The Bonus Culture Has Raised the Hurdle Rate

2019 ◽  
pp. 73-79
Author(s):  
Andrew Smithers
Keyword(s):  
Time Lag ◽  
Corporate Investment ◽  
Short Term ◽  
Modern Management ◽  
Pay Systems ◽  
Management Behaviour ◽  
Natural Time ◽  
Dramatic Rise ◽  
Hurdle Rate

The rise in the hurdle rate shows a change in management behaviour caused by the preceding change in incentives. Following a dramatic rise in US CEOs’ salaries and bonuses in the decade to 2000 there have been no significant changes since. This change in incentives had the usual effect, with a natural time lag, of changing behaviour. The benefits for management that come from improving short-term profits have risen sharply compared with the longer-term benefits from corporate investment, which are unchanged. This has discouraged investment in a similar way to a rise in the hurdle rate on equity. These incentives are much stronger for quoted than unquoted companies and it is for the former that the weakness of investment has been most marked. This provides additional evidence of the bad impact on the economy that has been caused by modern management pay systems.

scholarly journals How Does A Firm’s Previous Social Network Position Affect Innovation? Evidence from Chinese Listed Companies

2019 ◽  
Vol 11 (4) ◽  
pp. 1191 ◽  
Author(s):  
Xuan Wei ◽  
Wei Chen
Keyword(s):  
Social Network ◽  
Time Lag ◽  
Listed Companies ◽  
Negative Binomial Regression Model ◽  
Short Term ◽  
Network Position ◽  
Chinese Listed Companies ◽  
Lag Structure ◽  
The Impact ◽  
Social Network Position

The impact of social network position on innovation has been widely confirmed in past studies. However, research on the time-lag structure of the impact is still insufficient. Within the time window 2010 to 2017, this study constructs a two-mode social network between Chinese listed companies and other participants. To analyze the lag structure of the effect of social network position on innovation, this study uses a panel negative binomial regression model transformed by the Almon polynomial. The results show that a firm does need an advantageous past social network position for innovation. Previous local and global centrality in a social network has a different influence on innovation. For the local centrality indices, degree centrality has a positive impact in the short-term, but has a negative impact in the long-term; the impact of betweenness centrality is not significant in the short-term and is negative in the long run. For the global centrality indices, closeness centrality has a positive influence that decreases with the increase of the time-lag. At the same time, using the method of necessary condition analysis (NCA), this study calculates the bottleneck for a given innovation level. Finally, based on these research conclusions, the theoretical implications and management practice implications are summarized.

Effect of angiotensin II on plasma ACTH in patients with Addison's disease

1985 ◽  
Vol 110 (4) ◽  
pp. 451-455
Author(s):  
Hermann Haller ◽  
Volker Bähr ◽  
Petra Exner ◽  
Wolfgang Oelkers
Keyword(s):  
Angiotensin Ii ◽  
Time Lag ◽  
Addison’S Disease ◽  
Major Effect ◽  
Addison's Disease ◽  
Base Line ◽  
Plasma Acth ◽  
Acth Secretion ◽  
Short Term ◽  
Sodium Deficiency

Abstract. Short-term angiotensin II (All) infusions (3 ng/kg/min) were performed in 5 patients with Addison's disease in order to assess the effect of AII on ACTH secretion. Base line ACTH levels were elevated due to a 9-h time lag between hydrocortisone administration and onset of the study. In 2 separate infusion periods of 30-min duration, All had no unidirectional effect on plasma ACTH. Mean ACTH increased slightly but insignificantly. Mean blood pressure rose by about 10 mmHg. The degree of angiotensinaemia induced is probably similar to the state of moderate to severe sodium deficiency. Short-term changes of All in this order of magnitude have obviously no major effect on ACTH secretion.

Terrorism and tourism in Israel

2016 ◽  
Vol 23 (6) ◽  
pp. 1343-1352 ◽  
Author(s):  
Marion Karl ◽  
Gordon Winder ◽  
Alexander Bauer
Keyword(s):  
Time Lag ◽  
Research Model ◽  
Long Term Effects ◽  
Short Term ◽  
Event Tourism ◽  
Using Data ◽  
Terrorist Event ◽  
The Impact ◽  
The Relationship

