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Do Executive Compensation Contracts Maximize Firm Value? Evidence from a Quasi-Natural Experiment
Do executive compensation contracts maximize firm value? Evidence from a quasi-natural experiment Menachem (Meni) Abudy Bar-Ilan University, School of Business Administration, Ramat-Gan, Israel, 5290002 Dan Amiram Columbia University Graduate School of Business, 3022 Broadway, New York, NY 10027 Tel Aviv University, Coller School of Management, Ramat Aviv, Israel, 6997801 Oded Rozenbaum The George Washington University, 2201 G St. NW, Washington, DC 20052 Efrat Shust College of Management Academic Studies, School of Business, Rishon LeZion, Israel, 7549071 Current Draft: May 2017 First Draft: September 2016 For discussion purposes only. Please do not distribute. Please do not cite without the authors permission. Abstract: There is considerable debate on whether executive compensation contracts are a designed to maximize firm value or a result of rent extraction. The endogenous nature of executive pay contracts limits the ability of prior research to answer this question. In this study, we utilize the events surrounding a surprising and quick enactment of a new law that restricts executive pay to a binding upper limit in the insurance, investment and banking industries. This quasi-natural experiment enables clear identification. If compensation contracts are value maximizing, any outside restriction to the contract will diminish its optimality and hence should reduce firm value. In contrast to the predictions of the value maximization view of compensation contracts, we find significantly positive abnormal returns in these industries in multiple short term event windows around the passing of the law. We find that the effect is concentrated only for firms in which the restriction is binding. We find similar results using a regression discontinuity design, when we restrict our sample to firms with executive payouts that are just below and just above the law’s pay limit. -
Hamas Type of Organization
Hamas Name: Hamas Type of Organization: Political religious social service provider terrorist violent Ideologies and Affiliations: Islamist jihadist Muslim Brotherhood-affiliated group pan-Islamist Qutbist Sunni Place of Origin: Gaza Strip Year of Origin: 1987 Founder(s): Ahmed Yassin, Mahmoud Zahar, Hassan Yousef, Abdel Aziz al-Rantisi, Mohammed Hassan Shama’a, Abdul Fattah Hassan Dukhan, Ibrahim Fares Al-Yazouri, Salah Shahada (Founder of the Qassam Brigades), Issa Al-Nashar Places of Operation: Gaza Strip, West Bank, Israel, Qatar, Egypt, Lebanon, Iran Overview Also Known As: Harakat al-Muqawana al-Islamiya (Islamic Resistance Movement); Al-Tiar Al-Islami (The Islamic Stream); Al-Athja Al-Islami (The Islamic Trend)1 Executive Summary Hamas is an offshoot of the Muslim Brotherhood [1] that emerged in the Gaza Strip in the late 1980s, during the first Palestinian intifada (uprising) against Israel. The group’s ideology blends Islamism and Palestinian nationalism and seeks the destruction of Israel and the creation of an Islamic state between the Mediterranean Sea and the Jordan River.Since 2017, Hamas claims to have severed its ties to the Brotherhood. The group also receives financial and military support from Iran. Qatar has also provided significant funding for the group. Hamas uses its provision of social services to build support amongst grassroots Palestinians, helping it to win the 2006 Palestinian legislative elections. However, the group’s engagement in politics and welfare has not tempered its commitment to terrorism. Hamas’s preferred methods include suicide bombings, rocket and mortar attacks, shootings, and kidnappings. Hamas as a whole or its armed faction have been labeled terrorist organizations by the United States, Israel, the United Kingdom, the European Union, New Zealand, Australia, and Japan. -
