The Effects of Gross vs.Net Asset Value-Based Managers’Compensation on REIT Capital Structure and Performance:Evidence From the Italian REIT Market

Investors should always argue about management fees because of their impact on net performance that can be substantial.This especially for investments,like real estate,which require intensive management.However,different from traditional mutual funds that are usually related to the gross value of the assets under management,but similar to other financial industry sectors(e.g.hedge funds and private equity funds),REIT managers’compensation structure typically provides a basically fixed payment based alternatively on gross asset value(GAV)or net asset value(NAV).In addition,managers usually also gain a performance fee.The paper analyses how the two alternative compensation schemes influence REITs’investment decisions and capital structure and,consequently,REITs’share value and performance.The final issue addressed is whether—and under which conditions—one compensation scheme is superior to the other.Due to the(usual)market price discount on NAVs,both fee structures incentivise managers to leverage—even in a tax-free environment—in order to maximize the management fees.However,the leverage motivation is stronger for GAV-based than for NAV-based REITs,which are also expected to be more selective in investment decisions.Overall,considering initial fee percentage,GAV-based REITs are expected to execute higher management fees than NAV-based REITs due to the relevant leverage effect.Moreover,debt recourse produces different effects on share value if measured upon market price or net asset value.The empirical analysis focuses on public Italian REITs(2002-2012).The results seem to support the theoretical expectations.GAV-based REITs experience higher debt trends and levels than NAV-based REITs.At the same time,GAV-based REITs register lower real estate asset returns gross and net of management fees for both current and growth yields.Differences in the returns lead to permanent higher performances over total return indexes of NAV-based REITs compared to GAV-based REITs.

A Study on Compensation for Management and Protection Expenses of Non-commercial Forests

This paper analyzes the compensation nature of non-commercial forests under different ownership from two aspects, namely, whether the property right is limited and whether the management and protection expense has been incurred: there are no economic loss compensation problems caused by changes and limitation of property rights for the state-owned non-commercial forests with only the compensation on management and protection expense; but for the non-commercial forests owned by collectives or individuals, double compensation for both the economic loss and management expense exists because of limitation on the property right. In addition, an inframarginal economic analysis framework has been built for the management and protection compensation problems faced by non-commercial forests under different ownership in the perspective of the division of labor. Research results show that: the compensation standard for the management and protection expenses of non-commercial forests shall fall in between the "completely self-sufficient forestry economic structure U(Ayz)" and the "completely specialized productive structure of non-commercial forests U(B1)".

Analysis and Control of S/SP Compensation Contactless Resonant Converters

非接触谐振变换器的补偿方式直接影响到系统的增益特性和控制特性，是非接触能量传输技术的研究重点之一。考虑到非接触应用场合中的变参数特性，论文提出了一种可适应负载及变压器参数变化的新型的串／串并（series／seriesparallel，S／SP）补偿拓扑。该补偿拓扑具有增益交点处输入相角为零，且增益交点值固定不随变压器耦合系数而改变的优点。论文对该新型补偿拓扑进行了特性分析；并针对其增益交点处输入相角为零以及增益交点处增益曲线相对平坦的优点，提出锁相环（phaselockloop，PLL）控制和恒频控制2种控制策略。采用所提出的补偿方式，设计了一台PLL控制60W的谐振变换器和一台1．5kW恒频控制的原理样机。实验结果与理论分析一致，验证了所提出的新型补偿方式的优点。1．5kW的样机在10cm气隙满载条件下效率达到95．2％。

High-frequency compensation for seismic data based on adaptive generalized S transform

The low-pass fi ltering eff ect of the Earth results in the absorption and attenuation of the high-frequency components of seismic signals by the stratum during propagation.Hence,seismic data have low resolution.Considering the limitations of traditional high-frequency compensation methods,this paper presents a new method based on adaptive generalized S transform.This method is based on the study of frequency spectrum attenuation law of seismic signals,and the Gauss window function of adaptive generalized S transform is used to fi t the attenuation trend of seismic signals to seek the optimal Gauss window function.The amplitude spectrum compensation function constructed using the optimal Gauss window function is used to modify the time-frequency spectrum of the adaptive generalized S transform of seismic signals and reconstruct seismic signals to compensate for high-frequency attenuation.Practical data processing results show that the method can compensate for the high-frequency components that are absorbed and attenuated by the stratum,thereby eff ectively improving the resolution and quality of seismic data.