While the relation between terrorism and tourism has been an important topic for tourism research, the questions whether terrorism affects tourism immediately and how long after a terrorism event tourism recovers are, as yet, not clearly answered. The aim of this article is to better understand the magnitude and temporal scale of the impact of terrorism on tourism. To this end, a research model differentiating between short-term and long-term effects of terrorism on tourism is developed and analyzed for the destination Israel using data on tourists from Germany. The results show both short-term and long-term impacts with a time lag between the terrorist event and the beginning of tourism decline of 1 or up to 6 months. An economic influence on the development of tourist arrivals was not detected, but seasonality plays an important role in the relationship between terrorism and tourism.

scholarly journals Sudden cold temperature regulates the time-lag between plant CO<sub>2</sub> uptake and release

2013 ◽  
Vol 10 (11) ◽  
pp. 17939-17964
Author(s):  
M. Barthel ◽  
E. Cieraad ◽  
A. Zakharova ◽  
J. E. Hunt
Keyword(s):  
Environmental Variables ◽  
Time Lag ◽  
Effect Of Temperature ◽  
Short Term ◽  
C Cycling ◽  
Labelling Experiment ◽  
Belowground Carbon ◽  
Time Lagged ◽  
Sudden Temperature Change ◽  
Uptake And Release

Abstract. Since substrates for respiration are supplied mainly by recent photo-assimilates, there is a strong but time-lagged link between short-term above- and belowground carbon (C) cycling. However, regulation of this coupling by environmental variables is poorly understood. Whereas recent studies focussed on the effect of drought and shading on the link between above and belowground short-term C cycling, the effect of temperature remains unclear. We used a 13CO2 pulse-chase labelling experiment to investigate the effect of a sudden temperature change from 25 °C to 10 °C on the short-term coupling between assimilatory C uptake and respiratory loss. The study was done in the laboratory using two month old perennial rye-grass plants (

scholarly journals Responsibility centres in the system of controlling

2014 ◽  
pp. 126-140 ◽  
Author(s):  
Daiva Tamulevičienė
Keyword(s):  
Organizational Structure ◽  
Short Term ◽  
Modern Management ◽  
Controlling System ◽  
Activity Cost ◽  
Responsibility Accounting

Controlling is the new concept of modern management based on planning, control, accountability, and coordinate and consultative activity. One of the essential conditions of the installation of controlling is decentralization of management. The information in the system of controlling is accumulated and analysed not at the level of the whole company, but at the separate segments called as responsibility centres. The aim of the article is to examine the significance of the responsibility centres in the system of controlling and to propose the methodology of responsibility centres establishment and evaluation of theirs activity. The responsibility centre might be a division of the company or some segment of activity or geography. Depending on what responsibility centres would be created in the company, that would have an effect on efficiency of the controlling system‘s behaviour. Although there exist many different features of the classification of responsibility centres, it is appropriate, in the companies‘ practice, to make responsibility centres in accordance with the fields of activity: cost, revenue, profit and investment centres. It is appropriate to make and install the system of responsibility centres and internal reporting by suggested sequence of four stages: organizational structure diagnostics; establishment of responsibility centres; establishment of internal reporting by the responsibility centres and establishment of the system of evaluation of the responsibility centres activity and motivation of employees. The purpose of responsibility centres and installation of responsibility accounting in the controlling system is to ensure an efficient behaviour of the organization and the maximization of its results both in short-term and in long-term perspective. The only way to reach the purpose is by evaluating the input of each responsibility centre‘s to the overall result. The controlling service‘s task is to solve all the problems that occur in practice when establishing the responsibility centres and the reporting of responsibility centres and to select such indicators of the evaluation of each centre that would reflect the connection of activity of corresponding centre‘s employees and their achievements to the goals of organization in the best possible way.

scholarly journals Multiwavelength power-spectrum analysis of NGC 5548

2020 ◽  
Vol 499 (2) ◽  
pp. 1998-2006
Author(s):  
C Panagiotou ◽  
I E Papadakis ◽  
E S Kammoun ◽  
M Dovčiak
Keyword(s):  
Power Spectrum ◽  
Time Lag ◽  
Optical Emission ◽  
X Rays ◽  
Short Term ◽  
X Ray ◽  
Uv Emission ◽  
Accretion Rates ◽  
Measured Time ◽  
Ngc 5548

