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An-Jui Li,Joram Wachira Mburu,Chao Wei Chen,Kuo-Hsin Yang 대한토목학회 2022 KSCE JOURNAL OF CIVIL ENGINEERING Vol.26 No.3
Matric suction plays a key role in slope stability by conferring an apparent cohesion component to the unsaturated portion of the soil. This paper adopts the total cohesion method to investigate the contribution of apparent cohesion on the stability of silty slopes under hydrostatic conditions. Phase2 and Optum G2 numerical programs, based on strength reduction finite element analysis and finite element limit analysis methods, respectively, are used for numerical analysis. Generally, Phase2 and Optum G2 results are in good agreement with each other. Optum G2 yields slightly higher factor of safety results than Phase2, particularly for steep slopes β ≥ 30°. The results are presented in form of stability charts which are validated with a case from a previous study. Notably, the contribution of apparent cohesion to unsaturated shear strength is most pronounced when varying the water table. An examination of the slope failure mechanism reveals that the toe failure mechanism is the dominant failure mechanism. The depth of the failure surface is most sensitive to changes in the slope angle, cohesion and water table position. The influence of the air-entry value on the depth of the failure surface is contingent upon the location of the water table.
The Effects of Executive Stock Options and Stock Bonuses on Payout Policies in Taiwan
Chia-Ying Chan,Vivian W. Tai,Chi-Hung Chan,Kuo-An Li 한국증권학회 2012 Asia-Pacific Journal of Financial Studies Vol.41 No.2
This study investigates how executive stock-based compensation affects the payout policies of a company. Stock bonuses, which are dividend-protected, induce executives to pay out cash dividends. Conversely, stock options, which are not dividend-protected, discourage the payment of dividends. We posit that the structure of executive stock-based compensation plays a crucial role in determining the payout policies of a firm, particularly for those firms with higher percentages of institutional investors and shareholders with ultimate controlling power. We further examine the effects of the 2008 stock option expensing policy reform in Taiwan as well as the repercussions, if any, that this policy had on payout choices in 2009. The empirical results not only indicate that executive stock-based compensation has a conspicuous influence on the payout policies of a firm, but also that there is a positive relation between stock bonuses and cash dividends. Furthermore, in the case of Taiwan, which has a relatively low corporate income tax rate, firms with higher percentages of shareholders with ultimate controlling power have less preference to pay cash dividends and greater preference to retain profits within the company.