...Is CEO Power Bad? E. Han Kim and Yao Lu1 Abstract Recent evidence suggests that CEO power reduces shareholder value and the efficacy of incentive pay systems. To better understand how the power affects firm governance and performance, we decompose CEO power into three dimensions--structural, ability based, and ownership related. While structural power is indeed harmful--it is associated with higher managerial entrenchment, lower pay for performance sensitivity (PPS), and weaker firm performance--its impact on firm performance is benign when CEO power is restrained by strong external governance mechanisms. Concentration of ability based power in CEO appears to enhance firm performance, but only when external governance is strong. CEO share ownership (as independent variable) shows a U-shaped relation with entrenchment, and -shaped relations with PPS and performance. These results imply that ownership power arising at a high level of share ownership negates the beneficial effects of aligning CEO-shareholder interests through cash flow rights. November 10, 2008 JEL classification: G30, G34, J 33, L25, M52,G32, Keywords: CEO power, managerial entrenchment, Pay for Performance Sensitivity, Firm performance, Share ownership, CEO Centrality 1 Both are at Ross School of Business, University of Michigan, Ann Arbor, Michigan 48109. Email: ehkim@umich.edu and yaolu@umich.edu. We have benefitted from helpful comments and suggestions from Sugato Bhattacharyya, Amy Dittmar, Luo...
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...Oluwaseun 2/17/15 English III 5th period Bankruptcy when you have bankruptcy you basically go bankrupt, meaning you give up all what you have to start all over. Bankruptcy is a legally defined status,in this research you will learn Why people file bankruptcy? What is the process of completing bankruptcy? and What happens after you file bankruptcy?. In the eighteenth century, "Debtors and creditors alike appreciated the value of the bankruptcy process. every colony and state permitted imprisonment for debt colonies and states occasionally experimented with insolvency status that released small and middling debtors from jail and apportioned their assets among creditors but did not discharge them from liability". "Bankruptcy was promoted as a benefit for creditors as well as for Debtors. it would allow creditors to intervene in person as the debtors assets for all creditors while the availability of discharge would induce debtor's not to waste their assets in futile efforts to avoid deptors prisons" Encyclopedia of the new American nation.ed. paul finkelman vol.1 detroit Most people file bankruptcy for many reasons for example theres medical bills, job loss, credit card companies, predators mortages and bill collectors. I find it interesting that the majority of people file bankruptcy on medical bills, most doctors are expensive now a days and then most insurance that we have now is crapy so I dont blame them to be financial The process of completing bankruptcy is alot its just...
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...Michael Jordan- A Champion’s Drive Synopsis “Some people want it to happen, some wish it would happen, others make it happen.” (Michael Jordan) Micheal Jordan, the black man, who travelled on the hardest routes to make it happen, to become a legend and to rule the sport’s world, achieved the National Basketball Association’s (NBA) most valuable award five times in his life. Three All-Star MVPs and five regular-season MVPs made Jordan the most decorated player in the NBA. (http://www.biography.com/people/michael-jordan-9358066#personal-life-and-legacy&awesm=~oDPqqgYBZ6mhZF )With a fan following that is infinite in number; he is considered as the best basket ball player ever witnessed by NBA. Jordan has experienced positive as well as negative criticism. Jordan has made his marks in almost all the fields, as a basket ball player, an athlete, a business man and even as an actor. With 30.1 average, his scores per game are the highest than any other played in NBA. His 32,292 career points are the third highest in the history of NBA. Career post season scoring average points have also added stars in the history of NBA. Jordan was named Defensive player in 1988 and is the first and the only player who has a record of triple-double in an All-Star game in 1997. His score kept on increasing as his Bulls kept on winning which him a star of all times. He increased the grace of countless numbers of magazines. He even introduced a line of basketball shoe, Nike Air Jordan. Jordan has...
