Executive Bonus Contract Characteristics and Share Repurchases

2017 ◽  
Vol 93 (1) ◽  
pp. 289-316 ◽  
Author(s):  
Sunyoung Kim ◽  
Jeff Ng
Keyword(s):  
Share Repurchases ◽  
Weak Evidence ◽  
Compensation Design ◽  
Jel Classifications ◽  
Do So ◽  
As If

ABSTRACT We examine the importance of bonus contract characteristics, specifically, with respect to the relation between EPS-based bonuses and share repurchases. We find that managers are more (less) likely to repurchase shares and spend more (less) on repurchases when as-if EPS just misses (exceeds) the bonus threshold (maximum) EPS level. We find no such relation when as-if EPS is further below the threshold. We find weak evidence that managers of firms with as-if EPS just below the EPS target are more likely to repurchase shares and spend more on repurchases relative to firms with as-if EPS just above the EPS target. We further find that the incentive-zone slopes specified in the bonus contracts are positively associated with share repurchases. Managers making bonus-motivated repurchases do so at a higher cost. Together, our results highlight the importance of compensation design in motivating managers' behavior and aligning managers' incentives with shareholders. JEL Classifications: M41; M52.

Part Four

2017 ◽  
Author(s):  
Robert J. Fogelin
Keyword(s):  
Religious Belief ◽  
Do So ◽  
As If

Philo presses arguments as if drawn from a Pyrrhonist handbook: attempts to put religious belief on a rational footing fail to do so, and even more, they undercut the very commitments they are intended to establish.

Assertiveness level 1

2017 ◽  
Author(s):  
Peggy D. Bennett
Keyword(s):  
Facial Expression ◽  
Behavioral Compliance ◽  
Class A ◽  
Level 1 ◽  
Do So ◽  
As If

We are almost completely non- assertive when we operate in level 1. We say yes when we want to say no. We com­pliment someone simply because she expected it. We acted as if his joke was funny, even though we wanted to tell him how crude it was. Of the Five Levels of Assertiveness, level 1 behaviors are the most deceptive. Functioning at this level hides us. We sacrifice our own peace in order to keep peace with others. We apologize for actions that warrant no apology. We agree publicly and fume privately. We can become so accustomed to repressing our own opinions that it may take some effort to regain our voice. Subjugation and sublimation can become the unhealthy hab­its of level 1. Inauthentic and incongruous messages and behav­iors can result. • “Oh sure, I’m happy to do that for you” (resenting the request, but pretending otherwise). • “I’m so very sorry that I didn’t submit the report on time” (using untrue or inauthentic messages to save face). • “You are so artistic. Your room is beautiful, and mine is so plain” (complimenting to invite a reciprocal compliment). • “If you’ll sit down and get quiet, maybe we can end class a few minutes early” (using a weak, non- authoritative plea to bargain for behavioral compliance from students). A problem of level 1 behavior is that we go overboard to hide our feelings. And we do so to make other people believe we are not bothered by what they have said or done. We become a cha­meleon to fit in, for others’ comfort. Our facial expression is often smiling with soft eyes, and we may use a highly inflected voice. In level 1, we are approval- seekers, willing to sublimate our own sense of authority in order to maintain peace. We appear sweet, kind, and gentle, but under the surface lie repressive discord and disharmony. To be sure, there are times when we knowingly choose to respond in level 1.

scholarly journals Alternative Spaces & Artist Agency in the Art Market

Arts ◽  
2020 ◽  
Vol 9 (4) ◽  
pp. 116
Author(s):  
Olga Kanzaki Sooudi
Keyword(s):  
Social Bonds ◽  
Art Market ◽  
Future Market ◽  
Art Practice ◽  
Creative Activity ◽  
Ethnographic Fieldwork ◽  
Alternative Spaces ◽  
Do So ◽  
As If ◽  
Market Success

This article explores what alternative, or artist-led, spaces are in Mumbai today and their role within the city’s artworld. Drawing on ethnographic fieldwork in two alternative spaces, it argues that these are artist attempts to exercise agency in their work for an uncertain market context. In other words, these spaces are a strategy for artists to exercise control over their work in an uncertain art market, and a means to counterbalance their dependence on galleries in their careers. Furthermore, artists do so through collectivist practices. These spaces, I argue, challenge models of artistic and neoliberal work that privilege autonomy, independence, and isolation, as if artists were self-contained silos of productive creative activity and will. Artists instead, in these spaces, insist on the importance of social bonds and connection as a challenge to the instrumentalization and divisive nature of market-led demands on art practice and the model of the solo genius artist-producer. At the same time, their collective activities are oriented towards supporting artists’ individual future market success, suggesting that artist-led spaces are not separate from the art market, and should be considered within the same analytical frame.