Ibrutinib and atrial fibrillation:An in-depth review of clinical implications and management strategies

Ibrutinib,a targeted therapy for B-cell malignancies,has shown remarkable efficacy in treating various hematologic cancers.However,its clinical use has raised concerns regarding cardiovascular complications,notably atrial fibrillation(AF).This comprehensive review critically evaluates the association between ibrutinib and AF by examining incidence,risk factors,mechanistic links,and management strategies.Through an extensive analysis of original research articles,this review elucidates the complex interplay between ibrutinib’s therapeutic benefits and cardiovascular risks.Moreover,it highlights the need for personalized treatment approaches,vigilant monitoring,and interdisciplinary collaboration to optimize patient outcomes and safety in the context of ibrutinib therapy.The review provides a valuable resource for healthcare professionals aiming to navigate the intricacies of ibrutinib’s therapeutic landscape while prioritizing patient well-being.

Model test of negative Poisson’s ratio cable for supporting super-largespan tunnel using excavation compensation method

In recent years,there is a scenario in urban tunnel constructions to build super-large-span tunnels for traffic diversion and route optimization purposes.However,the increased size makes tunnel support more difficult.Unfortunately,there are few studies on the failure and support mechanism of the surrounding rocks in the excavation of supported tunnel,while most model tests of super-large-span tunnels focus on the failure characteristics of surrounding rocks in tunnel excavation without supports.Based on excavation compensation method(ECM),model tests of a super-large-span tunnel excavation by different anchor cable support methods in the initial support stage were carried out.The results indicate that during excavation of super-large-span tunnel,the stress and displacement of the shallow surrounding rocks decrease,following a step-shape pattern,and the tunnel failure is mainly concentrated on the vault and spandrel areas.Compared with conventional anchor cable supports,the NPR(negative Poisson’s ratio)anchor cable support is more suitable for the initial support stage of the super-large-span tunnels.The tunnel support theory,model test materials,methods,and the results obtained in this study could provide references for study of similar super-large-span tunnels。

Exploring Efficient Salary Management Systems:A Case Study of Hefei Yusheng Hotel Management Co.,Ltd.

The issue of brain drain poses a significant obstacle to the development of the hotel and catering industry.Attracting and retaining skilled personnel to engage in management within this sector has emerged as a primary challenge.This paper examines the current landscape of China’s catering service industry and its salary management system,identifying key challenges encountered in salary management within the industry.Drawing upon salary management theory and insights into existing challenges,the paper proposes specific treatment measures and management strategies.

Research on Financial Risk Management in the S Water Conservancy Project and Its Implications for Similar Projects

As a vital infrastructure initiative with significant impacts on national development and public welfare,water conservancy projects play an essential role in advancing agricultural development and mitigating losses caused by flooding.However,these projects often require substantial investments and extended construction periods,leading to the inevitable emergence of various financial risks during implementation.This paper aims to explore the current challenges in financial risk management of the S water conservancy project,offering practical management strategies and solutions to address these financial difficulties.Through a detailed assessment and analysis of the S water conservancy project,the study seeks to provide valuable references and insights for similar projects to better manage financial risks,ensuring their smooth progression and successful completion.The proposed control measures are designed not only to effectively mitigate the financial risks specific to the S water conservancy project but also to offer actionable lessons for other similar projects.By promoting and applying these measures,the overall financial management capabilities of the industry can be enhanced,providing robust support for the sustainable development of water conservancy projects.

Exploring the Pathways of Power Grid Marketing Management Based on Big Data

The electric power industry is undergoing profound transformations driven by big data,posing challenges to the traditional power grid marketing management model.These challenges include neglecting market demands,insufficient data support,and inadequate customer service.The application of big data technology offers innovative solutions for power grid marketing management,encompassing critical aspects such as data collection and integration,storage management,analysis,and mining.By leveraging these technologies,power grid enterprises can precisely understand customer needs,optimize marketing strategies,and enhance operational efficiency.This paper explores strategies for power grid marketing management based on big data,addressing areas such as customer segmentation and personalized services,as well as market demand forecasting and response.Furthermore,it proposes implementation pathways,including essential elements such as organizational structure and team building,data quality and governance systems,training,and cultural development.These efforts aim to ensure the effective application of big data technology and maximize its value.

Evaluation of Manager’s Performance through Stochastic Modelling

Decision making is one of the important activities of the managerial problems. Scientific methodology for quantitative techniques is an essential tool in the contemporary decision making protocols. In this paper an attempt is made to develop a stochastic model on manager’s performance appraisal. Managerial choice among the available options for decision making is formulated to obtain the stochastic process, to derive the model and to obtain statistical measures. Numerical illustrations are provided for understanding the managerial performance and its evaluation. This study is useful to assess the abilities of an employee by his/her employer. Development of Desktop automations to this study will open a wide spectrum of dynamic Decision Support Systems.

