Modelling Long-Term Electricity Contracts at EEX

The main aim of this paper is to develop and calibrate an econometric model for modelling prices of long term electricity futures contracts. The calibration of our model is performed on data from EEX AG allowing us to capture the specific features of German electricity market. The data sample contains several structural breaks which have to be taken into account for modelling. We model the data with an ARIMAX model which reveals high correlation between the price of electricity futures contracts (namely Phelix Base Fututes with next year´s delivery) and prices of long-term futures contracts of fuels (namely coal, natural gas and crude oil). Besides this, also a share price index of representative electricity companies traded on Xetra, spread between 10Y and 1Y German bonds and exchange rate between EUR and USD appeared to have significant explanatory power over these futures contracts on EEX.electricity futures, EEX, ARIMAX, emission allowances

Operational Risk: Scenario analysis

Zájem o problematiku řízení a meření operačního rizika se v posledních letech prudce zvyšuje - zejména kvůli požadavkům kapitálové přimeřenosti definovaných v Basel II, které musí k 1. lednu 2008 splňovat všechny mezinárodně aktivní finanční instituce a také kvůli závažným ztrátám v oblasti operačního rizika, které se staly v nedávné minulosti. Tato diplomová práce se zaměřuje na techniky meření operačního rizika a metody odhadů kapitálové přiměřenosti. Soubor ztrát operačního rizika, který byl poskutnut středoevropskou bankou, je analyzován pomocí různých přístupů. Je posuzováno několik statistických konceptů používaných pro modelování rozdělení operačních ztrát. Jednou z metod řízení operačního rizika je metoda analýzy scénářů. V této metodě jsou definovány hypotetické ztrátové události a tyto události jsou přidány do souboru empirických událostí a následně je posuzován vliv výsledného souboru událostí na výpočet kapitálové přiměřenosti a na finanční instituci jako celek. Tato diplomová práce se zejména věnuje následujícím dvěma problémům - jaká je nejpřijatelnější statistická metoda na měření a modelování rozdělení ztrát operačního rizika a jaký je vliv hypotetických událostí na finanční instituci. G&h distribuce byla vyhodnocena jako nejvhodnější pro modelování ztrát operačního rizika a výsledky...Operational risk management and measurement has been paid an increasing attention in recent years - namely due to the Basel II requirements that were to be complied with by all international active financial institutions by January 2008 and also due to recent severe operational risk loss events. This diploma thesis focuses on operational risk measurement techniques and on regulatory capital estimation methods. A data sample of operational losses provided by a Central European bank is analyzed using several approaches. Multiple statistical concepts for the Loss Distribution Approach are considered. One of the methods used for operational risk management is a scenario analysis. Under this method custom plausible loss events defined in a particular scenario are merged with the original data sample and their impact on capital estimates and on the financial institution as a whole is evaluated. Two main problems are assessed in this diploma thesis - what is the most appropriate statistical method to measure and model operational loss data distribution and what is the impact of hypothetical plausible events on the financial institution. The g&h distribution was evaluated to be the most suitable one for operational risk modeling because its results are consistent even while using scenario analysis method. The...Institute of Economic StudiesInstitut ekonomických studiíFaculty of Social SciencesFakulta sociálních vě

On Strict Observance of the Law in Soviet Russia. A Few Remarks about the Resolution of the Extraordinary VI All-Russia Congress of Soviets