Patterns in the evolution of nares size and secondary palate length in anomodont therapsids (Synapsida): implications for hypoxia as a cause of end-Permian tetrapod extinctions

2008 ◽  
Vol 82 (3) ◽  
pp. 528-542 ◽  
Author(s):  
Kenneth D. Angielczyk ◽  
Melony L. Walsh
Keyword(s):  
Atmospheric Oxygen ◽  
Term Trend ◽  
Weak Evidence ◽  
Secondary Palate ◽  
Respiratory Efficiency ◽  
Rigorous Study ◽  
Selection For ◽  
Long Term Trend ◽  
Do So

Seemingly consistent proportional differences in several palatal structures have been noted between Permian and Triassic anomodont therapsids for nearly a century. These patterns have been cited as evidence in support of a decline in atmospheric oxygen concentrations that may have contributed to end-Permian terrestrial extinctions. However, it is not known whether the observed differences are significant, or whether they stem from continued directional selection. If they are not significant, or if their timing does not match that proposed for the oxygen decline, support for the hypoxia-based extinction scenario would be weakened. We tested whether the internal nares and bony secondary palate, two palatal features proposed to be related to respiratory efficiency, are significantly larger in Triassic anomodonts, and whether the variation can be attributed to a long-term tendency for increase. Results based on raw data indicate that Triassic anomodonts have significantly larger secondary palates than Permian anomodonts. They also have significantly larger internal nares, but only when primitive, morphologically-divergent specimens are not considered. Although nares and palate size are correlated with stratigraphic occurrence, available data reject the hypothesis that the observed differences were the result of a long-term trend. Most of these findings are consistent with the predictions of the hypoxia scenario. However, removing the effects of body size and phylogeny causes some of the differences to break down, indicating that if selection for increased respiratory efficiency affected these characters, it was most likely not the only factor to do so. Therefore, the characters provide only weak evidence in support of the hypoxia scenario, and we recommend against their use for this purpose. Our results emphasize the need for caution when invoking presumed differences between Permian and Triassic vertebrates as support for hypoxia, or other extinction scenarios, without a rigorous study of the character(s) in question.

V. Experimental researches on the electric discharge with the chloride of silver battery

1883 ◽  
Vol 36 (228-231) ◽  
pp. 206-207
Keyword(s):  
Electric Discharge ◽  
Heating And Cooling ◽  
Residual Hydrogen ◽  
Balance Of Forces ◽  
Experimental Researches ◽  
Absorption Chamber ◽  
Do So ◽  
As If

During our experiments we have often been struck by the evident plasticity of strata whose form at times becomes modified when they meet with an obstacle or are influenced by other causes, as, for example, the crossing of other strata produced by a separate discharge; and we have stated in Part IV of our researches that “one cannot but be impressed from this (an experiment therein spoken of) and others before, and herein described, by the apparent plasticity of the aggregate assemblage of molecules which constitute a stratum.” In all probability the molecules are being continuously thrown off and are replaced by others which become controlled and held in position by the same balance of forces as those they replace. One of our tubes, No. 9, with a residual hydrogen vacuum, has a diaphragm in the centre ¼ of an inch, 0·63 centim., thick, through the centre of which there is a hole ¼ of an inch, 0·63 centim., in diameter. To the end of the tube is attached a potash absorption chamber, the heating and cooling of which causes a change in the number of strata; when the number of strata increases they approach closer and closer to the diaphragm, and occasionally one threads itself through it, as if squeezed through, and its form is gradually changed thereby; when by a change in the temperature of the absorption chamber, the number of strata becomes less, the stratum which had been forced through the hole in the diaphragm returns through it, its form becoming modified to enable it to do so.

scholarly journals Black Lives Matter and COVID-19

2020 ◽  
Vol 4 (3/4) ◽  
Author(s):  
Madeleine Schachter
Keyword(s):  
Black Lives Matter ◽  
Do So ◽  
As If

There is a profound lesson in the coincident timing of the Black Lives Matter movement and the COVID-19 pandemic: in each case, support for the most oppressed or most ill amongst us portends support for ourselves. We are humbled to concede that if we do not respect everyone, we do not respect anyone, just as if we don't prevent, treat, and cure disease everywhere, we don't do so anywhere. Our collective dignity and health depend upon the dignity and health of the most vulnerable amongst us. The preservation of oneself depends upon the preservation of all people. Our humanity is inevitably, inexorably, forever entwined with one another.