HAGGAI PORAT – CURRICULUM VITAE E-Mail: [email protected] • Tel
HAGGAI PORAT – CURRICULUM VITAE E-mail: [email protected] • Tel. +1 617-460-3170 929 Massachusetts Ave., Cambridge, MA 02139 EDUCATION 2020–Present S.J.D. (Law) Candidate, Harvard University Law School Dissertation: Essays on the Regulation of Consumer Algorithms Dissertation supervisors: Professors Oren Bar-Gill, Louis Kaplow & Alma Cohen 2020 LL.M. (Law), Harvard University Law School (degree waved) 2020 (expected) M.A. (Economics), Tel Aviv University and the Hebrew University of Jerusalem Schools of Economics (joint research program) (requirements fulfilled, expected 08/2020) 2016 LL.B. (Law) Summa cum Laude, Valedictorian, Tel Aviv University Faculty of Law 2016 B.A. (Economics) Summa cum Laude, Tel Aviv University School of Economics AWARDS, HONORS, SCHOLARSHIPS & FELLOWSHIPS 2020 Harvard Law School John M. Olin Prize in Law and Economics (for the paper "Consumer Protection and Disclosure Rules in the Age of Algorithmic Behavior-Based Pricing") 2019 Harvard Law School LL.M. Gammon Fellowship 2019 Yale Law School LL.M. Scholarship (forfeited) 2019 Tel Aviv Faculty of Social Sciences Merit Scholarship for Graduate Students 2017–2019 Tel Aviv Graduate School of Economics Merit Scholarship (two consecutive years) 2016 Valedictorian, Tel Aviv Faculty of Law Class of 2016 2014–2015 Tel Aviv University Provost's List (two consecutive years) 2014 Dean's List, Tel Aviv School of Economics 2013–2015 Dean's List, Tel Aviv Faculty of Law (three consecutive years) PROFESSIONAL EXPERIENCE 2020–Present Harvard University Law School, Teaching Fellow Contracts (Prof. Oren Bar-Gill) 2019–Present Harvard University Law School, Research Assistant For Prof. Oren Bar-Gill, in the fields of contracts and consumer law 2017–2019 Tel Aviv University Faculty of Law, Teaching Assistant Behavioral Law & Economics (Prof. -
SEMINAR PROGRAM Final
Sunday, May 14 Striving For the Highest: From Ideals to Reality in Israel 4:00 ICJW Executive Meeting in Hannah Hall, Floor H, Herod’s Hotel 5:30 Bus leaves from entrance to Herod’s Hotel 6:00 Opening of the Seminar at the Diaspora Museum (Bet Hatfutsot) • Greetings from Museum Representative 14 MAY SUNDAY • Greetings from Galia Wolloch, Chair of the Council of Women’s Organizations in Israel • Greetings from Robyn Lenn OAM, President of ICJW 6:30 Buffet Dinner 7:30 Tour of 2 Exhibitions – Synagogues Around the World – 30 Years After Operation Moses 9:00 Bus back to Herod’s Hotel 1 INTRODUCING ICJW’S AFFILIATE IN ISRAEL: THE COUNCIL OF WOMEN'S ORGANIZATIONS IN ISRAEL The Council of Women’s Organizations in Israel (CWOI), founded in 1953, is the umbrella organization of the nine largest women’s organizations in Israel: Emunah, Naamat, WIZO, ORT Women, Soroptomists, Hadassah Women, the Association of University Women, Bnot Brit, and the Israel Women’s Lobby. The chairmanship of the CWOI rotates between Na’amat, WIZO and Emunah. CWOI is the official representative of Israeli women’s organizations to international women’s forums. CWOI is an affiliated member of the International Council of Jewish Women (ICJW), the International Council of Women (ICW- CIF), and the European Centre of the International Council of Women (ECICW). CWOI representatives have attended the CSW at the UN in New York as part of the official Israeli governmental delegations. The main issues dealt with in Israel by CWOI are raising awareness and lobbying for legislation concerning the rights and status of women and family, parity in decision-making bodies, balancing family and careers, gender equality, and the full participation of women in social, economic, and political spheres. -
When, How, and Why Did Israeli Law Faculties Come to Resemble Elite US Law Schools?