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...Kyoto aftalen – besvarelse af problemformulering Hvad er Kyoto protokollen? Kyoto protokollen er en international aftale, der blev lavet med det formål at beskytte jordens klima. De lande der har deltagelse i aftalen er berettiget til at reducere udledningen af 6 drivhusgasser – kuldioxid, metan, lattergas, og industrigasserne HFC’er, PFC’er og SF6. Aftalen udspringer fra FN konventionen ”United Nations Framework Convention on Climata Change (UNFCCC)”. Kyoto aftalens hovedindhold: Første punkt klargør at industri lande skal nedbringe deres udslip af CO2 med 5,2% fra perioden 2008-2012 i forhold til Der er dog stadigvæk forskel på hvor mange % de forskellige lande skal nedbringe deres udslip, da nogle ikke er så langt fremme i den industrielle fase som andre. Danmark og tyskland reducere med 21% Canada og japan reducere med 6% Rusland forbliver det samme f.eks. Spanien, Grækenland og Portugal må øge med øge med henholdsvis 15% 21% -og 25% (da disse ikke er så langt fremme industrielt og derfor ikke har nok energi til at skabe industriel vækst.) Punkt to klargør at ulandende ikke har fået fastgjort nogle reduktionsmål da dette ville ødelægge udvikling og vækst. Punkt omhandler CO2-kvoter, det vil sige at de lande som f.eks. Spanien, Grækenland og Portugal kan sælge dele af sine CO2-kvoter til lande der skal skære ned på CO2-kvoter. Punkt fire beskriver hvordan plantning af en skov kan medregnes ...
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...INTRODUCTION: This award winning case presents the story of Michael Faye, Senior Vice President, Salvetec(Europe) and his company. It is presented in comic strip format which keeps the reader engaged throughout the case. Michael graduated from Wharton School at the University of Pennsylvania in 1967 and worked with pharma giants like Pfizer and Squibb before joining Salvetec, a leading pharmaceutical company operating in over 100 countries.He has been assigned the task to run his company’s operations in China which he thinks can be done by knowing more about the country. He anticipates the prospective threats for the company’s smooth operation in China. His boss relies on him for his influential skills and international experience. His main concern is that how to go about this assignment in an effective and efficient manner and how to overcome his shortcomings. OBJECTIVES: * To understand the importance of networking in business world. * To understand the importance of individual learning and its impact on organizational learning. * To understand the importance idea hunting and how it is linked with past experiences. AGENDA: * How would you characterize his idea-hunting style? * What are the likes & dislikes about his hunt? What would we have done differently taking it as our challenge? * What has allowed Faye to get the most out of this approach to hunting new ideas? BACKGROUND: Michael has been described as an opportunist and open to...
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...Annotated Bibliography Annotated Bibliography Kaufman, P. (2006, February 20). The omnivore’s dilemma: A natural history of four meals. Publisher’s Weekly. http:Michaelpollan.com/press.php?id=23. Pamela Kaufman, a reviewer for Publisher’s Weekly, praises Michael Pollan’s book, which follows the food chain of four meals back to their sources, including a McDonald’s lunch and a dinner of supposedly wholesome items from Whole Foods market. She finds Pollan to be a good writer and thorough researcher, not a “preachy” activist. Her brief review is positive, which is why Pollan probably has it posted on his website. This would be a useful source if contrasted against a more critical evaluation of Pollan’s work. Pollan, M. (2002). The botany of desire: A plant’s-eye view of the world. New York: Random House. Pollan outlines the history of four crops-- apples, tulips, marijuana and potatoes. He discusses how humans have influenced their evolution and how crops have influenced our cultures. He recounts real stories, rather than myths, about such characters as “Johnny Appleseed,” an eccentric loner who helped colonize various apple crops across a new America. As a result, we do not have as many varieties of apples as once existed, and the ones we have are less resistant to pests. Pollan, Michael. (2008). In Defense of Food: An Eater’s Manifesto. New York: The Penguin Press. ISBN 978-1-59420-145-5 Pollan’s...
