We construct a social network that comprises of 4,279 UK firms and 24,685 directors and find that measures reflecting the centrality and dyadic constraint of the directors within their network of interlocking directorship ties exhibit significant association with directors ’ pay, after controlling for other economic determinants of compensation. Chief and other senior executive directors with higher centrality and lower dyadic constraint earn higher compensation. In contrast, Chairmen and other non-executive directors with larger networks and lower dyadic constraint earn lower compensation. Executive directors are rewarded for the resources they bring to a firm, through their networks, while non-executive directors whose connections are more constrained earn higher compensation since their relative isolation is perceived as an indication for their independence and superior monitoring capabilities. We also find that the predicted component of compensation, arising from these social characteristics, has a statistically significant association with future stock market performance and valuation.

Ordinary consumer cameras are not capable of capturing the whole dynamic range visible to the human eye. For years, many researchers have worked to enhance the dynamic range of a captured scene. Since the development of High

What is the impact of real estate prices on corporate investment? In the presence of financing frictions, firms use pledgeable assets as collateral to finance new projects. Through this collateral channel, shocks to the value of real estate can have a large impact on aggregate investment. Over the 1993-2007 period, the representative U.S. corporation invests 6 cents out of each additional dollar of collateral. To compute this sensitivity, we use local real estate shocks as shocks to the collateral value of firms that own real estate. We address the endogeneity of local real estate prices using the interaction of interest rates and local constraints on land supply as an instrument. We address the endogeneity of the decision to own land by (1) controlling for observable determinants of ownership and (2) looking at the investment of firms before and after they acquire land. The sensitivity of investment to collateral value is stronger the more likely a firm is to be credit constrained. We interpret these results in the light of a dynamic model of investment under financing constraints.

Local social innovation and welfare state restructuring: analysing their relationship

temporal patterns of induction were observed. The transcription factor Ndt80 appeared to be important for induction of a large group of genes at the end of meiotic prophase. Consensus sequences known or proposed to be responsible for temporal regulation could be identified solely from analysis of sequences

There are benefits from Latin American pension reform, but they have been overestimated. The approaches taken in second-generation reforms and their still early results hold lessons for OECD and non-OECD countries alike. A partial shift to funding is feasible and can be financed in different ways; partial funding of pensions can lead to greater risk diversification. High administrative costs and uniformity of investment portfolios make the new systems inefficient; pension regulation has to be designed and implemented to lessen these negative effects. POLICY BRIEF No. 15 Pension Reform:

Document complet disponible sur OLIS dans son format d'origine Complete document available on OLIS in its original formatPrivatisation in the MEDA Region: where do we stand?

This series of working papers is intended to disseminate the Development Centre’s research findings rapidly among specialists in the field concerned. These papers are generally available in the original English or French, with a summary in the other language. Comments on this paper would be welcome and should be sent to the OECD

In 2014 all ECB publications feature a motif taken from the €20 banknote. NOTE: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily refl ect those of the ECB.

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