scholarly journals Incentives – Effectiveness and efficiency

2014 ◽  
Vol 3 (1) ◽  
pp. 7-27 ◽  
Author(s):  
Björn Hinderlich
Keyword(s):  
Company Performance ◽  
Executive Directors ◽  
Short Term ◽  
Data Set ◽  
Target Setting ◽  
Market Capitalization ◽  
Share Ownership ◽  
Unique Data ◽  
Effectiveness And Efficiency

This paper covers the question if and how incentive schemes work evaluated by their impact on company performance (market capitalization and profit before tax). Based on a unique data set for German executive directors of DAX companies it can be proved that neither short (STI) nor long term incentives (LTI) plans necessarily support the company success. It rather depends on the efficiency of each plan, i. e. on its design. Special attention has to be paid on target setting. Short term focused objectives often miss their targets, whereas long term oriented objectives significantly support the company success. To solve the prisoner’s dilemma between employers and employees by a quasi-endless game, additional measures may be helpful, such as share ownership guidelines.

scholarly journals Investigating the Broken-Heart Effect: a Model for Short-Term Dependence between the Remaining Lifetimes of Joint Lives

2012 ◽  
Vol 7 (2) ◽  
pp. 236-257 ◽  
Author(s):  
Jaap Spreeuw ◽  
Iqbal Owadally
Keyword(s):  
Mortality Rates ◽  
Short Term ◽  
Numerical Work ◽  
Data Set ◽  
Multiple State ◽  
Multiple State Model ◽  
Insurance Data ◽  
Over Time ◽  
Assurance Contracts

AbstractWe analyze the mortality of couples by fitting a multiple state model to a large insurance data set. We find evidence that mortality rates increase after the death of a partner and, in addition, that this phenomenon diminishes over time. This is popularly known as a “broken-heart” effect and we find that it affects widowers more than widows. Remaining lifetimes of joint lives therefore exhibit short-term dependence. We carry out numerical work involving the pricing and valuation of typical contingent assurance contracts and of a joint life and survivor annuity. If insurers ignore dependence, or mis-specify it as long-term dependence, then significant mis-pricing and inappropriate provisioning can result. Detailed numerical results are presented.

scholarly journals Effects of agricultural credit on wheat productivity of small farms in Sindh, Pakistan

2018 ◽  
Vol 78 (5) ◽  
pp. 592-610 ◽  
Author(s):  
Abbas Ali Chandio ◽  
Yuansheng Jiang ◽  
Feng Wei ◽  
Xu Guangshun
Keyword(s):  
Wheat Yield ◽  
Considerable Proportion ◽  
Small Scale ◽  
Small Farms ◽  
Short Term ◽  
Agricultural Credit ◽  
Data Set ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to evaluate the impact of short-term loan (STL) vs long-term loan (LTL) on wheat productivity of small farms in Sindh, Pakistan. Design/methodology/approach The econometric estimation is based on cross-sectional data collected in 2016 from 18 villages in three districts, i.e. Shikarpur, Sukkur and Shaheed Benazirabad, Sindh, Pakistan. The sample data set consist of 180 wheat farmers. The collected data were analyzed through different econometric techniques like Cobb–Douglas production function and Instrumental variables (two-stage least squares) approach. Findings This study reconfirmed that agricultural credit has a positive and highly significant effect on wheat productivity, while the short-term loan has a stronger effect on wheat productivity than the long-term loan. The reasons behind the phenomenon may be the significantly higher usage of agricultural inputs like seeds of improved variety and fertilizers which can be transformed into the wheat yield in the same year. However, the LTL users have significantly higher investments in land preparation, irrigation and plant protection, which may lead to higher wheat production in the coming years. Research limitations/implications In the present study, only those wheat farmers were considered who obtained agricultural loans from formal financial institutions like Zarai Taraqiati Bank Limited and Khushhali Bank. However, in the rural areas of Sindh, Pakistan, a considerable proportion of small-scale farmers take credit from informal financial channels. Therefore future researchers should consider the informal credits as well. Originality/value This is the first paper to examine the effects of agricultural credit on wheat productivity of small farms in Sindh, Pakistan. This paper will be an important addition to the emerging literature regarding effects of credit studies.

How loan interest rate liberalization affects firms’ loan maturity structure

2014 ◽  
Vol 4 (2) ◽  
pp. 153-167 ◽  
Author(s):  
Jianfang Zhou ◽  
Jingjing Wang ◽  
Jianping Ding
Keyword(s):  
Interest Rate ◽  
Interest Rates ◽  
Manufacturing Companies ◽  
Short Term ◽  
Data Set ◽  
Content Type ◽  
Interest Rate Liberalization ◽  
Upper Limit ◽  
Maturity Structure

