Multi-Label Topic Model for Financial Textual Data

This paper presents a multi-label topic model for financial texts like ad-hoc announcements, 8-K filings, finance related news or annual reports. I train the model on a new financial multi-label database consisting of 3,044 German ad-hoc announcements that are labeled manually using 20 predefined, economically motivated topics. The best model achieves a macro F1 score of more than 85%. Translating the data results in an English version of the model with similar performance. As application of the model, I investigate differences in stock market reactions across topics. I find evidence for strong positive or negative market reactions for some topics, like announcements of new Large Scale Projects or Bankruptcy Filings, while I do not observe significant price effects for some other topics. Furthermore, in contrast to previous studies, the multi-label structure of the model allows to analyze the effects of co-occurring topics on stock market reactions. For many cases, the reaction to a specific topic depends heavily on the co-occurrence with other topics. For example, if allocated capital from a Seasoned Equity Offering (SEO) is used for restructuring a company in the course of a Bankruptcy Proceeding, the market reacts positively on average. However, if that capital is used for covering unexpected, additional costs from the development of new drugs, the SEO implies negative reactions on average

German FinBERT: A German Pre-trained Language Model

This study presents German FinBERT, a novel pre-trained German language model tailored for financial textual data. The model is trained through a comprehensive pre-training process, leveraging a substantial corpus comprising financial reports, ad-hoc announcements and news related to German companies. The corpus size is comparable to the data sets commonly used for training standard BERT models. I evaluate the performance of German FinBERT on downstream tasks, specifically sentiment prediction, topic recognition and question answering against generic German language models. My results demonstrate improved performance on finance-specific data, indicating the efficacy of German FinBERT in capturing domain-specific nuances. The presented findings suggest that German FinBERT holds promise as a valuable tool for financial text analysis, potentially benefiting various applications in the financial domain

Charakterizace paliv z biomasy v IPFR reaktoru

Combustion of fossil fuels is one of the most important source of energy. However low carbon politics and environmental commitments, affects developing combustion and co – combustion technologies. Utilization of biomass fuels can be answer for new challenges, although more research on effective utilization of these fuels are needed. Nowadays, combustion of biomass fuels, especially straw, causes many technical problems, mainly slagging formation, fouling of heat exchangers inside combustion chamber and insufficient fuel burnout. This paper focuses on analysis of biomass combustion. Better knowledge of behavior during biomass combustion may help to optimization of PF (Pulverized Fuel) boiler of and avoid some technical problems. The results of investigation shows that temperature and oxygen concentration in reactor play significant role in process of devolatilization and char burnout. For instance during char burnout experiments at temperature 850⁰C at 14% oxygen concentration after 200 ms more than 80% of mass loss were achieved. Compared to 700⁰C at 14% oxygen concentration this same level of mass loss were completed after 500 ms. Experiments performed on Isothermal Plug Flow Reactor (IPFR) at Institute of Energy Process Engineering and Fuel Technology (IEVB) at TU Clausthal were a part of project between IEVB and the Karlsruhe Institute of Technology (KIT) in Germany.Spalování fosilních paliv je jedním z nejdůležitějších zdrojů energie. Nicméně nízkouhlíková politika a environmentální závazky ovlivňují vývoj spalovacích a spolu-spalovacích technologií. Využívání paliv z biomasy může být odpovědí na nové výzvy, i když je zapotřebí více výzkumu o efektivním využití těchto paliv. V současné době spalování paliv z biomasy, zejména slámy, způsobuje řadu technických problémů, zejména tvorbu strusky, zanášení výměníků tepla uvnitř spalovací komory a nedostatečné vyhoření paliva. Tento příspěvek se zaměřuje na analýzu spalováníbiomasy. Lepší znalost chování procesů při spalování biomasy může přispět k optimalizaci návrhu práškového kotle a vyhnout se tím technickým problémům. Výsledky výzkumu ukazují, že teplota a koncentrace kyslíku v reaktoru hrají významnou roli v procesu tvorby prchavé hořlaviny a vyhoření tuhého zbytku. Například během experimentů s vyhořelým tuhým zbytkem při teplotě 850 ° C při 14% koncentraci kyslíku po 200 ms bylo dosaženo více než 80% úbytku hmotnosti. Ve srovnání se 700 ° C při 14% koncentraci kyslíku byla stejná úroveň úbytku hmotnosti dosažena po 500 ms. Experimenty provedené na izotermickém reaktoru (IPFR) v Institutu energetických procesů a technologií paliv (IEVB) na TU Clausthal byly součástí projektu mezi IEVB a „Karlsruhe Institute of Technology (KIT)“ v Německu