Boston University School of Law Scholarly Commons at Boston University School of Law Faculty Scholarship 2009 American Moment[s]: When, How, and Why Did Israeli Law Faculties Come to Resemble Elite U.S. Law Schools? Pnina Lahav Boston University School of Law Follow this and additional works at: https://scholarship.law.bu.edu/faculty_scholarship Part of the Legal Education Commons Recommended Citation Pnina Lahav, American Moment[s]: When, How, and Why Did Israeli Law Faculties Come to Resemble Elite U.S. Law Schools?, 10 Theoretical Inquiries in Law 653 (2009). Available at: https://scholarship.law.bu.edu/faculty_scholarship/579 This Article is brought to you for free and open access by Scholarly Commons at Boston University School of Law. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Scholarly Commons at Boston University School of Law. For more information, please contact [email protected]. AMERICAN MOMENT[S]: WHEN, HOW, AND WHY DID ISRAELI LAW FACULTIES COME TO RESEMBLE ELITE U.S. LAW SCHOOLS? Boston University School of Law Working Paper No. 09-32 (July 29, 2009) Pnina Lahav This paper can be downloaded without charge at: http://www.bu.edu/law/faculty/scholarship/workingpapers/2009.html Electronic copy available at: http://ssrn.com/abstract=1440864 Theoretical Inquiries in Law Volume 10, Number 2 July 2009 Article 13 HISTORIES OF LEGAL TRANSPLANTATIONS American Moment[s]: When, How, and Why Did Israeli Law Faculties Come to Resemble Elite U.S. Law Schools? Pnina Lahav∗ ∗, Copyright c 2009 The Berkeley Electronic Press. All rights reserved. Electronic copy available at: http://ssrn.com/abstract=1440864 American Moment[s]: When, How, and Why Did Israeli Law Faculties Come to Resemble Elite U.S. -
The IDF in the Second Intifada
Volume 13 | No. 3 | October 2010 A Decade since the Outbreak of the al-Aqsa Intifada: A Strategic Overview | Michael Milstein The IDF in the Second Intifada | Giora Eiland The Rise and Fall of Suicide Bombings in the Second Intifada | Yoram Schweitzer The Political Process in the Entangled Gordian Knot | Anat Kurz The End of the Second Intifada? | Jonathan Schachter The Second Intifada and Israeli Public Opinion | Yehuda Ben Meir and Olena Bagno-Moldavsky The Disengagement Plan: Vision and Reality | Zaki Shalom Israel’s Coping with the al-Aqsa Intifada: A Critical Review | Ephraim Lavie 2000-2010: An Influential Decade |Oded Eran Resuming the Multilateral Track in a Comprehensive Peace Process | Shlomo Brom and Jeffrey Christiansen The Core Issues of the Israeli–Palestinian Conflict: The Fifth Element | Shiri Tal-Landman המכון למחקרי ביטחון לאומי THE INSTITUTE FOR NATIONAL SECURcITY STUDIES INCORPORATING THE JAFFEE bd CENTER FOR STRATEGIC STUDIES Strategic ASSESSMENT Volume 13 | No. 3 | October 2010 CONteNts Abstracts | 3 A Decade since the Outbreak of the al-Aqsa Intifada: A Strategic Overview | 7 Michael Milstein The IDF in the Second Intifada | 27 Giora Eiland The Rise and Fall of Suicide Bombings in the Second Intifada | 39 Yoram Schweitzer The Political Process in the Entangled Gordian Knot | 49 Anat Kurz The End of the Second Intifada? | 63 Jonathan Schachter The Second Intifada and Israeli Public Opinion | 71 Yehuda Ben Meir and Olena Bagno-Moldavsky The Disengagement Plan: Vision and Reality | 85 Zaki Shalom Israel’s Coping with the al-Aqsa Intifada: A Critical Review | 101 Ephraim Lavie 2000-2010: An Influential Decade | 123 Oded Eran Resuming the Multilateral Track in a Comprehensive Peace Process | 133 Shlomo Brom and Jeffrey Christiansen The Core Issues of the Israeli–Palestinian Conflict: The Fifth Element | 141 Shiri Tal-Landman The purpose of Strategic Assessment is to stimulate and Strategic enrich the public debate on issues that are, or should be, ASSESSMENT on Israel’s national security agenda. -
Female Suicide Bombers: Dying for Equality?
Female Suicide Bombers: Dying for Equality? Edited by Yoram Schweitzer The Jaffee Center for Strategic Studies (JCSS) JCSS was founded in 1977 at the initiative of Tel Aviv University. In 1983 the Center was named the Jaffee Center for Strategic Studies – JCSS – in honor of Mr. and Mrs. Melvin Jaffee. The purpose of the Jaffee Center is, first, to conduct basic research that meets the highest academic standards on matters related to Israel’s national security as well as Middle East regional and international security affairs. The Center also aims to contribute to the public debate and governmental deliberation of issues that are – or should be – at the top of Israel’s national security agenda. The Jaffee Center seeks to address the strategic community in Israel and abroad, Israeli policymakers and opinion-makers, and the general public. The Center relates to the concept of strategy in its broadest meaning, namely the complex of processes involved in the identification, mobilization, and application of resources in peace and war, in order to solidify and strengthen national and international security. Female Suicide Bombers: Dying for Equality? Edited by Yoram Schweitzer Memorandum No. 84 August 2006 Jaffee Center for Strategic Studies טרור המתאבדות: מתות לשוויון? יורם שוייצר, עורך This study is published with the assistance of the gift of the late Esther Engelberg Editor: Judith Rosen Graphic Design: Michal Semo Cover Design: Yael Kfir Printing House: Kedem Printing Jaffee Center for Strategic Studies Tel Aviv University Ramat Aviv Tel -