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...Video Games Video games can be classified into several distinct categories. Though some video games are all basically the same thing, there are things that entertain people but have other many enjoyments like education for some kids. In today's world video games range from various console gaming systems like Nintendo 64 which is one of the oldest, and Microsoft's Xbox that are hooked up to televisions to handheld wireless gaming systems that can be carried in your pocket like Nintendo's Game boy or the PSP. Video games are most often classified into groups more based on what is most popular and what system it is played on. Kids enjoy games that have to do with story lines and keep them occupied because if it was boring they would not play it. Most of the kids today enjoy three types of video games, role-playing, shooting, and sports because they are the most fun and competitive. Role-playing video games’ gameplay is like the well know game Dungeons & Dragons and Skyrim. Most of these games get the gamer in the role of one or more "missions" with a certain player who specialize in specific skill sets such as hand to hand combat or casting magic spells. While progressing through the predetermined storyline that the game already has set up all players will end up with same ending result. Many missions involve maneuvering these character or characters through another world, usually populated with crazy giant monsters, that allows access to more important game locations...
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...Michael Jeffrey Jordan (born February 17, 1963), also known by his initials, MJ,[1] is an American former professional basketball player, entrepreneur, and majority owner and chairman of the Charlotte Bobcats. His biography on the National Basketball Association (NBA) website states, "By acclamation, Michael Jordan is the greatest basketball player of all time."[2] Jordan was one of the most effectively marketed athletes of his generation and was considered instrumental in popularizing the NBA around the world in the 1980s and 1990s.[3] After a three-season career at the University of North Carolina at Chapel Hill, where he was a member of the Tar Heels' national championship team in 1982, Jordan joined the NBA's Chicago Bulls in 1984. He quickly emerged as a league star, entertaining crowds with his prolific scoring. His leaping ability, illustrated by performing slam dunks from the free throw line in slam dunk contests, earned him the nicknames "Air Jordan" and "His Airness". He also gained a reputation for being one of the best defensive players in basketball.[4] In 1991, he won his first NBA championship with the Bulls, and followed that achievement with titles in 1992 and 1993, securing a "three-peat". Although Jordan abruptly retired from basketball at the beginning of the 1993–94 NBA season to pursue a career in baseball, he rejoined the Bulls in 1995 and led them to three additional championships (1996, 1997, and 1998) as well as an NBA-record 72 regular-season wins...
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...Madalena Gonzalez English 101 July, 07, 2014 Prof. Mitchell Jackson There are two kinds of people who cry at your death, people who hated you and people who loved you. If you ask me…well sometimes through life experience we figure it out June 25th, 2009 a very hot day as the summer was trickling in. The sky was clear, the wind was blowing just enough to cool you down it was a quiet peaceful afternoon. Not a single soul outdoors I was walking home from school, and as I reached my apartment I went to my room enveloped in MJ posters. I quickly turned on the television to flip from channel to channel and nothing captured my attention except for one thing. I stopped at the news channel because I heard the strangest thing. “Michael Jackson was found dead this morning it seems to have been from an overdose of drugs”…What! I couldn’t believe it, MJ was gone, and at that moment I didn’t want to believe any of it. I didn’t want to accept the erratic news of Michael Jackson’s death. I was so astonished my mouth opened, my lips almost touching the floor. I couldn’t fathom the truth of MJ’S death. I began to look around he room at all of the posters. I turned over to the news only to hear the details of his death I heard, “Michael was found dead in his rented home in Beverly Hills, Los Angeles, as he was preparing for a series of comeback music concerts at London’s...
