The Acceleration of Stock Options in Anticipation of FAS 123 (R)

The Financial Accounting Standards Board (FASB) mandated the expensing of stock options with FAS 123 (R). As of March 2006, 749 companies had accelerated the vesting of their employee stock options and avoided a reduction in their reported profits that otherwise would have occurred under the new standard. There are many different motives for the acceleration strategy, and the focus of this study is to determine whether shareholders viewed these motives as either positive or negative. A favorable return subsequent to an acceleration announcement would signify that shareholder's viewed management's motives as positive. An unfavorable return subsequent to an acceleration announcement would signify that shareholder's viewed management's motives as negative. The evidence from this study suggests that shareholders reacted favorably, on average, to acceleration announcements. However, these results lack statistical significance and are based on a small sample, thus, they should be interpreted with caution.

Factor analysis based VTS and JUD noise estimation and compensation

Model based compensation schemes are a powerful approach for noise robust speech recognition. Recently there have been a number of investigations into adaptive training, and estimating the noise models used for model adaptation. This paper examines the use of EM-based schemes for both canonical models and noise estimation, including discriminative adaptive training. One issue that arises when estimating the noise model is a mismatch between the noise estimation approximation and final model compensation scheme. This paper proposes FA-style compensation where this mismatch is eliminated, though at the expense of a sensitivity to the initial noise estimates. EM-based discriminative adaptive training is evaluated on in-car and Aurora4 tasks. FA-style compensation is then evaluated in an incremental mode on the in-car task. © 2011 IEEE.

Burst-mode electronic dispersion compensation in long reach PONs

Long reach passive optical networks (LR-PONs), which integrate fibre-to-the-home with metro networks, have been the subject of intensive research in recent years and are considered one of the most promising candidates for the next generation of optical access networks. Such systems ideally have reaches greater than 100km and bit rates of at least 10Gb/s per wavelength in the downstream and upstream directions. Due to the limited equipment sharing that is possible in access networks, the laser transmitters in the terminal units, which are usually the most expensive components, must be as cheap as possible. However, the requirement for low cost is generally incompatible with the need for a transmitter chirp characteristic that is optimised for such long reaches at 10Gb/s, and hence dispersion compensation is required. In this thesis electronic dispersion compensation (EDC) techniques are employed to increase the chromatic dispersion tolerance and to enhance the system performance at the expense of moderate additional implementation complexity. In order to use such EDC in LR-PON architectures, a number of challenges associated with the burst-mode nature of the upstream link need to be overcome. In particular, the EDC must be made adaptive from one burst to the next (burst-mode EDC, or BM-EDC) in time scales on the order of tens to hundreds of nanoseconds. Burst-mode operation of EDC has received little attention to date. The main objective of this thesis is to demonstrate the feasibility of such a concept and to identify the key BM-EDC design parameters required for applications in a 10Gb/s burst-mode link. This is achieved through a combination of simulations and transmission experiments utilising off-line data processing. The research shows that burst-to-burst adaptation can in principle be implemented efficiently, opening the possibility of low overhead, adaptive EDC-enabled burst-mode systems.

Clipping noise compensation for OFDMA systems

This paper presents an efficient low-complexity clipping noise compensation scheme for PAR reduced orthogonal frequency division multiple access (OFDMA) systems. Conventional clipping noise compensation schemes proposed for OFDM systems are decision directed schemes which use demodulated data symbols. Thus these schemes fail to deliver expected performance in OFDMA systems where multiple users share a single OFDM symbol and a specific user may only know his/her own modulation scheme. The proposed clipping noise estimation and compensation scheme does not require the knowledge of the demodulated symbols of the other users, making it very promising for OFDMA systems. It uses the equalized output and the reserved tones to reconstruct the signal by compensating the clipping noise. Simulation results show that the proposed scheme can significantly improve the system performance.

Estimation and compensation of clipping noise in OFDMA systems

We propose an efficient and low-complexity scheme for estimating and compensating clipping noise in OFDMA systems. Conventional clipping noise estimation schemes, which need all demodulated data symbols, may become infeasible in OFDMA systems where a specific user may only know his own modulation scheme. The proposed scheme first uses equalized output to identify a limited number of candidate clips, and then exploits the information on known subcarriers to reconstruct clipped signal. Simulation results show that the proposed scheme can significantly improve the system performance.