The Interuniversity Institute for Marine Sciences in Eilat Most Active Non-Resident Researchers
The Interuniversity Institute for Marine Sciences in Eilat Most Active Non-Resident Researchers Short CVs and lists of 5 significant recent publications Abelson, Avigdor – Tel Aviv U. Lazar, Boaz –Hebrew U. Abramovich, Sigal – Ben Gurion U. Levy, Oren – Bar Ilan U. Addadi, Lia – Weizmann Inst. Lindell, Debbie – Technion Agnon, Amotz –Hebrew Univ. Lotan, Tamar – U. Haifa Beja, Oded – Technion Loya, Yossi – Tel Aviv U. Belmaker, Jonathan – Tel Aviv U. Mass, Tali – U. Haifa Benayahu, Yehuda – Tel Aviv U. Oren, Aharon – Hebrew U. Berman-Frank, Ilana – Bar Ilan U. Shashar, Nadav – Ben Gurion U. Dubinsky, Zvy – Bar Ilan U. Shavit, Uri – Technion Erez, Jonathan – Hebrew U. Shemesh, Aldo –Weizmann Inst. Gildor, Hezi – Hebrew U. Shenkar, Noa – Tel Aviv U. Goodman-Tchernov, Beverly – U. Haifa Sher, Daniel – Haifa U. Ilan, Micha – Tel Aviv U. Tchernov, Dan – U. Haifa Iluz, David – Bar Ilan U. Treibitz, Tali – U. Haifa Keren, Nir –Hebrew Univ. Vardi, Assaf - Weizmann Kushmaro, Ariel – Ben Gurion U. Weiner, Steve –Weizmann Inst. Prof. Abelson, Avigdor (Back to top of document) Affiliation: Dept. of Zoology, Faculty of Life Sciences, Tel Aviv University Tel. No: 972-3-6407690; 972-3-6406936; 972-54-6967555 Email: [email protected] URL: https://en-lifesci.tau.ac.il/profile/avigdor Academic Degrees: 1981-1984 B.Sc. The Hebrew University of Jerusalem, Israel 1985-1987 M.Sc. Tel Aviv University, Israel 1987-1993 Ph.D. Tel Aviv University, Israel 1993-1995 Post-doctoral fellow Stanford University, USA Academic Positions: 2007-present Associate Professor Dept. of Zoology, Tel Aviv University 1999-2007 Senior Lecturer Dept. of Zoology, Tel Aviv University 1995-1999 Lecturer Institute of Nature Conservation, Tel Aviv University Selected Awards: 1989 Mifal-Hapais - Landau Award for Graduate Students 1989 The Zoological Society of Israel - Blondheim Prize for the best M.Sc. -
Purpose-Driven Boundary Maintenance in Palestine, 1967-2016
Cooperating with the Enemy: Purpose-Driven Boundary Maintenance in Palestine, 1967-2016 by Daniel Nerenberg B.A. in and Middle East Studies, May 2004, McGill University M.A. in Political Science, May 2006, McGill University A Dissertation submitted to The Faculty of The Columbian College of Arts and Sciences of The George Washington University in partial fulfillment of the requirements for the degree of Doctor of Philosophy August 31, 2016 Dissertation directed by Nathan Brown Professor of Political Science and International Affairs The Columbian College of Arts and Sciences of The George Washington University certifies that Daniel Nerenberg has passed the Final Examination for the degree of Doctor of Philosophy as of July 22, 2016. This is the final and approved form of the dissertation. Cooperating with the Enemy: Purpose-Driven Boundary Maintenance in Palestine, 1967-2016 Daniel Nerenberg Dissertation Research Committee: Nathan Brown, Professor of Political Science and International Affairs, Dissertation Director Marc Lynch, Professor of Political Science and International Affairs, Committee Member Henry Hale, Professor of Political Science and International Affairs, Committee Member ii © Copyright 2016 by Daniel Nerenberg All rights reserved iii Acknowledgements After seven years of researching and writing, and a dozen prior to that getting to know the case, the list of good people who have influenced the process and outcome of this dissertation is too long to fit this small space. But some cannot go unmentioned. Ronit Avni, for starting me on this path, sparking my interest with her compassionate but incisive voice on movement building and the struggle for rights in Palestine and Israel. -
Identification and Authentication: Technology and Implementation Issues Moshe Zviran Tel Aviv University, [email protected]