Synthèse éco-compatible de flavonoïdes fonctionnalisés par le glucose comme antioxydants potentiels

Le but de notre projet était d établir un procédé éco-compatible pour la synthèse de composés possédant une activité antioxydante. Le choix des molécules cibles s est porté sur des glycosylflavonols. Plutôt que d effectuer une synthèse totale des composés existant dans la nature, difficilement isolés, et montrant une activité intéressante, nous avons choisi de préparer une nouvelle classe de molécules dont les éléments structuraux nécessaires à l activité antioxydante sont maintenus mais présentent un lien glycosidique facile à réaliser. Chaque étape de la synthèse a été conçue et réalisée en suivant les principes de la chimie verte. Nous avons donc favorisé les réactions à l économie d atomes élevée, évité l utilisation de groupements protecteurs et utilisé des solvants verts : polyéthylène glycol, eau, éthanol. La stratégie mise en place s appuie sur une synthèse convergente. D une part le motif sucre est synthétisé sous forme d un C-glycoside afin d augmenter sa stabilité par rapport à des conditions d hydrolyse chimique ou enzymatique. D autre part la synthèse de différentes polyhydroxychalcones par une nouvelle méthode ne nécessitant pas de groupements protecteurs a permis d obtenir différents motifs flavonoïdes. Le lien entre le motif sucre et les motifs flavonoïdes a ensuite été établi en utilisant la réaction de cycloaddition catalysée par le cuivre (I) entre un azoture et un alcyne. Cette réaction a par ailleurs été l objet d une étude qui a montré que le polyéthylène glycol est un solvant de choix pour cette réaction puisqu il permet notamment de réduire la contamination des produits de synthèse par le cuivre.Ainsi deux glycosylflavonols et quatre mélanges glycosylchalcone-glycosylflavanone ont été synthétisés en milieu éco-compatible et sans groupement protecteur. De plus, les réactions et les étapes de purification ont été optimisées afin de réduire la quantité de déchets générés au cours du procédé. Enfin, l évaluation par les métriques de la chimie verte a été effectuée pour chaque étape de synthèse ainsi que pour la globalité du procédé.The aim of this project was to develop an eco-friendly process for the synthesis of compounds endowed with antioxidant activity. The target molecules were glycosylflavonols. Instead of performing a total synthesis of natural compounds, difficult to isolate, and showing an interesting activity, we decided to prepare a new class of molecules in which the structural elements necessary for antioxidant activity are maintained but having a glycosidic linkage easy to achieve.Each step of the synthesis was designed and carried out following the principles of green chemistry. We have promoted reactions with a high atom economy, avoided the use of protecting groups and used polyethylene glycol, water, and ethanol as green solvents. The strategy was based on a convergent synthesis. Firstly, sugar moiety was synthesized as a C-glycoside to increase its stability with respect to conditions of chemical or enzymatic hydrolysis. On the other hand, the synthesis of different polyhydroxychalcones by a new method that does not require protecting groups yielded different flavonoid moieties. The link between the sugar moiety and flavonoids moieties was then achieved using the copper-catalyzed azide-alkyne cycloaddition (CuAAC). This reaction has also been the subject of a study that showed that polyethylene glycol is a solvent of choice for this reaction, since it allowed reducing the copper contamination of the products.Two glycosylflavonols and four mixtures of glycosylchalcone-glycosylflavanone were synthesized in eco-friendly solvents without the use of protecting groups. Furthermore, reactions and purification steps were optimized to reduce the amount of waste generated during the process. Finally, the evaluation by green chemistry metrics was performed for each step of the synthesis as well as for the whole process.PARIS11-SCD-Bib. électronique (914719901) / SudocSudocFranceF