Reporting and Non-Reporting Incentives in Leasing

2019 ◽  
Vol 94 (6) ◽  
pp. 137-164 ◽  
Author(s):  
Judson Caskey ◽  
N. Bugra Ozel
Keyword(s):  
Capital Markets ◽  
Second Order ◽  
Present Value ◽  
Reporting Incentives ◽  
Weak Evidence ◽  
Operating Leases ◽  
Tax Deductions ◽  
Debt Covenant ◽  
Covenant Violations ◽  
Jel Classifications

ABSTRACT This study sheds light on the extent to which the use of operating leases depends on reporting incentives, such as understating liabilities, and non-reporting incentives that partly arise from the overlap between accounting, bankruptcy, and tax laws, such as increasing financing capacity and flexibility. We provide evidence that expanding financing capacity, accommodating volatile operations, and maximizing the present value of tax deductions are all important drivers of leasing decisions. Our findings suggest that capital markets and contracting-based reporting incentives have little influence on operating lease use. In particular, we find weak evidence that firms increase operating leases in advance of issuing equity, and no evidence that firms use operating leases to window-dress in advance of issuing debt, to avoid debt covenant violations, for compensation purposes, or to paint a better picture on an ongoing basis. These findings are consistent with reporting incentives playing a second-order role in leasing decisions. JEL Classifications: G32; G33; K34; M41.

Do Big 4 Auditors Provide Higher Audit Quality after Controlling for the Endogenous Choice of Auditor?

2014 ◽  
Vol 33 (4) ◽  
pp. 197-219 ◽  
Author(s):  
John Daniel Eshleman ◽  
Peng Guo
Keyword(s):  
Propensity Score ◽  
Propensity Score Matching ◽  
Audit Quality ◽  
Data Availability ◽  
Accounting Restatements ◽  
Big 4 ◽  
Audit Firms ◽  
Weak Evidence ◽  
Matching Procedure ◽  
Jel Classifications

SUMMARY: Recent research suggests that Big 4 auditors do not provide higher audit quality than other auditors, after controlling for the endogenous choice of auditor. We re-examine this issue using the incidence of accounting restatements as a measure of audit quality. Using a propensity-score matching procedure similar to that used by recent research to control for clients' endogenous choice of auditor, we find that clients of Big 4 audit firms are less likely to subsequently issue an accounting restatement than are clients of other auditors. In additional tests, we find weak evidence that clients of Big 4 auditors are less likely to issue accounting restatements than are clients of Mid-tier auditors (Grant Thornton and BDO Seidman). Taken together, the evidence suggests that Big 4 auditors do perform higher quality audits. JEL Classifications: M41, M42 Data Availability: All data are publicly available from sources identified in the text.

The Three-Step Responsive Flexibility Procedure as an Invisible Fuel of Epistemic Inclusion

2021 ◽  
pp. 49-69
Keyword(s):  
Situational Factors ◽  
Everyday Lives ◽  
New Information ◽  
Do So ◽  
As If

In our everyday lives, we are used to communicating spontaneously, looking for confirmation of our impressions and opinions, and finding an audience for our emotions among colleagues. We maintain the same behavior toward people based on the impression we formed about them, which gives us an illusion of stability of their character and frequency of their behavior. “They are always like that,” we seem to say, without giving them a chance to show another facet of their personality or competence, as if the circumstances of the situation do not matter. You only have to change the conditions, and people start to react differently. Hence, by changing the configuration of situational factors, we can influence students' learning investment and arouse their potential. To do so, we need to be curious not about our colleagues' opinions but rather about new information related to the situation to stimulate our reasoning and identify the source of the problem.

Andragogy, Culture, and Adult Learning Worldviews

2021 ◽  
pp. 257-279
Author(s):  
David P. Peltz
Keyword(s):  
Adult Learning ◽  
Do So ◽  
As If

Adults differ from children in the ways they learn. This is not only due to the fact they have more experiences to relate to but also due to the motivations behind why they are learning. So why do so many teachers, trainers, and professionals teach courses and provided training to adults in the same manner as if they were teaching children? This discourse explores the adult learning construct of andragogy, applications of different andragogical approaches, and challenges and considerations of andragogy. It also briefly describes a quantitative andragogical scale that was developed, which may provide a useful tool to an otherwise qualitative concept. Finally, the chapter provides several adult learning worldview overviews to be used considered in conjunction with the application of andragogy to potentially increase andragogical effectiveness.

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