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...Abram Sheets Mitchell BUSA 3280 3 April 2016 1.) "Michael Phelps is leaving Beijing as a global sports icon. He's now with the likes of the Michael Jordans, Tiger Woods and Roger Federers and he's earned every bit to be in that elite company," said Michael Lynch, head of global sponsorship at Visa. Phelps first got to be marketable in the wake of winning six golds at the 2004 Olympics in Athens. Be that as it may, his prosperity at the 2008 Olympics has placed him in a different level, with a record 14 golds to his name, and on track to end up the wealthiest swimmer ever. "This absolutely changes the game. The values will change, the depth of the programs he is involved with will change, the breadth of these programs will change," said Phelps's agent, Peter Carlisle. As Phelps won gold after gold at Beijing, his allure took off and TV gatherings of people in the United states, the world's greatest media market, watched his triumphs in record numbers. 2.) Morals assumes a part in quality creation and says a great deal in regards to an association. Exploitative conduct or the backing of untrustworthy conduct can spread all through an organization. On the off chance that Kellogg's had kept on embracing Michael Phelps after those pictures were distributed, then Kellogg's image might have been one of a firm that backings the utilization of illicit substances, and that would possibly have harmed interior and outside partners' image. 3.) Not to put all of the cards on...
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...Running Head: MICHAEL BROWN’S CASE 1 Michael Brown’s Case Kahlandra Walton MS Palmer High School English I January 5, 2015 Michael Brown’s Case 2 On the timing and day of the case Teenager Michael Brown had recently robbed a convenient store and wasn’t running but walking down the street with his friend. An on-duty police officer recognized the teens walking from the description the dispatcher had given him. It was reported by some eye witnesses that Michael had been harassing the police officer and banging on his squad car window. Keep in mind Michael Brown is 6”2 and the police officer described the experience of Brown standing over him to be “Like a toddler holding onto Hulk Hogan.” The police officer said he felt as if Brown was trying to imitate him in a way. The boy that had been reportedly walking down the road with Michael had taken off to running after he had handed him the cigarillos they had just stolen from the store up the road. The boy told police he ran because he saw them start to fight and the bullets being shot. Michael did not live to be able to state his version of the story, but his autopsy spoke it all. His autopsy revealed that Michael had been fighting the police officer and that the officer had fired the gun more than 3 times and hit Michael. Michael had been shot a few times in the arms and in the top of his head. The police officer never told of how he was able to bet the bullet to shoot Michael directly in the top of his...
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...Michael Jordan is a Hall of Fame shooting guard who played in the NBA from 1984 to 2003 for the Chicago Bulls and Washington Wizards, and is currently the primary owner of the Charlotte Bobcats. Winner of five regular-season MVP awards, he is widely considered the best basketball player ever to play in the NBA. Jordan led the Chicago Bulls to six NBA titles, and was voted the Finals MVP a record six times. Michael Jordan scored more points per game than any player in NBA history, with a 30.1 average, and his 32,292 career points scored rank as the third-most in NBA history. His career postseason scoring average of 33.5 points is also the best in NBA history. Michael Jordan was a 14-time All-Star, averaging 20.2 points per All-Star game, and became the only player to ever record a triple-double in an All-Star Game when he achieved the feat in 1997. He was named Defensive Player of the Year in 1988, and was on the All-Defensive First Team nine times. Michael Jordan also held the record for consecutive games scoring in double-digits (866). In 1996, Jordan was named as one of the 50 Greatest Players in NBA History. Michael Jordan became a world-famous star as his Bulls kept winning, and he kept scoring. He graced the cover of countless magazines, including Sports Illustrated a record 51 times. He also had his own line of basketball shoe -- the introduction of the Nike Air Jordan, embroidered with Jordan's signature symbol of him jumping in the air, basketball in one hand and legs...
