Theoretische Fragestellungen zur Bewertung von Unternehmen

Die vorliegende kumulative Dissertationsschrift beschäftigt sich mit theoretischen Fragestellungen der Finanzwissenschaft im Bereich des Asset Pricing und im Detail der Unternehmensbewertung. Dabei wird sowohl auf Problemstellungen der akademischen und praxisnahen Forschung eingegangen. Der erste Artikel beschäftigt sich mit der Fragestellung welche Implikationen die Annahme einer arithmetischen Brownschen Bewegung auf bestimmte Aspekte der Unternehmensbewertung hat. Es folgen drei Artikel die sich auf unterschiedliche Weise mit der Zinsschrankenregelung auseinandersetzen. Die darauf folgenden zwei Artikel behandeln hauptsächlich die Modellierung von Insolvenz im Rahmen der Unternehmensbewertung bei Annahme verschiedener Finanzierungspolitiken. Der achte Artikel geht näher auf die Thematik der empirischen Bestätigung bestimmter Kapitalstrukturtheorien ein. Die Dissertation schließt mit einem Artikel zu wichtigen Parametern für die Unternehmensbewertung.:1. Thematische Einordnung und Forschungsbeitrag … 1 2. The Arithmetic Brownian Motion in Corporate Valuation … 12 3. Die Bewertung der Zinsschranke … 52 4. Zinsschranke, Unternehmensbewertung und APV-Ansatz- eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.) … 97 5. Der Einfluss der Zinsschranke auf den Unternehmenswert … 122 6. Tax Shield, Insolvenz und Zinsschranke … 147 7. Tax Shield, Insolvenzwahrscheinlichkeit und Zinsschranke - eine empirische Analyse … 207 8. Zur Überprüfung von Kapitalstrukturtheorien in einer von Krisen geplagten Zeit … 249 9. Die Kapitalmarktdaten von www.finexpert.info und der Fachverlag Gruppe … 29

Reconstruction methods for acoustic particle detection in the deep sea using clusters of hydrophones

This article focuses on techniques for acoustic noise reduction, signal filters and source reconstruction. For noise reduction, bandpass filters and cross correlations are found to be efficient and fast ways to improve the signal to noise ratio and identify a possible neutrino-induced acoustic signal. The reconstruction of the position of an acoustic point source in the sea is performed by using small-volume clusters of hydrophones (about 1 cubic meter) for direction reconstruction by a beamforming algorithm. The directional information from a number of such clusters allows for position reconstruction. The algorithms for data filtering, direction and position reconstruction are explained and demonstrated using simulated data.Comment: 7 pages, 13 figure

Functional Relaxation and Guided Imagery as Complementary Therapy in Asthma: A Randomized Controlled Clinical Trial

Background: Asthma is a frequently disabling and almost invariably distressing disease that has a high overall prevalence. Although relaxation techniques and hypnotherapeutic interventions have proven their effectiveness in numerous trials, relaxation therapies are still not recommended in treatment guidelines due to a lack of methodological quality in many of the trials. Therefore, this study aims to investigate the efficacy of the brief relaxation technique of functional relaxation (FR) and guided imagery (GI) in adult asthmatics in a randomized controlled trial. Methods: 64 patients with extrinsic bronchial asthma were treated over a 4-week period and assessed at baseline, after treatment and after 4 months, for follow-up. 16 patients completed FR, 14 GI, 15 both FR and GI (FR/GI) and 13 received a placebo relaxation technique as the control intervention (CI). The forced expiratory volume in the first second (FEV 1) as well as the specific airway resistance (sR(aw)) were employed as primary outcome measures. Results: Participation in FR, GI and FR/GI led to increases in FEV 1 (% predicted) of 7.6 +/- 13.2, 3.3 +/- 9.8, and 8.3 +/- 21.0, respectively, as compared to -1.8 +/- 11.1 in the CI group at the end of the therapy. After follow-up, the increases in FEV 1 were 6.9 +/- 10.3 in the FR group, 4.4 +/- 7.3 in the GI and 4.5 +/- 8.1 in the FR/GI, compared to -2.8 +/- 9.2 in the CI. Improvements in sR(aw) (% predicted) were in keeping with the changes in FEV 1 in all groups. Conclusions: Our study confirms a positive effect of FR on respiratory parameters and suggests a clinically relevant long-term benefit from FR as a nonpharmacological and complementary therapy treatment option. Copyright (C) 2009 S. Karger AG, Base