Project Manager＇s Competencies in Czech Lottery Industry Enterprise

The presented paper analyses competencies of project manager of the enterprises operating on Czech lottery market. The contribution of the paper consists of two parts. The first part focuses on the basic terminology issues and anchors concepts such as project manager and competencies. The second part is dedicated to the analyzing and evaluation of the competencies of ideal project manager of the enterprises operating on Czech lottery market and subsequent presentation and verification. For the analyzing and evaluation of the competencies of ideal project manager, the questionnaire of the scale type with the grade valuation 1-6 was applied within the frame of 20 enterprises operating on the lottery market in Czech Republic. The respondents were from the AG CZ, Ltd. and the competitors of this enterprise. Analyzed data were after the evaluation worked up into the form of graphs. The final output of this paper is the definition of the competencies of ideal project manager operating on Czech lottery market. The paper arose thanks to the project supportted by The Ministry of Education, Slovakia （Project KEGA No. 001DTI-4/2015, proposal of behavior strategies in the difficult social situations in the management of secondary school using the innovative predictive software tools） in cooperation of Dubnicky, Technological lnstitut in Dubnica nad Vahom with AG CZ, Ltd. and The Institute of Technological and Business in Ceske Budejovice.

KINGWAY'S DREAM AND GLORY--Interviewing Shenzhen Brewery Company Limited's Manager General, Yuan Youjian and his colleagues

Why could Kingway, brand of Shenzhen Brewery CompanyLimited (SBC). in so short time realize its dream and acquire glories? What is its secret in success? What do itsdecision-makers look like? With all these questions, reporter interviewed mangaer general Yuan Youjian.

Foreign Investment & China's Shipbuilding Industry——Interview with General Manager Wang Rongsheng of China Shipbuilding Industry Corporation

"China’s shipbuilding industry has boomed in the last 15 years since the end of the 1970s and has drawn attention of international shipbuilding and shipping circles even though a gap still remained between China and advanced shipbuilding countries including Japan and South Korea. China ranks among advanced shipbuilding countries relying on its own investment and enterprise development. China has opened its shipbuilding industry to the outside world for wider cooperation and more foreign involvement."

Nighttime Construction Noise Disturbance Compensation in Beijing:Taking the Tongzhou New Campus Project of Renmin University of China as an Example

By examining a specific case of compensating for nighttime construction noise in Beijing’s construction projects,we explored how the costs of mitigating construction noise disturbance could be fairly distributed among multiple construction projects near residential areas.In this process,the local government played a crucial coordinating role.According to regulations,construction units must include the costs of preventing and controlling construction noise pollution in the project cost.The construction contract should clearly specify the construction unit’s responsibility for noise pollution prevention and control.After signing the contract,the construction unit should promptly undertake relevant measures to minimize disturbances caused by nighttime construction,aiming to reduce the adverse impacts on the community and ensure the smooth progress of the construction project.

STANDING FIRM IN CHINA'S AUTO INDUSTRY——An Interview with Huang Xiaoping,General Manager of the Yuejin Auto Group Company

One day in April,our reporters visitedthis national super-large enterprise.Mr Huang Xiaoping,the generalmanager,briefed us on the company’s brilliantpast and bright future. The Yuejin Auto Group Company isfamed all over the world for producing YuejinBrand automobiles.In 1958,the firstgeneration of Yuejin Brand automobiles cameout,and China has since had its first

The Development of Managerial Assumptions about Human Nature in China： A Tale from Quanzhou

How managers’ knowledge and beliefs of human nature are formed and manifested has not been fully explored in the context of Chinese society going through rapid transition nowadays. And yet this could be the missing link in our discourse on Chinese managers. Based on a qualitative study conducted in Quanzhou, China, this study found certain assumptions of human nature that are deeply embedded in their managers’ intellectual framework, which in turn guide their managerial behaviours in diverse aspects of their work. Unless the managers are prepared to examine their own thoughts, especially those at the sub-conscious level, they would remain prisoners of their own thought, and all the efforts directed at transforming managers would be seriously compromised.

Important Guarantee for The Basic Rights of Citizens——China's State compensation system

A common folk can sue an official? This was hardly possible in the past in China where the old feudalistic tradition dies hard. But this is really possible today when the common people cannot only sue officials and also get compensation if they are wronged. State compensation system It would be inevitable for government functionaries to cause damages to some citizens, legal persons or other organizations in the course of their management of the society. That is why China has established a State compensation system to compensate for the damages to citizens, legal persons and other organizations caused by government functionaries in exercising their power.

Imprisoned Former General Manager Working for Master's Degree

The following is a narration before the video camera of the Henan TV Station on December 27, 2003 by a prison inmate named Liu Xianwei,former general manager of the Zhengzhou Sanxing Company, who is now working for a master＇s degree in the prison.