Communications of the Association for Information Systems Volume 17 Article 4 January 2006 Identification and Authentication: Technology and Implementation Issues Moshe Zviran Tel Aviv University, [email protected] Zippy Erlich The Open University of Israel Follow this and additional works at: https://aisel.aisnet.org/cais Recommended Citation Zviran, Moshe and Erlich, Zippy (2006) "Identification and Authentication: Technology and Implementation Issues," Communications of the Association for Information Systems: Vol. 17 , Article 4. DOI: 10.17705/1CAIS.01704 Available at: https://aisel.aisnet.org/cais/vol17/iss1/4 This material is brought to you by the AIS Journals at AIS Electronic Library (AISeL). It has been accepted for inclusion in Communications of the Association for Information Systems by an authorized administrator of AIS Electronic Library (AISeL). For more information, please contact [email protected]. Communications of Association for Information Systems (Volume 17 2006) 90-105 90 IDENTIFICATION AND AUTHENTICATION: TECHNOLOGY AND IMPLEMENTATION ISSUES Moshe Zviran Tel Aviv University [email protected] Zippy Erlich The Open University of Israel ABSTRACT Computer-based information systems in general, and Internet e-commerce and e-business systems in particular, employ many types of resources that need to be protected against access by unauthorized users. Three main components of access control are used in most information systems: identification, authentication, and authorization. In this paper we focus on authentication, which is the most problematic component. The three main approaches to user authentication are: knowledge-based, possession-based, and biometric-based. We review and compare the various authentication mechanisms of these approaches and the technology and implementation issues they involve. -
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Leslie Broudo-Mitts — Welcome everyone to this extraordinary roundtable we are fortunate to hold. Today’s topic is two-part: One is the transformation that business schools and MBA programs are undergoing, and one the context and the ecosystems within which we, the leaders of these programs, find ourselves. Let’s start with the first. These days, a lot and we are thinking about a new academic of people are talking about combining model based, again, on the intersection business with engineering and computer of engineering, science, and business. science. Thinking about this but extending Boey — more broadly, what are your thoughts That is impressive. I’d say that the push for in terms of how collaborations within entrepreneurship in Singapore is slightly the university context has changed, and different. There has been a very substantial how it might change going forward? amount of funding from the government Tam — to the University, a lot of emphasis on Allow me to begin. We started to bring translating money from research to in the entrepreneurship element into our impact. So, really a question of translating teaching and also into our research mission investments to achieve economic and social about twenty years ago. We received a impact. That’s the question that we are lot of initial attention. About six or seven working on for the last couple of years. years ago, some of our student startups We are sending undergraduate students turned out to be very successful and they around the world; today, there are 300 invested in us. So, at this point, we have a of them: from Stockholm to Munich, Tel university-wide entrepreneurship minor, so Aviv, Haifa, Beijing, Shanghai, Shenzhen, any student from any school, if he or she is Vietnam, Indonesia, Silicon Valley. -
Nechama Rivlin Dies at 73 Looking for Future Leaders
Editorials ..................................... 4A Op-Ed .......................................... 5A Calendar ...................................... 6A Scene Around ............................. 9A Synagogue Directory ................ 11A News Briefs ............................... 13A WWW.HERITAGEFL.COM YEAR 43, NO. 41 JUNE 14, 2019 13 SIVAN, 5779 ORLANDO, FLORIDA SINGLE COPY 75¢ Nechama Rivlin dies at 73 Gideon Markowicz/Flash90 Israel’s President Reuven Rivlin with his wife, Nechama Rivlin, during the French Ambassador’s ceremony award- ing the Legion Honor, at the ambassador’s home in Jaffa, on June 18, 2014. (Israel Hayom via JNS)— was a trusted adviser through- Nechama Rivlin, the wife out his political career. of President Reuven Rivlin, She is survived by her Congratulations to the Jewish Academy of Orlando graduating class of 2019. passed away at Rabin Medical husband, three children and Center in Petach Tikvah on seven grandchildren. Tuesday, June 4, 2019, a day In a statement, the presi- before her 74th birthday. dent thanked the hospital’s Graduates of Jewish Academy find Israel’s first lady had suf- staff for the “dedicated, sen- fered from pulmonary fibro- sitive and professional treat- sis, a condition in which scar ment she received over the last success in local private and public schools tissue accumulates in the few months, nights and days, lungs and makes it difficult with a broad and welcoming On May 30, Jewish Academy of Orlando year. In mathematics, the students to graduate students that are prepared, to breathe, and had undergone heart.” celebrated the class of 2019 with accep- were assessed at a grade level of 7.2, happy, confident, and ready for the a lung transplant in March.