Human capital and agency effects on CEO compensation of IPO biopharmaceutical firms and the market’s response

This paper examines the determinants of base pay and total incentive compensation packages of CEOs of biopharmaceutical firms that have recently gone public, and whether human capital and agency factors affect the market’s response to the initial public offering. We find that in terms of net proceeds, the IPO market appears to reward the firms that have founder-CEOs and CEOs with higher incentive compensation. CEOs with prior venture capital experience are associated with receiving higher incentive compensation, while CEOs with a greater ownership interest in the firm receive lower incentive compensation but higher salaries. CEOs of firms with a greater percentage of insiders are associated with lower salaries. The results should add to our understanding related to human capital and agency theories, as well as help firms and investors better understand and structure CEO compensation.     

Item count technique with no floor and ceiling effects

Abstract

Conclusions of sample surveys dealing with matters of privacy are often disputed. Many people either refuse to participate or provide false answers. Indirect questioning techniques are designed so that reliable estimates can be produced while the privacy of the participants is protected. One such method, the Item Count Technique is gaining increasing popularity. However, the original version of the method does not fully protect the privacy of the participants. In this paper we propose a new version of the technique which better protects the privacy of the respondents and does not have the so-called floor and ceiling effects.     

Resource Dependence and Community Well‐Being in Rural Canada*

Abstract The well‐being of residents of resource dependent communities is a question of traditional interest to rural sociologists. The label “resource dependent” obscures how this relationship may vary between particular resource industries, regions, or indicators of well‐being. Few analyses have compared the relationship between well‐being and resource dependence across different industries, nor tested competing theories about the relationship between resource dependence and well‐being. Our paper presents an overview of the relationship between resource dependence—agriculture, fisheries, mining, energy, forestry—and human well‐being in Canada. Analysis of 1996 Statistics Canada data revealed a great deal of variation in the effect of “resource” dependence on indicators of well‐being (e.g., human capital, unemployment, income): some industries exhibit fairly positive outcomes (e.g., agriculture), others more negative outcomes (e.g., fishing). Consistent with analyses conducted in the United States, these relationships vary by region, suggesting the need for models that incorporate the particulars of place and industry.     

A NOTE ON A SEQUENTIAL GROUP t-TEST

A sequential probability ratio test (SPET) of the mean of a normal distribution with unknown variance, based on an independent sequence of groups of observations, is investigated and its efficiency compared with that of the WAGE sequential t-test, which is based on an invariantly sufficient sequence of test statistics.     

Use of propensity score matching to evaluate a national smoking cessation media campaign

Sustained mass media campaigns have been recommended to stem the tobacco epidemic in the United States. Propensity score matching (PSM) was used to estimate the effect of awareness of a national smoking cessation media campaign (EX) on quit attempts and cessation-related cognition. Participants were 4,067 smokers and recent quitters aged 18-49 in targeted U.S. media markets. Controlling for potential confounders through PSM and regression analysis, confirmed awareness of EX was not significantly associated with either outcome at 6-month follow-up. Matched analyses excluding 217 quitters resulted in a significant effect of EX on both outcomes.     

Distribution of the sum of independent generalized logarithmic series variables

Jain and Gupta (1973) have given a generalized logarithmic series distribution which, for β = 1, reduces to the logarithmic series distribution. In this note we obtain the distribution of the sum of independent generalized logarithmic series variables. This distribution conforms, in a special case, to the First-type Stirling distribution (Patil and Wani, 1965) and would be useful in estimation theory.     

Family Development Cycle,Social Class,and Inequality in Rwanda1

Abstract The relative importance of social class differences (social differentiation) and stages of the family development cycle (demographic differentiation) on income inequalities in rural Rwanda are discussed and compared using survey data from 1,019 households. Both forms of differentiation are conceptualized as dynamic processes that intersect through their mutual inclusion of landholding—land being fundamental to our understanding of social class in the Third World and likewise closely tied to the timing of the developmental stages of the family cycle. Findings demonstrate that both forms of differentiation are vitally important, in roughly equal proportions, to household income generation in Rwanda. Emphasis is placed on the direct effects of the social class variables and on the indirect effects of the demographic differentiation process. The importance of the impact of contextual variables, such as land scarcity and the absence of alternative nonfarm employment, on income inequality are assessed.     

From design to operations: a process management life-cycle performance measurement system for Public-Private Partnerships

Public–Private Partnerships (PPPs) have become a critical vehicle for delivering infrastructure worldwide. Yet, the use of such a procurement strategy has received considerable criticism, as they have been prone to experiencing time/cost overruns and during their operation poorly managed. A key issue contributing to the poor performance of PPPs is the paucity of an effective and comprehensive performance measurement system. There has been a tendency for the performance of PPPs to be measured based on their ex-post criteria of time, cost and quality. Such criteria do not accommodate the complexities and lifecycle of an asset. In addressing this problem, the methodology of sequential triangulation is used to develop and examine the effectiveness of a ‘Process Management Life Cycle Performance Measurement System’. The research provides public authorities and private-sector entities embarking on PPPs with a robust mechanism to effectively measure, control and manage their projects’ life cycle performances, ensuring the assets are ‘future proofed’.