No energy compensation at the meal following exercise indietary restrained and unrestrained women

The objective of this investigation was to compare the acute effects of exercise and diet manipulations on energy intake, between dietary restrained and unrestrained females. Comparisons of two studies using an identical 2 x 2 repeated-measures design (level of activity (rest or exercise) and lunch type (high-fat or low-fat)) including thirteen dietary unrestrained and twelve restrained females were performed. Energy expenditure during the rest session was estimated and the energy cost of exercise was measured by indirect calorimetry. Relative energy intake was calculated by subtracting the energy expenditure of the exercise session from the energy intake of the test meal. Post-meal hedonic ratings were completed after lunch. Energy intake and relative energy intake increased during high-fat conditions compared with the low-fat, independently of exercise (P < 0.001). There was a positive relationship between dietary restraint scores and energy intake or relative energy intake in the rest conditions only (r 0.54, P < 0.01). The decrease of relative energy intake between the rest and exercise conditions was higher in restrained than in unrestrained eaters (P < 0.01). These results confirm that a high-fat diet reversed the energy deficit due to exercise. There was no energy compensation in response to an acute bout of exercise during the following meal. In restrained eaters, exercise was more effective in creating an energy deficit than in unrestrained eaters. Exercise may help restrained eaters to maintain control over appetite.

Load compensation for systems with non-stiff source using state feedback

Various load compensation schemes proposed in literature assume that voltage source at point of common coupling (PCC) is stiff. In practice, however, the load is remote from a distribution substation and is supplied by a feeder. In the presence of feeder impedance, the PWM inverter switchings distort both the PCC voltage and the source currents. In this paper load compensation with such a non-stiff source is considered. A switching control of the voltage source inverter (VSI) based on state feedback is used for load compensation with non-stiff source. The design of the state feedback controller requires careful considerations in choosing a gain matrix and in the generation of reference quantities. These aspects are considered in this paper. Detailed simulation and experimental results are given to support the control design.

Compensation for compulsory acquisition of a licensed car parking space

The Acquisition of Land Act 1967 (Qld) (‘the Act’) deals with the acquisition of land by the State for public purposes and provides for compensation. The issue that arose for determination in Sorrento Medical Service Pty Ltd v Chief Executive, Dept of Main Roads [2007] QCA 73 was whether the appellant was entitled to claim compensation under the Act in respect of land resumed by the Main Roads Department over which the appellant had an exclusive contractual licence for car parking spaces for use in association with a medical centre leased by the appellant. At first instance, it was held by the Land Court that the appellant was not entitled to compensation for the resumption of the car parking spaces. The basis for this decision by the Land Court was that a right to compensation only exists where resumption has taken some proprietary interest of the claimant in the land. Following an appeal to the Land Appeal Court being dismissed, the appellant instituted the present appeal to the Queensland Court of Appeal (McMurdo P, Holmes JA and Chesterman J).

Can compensation be claimed under the standard commercial land and building contract where the property sold has no legally enforceable vehicular access?

This was the question that confronted Wilson J in Jarema Pty Ltd v Michihiko Kato [2004] QSC 451. Facts The plaintiff was the buyer of a commercial property at Bundall. The property comprised a 6 storey office building with a basement car park with 54 car parking spaces. The property was sold for $5 million with the contract being the standard REIQ/QLS form for Commercial Land and Buildings (2nd ed GST reprint). The contract provided for a “due diligence” period. During this period, the buyer’s solicitors discovered that there was no direct access from a public road to the car park entrance. Access to the car park was over a lot of which the Gold Coast City Council was the registered owner under a nomination of trustees, the Council holding the property on trust for car parking and town planning purposes. Due to the absence of a registered easement over the Council’s land, the buyer’s solicitors sought a reduction in the purchase price. The seller would not agree to this. Finally the sale was completed with the buyer reserving its rights to seek compensation.