This article is an introduction to the primary source document – The resolution of the Extraordinary VI All-Russia Congress of Soviets On strict observance of the law. My comments about this resolution relate in particular to understanding the development of the socialist legality in Soviet Russia and other aspects, which are related to attainment of total power by the Bolsheviks. I have paid particular attention to the system of People’s Control Commissions, state control and its evolution from the October Revolution to the establishment of the prosecutor’s [email protected] ŚląskiBaszkiewicz J., Państwo, rewolucja, kultura polityczna, t. III, wstępem opatrz. H. Olszewski, Poznań 2009.Butler W. E., Soviet Law, London 1983.Cappelletti M., International Encyclopedia of Comparative Law. Volume XVI Civil Procedure. Chapter 1 Introduction – Policies, Trends and Ideas in Civil Procedure, Tübingen, Dordrecht, Boston, Lancaster 1987.Czuma I., Konstytucja Rosji Sowieckiej, „Czasopismo Prawnicze i Ekonomiczne” 1923, nr 1–6.40 лет советского права, t. I, red. О. С. Иоффе, Ленинград 1957.Radzieckie prawo administracyjne, red. S.S. Studienikin, tłum. z ros., K. Biskupski, Warszawa 1953.Davies N., Europa, Kraków 1999.Fitzpatrick S., Rabinowitch A.,. Stites R., Russia in the Era of NEP: Explorations in Soviet Society and Culture, Bloomington 1991.Глебов Н., Наш основной закон: Разъяснение конституции Российской Социалистической Федеративной Республики, Москва 1918.International Encyclopedia of Comparative Law, t. XVI Civil Procedure. Chapter 1 Introduction – Policies, Trends and Ideas in Civil Procedure, red. M. Cappelletti, B. G. Garth, Tübingen, Dordrecht, Boston, Lancaster 1987.Lenin W. I., Państwo a rewolucja, przekł. Cz. Hulanicki, wstęp L. Kulczycki, Warszawa 1919.Lityński A., O pojmowaniu praworządności socjalistycznej w Polsce Ludowej „Czasopismo Prawno-Historyczne” 2007, t. LIX, z. 1.Lityński A., O prawie cywilnym i karnym od Wieku Światła i Rozumu do spustoszonego stulecia, „Miscellanea Historico-Iuridica” 2008, t. VI.Lityński A., Prawo Rosji i ZSRR 1917–1991, czyli historia wszechzwiązkowego komunistycznego prawa (bolszewików). Krótki kurs, wyd. 2, Warszawa 2012.Keczekian S. F., Prawo socjalistyczne i jego źródła, b.d.Klementowski M., Powszechna historia ustroju, Warszawa 2012.Новицкая Т. Е., Использование дооктябрьских норм права в первый год Советской власти, „Правоведение” 1983, nr 3.Pipes R., Komunizm, Warszawa 2008.Schmidt A. J., Soviet Civil Law as Legal History: A Chapter or a Footnote? [w:] Revival of Privet Law in Central and Eastern Europe. Essays in Honor of F.J.M. Feldbrugge, red. G. Ginsburg, W.B. Simons, wyd. Brill 1996.Smith S. A., Red Petrograd. Revolution in the factories 1917–18, Cambridge 1983.Smith S. A., Petrograd in 1917: the view from below, [w:] Revolutionary Russia. New Approaches to the Russian Revolution, red. R.A. Wade, New York 2004.Sójka-Zielińska K., Drogi i bezdroża prawa, Wrocław–Warszawa–Kraków 2000.Stawarska-Rippel A., Państwowy arbitraż w ZSRR, „Miscellanea Historico-Iuridica” 2009, t. VIII.Zbyszewski W. A., Poglądy Lenina na Państwo, „Czasopismo Prawnicze i Ekonomiczne” 1923, nr 7–9.269-27914226927

Dual SCR chopper as a motor controller for an electric car

Despite recent advances in solid-state controls for electric cars, chopper-induced problems still exist: commutation and ac losses are significantly high, the chopping action induces losses within the power source, and large ripple components in the chopper output cause increased rms losses at the motor. The author's dual chopper, two conventional choppers in parallel, reduces these problems. The duty cycle generated by the firing circuit is feedback controlled so that the load current remains proportional to control output. The dual chopper operates in a three-in-one system: in the first mode, the batteries charge at high rates; the second mode controls the amount of power flowing from battery to motor; and in the third or regenerative braking mode, the chopper transfers energy from the motor to the battery

Forced air heat sink apparatus

A high efficiency forced air heat sink assembly employs a split feed transverse flow configuration to minimize the length of the air flow path through at least two separated fin structures. Different embodiments use different fin structure material configurations including honeycomb, corrugated and serpentine. Each such embodiment uses a thermally conductive plate having opposed exterior surfaces; one for receiving a component to be cooled and one for receiving the fin structures. The serpentine structured fin embodiment employs a plurality of fin supports extending from the plate and forming a plurality of channels for receiving the fin structures. A high thermal conductivity bondant, such as metal-filled epoxy, may be used to bond the fin structures to either the plate or the fin supports. Dip brazing and soldering may also be employed depending upon the materials selected