ABSTRACT NGC 5548 was recently monitored intensively from NIR to X-rays as part of the STORM campaign. Its disc emission was found to lag behind the observed X-rays, while the measured time lag was increasing with wavelength. These results are consistent with the assumption that short-term variability in AGN emission is driven by the X-ray illumination of the accretion disc. In this work, we studied the power spectrum of UV/optical and X-ray emission of NGC 5548, using the data of the STORM campaign as well as previous Swift data, in order to investigate the relation between the UV/optical and X-ray variability and to examine its consistency with the above picture. We demonstrate that even the power spectrum results are compatible with a standard disc being illuminated by X-rays, with low accretion rates, but the details are not entirely consistent with the results from the modelling of the ‘τ versus λ’ relation. The differences indicate that the inner disc might be covered by a ‘warm corona’ which does not allow the detection of UV/optical emission from the inner disc. Finally, we found strong evidence that the UV emission of NGC 5548 is not stationary.

scholarly journals Short-term velocity variations on Hansbreen, a tidewater glacier in Spitsbergen

2004 ◽  
Vol 50 (170) ◽  
pp. 389-398 ◽  
Author(s):  
Andreas Vieli ◽  
Jacek Jania ◽  
Heinz Blatter ◽  
Martin Funk
Keyword(s):  
Water Pressure ◽  
Time Lag ◽  
Close Relation ◽  
Temporal Variations ◽  
Vertical Surface ◽  
Surface Flow ◽  
Short Term ◽  
Tidewater Glacier ◽  
Pressure Peak ◽  
Velocity Variations

AbstractSpatial and temporal variations of the flow of Hansbreen, a tidewater glacier in southern Spitsbergen, Svalbard, are investigated. During summer 1999, surface flow velocities were measured in the ablation zone of Hansbreen with a temporal resolution of 1—2 hours. Short events with strongly increased surface velocities and a typical duration of 1—2 days were observed. These “speed-up events” are related to periods of strongly increased water input to the glacier, due to rainfall or enhanced surface melt. A close relation is found between the surface velocities and water pressure recorded in a moulin. However, there are indications from a short time lag between velocity and water-pressure peak as well as from observed vertical surface uplifts that basal motion is related to basal water storage rather than directly to basal water pressure. The observed short-term velocity variations and associated processes on Hansbreen are very similar to those observed on land-based valley glaciers and suggest that the relevant mechanisms and physical processes that control the flow and its temporal variations are similar. In contrast to the flow of land-based glaciers, sliding velocities on Hansbreen are observed to be high all year round and velocities increase towards the calving front.

The effects of forskolin and LH on cAMP changes and maturation in the follicle-enclosed oocytes of hamsters

1985 ◽  
Vol 110 (3) ◽  
pp. 413-420 ◽  
Author(s):  
C.J. Hubbard
Keyword(s):  
Oocyte Maturation ◽  
Transient Increase ◽  
Short Term ◽  
Significant Percentage ◽  
Transient Rise ◽  
Dramatic Rise ◽  
Time Periods ◽  
Camp Levels

Abstract. Graafian follicles from mature pro-oestrous hamsters were incubated with LH, various concentrations of forskolin, or forskolin plus LH. The incubations were either terminated at different time periods for analysis of follicular or oocyte cAMP levels or incubated for the entire 6 h and the oocytes examined to determine maturational status. Incubations with LH (1 μg/ml) produced a short transient rise in follicular and oocyte cAMP concentrations, while forskolin (60 μm, 20 μm and 10 μm) produced cAMP values which remained elevated for longer periods of time. The 1 μm concentration of forskolin initiated oocyte maturation (28%) but at a level which was significantly below that stimulated by LH (74%). When LH was included with forskolin, a dramatic rise in follicular cAMP occurred which was approximately 2 times greater than levels seen with LH alone. A significant percentage of oocytes matured when 100 nm forskolin (45%) was included with LH (I μg/ml) but not with any other concentration of forskolin tested. Maturation percentages for follicle-enclosed oocytes exposed to 1 μm forskolin plus 1 μ/ml of LH (3.8%) were not different from the controls (7%). However, when 1 μm forskolin was combined with 100 ng/ml of LH a significant percentage of oocytes matured (47%). While continuous incubations with forskolin did not stimulate a high percentage of oocytes to mature, oocytes from follicles exposed to forskolin (60 μm and 20 μm) for short periods (5 min–30 min) with a change to plain medium did mature. The results of these studies indicate that, in the hamster, long term exposure to forskolin inhibits maturation in follicle-enclosed oocytes. This appears to be the result of persistently elevated cAMP levels in both the follicle and the oocyte. By contrast, short-term incubations initiate maturation. In these groups, cAMP presumably undergoes a transient increase similar to that which is initiated by LH. Maturation in the follicle-enclosed oocytes of hamsters appears to require both a rise and decline in cAMP.

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