Translational research organizations (TROs) seek to enhance the clinical impact of scienti c discoveries and play a multifaceted role characterized by multidisciplinary collaboration, outreach initiatives, and the provision of shared resources and facilities. Given this complexity, TROs require a exible framework for performance assessment that tracks their progress, incentivizes fruitful activities, and aligns individuals throughout the organization. We suggest a framework that assesses TRO performance along seven main dimensions-funding, talent, creation, validation, dissemination, external uptake, and collaboration-and we encourage individual organizations to develop additional metrics as needed.

CEOs of S&P 500 firms that report high non-GAAP earnings relative to GAAP earnings receive substantial unexplained pay. Crucially, this result remains even after controlling for the level of non-GAAP and GAAP earnings. These firms are relatively poor performers (i.e., low GAAP earnings and stock returns) and have less powerful CEOs, consistent with non-GAAP earnings being used as justification when high executive pay is more likely to cause outrage. Additionally, despite the lower GAAP and return performance, these firms are more likely to beat the earnings targets specified in their compensation plans, which likely increases investors’ perceptions of core operating earnings and reduces outrage. Indeed, these firms face less dissent from shareholders and proxy advisors, and no additional media scrutiny. Our evidence suggests that the fraction of CEO pay that seems attributable to opportunistic non-GAAP reporting, while limited, is economically meaningful.

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