Browsing by Subject "delta"
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Item Golden Parachutes, Takeover Incentive, and Risk-taking(Midwest Finance Association 2013 Annual Meeting Paper, 2013-06-09) Chen, Dong; Rose, Morgan; Finance & Economics; Finance & EconomicsWe examine the relations between golden parachutes (GPs), pay-performance sensitivity (delta), and managerial risk-taking. We find an insignificant effect of GPs, but a negative and significant interaction of GPs with delta, on risk-taking. These results are consistent with the “takeover incentive hypothesis,” an original proposition stating that GPs influence risk-taking through the incentive of a CEO with a GP to accept a takeover, as well as delta’s role in affecting the weight of the CEO’s incentive to maximize the expected takeover-associated equity portfolio wealth. The findings do not support the proposition that GPs influence risk-taking through an insurance effect.Item Golden Parachutes, Takeover Probability, and Risk-Taking(Midwest Finance Association, 2011) Chen, Dong; Rose, Morgan J.This paper is the first to examine the relationships among golden parachutes (GPs), CEO compensation incentives, and managerial risk-taking. GPs are positively associated with risktaking, but only when controlling for the surprisingly negative interactions of GPs with CEO pay-volatility sensitivity (vega) and with pay-performance sensitivity (delta). These results appear consistent with the takeover probability hypothesis that a GP indicates a higher probability that a firm will be acquired, which increases the divergence between the CEO’s incentives as a manager and as an equity owner. The hypothesis that these results are due to CEO entrenchment is not supported.Item Text Based Similarity Metrics and Delta for Semantic Web Graphs(University of Maryland, Baltimore County, 2010-08-07) Viswanathan, Krishnamurthy; Finin, TimRecognizing that two Semantic Web documents or graphs are similar, and characterizing their differences is useful in many tasks, including retrieval, updating, version control and knowledge base editing. We describe a number of text based similarity metrics that characterize the relation between Semantic Web graphs and evaluate these metrics for three specific cases of similarity that we have identified: similarity in classes and properties used while differing only in literal content, difference only in base-URI, and versioning relationship. When one graph is judged to be a version of another, we generate a “delta” consisting of of triples to be added or removed from one graph to make them equivalent. This method takes into account the text of the RDF graph’s serialization as a document, rather than relying solely on the document URI. We have prototyped these techniques in a system that we call Similis and evaluated its performance on several tasks using a collection of graphs from the archive of the Swoogle Semantic Web search engine.Item Text Based Similarity Metrics and Delta for Semantic Web Graphs(2010-11-07) Viswanathan, Krishnamurthy; Finin, TimRecognizing that two Semantic Web documents or graphs are similar and characterizing their differences is useful in many tasks, including retrieval, updating, version control and knowledge base editing. We describe several text-based similarity metrics that characterize the relation between Semantic Web graphs and evaluate these metrics for three specialc cases of similarity: similarity in classes and properties, similarity disregarding differences in base-URIs, and versioning relation- ship. We apply these techniques for a special use case - generating a delta between versions of a Semantic Web graph. We have evaluated our system on several tasks using a collection of graphs from the archive of the Swoogle Semantic Web search engine.