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In the present study, using a novel fractional logit model, the link between R&D (Research & Development) investment and shareholder value-based CEO (Chief Executive Officer) compensation has been examined within the non-financial sector in the Euro area economies using a firm-level dataset for 2002–2019.

The fractional logit model is utilized to examine the effects of corporate payment on R&D investment. The fractional logit model can be considered the empirical approach that takes into account R&D non-performer firms to avoid reducing the sample size. The fractional logit model is superior to the censored or truncated models, like Tobit, since the fractional logit model is useful to address the econometric limitations that are found in the censored and truncated models in the non-linear models.

The findings obtained in this study showed a significant and negative effect of short-term aim-based CEO payment on R&D expenditures in the Euro area economies using firm-level data. These findings are robust to different robustness checks and modeling alternatives.

To the author's knowledge, there is no study that examines the effects of short-term shareholder value maximization-based CEO compensation on R&D in the European context in the literature.

THE paper reviews the problem of the influence of the walls of a closed tunnel in increasing the velocity in the neighbourhood of a model under test. It is shown that, for a perfect fluid, considerations of continuity suffice to establish an exact value of the mean interference velocity for any cross‐section of the tunnel. This mean interference velocity is expressed in terms of the perturbation velocity which would be caused by the same model in the absence of the walls. The linearized theory of subsonic compressible flow is applied and it is shown that the interference velocity for a small two or three dimensional model is increased in proportion to l/β3, where β=√(l—M2) and M is the Mach number. Interference caused by a body with a long parallel middle body, the influence of the wake from a model and of the boundary layer on the tunnel walls are briefly considered.

Many public sector organizations use outsourcing in an effort to take advantage of a private contractor’s experience and economies of scale, thereby allowing them to provide high quality public services at a low cost. Although it has received considerable attention in the public policy and management literature for almost three decades, outsourcing has not always achieved a municipality’s goals. To address the strategic and managerial issues of outsourcing, we combine a literature review with data obtained from a field study of three Italian municipalities. The resulting framework can assist public sector managers to determine both the services that are the best candidates for outsourcing, and the issues that must be considered in managing the chosen vendors to guarantee high quality and cost-effective results.

The Minister of Technology, Mr Anthony Wedgwood Benn, has appointed Professor A. D. Young to be Chairman of the Aeronautical Research Council. The appointment takes effect from 1st April, 1968. Professor Young is Vice Principal and Professor of Aeronautical Engineering, Queen Mary College, London University.

The latest information from the magazine chemist is extremely valuable. He has dealt with milk‐adulteration and how it is done. His advice, if followed, might, however, speedily bring the manipulating dealer before a magistrate, since the learned writer's recipe is to take a milk having a specific gravity of 1030, and skim it until the gravity is raised to 1036; then add 20 per cent. of water, so that the gravity may be reduced to 1030, and the thing is done. The advice to serve as “fresh from the cow,” preferably in a well‐battered milk‐measure, might perhaps have been added to this analytical gem.

Theatre in education (TIE) has recently been advocated as an effective health education method with young people. However, evaluation findings to date have been mixed. Describes the evaluation of a TIE project involving 19 African and African‐Caribbean young people in inner‐city London. Project objectives included the development of social skills, performing arts skills and opportunities to learn about relevant health topics. The project consisted of workshop sessions culminating in performances at a local theatre. Contextual factors and stakeholder expectations encouraged the development of an innovatory evaluation workshop method. Findings suggested that the intervention was largely successful, with participants reporting opportunities to learn about and discuss relevant health‐related topics, and enhanced social skills and confidence. The evaluation concluded that actively involving young people, addressing their concerns and using activities that engage them in productive group work processes, can be usefully applied whatever the resources available.