Integration of Acoustic Neutrino Detection Methods into ANTARES

The ANTARES Neutrino Telescope is a water Cherenkov detector currently under construction in the Mediterranean Sea. It is also designed to serve as a platform for investigations of the deep-sea environment. In this context, the ANTARES group at the University of Erlangen will integrate acoustic sensors within the infrastructure of the experiment. With this dedicated setup, tests of acoustic particle detection methods and deep-sea acoustic background studies shall be performed. The aim of this project is to evaluate the feasibility of a future acoustic neutrino telescope in the deep sea operating in the ultra-high energy regime. In these proceedings, the implementation of the project is described in the context of the premises and challenges set by the physics of acoustic particle detection and the integration into an existing infrastructure.Comment: 6 pages, 5 figures, to appear in the proceedings of the International ARENA Workshop, May 28-30th, 2006, University of Northumbri

Acoustic positioning system for KM3NeT

[EN] KM3NeT is the next generation neutrino telescope in the Mediterranean Sea employing the technique of Cherenkov photon detection. The Acoustic Positioning System (APS) is a mandatory sub-system of KM3NeT that must provide the position of the telescope¿s mechanical structures, in a geo-referenced coordinate system. The APS is important for a safe and accurate deployment of the mechanical structures and, for the sake of science, for precise reconstruction of neutrinoinduced events. The KM3NeT APS is composed of three main sub-systems: 1) an array of acoustic receivers rigidly connected to the telescope mechanical structures; 2) a Long Base-Line (LBL) of acoustic transmitters (beacons) and receivers, anchored on the seabed at known positions; 3) a farm of PCs for the acoustic data analysis, on-shore. On shore, the positions of the acoustic receivers are calculated by measuring the ToF (Time Of Flight) of the LBL beacons¿ signals on the acoustic receivers, thus determining, via multi-lateration, the position of the acoustic receivers with respect to the geo-referenced LBL. The synchronized and syntonized electronics and the data transmission/acquisition allows for calculating the latencies of the whole data acquisition chain with an accuracy of better than 100 ns. The APS, in combination with compass and tilt, pressure, current and sound velocity data, is expected to measure the positions of the digital optical modules in the deep sea with an accuracy of about 10 cm. Since data are continuously transmitted to shore and distributed to the local data acquisition network at the shore station, acoustic data are available also for Earth and Sea science users. The KM3NeT APS is also an excellent tool to study the feasibility of an acoustic neutrino detector and a possible correlation between acoustic and optical signals.S18116

FlashCam: a fully-digital camera for the medium-sized telescopes of the Cherenkov Telescope Array

The FlashCam group is currently preparing photomultiplier-tube based cameras proposed for the medium-sized telescopes (MST) of the Cherenkov Telescope Array (CTA). The cameras are designed around the FlashCam readout concept which is the first fully-digital readout system for Cherenkov cameras, based on commercial FADCs and FPGAs as key components for the front-end electronics modules and a high performance camera server as back-end. This contribution describes the progress of the full-scale FlashCam camera prototype currently under construction, as well as performance results also obtained with earlier demonstrator setups. Plans towards the production and implementation of FlashCams on site are also briefly presented.Comment: 8 pages, 6 figures. In Proceedings of the 34th International Cosmic Ray Conference (ICRC2015), The Hague, The Netherlands. All CTA contributions at arXiv:1508.0589

