Executive Stock Option, Mediation of Agency Costs and Allocation of Power in Levered Firms

The relationship between options and agency costs in levered firms is studied by modeling the effect of executive stock options on the manager‘s investment strategy in levered firms. Stock options do not necessarily aggravate agency costs in levered finns. The corporate governance affects agency costs greatly. If debt-holders were entitled to design executive stock options together with stockholders, by allocating power properly between stockholders and debt-holders, firm value could be enhanced greatly. The following way of allocating power between the two parties is proposed: the exercise price should be the weighted average of the stockholders‘ and debtholders‘ suggested exercise prices. The weight allocated to debt-holders is positively related to the amount of debts that debt-holders lend to stockholders.     

Journal of Southwest Jiaotong University （English Edition） General Contents of Vol. 14, 2006

No.1Connectivity-Based Watermarking Robust to Geometrical Attacks…………………………………Wang HongxiaLuo Jian1Improved Parallel Three-List Algorithm for the KnapsackProblem without Memory Conflicts……………………………………………………Pan JunLi KenliL     

Interactions of a Plant Symbiont, Trichoderma Harzianum Strain T22, with Plants and Plant Pathogens

~~Interactions of a Plant Symbiont, Trichoderma Harzianum Strain T22, with Plants and Plant Pathogens@Gary E. Harman$Cornell Univ. Geneva, NY 14456,USA     

Structural Characteristics and Mechanical Properties of Rock Mass in the Field of Tianwan Nuclear Power Plant, China

Introduction The project of Tianwan Nuclear Power Plant,located in Pashan, at the south foot of HouyuntaiMount, northeast of Lianyungang City, JiangsuProvince, is entitled State Key Project in collabo-ration with Russia. This project is carried out atthree phases, with two reactors to be built at eachphase. Important constructions such as the nuclearislets and the normal islets are all situated at thebedrock zone. With regard to the field study of thenuclear power plant, the authors have…     

Minimal Enclosing of an MPT （v,λ） in a TS （u,λ＋1）

Let MPT (v,λ) denote a maximum packing of triples of order v with index λ and TS (u,λ) denote a triple system of order u with index λ. In this paper, for v≥6, we determine necessary and sufficient condition for enclosing an MPT (v,λ) in a TS (v m,λ 1) with index λ increased by 1 and minimal increase in extra points.     

Minimal Enclosing of an MPT （v,λ） in a TS （v＋l,μ）

Let MPT (v,λ) denote a maximum packing of triples of order v with index λ and TS (u,λ) denote atriple system of order u with index λ. In this paper, for v≥6, we determine necessary and sufficient conditions forenclosing an MPT (v，λ) in a TS (v l ,λ m) with one extra point and minimal increase in λ.     

Minimal Enclosing of an MPT (v,λ) in a TS (v+1,μ)

IntroductionA maximum packing of triples( or simply amaximum packing) of order v with indexλ,denot-ed by MPT( v,λ) ,is a pair( V,B) where V is a v-set and B is a collection of 3- subsets ( called blocksor triples) of V such that1 each2 - subset of V iscontained in atmostλ triples,2 if C is any collec-tion of 3- subsets satisfying 1 then | B|≥ | C| .Let ( V,B) be an MPT ( v,λ) ,the leave of ( V,B) ,denoted by L ( v,λ) ,is a multigraph( V,E)when an edge {x,y}∈ E with multiplicity…     

Controllability, Observability and Stability for a Class of Fractional-Order Linear Time-Invariant Control Systems

IntroductionThe concepts of controllability and observabil-ity,introduced by Kalman[1] ,are of extreme im-portance in control theory and engineering. Thereal objects are generally fractional[2 ] ,however,the control systems used so far are all consideredas integer- order systems.Disregarding the real or-der of the systems was caused mainly by the com-plexity and the absence of adequate mathematicaltools.The fractional calculus theory was devel-oped by a lotof mathematicians and the applicatio…     

Construction of a Cucumber Genetic Linkage Map with RAPD, SRAP and SSR Markers

Cucumber (Cucumis sativus L., 2n=2x=14)is one of the major vegetables with a planting areasecond to that of tomato in the world[1]. China isthe largest cuclnnber production country in theworld. According to the statistic data in 2002, thecucumber planting area and its total yield in Chinaaccounted for 56.54 % and 56.50 % of those inthe world, respectively[2]. Being important to thevegetable supply yearly in China, cucumber coversabout 50 % of all the protect-planting area[2]. Butin contrast …     

Prediction of Welding Deformation of Underframe

IntroductionWelding deformation is a common and impor-tant problem in industry.In the last decades re-searchers have made efforts to predict and controlwelding deformation.There are usually three waysto determine the welding deformation:1 experi-ential formulas.2 Thermal elastic- plastic FEMmethod.3 Inherent strain method based onFEM[1～ 3 ] .Experiential formulas are only fit for simpleshape structures.Current thermal elastic- plasticmethod usually simulated either small or simplestructur…     

Regularity of solutions of obstacle problems

In this paper, we improved the regularity results of obstacle problems, in which the smooth conditions of the coefficients a^ij （x） are released from C^1 （^-Ω） to L^∞ （Ω） .     

iversity, Chongqing 400038,

anics were extracted with hexane and determined qualitatively by gas chromatogr