AERONAUTICS owes much to the selfless devotion and enthusiasm of its early pioneers. As was noted by the author in the Fourth Lanchester Memorial Lecture,1 Queen Mary College can claim to have the oldest established University Department of Aeronautical Engineering in the country due to the pioneer work of Dr A. P. Thurston, a graduate of the College, t It was in 1908 that he decided to establish an Aeronautical Laboratory there. He inspired the interest and support of like‐minded friends and Mr P. Y. Alexander, in particular, contributed a major part of the funds required to equip the laboratory. From Professor J. L. S. Hatton, the then Principal of the College, Dr Thurston received warm encouragement and the space for the venture, but College funds were then less than adequate for its longer established activities, and so the College could not afford to offer financial support to the new venture in its early days.

IN high‐speed level flight in the compressibility region an entirely new factor makes its appearance, viz: small variations of atmospheric density and speed of sound with height. This factor affects dynamic stability due to continuous changes of height during longitudinal disturbances; there is no effect in lateral disturbances. The affects are very small in low‐speed flight but they increase steadily with Mach number. The short‐period oscillations are not affected but the corrections to phugoid motion become appreciable in high subcritical flight, larger in supercritical (transonic) range, and very important in supersonic flight. The effects of compressibility are of paramount significance but they should be considered in conjunction with varying height effects. Another result of the investigation is the appearance of a new mode of disturbance, due to the stability quartic being converted into a quintic. The fifth (real) root is often small, it may vary in sign according to aerodynamic properties of the aircraft and characteristics of the power unit. The new mode is a subsidence or a divergence, and it determines height stability or instability, hence it may show to what extent an aircraft is able to keep constant altitude over long stretches of time.

Detailed step by step calculations have been made of the recovery with fixed elevator from a high speed dive for three different aircraft; for these calculations measured wind tunnel data were used. The aircraft differed markedly in the behaviour of their restoring margin Km=− (∂Cm/∂CL)M. The calculations demonstrated in all cases an initial, rapidly damped, short period oscillatory phase, a nearly constant value of ρV2 throughout the recovery, and subsequent to the initial oscillatory phase Cm was small. These results enable three different approximate methods for calculating the recovery after the initial oscillatory phase to be developed. The first is applicable where only a rough estimate of the recovery characteristics is required and the value of Km is about 0·3 or greater; it is very simple and quick to apply. The second is only a little more complicated and is found to give reliable results where Km is of the order of 0·1 or greater. The third method is the most complicated of the three but is still fairly simple and quick and it can be expected to give reliable results in all cases except where Km is appreciably negative for a considerable portion of the recovery. In the latter case, however, the aircraft is liable to be unstable and detailed step by step calculations or simulator studies are essential for an accurate assessment of the recovery. The main features of the initial oscillatory phase are satisfactorily predicted by Gates' manoeuvrability theory if the restoring margin Km is adequately positive (that is, greater than about 0·005) and if this factor docs not vary rapidly with Mach number at that stage. No detailed investigation has been made for aircraft diving at supersonic speeds; however, it seems likely that the general results of this investigation will still apply in such cases.

This paper aims to examine the applicability of the benefits theory of nonprofit finance to an international sample of social enterprises (SEs).

This research analyzes the revenue sources of SEs through the lens of benefits theory. In particular, the authors test the links between revenue sources and the character of an enterprise’s mission. This study uses data on 545 SEs collected by the International Comparative Social Enterprise Models project, which was an international collaborative effort of more than 200 researchers. The authors use cross-sectional multivariate regression to identify the factors which influence the revenue portfolios of SEs.

The findings provide evidence of SE revenue portfolios that are nuanced and complicated. Benefits theory helps to illuminate this nuance. The application of benefits theory to SE goes beyond the traditional characterization of the publicness and privateness of goods and services to include the intended beneficiaries, the nature of benefits they receive and the management practices followed to assure distribution of benefits to intended beneficiary groups. By analyzing the public (and private) goals of SEs, such as employment generation and food security, the authors gain an understanding of what they really do, and hence, how they can be best financed.

This study provides empirical support to the applicability of benefits theory to SEs, which provides both theoretical advancement and practical implications.