)].

Schools and Housing Markets: An Examination of School Segregation and Performance in Connecticut

This paper examines the relationship between house price levels, school performance, and the racial and ethnic composition of Connecticut school districts between 1995 and 2000. A panel of Connecticut school districts over both time and labor market areas is used to estimate a simultaneous equations model describing the determinants of these variables. Specifically, school district changes in price level, school performance, and racial and ethnic compositions depend upon each other, labor market wide changes in these variables, and the deviation of each school district from the overall metropolitan area. The specification is based on the differencing of dependent variables, as opposed to the use of level or fixed effects models and lagging level variables beyond the period over which change is considered; as a result the model is robust to persistence in the sample. Identification of the simultaneous system arises from the presence of multiple labor market areas in the sample, and the assumption that labor market changes in a variable due not directly influence the allocation of households across towns within a labor market area. We find that towns in labor markets that experience an inflow of minority households have greater increases in percent minority if those towns already ahve a substantial minoritypopulation. We find evidence that this sorting proces is reflected in housing price changes in the low priced segment of the housing market, not in the middle and upper segments.

A robust numerical framework for the analysis of material failure of fibre reinforced soft tissue

In this work, robustness and stability of continuum damage models applied to material failure in soft tissues are addressed. In the implicit damage models equipped with softening, the presence of negative eigenvalues in the tangent elemental matrix degrades the condition number of the global matrix, leading to a reduction of the computational performance of the numerical model. Two strategies have been adapted from literature to improve the aforementioned computational performance degradation: the IMPL-EX integration scheme [Oliver,2006], which renders the elemental matrix contribution definite positive, and arclength-type continuation methods [Carrera,1994], which allow to capture the unstable softening branch in brittle ruptures. The IMPL-EX integration scheme has as a major drawback the need to use small time steps to keep numerical error below an acceptable value. A convergence study, limiting the maximum allowed increment of internal variables in the damage model, is presented. Finally, numerical simulation of failure problems with fibre reinforced materials illustrates the performance of the adopted methodology.

A robust numerical framework to the analysis of material failure of fibre reinforced soft tissue

In this work, robustness and stability of continuum damage models applied to material failure in soft tissues are addressed. In the implicit damage models equipped with softening, the presence of negative eigenvalues in the tangent elemental matrix degrades the condition number of the global matrix, leading to a reduction of the computational performance of the numerical model. Two strategies have been adapted from literature to improve the aforementioned computational performance degradation: the IMPL-EX integration scheme [Oliver,2006], which renders the elemental matrix contribution definite positive, and arclength-type continuation methods [Carrera,1994], which allow to capture the unstable softening branch in brittle ruptures. The IMPL-EX integration scheme has as a major drawback the need to use small time steps to keep numerical error below an acceptable value. A convergence study, limiting the maximum allowed increment of internal variables in the damage model, is presented. Finally, numerical simulation of failure problems with fibre reinforced materials illustrates the performance of the adopted methodology.

Power management techniques in an FPGA-Based WSN node for high performance application

In this work, the power management techniques implemented in a high-performance node for Wireless Sensor Networks (WSN) based on a RAM-based FPGA are presented. This new node custom architecture is intended for high-end WSN applications that include complex sensor management like video cameras, high compute demanding tasks such as image encoding or robust encryption, and/or higher data bandwidth needs. In the case of these complex processing tasks, yet maintaining low power design requirements, it can be shown that the combination of different techniques such as extensive HW algorithm mapping, smart management of power islands to selectively switch on and off components, smart and low-energy partial reconfiguration, an adequate set of save energy modes and wake up options, all combined, may yield energy results that may compete and improve energy usage of typical low power microcontrollers used in many WSN node architectures. Actually, results show that higher complexity tasks are in favor of HW based platforms, while the flexibility achieved by dynamic and partial reconfiguration techniques could be comparable to SW based solutions.