Purpose – After loan interest rate upper limit deregulation in October 2004, the financing environment in China changed dramatically, and the banks were eligible for risk compensation. The purpose of this paper is to focus on the influence of the loan interest rate liberalization on firms’ loan maturity structure. Design/methodology/approach – Based on Rajan's (1992) model, the authors constructed a trade-off model of how the banks choose long-term and short-term loans scales, and further analyzed banks’ loan term decisions under the loan interest rate upper limit deregulation or collateral cases. Then the authors used an unbalanced panel data set of 586 Chinese listed manufacturing companies and 9,376 observations during the period 1996-2011 to testify the theoretical conclusion. Furthermore, the authors studied the effect on firms with different characteristics of ownership or scale. Findings – The results show that the loan interest rate liberalization significantly decreases the private companies’ reliance on short-term loans and increases sensitivity to interest rates of state-owned companies’ long-term loans. But the results also show that the companies’ ownership still plays a key role on the long-term loans availability. When monetary policy tightened, small companies still have to borrow short-term loans for long-term purposes. As the bank industry is still dominated by state-owned banks and the deposit interest rate has upper limits, the effect of the loan interest rate liberalization on easing long-term credit constraints is limited. Originality/value – From a new perspective, the content and findings of this paper contribute to the study of the effect of the interest rate liberalization on China economy.

Methodology of Creep Data Analysis for Advanced High Cr Ferritic Steel

2007 ◽  
Author(s):  
Kouichi Maruyama ◽  
Kyosuke Yoshimi
Keyword(s):  
Data Analysis ◽  
Rupture Life ◽  
Creep Rupture ◽  
Creep Data ◽  
Short Term ◽  
Data Set ◽  
Region Analysis ◽  
Rupture Data ◽  
Term Creep

Long term creep rupture life is usually evaluated from short term data by a time-temperature parameter (TTP) method. The apparent activation energy Q for rupture life of steels sometimes changes from a high value of short term creep to a low value of long term creep. However, the conventional TTP analyses ignore the decrease in Q, resulting in the overestimation of rupture life recognized recently in advanced high Cr ferritic steels. A multi region analysis of creep rupture data is applied to a creep data set of Gr.122 steel; in the analysis a creep rupture data is divided into several data sets so that Q value is unique in each divided data set. The multi region analysis provides the best fit to the data and the lowest value of 105 h creep rupture strength among the three ways of data analysis examined. The conventional single region analysis cannot correctly represent the data points and predicts the highest strength. A half of 0.2% proof stress could not be an appropriate boundary for dividing data to be used in the multi region analysis. In the 2001 Edition of ASME Code an F average concept has been proposed as a substitution for the safety factor of 2/3 for average rupture stress. The allowable stress of Gr.122 steel may decrease significantly when the F average concept and the multi region analysis are adopted.

scholarly journals Re-analysis of ground-based microwave ClO measurements from Mauna Kea, 1992 to early 2012

2013 ◽  
Vol 13 (17) ◽  
pp. 8643-8650 ◽  
Author(s):  
B. J. Connor ◽  
T. Mooney ◽  
G. E. Nedoluha ◽  
J. W. Barrett ◽  
A. Parrish ◽  
...  
Keyword(s):  
Atmospheric Composition ◽  
Composition Change ◽  
Major Focus ◽  
Short Term ◽  
Data Set ◽  
Long Term Changes ◽  
The Difference ◽  
Long Term Trend ◽  
Linear Decline

Abstract. We present a re-analysis of upper stratospheric ClO measurements from the ground-based millimeter-wave instrument from January 1992 to February 2012. These measurements are made as part of the Network for the Detection of Atmospheric Composition Change (NDACC) from Mauna Kea, Hawaii, (19.8° N, 204.5° E). Here, we use daytime and nighttime measurements together to form a day–night spectrum, from which the difference in the day and night profiles is retrieved. These results are then compared to the day–night difference profiles from the Upper Atmosphere Research Satellite (UARS) and Aura Microwave Limb Sounder (MLS) instruments. We also compare them to our previous analyses of the same data, in which we retrieved the daytime ClO profile. The major focus will be on comparing the year-to-year and long-term changes in ClO derived by the two analysis methods, and comparing these results to the long-term changes reported by others. We conclude that the re-analyzed data set has less short-term variability and exhibits a more constant long-term trend that is more consistent with other observations. Data from 1995 to 2012 indicate a linear decline of mid-stratospheric ClO of 0.64 ± 0.15% yr−1 (2σ).

Intelligence Test Scores from Infancy to Adulthood for a Craniopagus Twin Pair Neurosurgically Separated at 4 Months of Age

1999 ◽  
Vol 84 (1) ◽  
pp. 209-217 ◽  
Author(s):  
Herbert Lansdell
Keyword(s):  
Test Scores ◽  
Twin Pair ◽  
Intelligence Test ◽  
Long Term Effects ◽  
Data Set ◽  
Unique Data ◽  
Intelligence Test Scores ◽  
Two Stages ◽  
Craniopagus Twins

Long-term effects in a neurosurgically separated twin pair were illuminated by standard psychological test scores obtained over a period from 2 to 38 years of age. Interdigitation of the gyri of their right frontal lobes had necessitated separation in two stages at 4 months of age. One twin clearly suffered some brain injury and showed some impairment during the testing at 5 years of age. The scores of both twins rose at the adult testing. The brighter twin has an IQ comparable to that of the mother. The unique data set is a kind of model for long-term assessment of early brain surgery, particularly with craniopagus twins.

scholarly journals Rent-To-Own Agreements: Purchases Or Rentals?

