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This paper aims to test the effects that different compensation policies have on managerial discretion with regard to stock options.

Hand-collected data from Securities and Exchange Commission registration statements are used to analyze the effects of chief executive officer (CEO) compensation policies on managerial discretion used in valuing stock options.

This paper provides evidence that during the height of the initial public offering (IPO) bubble, CEO pay was associated with the undervaluation of stock options by IPO firms. The discretion varies with the relative mix of cash vs stock-based compensation. Firms with higher cash compensation tend to undervalue the unobservable market price of pre-IPO shares, leading to lower option values and a lower likelihood of reporting in-the-money options. Firms with greater stock-based compensation understate stock volatility, resulting in lower measures of the time-value component of options.

The results provide evidence that firms attempted to disguise the true value of CEO pay when making IPOs. By disguising the value of options granted to the CEO, outsiders were not aware of the actual cost incurred and the true value of the company.

This paper is the first to document that IPO firms understate the non-observable market price of pre-IPO shares to manipulate the value of stock options. It also documents the effect of discretion in estimates of volatility on stock options and the link between this discretion and CEO compensation.

This research provides accounting-ethics authors and administrators with a benchmark for accounting-ethics research. While Bernardi and Bean (2010) considered publications in business-ethics and accounting’s top-40 journals this study considers research in eight accounting-ethics and public-interest journals, as well as, 34 business-ethics journals. We analyzed the contents of our 42 journals for the 25-year period between 1991 through 2015. This research documents the continued growth (Bernardi & Bean, 2007) of accounting-ethics research in both accounting-ethics and business-ethics journals. We provide data on the top-10 ethics authors in each doctoral year group, the top-50 ethics authors over the most recent 10, 20, and 25 years, and a distribution among ethics scholars for these periods. For the 25-year timeframe, our data indicate that only 665 (274) of the 5,125 accounting PhDs/DBAs (13.0% and 5.4% respectively) in Canada and the United States had authored or co-authored one (more than one) ethics article.

The use of waste polyethylene terephthalate (PET) plastics derived from shredded bottles in concrete is not formalized yet, especially in reinforced members such as beams and columns. The disposal of plastic wastes in concrete is a viable alternative to manage those wastes while minimizing the environmental impacts associated to recycling, carbon dioxide emissions and energy consumption.

This paper evaluates the suitability of 2D deterministic and stochastic finite element (FE) modeling to predict the shear strength behavior of reinforced concrete (RC) beams without stirrups. Different concrete mixtures prepared with 1.5%–4.5% PET additions, by volume, are investigated.

Test results showed that the deterministic and stochastic FE approaches are accurate to assess the maximum load of RC beams at failure and corresponding midspan deflection. However, the crack patterns observed experimentally during the different stages of loading can only be reproduced using the stochastic FE approach. This later method accounts for the concrete heterogeneity due to PET additions, allowing a statistical simulation of the effect of mechanical properties (i.e. compressive strength, tensile strength and Young’s modulus) on the output FE parameters.

Data presented in this paper can be of interest to civil and structural engineers, aiming to predict the failure mechanisms of RC beams containing plastic wastes, while minimizing the experimental time and resources needed to estimate the variability effect of concrete properties on the performance of such structures.

Drawing on shared research and educational trajectories, the authors illustrate the importance and challenge of tracing Black gay social life in urban ethnography. This chapter investigates the ephemeral nature of Black gay geographies using live experience and data collection from Los Angeles. Guided by Joseph Beam’s (1984) key sociological insight, we offer and amplify a new warrant for urban ethnography emergent from the study of Black and LGBTQ life, visibility is survival. In so doing, we aim to underscore the importance of ethnographic inquiry to understand the spatial and communal navigation of cities by Black gay people. In examining the unique Black gay maps of a rapidly changing Los Angeles, we articulate the multitude of ways that ethnographic inquiry serves as a correction to the record and a form of documenting threatened histories and everyday realities of Black LGBTQ life.

In this paper, an approximate analytical approach is developed for the determination of natural longitudinal frequencies of a cantilever-cracked beam based on the Lagrange inversion theorem.

The crack is modeled by an equivalent axial spring with stiffness according to Castigliano's theorem. Thus, an implicit frequency equation corresponding to cantilever-cracked bar is obtained. The resulting equation is solved using the Lagrange inversion theorem.

Effect of different crack depths and crack positions on natural frequencies of the cracked beam is analyzed. It is shown that an increase in the crack depth ratio produces a decrease in the fundamental longitudinal natural frequency of a cracked bar. Furthermore, approximate analytical results are compared with those obtained numerically as well as from experimental tests.

A new approximate analytical expression of a fundamental longitudinal frequency, as a function of crack depth and crack location, is obtained.

At the Extraordinary General Meeting of the Institute of Circuit Technology held on Tuesday, 20th November 1979, a resolution was passed which allowed companies trading in the circuit technology industry to become affiliated to the Institute. To mark that historical decision the Council decided to organise a trade exhibition to be held concurrently with the Annual Symposium, Brunel 80.

This bibliography contains references to papers, conference proceedings, theses and books dealing with finite strip, finite prism and finite layer analysis of structures, materially and/or geometrically linear or non‐linear.

IN so far as it is possible under wartime restrictions, the purpose of this paper is to present a comprehensive picture of the more important problems in aircraft structural design and research in the interest of advancing the knowledge of those engaged in industries which formerly had but slight connexion with aeronautical engineering, but today are deeply involved in various phases of aircraft work. A similar objective was stated by Dr. A. G. Pugsley as follows:

The purpose of this study is to develop a novel comprehensive three-dimensional computational model to predict the transient thermal behavior and residual stresses resulting from the layer-by-layer deposition in the direct metal laser sintering process.

In the proposed model, time integration is performed with an implicit scheme. The equations for heat transfer are discretized by a finite volume method with thermophysical properties of the metal powder and an updated convection coefficient at each time step. The model includes convective and radiative boundary conditions for the exposed surfaces of the part and constant temperatures for the bottom surface on the build plate. The laser source is modeled as a moving radiative heat flux along the scanning pattern, while the thermal gradients are used to calculate directional and von Mises residual thermal stresses by using a quasi-steady state assumption.

In this study, four different scanning patterns are analyzed, and the transient temperature and residual thermal stress fields are evaluated from these patterns. It is found that the highest stresses occur where the laser last leaves off on its scanning pattern for each layer.

The proposed model is designed to capture the layer-by-layer deposition for a three-dimensional geometry while considering the effect of the instantaneous melting of the powder, melt pool, dynamic calculation of thermophysical properties, ease of parametrization of various process parameters and the vectorization of the code for computational efficiency. This versatile model can be used for process parameter optimization of other laser powder bed fusion additive manufacturing techniques. Furthermore, the proposed approach can be used for analyzing different scanning patterns.