Performance Verification of the FlashCam Prototype Camera for the Cherenkov Telescope Array

The Cherenkov Telescope Array (CTA) is a future gamma-ray observatory that is planned to significantly improve upon the sensitivity and precision of the current generation of Cherenkov telescopes. The observatory will consist of several dozens of telescopes with different sizes and equipped with different types of cameras. Of these, the FlashCam camera system is the first to implement a fully digital signal processing chain which allows for a traceable, configurable trigger scheme and flexible signal reconstruction. As of autumn 2016, a prototype FlashCam camera for the medium-sized telescopes of CTA nears completion. First results of the ongoing system tests demonstrate that the signal chain and the readout system surpass CTA requirements. The stability of the system is shown using long-term temperature cycling.Comment: 5 pages, 13 figures, Proceedings of the 9th International Workshop on Ring Imaging Cherenkov Detectors (RICH 2016), Lake Bled, Sloveni

A Soluble Fucose-Specific Lectin from Aspergillus fumigatus Conidia - Structure, Specificity and Possible Role in Fungal Pathogenicity

Aspergillus fumigatus is an important allergen and opportunistic pathogen. Similarly to many other pathogens, it is able to produce lectins that may be involved in the host-pathogen interaction. We focused on the lectin AFL, which was prepared in recombinant form and characterized. Its binding properties were studied using hemagglutination and glycan array analysis. We determined the specificity of the lectin towards l-fucose and fucosylated oligosaccharides, including α1-6 linked core-fucose, which is an important marker for cancerogenesis. Other biologically relevant saccharides such as sialic acid, d-mannose or d-galactose were not bound. Blood group epitopes of the ABH and Lewis systems were recognized, Le(Y) being the preferred ligand among others. To provide a correlation between the observed functional characteristics and structural basis, AFL was crystallized in a complex with methyl-α,L-selenofucoside and its structure was solved using the SAD method. Six binding sites, each with different compositions, were identified per monomer and significant differences from the homologous AAL lectin were found. Structure-derived peptides were utilized to prepare anti-AFL polyclonal antibodies, which suggested the presence of AFL on the Aspergillus' conidia, confirming its expression in vivo. Stimulation of human bronchial cells by AFL led to IL-8 production in a dose-dependent manner. AFL thus probably contributes to the inflammatory response observed upon the exposure of a patient to A. fumigatus. The combination of affinity to human epithelial epitopes, production by conidia and pro-inflammatory activity is remarkable and shows that AFL might be an important virulence factor involved in an early stage of A. fumigatus infection

Integration of Acoustic Neutrino Detection Methods into ANTARES

The ANTARES Neutrino Telescope [1] is a water Cherenkov detector currently under construction in the Mediterranean Sea. It is also designed to serve as a platform for investigations of the deep-sea environment. In this context, the ANTARES group at the University of Erlangen will integrate acoustic sensors within the infrastructure of the experiment. With this dedicated setup, tests of acoustic particle detection methods and deep-sea acoustic background studies shall be performed. The aim of this project is to evaluate the feasibility of a future acoustic neutrino telescope in the deep sea operating in the ultra-high energy regime. In these proceedings, the implementation of the project is described in the context of the premises and challenges set by the physics of acoustic particle detection and the integration into an existing infrastructure

Towards Acoustic Detection of UHE Neutrinos in the Mediterranean Sea - The AMADEUS Project in ANTARES1

The acoustic detection method is a promising option for future neutrino telescopes operating in the ultra-high energy regime. It utilises the effect that a cascade evolving from a neutrino interaction generates a sound wave, and is applicable in different target materials like water, ice and salt. Described here are the developments in and the plans for the research on acoustic particle detection in water performed by the ANTARES group at the University of Erlangen within the framework of the ANTARES experiment in the Mediterranean Sea. A set of acoustic sensors will be integrated into this optical neutrino telescope to test acoustic particle detection methods and perform background studies