2011 ◽  
Vol 20 (1) ◽  
Author(s):  
Michael H. Anderson ◽  
Raymond Jackson
Keyword(s):  
Low Income ◽  
Font Size ◽  
Short Term ◽  
Data Set ◽  
Unique Data ◽  
High Interest ◽  
Financially Distressed ◽  
Credit Check ◽  
Small Periodic ◽  
Common Perception

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">The rent-to-own (RTO) business has emerged as an important component of the retailing sector. By offering immediate access to household goods for a small periodic fee without a credit check or down payment, RTO has strong appeal to low income and financially distressed consumers.<span style="mso-spacerun: yes;">&nbsp; </span>A common perception of RTO is that they are disguised, high-interest installment agreements as most consumers eventually acquire the contracted merchandise by making all scheduled payments. We examine the nature of these agreements by using a unique data set of more than 350 thousand transactions drawn from 100 RTO stores in 46 states. Our main result, derived from an analysis of disposition and duration, is that RTO agreements are more frequently used for short-term needs rather than as a method of acquisition.<span style="mso-spacerun: yes;">&nbsp; </span>Legislative and legal efforts to classify RTO agreements as primarily installment contracts cannot be justified by their pattern of use in the marketplace.<span style="mso-spacerun: yes;">&nbsp; </span></span></span></p>

Prediction of long-term cancer survival from a short-term data set?

2003 ◽  
Vol 48 (12) ◽  
pp. L35-L35
Author(s):  
G Bruggmoser, F Heinemann, N Hodapp R hner
Keyword(s):  
Cancer Survival ◽  
Short Term ◽  
Data Set ◽  
Term Data

Mesospheric water vapor and D/H ratio at the Venus terminator from SOIR/VEx

2020 ◽  
Author(s):  
Arnaud Mahieux ◽  
Ann Carine Vandaele ◽  
Sarah Chamberlain ◽  
Valérie Wilquet ◽  
Séverine Robert ◽  
...  
Keyword(s):  
Water Vapor ◽  
Full Range ◽  
Lower Thermosphere ◽  
Temporal Variations ◽  
Mixing Ratio ◽  
Short Term ◽  
Data Set ◽  
Solar Occultation ◽  
Venus Express

&lt;p&gt;The Solar Occultation in the InfraRed (SOIR) instrument onboard Venus Express sounded the Venus mesosphere and lower thermosphere at the terminator using solar occultation technique between April 2006 and December 2014.&lt;/p&gt;&lt;p&gt;We report on the water vapor vertical distribution above the clouds and geo-temporal variations, observed during the full Venus Express mission. Water vapor profiles are sampled between 80 and 120 km, and calculations of the water vapor volume mixing ratio agrees with those from previous studies. Short term variations over several Earth days dominate the data set, with densities varying by up to a factor 19 over a 24 hr period. Similarly to what was found for other trace gases detected with the SOIR instrument, such as HCl, HF and SO&lt;sub&gt;2&lt;/sub&gt;, no significant spatial or long term trends are observed.&lt;/p&gt;&lt;p&gt;287 water vapor vertical profiles obtained at the Venus terminator between 80 km and 120 km from August 2006 and September 2014 were analyzed for temporal and spatial abundance variations. Standard deviations are significantly smaller than the full range of volume mixing ratio values at all altitudes indicating that the variations are real.&lt;/p&gt;&lt;p&gt;The decrease in volume mixing ratio abundance below 100&amp;#160;km appears to be a common feature of most water vapor volume mixing ratio profiles and agrees with the decrease in water vapor reported in previous studies. Based on a very limited number of spectra, the variability of the water vapor VMR was found to be higher in the lower than in the upper mesosphere of Venus; this is in agreement with our observations as the standard deviation of the SOIR mean profile is the smallest at 100 km and increases with decreasing altitude.&lt;/p&gt;&lt;p&gt;No significant spatial variations or long term temporal variations are observed in the present data set in which short term variability masks all other possible trends. Our observations agree that short term (between 1 and 10 Earth days) variability is dominant.&lt;/p&gt;&lt;p&gt;We also report on simultaneous observations of the water first isotopologue HDO made by SOIR, which occurred 194 times during the whole VEx mission. Similarly to water vapor, we observe a large variation of HDO with time and space, without any clear time of spatial dependency.&lt;/p&gt;&lt;p&gt;We report on the ratio of the simultaneously measured HDO and H&lt;sub&gt;2&lt;/sub&gt;O profiles, that show a constant ratio of 0.1 &amp;#177; 0.1 below 100&amp;#160;km, and increase exponentially at higher altitude to reach a value of 1 &amp;#177; 0.4 at 120&amp;#160;km of altitude. The results are in agreement with previous works below 100&amp;#160;km.&lt;/p&gt;

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