Impedance-based stability and transient-performance assessment applying maximum peak criteria

The impedance-based stability-assessment method has turned out to be a very effective tool and its usage is rapidly growing in different applications ranging from the conventional interconnected dc/dc systems to the grid-connected renewable energy systems. The results are sometime given as a certain forbidden region in the complex plane out of which the impedance ratio--known as minor-loop gain--shall stay for ensuring robust stability. This letter discusses the circle-like forbidden region occupying minimum area in the complex plane, defined by applying maximum peak criteria, which is well-known theory in control engineering. The investigation shows that the circle-like forbidden region will ensure robust stability only if the impedance-based minor-loop gain is determined at the very input or output of each subsystem within the interconnected system. Experimental evidence is provided based on a small-scale dc/dc distributed system.

Performance metrics for small-signal stability assessment of DC-distributed power-system-architecture comparisons

The objective of this paper is to provide performance metrics for small-signal stability assessment of a given system architecture. The stability margins are stated utilizing a concept of maximum peak criteria (MPC) derived from the behavior of an impedance-based sensitivity function. For each minor-loop gain defined at every system interface, a single number to state the robustness of stability is provided based on the computed maximum value of the corresponding sensitivity function. In order to compare various power-architecture solutions in terms of stability, a parameter providing an overall measure of the whole system stability is required. The selected figure of merit is geometric average of each maximum peak value within the system. It provides a meaningful metrics for system comparisons: the best system in terms of robust stability is the one that minimizes this index. In addition, the largest peak value within the system interfaces is given thus detecting the weakest point of the system in terms of robustness.

Robust thermal face recognition using region classifiers

This paper presents a robust approach for recognition of thermal face images based on decision level fusion of 34 different region classifiers. The region classifiers concentrate on local variations. They use singular value decomposition (SVD) for feature extraction. Fusion of decisions of the region classifier is done by using majority voting technique. The algorithm is tolerant against false exclusion of thermal information produced by the presence of inconsistent distribution of temperature statistics which generally make the identification process difficult. The algorithm is extensively evaluated on UGC-JU thermal face database, and Terravic facial infrared database and the recognition performance are found to be 95.83% and 100%, respectively. A comparative study has also been made with the existing works in the literature.

Online Learning-based Robust Visual Tracking for Autonomous Landing of Unmanned Aerial Vehicles

Autonomous landing is a challenging and important technology for both military and civilian applications of Unmanned Aerial Vehicles (UAVs). In this paper, we present a novel online adaptive visual tracking algorithm for UAVs to land on an arbitrary field (that can be used as the helipad) autonomously at real-time frame rates of more than twenty frames per second. The integration of low-dimensional subspace representation method, online incremental learning approach and hierarchical tracking strategy allows the autolanding task to overcome the problems generated by the challenging situations such as significant appearance change, variant surrounding illumination, partial helipad occlusion, rapid pose variation, onboard mechanical vibration (no video stabilization), low computational capacity and delayed information communication between UAV and Ground Control Station (GCS). The tracking performance of this presented algorithm is evaluated with aerial images from real autolanding flights using manually- labelled ground truth database. The evaluation results show that this new algorithm is highly robust to track the helipad and accurate enough for closing the vision-based control loop.

Online Learning-based Robust Visual Tracking for Autonomous Landing of Unmanned Aerial Vehicles

Autonomous landing is a challenging and important technology for both military and civilian applications of Unmanned Aerial Vehicles (UAVs). In this paper, we present a novel online adaptive visual tracking algorithm for UAVs to land on an arbitrary field (that can be used as the helipad) autonomously at real-time frame rates of more than twenty frames per second. The integration of low-dimensional subspace representation method, online incremental learning approach and hierarchical tracking strategy allows the autolanding task to overcome the problems generated by the challenging situations such as significant appearance change, variant surrounding illumination, partial helipad occlusion, rapid pose variation, onboard mechanical vibration (no video stabilization), low computational capacity and delayed information communication between UAV and Ground Control Station (GCS). The tracking performance of this presented algorithm is evaluated with aerial images from real autolanding flights using manually- labelled ground truth database. The evaluation results show that this new algorithm is highly robust to track the helipad and accurate enough for closing the vision-based control loop.