Public Communications and the Foreign Exchange Risk Around the Global Financial Crisis

This study explores the effect of four public communication attributes and macroeconomic news surprises on the conditional mean, volatility, and the jump components of the euro-dollar, pound-dollar, and yen-dollar foreign exchange rates from November 1st, 2004 to February 28th, 2015. We extract key attributes from central bank senior official speeches and examine their impact on currencies. We show that price diffusion components respond differently to such attributes across economic states. In addition, volatility exhibits the highest response to the four attributes during the US crisis compared to return and jump components. We find that even though the central bank chairman position has significant impact in general on the price diffusion components, some chairmen have no effect. Yet, the name and personality of the central bank officials matter for the foreign exchange market. We also find that the market fluctuates significantly to speeches related to Economy, Monetary, Interest rate and Real Estate Market during the US crisis. Additionally, central banks play important roles in influencing the market. ECB has a significant effect on returns across all three currencies during the US crisis and plays an important role by affecting the volatility during all periods. Moreover, the central bank chairman can generate greater market reaction than the other positions as it consistently increases the volatility across our sample

Equity research - Hapag-Lloyd, AG

Mestrado Bolonha em FinançasThe Equity Research report of Hapag-Lloyd, AG was written based on the research report format of ISEG’s Master Final Work also recommended by the CFA Institute, divided into the following 8 parts: Research Snapshot, Business Description, Management and Corporate Governance which also includes Environmental, Social and Governance, Industry Analysis, Investment Summary, Valuation, Financial Analysis, Investment Risks. Hapag-Lloyd is the 5th largest container liner shipping company that operates worldwide with 421 sales offices in 137 counties. The core business of Hapag-Lloyd is container liner shipping, but also includes transport services from door to door. Its leading market position is evidenced by its transport capacity of 1.8m TEU and revenue of €22.3bn in FY2021, a sharp increase of 74% compared to FY2020. With the closing price at €177.6 per share on 30th December 2022 and a calculated price target of €207.84 for 2023YE, Hapag-Lloyd's recommendation is "Hold" given its high exposure to economic cycles and the high-risk profile indicated by its "single" business segment. The price target is estimated based on the DCF model as the primary methodology, supported by other absolute and relative methods, representing an upside potential of 17.03%. Hapag-Lloyd expects to deliver solid financial performance in 2022, because of ultrahigh freight rates resulting from supply chain disruptions and high demand for goods.O relatório de Equity Research da Hapag-Lloyd, AG foi escrito com base no formato de relatório de pesquisa do Trabalho Final de Mestrado do ISEG, recomendado pelo CFA Institute, tendo sido dividido nas seguintes 8 partes: Research Snapshot, Business Description, Management and Corporate Governance que também inclui o Environmental, Social and Governance, a Industry Analysis, o Investment Summary, a Valuation, a Financial Analysis, bem como Investment Risks. A Hapag-Lloyd é a quinta maior empresa de transporte marítimo de contentores a nível mundial, com 421 escritórios distribuídos por 137 países. A principal linha de negócio da Hapag-Lloyd é o transporte marítimo de contentores, porém a mesma também presta serviços transporte da porta à porta. Sua posição de líder de mercado é apoiada pela sua capacidade de transporte de 1,8 milhões de toneladas e volume de negócios de €22,3 bilhões em 2021, um incremento significativo de 74% por comparação a 2020. Com o closing price de €177,6 por ação a 30 de dezembro de 2022 e um price target estimado de €207,84 para o o final de 2023, a recomendação para a Hapag-Lloyd é "Hold", tendo em conta a sua elevada exposição a ciclos económicos e o elevado perfil de risco do seu modelo de negócio, caracterizado por um segmento único. O price target foi determinado com base no modelo DCF como metodologia principal, apoiado por outros métodos absolutos e relativos, representando deste modo um potencial de valorização de 17,03%. A empresa espera demonstrar uma performance financeira sólida em 2022, devido às tarifas de frete extremamente elevadas, resultantes de interrupções na cadeia de abastecimento e elevada procura agregada de bens.info:eu-repo/semantics/publishedVersio

Opto-mechanical manipulation of indium atoms

Indium is a technologically interesting element in the semicoductor and opto-electronics industry. Instead of other usually applied methods, we try to fabricate nano-structures of indium with atom lithography. The simulations show that the feature size of the structures is strongly dependent of the divergence of the indium atomic beam. Thus laser cooling is applied for transverse collimation. For laser cooling of indium, two wavelengths, i.e., 410nm and 451nm, of laser light are used. Light at 410nm is accessed by GaN diode lasers, while light at 451nm is generated by frequency-doubling a Ti-Sa laser emmiting at 902nm. The laser frequnecies are stabilized on the atomic resonance lines with the spectroscopic methods. We observed the optical manipulation of the indium atomic beam with laser light at both wavelengths and even one wavelength at 410nm. The possible mechanisms are also discussed in the thesis.Opto-Mechanische Manipulation der Indium Atome Indium ist ein technologisch interessantes Element auf dem Gebiet von Halbleiter und Opto-Elektronik Industrie. Neben anderen üblichen Methoden, versuchen wir mit Atomlithographie, die Nano-Strukturen von Indium herzustellen. Die Simulationen zeigen, dass die Größen der Strukturen stark abhängig von der Divergenz des Atomstrahles sind, deswegen ist Laserkühlung für transversale Kollimation benutzt. Für Laserkühlung von Indium sind zwei Wellenlängen, i.e., 410nm und 451nm, erforderlich. Laser bei 410nm ist mit GaN Diodenlasers angeboten und Laser bei 451nm ist mit Frequenzverdopplung von einem Ti-Sa Laser erzeugt. Mit spektroskopischen Methoden sind die Laserfrequenzen auf Atomübergängen stabilisiert. Wir haben die optische Manipulation von Indium Atomstrahl mit sowohl beiden Wellenlängen als auch nur einer Wellenlänge bei 410nm beobachtet. Die mögliche Mechanismus sind in der Dissertation auch diskutiert

The Notional Syllabus used in an Intercultural Communication Course in Sweden: A Needs Analysis

This qualitative study aims to investigate whether the use of the notional syllabus in an Intercultural Communication IC Course in Sweden satisfies Chinese exchange students needs and to evaluate to what extent their needs are met The research approach adopted in this article includes a structured interview and introspection The findings indicate that with the aid of the notional syllabus the course meets Chinese learners demands on the aspects of situation stakeholder and theory It should also be highlighted that lacking systemic language instructions is an inherent weakness of the notional syllabus How to balance the requirements of both the IC and English for Specific Purpose ESP course to fulfill learners needs is mainly determined by the teache