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...Michael Jackson fact file: Michael Joseph Jackson was born August 29, 1958 – June 25, 2009 was an American singer, songwriter, record producer, dancer, and actor. Called the king of pop his contributions to music and dance, along with his publicized personal life, made him a global figure in popular culture for over four decades. Michael Jackson has his own websites so his fans could check out his songs and updates also honour his music. Michael Jackson did his autobiography in a book and was published in February 1 in 1988. Five months after the release of Jackson’s 1987 Bad album, and named after Jackson’s signature dance move, the moonwalk. Michael Jackson was 58 when he died. Dubbed the "King of Pop," singer-songwriter Michael Jackson was born in Gary, Indiana. As a child, he performed as the lead singer of the Jackson family's popular Motown group, the Jackson 5. No single artist – indeed, no movement or force – has eclipsed what Michael Jackson accomplished in the first years of his adult solo career. Jackson changed the balance in the pop world in a way that nobody has since. He forced rock & roll and the mainstream press to acknowledge that the biggest pop star in the world could be young and black, and in doing so he broke down more barriers than anybody. But he is also among the best proofs in living memory of poet William Carlos Williams' famous verse: "The pure products of America/go crazy." When Jackson died on June 25th, 2009, of apparent cardiac arrest...
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...Opgave B “Die Fremde” ist ein film, der auf Religion und Kulturelle Identität konzentriert. Der film zeigt die kulturellen Unterschiede zwischen Türkei und Deutschland. Die fremde handelt von Umay, und ihrem kleinen Sohn Cem. Sie leben in der Türkei mit Umay`s Mann Kemal, und seine Familie. Umay ist müde von gewalttätigem Verhalten des Kemal, so sie flieht nach Deutschland mit Cem. Umay und Cem gehen nach Berlin, wo Umay aufgewachsen, mit ihre Familie. Umay´s Familie ist sehr glücklich, wenn sie und Cem nach Hause kommen. Aber wenn der Vater entdeckt dass Umay aus der Türkei, geflüchtet, er wird wütend. Er sagt, dass sie muss zurück zu Türkei Reisen. Umay leugnet zu zurücknehmen. Umay´s Bruder Mehmet, versucht zu Cem kidnappen. Er will bringen ihn züruck mit seinem Vater in Türkei. Umay flieht mit Cem von die Familie. Umay trifft einen Mann nahmen Stipe. Sie kaufen eine Wohnung zusammen. Alles ist gut, aber ihre Familie werden nicht mit ihr sprechen. Schließlich, endet der film drastisch. Die swei Brüder, Mehmet und Acar müssen ihre Geliebte Schwester, Umay töten, weil sie der Ehre der Familie werden Schutz. Sie kommen durch Zufall, Cem zu töten. Umay ist 25 jahre alt. Sie ist halb Deutsch und halb türkisch. Umay passt nicht in die türkischen Traditionen. Sie will ihr eigenes Leben zu leben, ohne eine Zwangsheirat, in der Türkei. Ihre Familie respektieren nicht ihre Entscheidungen. Sie ist eine außergewöhnliche Frau, und sie denkt nur an ihr Kind, Cem. Die Familie...
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...In: English and Literature Of Cannibals, by Michael de Montaigne 3 August 2008 Research Summary: Of cannibals In Of cannibals, by Michael de Montaigne, Montaigne makes a subtle argument to try to show that the cannibals are not barbarians. He uses a rebuttal argument to make the claim that the cannibals are not terrible people because of one practice that they engage in. Another claim he makes is that the cannibals also exhibit many qualities and virtues that are well respected by Europeans. Montaigne gives his reason for the cannibals not being barbarous by stating that it is hypocritical for Europeans to judge them without even looking or acknowledge there own barbarous ways. He states that, “I am not sorry that we notice the barbarous horror of such acts, but I am heartily sorry that, judging their faults rightly, we should be so blind to our own” (155). Montaigne feels that the European nature of torture is more barbarous than the cannibals eating someone who is already dead, “I think there is more barbarity in eating a man alive than in eating him dead; and in tearing by tortures and the rack of a body still full of feeling, in roasting a man bit by bit, in having him bitten and mangled by dogs and swine, than roasting and eating him after he is dead (155). Montaigne defines the Europeans as being barbaric themselves and gives reasons for why the cannibals practice is not as bad as the accepted viewpoint. He states that it is a cultural practice that is...
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