Origin of low-tropospheric potential vorticity in Mediterranean cyclones

Mediterranean cyclones are extratropical cyclones, typically of smaller size and weaker intensity than other cyclones that develop over the main open ocean storm tracks. Nevertheless, Mediterranean cyclones can attain high intensities, even comparable to the ones of tropical cyclones, and thus cause large socioeconomic impacts in the densely populated coasts of the region. After cyclogenesis takes place, a large variety of processes are involved in the cyclone’s development, contributing with positive and negative potential vorticity (PV) changes to the lower-tropospheric PV anomalies in the cyclone center. Although the diabatic processes that produce these PV anomalies in Mediterranean cyclones are known, it is still an open question whether they occur locally within the cyclone itself or remotely in the environment (e.g., near high orography) with a subsequent transport of high-PV air into the cyclone center. This study introduces a Lagrangian method to determine the origin of the lower-tropospheric PV anomaly, which is applied climatologically to ERA5 reanalysis and to 12 monthly simulations, performed with the integrated forecasting system (IFS) model. We define and quantify so-called “cyclonic” and “environmental” PV and find that the main part of the lower-tropospheric PV anomaly (60 %) is produced within the cyclone, shortly prior (−12 h) to the cyclones' mature stage. Nevertheless, in 19.5 % of the cyclones the environmental PV production near the mountains surrounding the Mediterranean Basin plays a significant role in forming the low-tropospheric PV anomaly and therefore in determining the intensity of these cyclones. The analysis of PV tendencies from the IFS simulations reveals that the major PV production inside the cyclone is typically due to convection and microphysics, whereas convection and turbulent momentum tendencies cause most of the positive PV changes in the environment.</p

Aryl hydrocarbon receptor-dependent upregulation of Cyp1b1 by TCDD and diesel exhaust particles in rat brain microvessels

<p>Abstract</p> <p>Background</p> <p>AhR activates the transcription of several target genes including CYP1B1. Recently, we showed <it>CYP1B1 </it>as the major cytochrome P450 (CYP) enzyme expressed in human brain microvessels. Here, we studied the effect of AhR activation by environmental pollutants on the expression of Cyp1b1 in rat brain microvessels.</p> <p>Methods</p> <p>Expression of AhR and Cyp1b1 was detected in isolated rat brain microvessels. AhR was immunovisualised in brain microvessel endothelial cells. The effect of AhR ligands on Cyp1b1 expression was studied using isolated brain microvessels after <it>ex vivo </it>and/or <it>in vivo </it>exposure to TCDD, heavy hydrocarbons containing diesel exhaust particles (DEP) or Δ⁹-tetrahydrocannabinol (Δ⁹-THC).</p> <p>Results</p> <p>After <it>ex vivo </it>exposure to TCDD (a highly potent AhR ligand) for 3 h, <it>Cyp1b1 </it>expression was significantly increased by 2.3-fold in brain microvessels. A single i.p. dose of TCDD also increased <it>Cyp1b1 </it>transcripts (22-fold) and Cyp1b1 protein (2-fold) in rat brain microvessels at 72 h after TCDD. Likewise, DEP treatment (<it>in vivo </it>and <it>ex vivo</it>) strongly induced Cyp1b1 protein in brain microvessels. DEP-mediated Cyp1b1 induction was inhibited by actinomycin D, cycloheximide, or by an AhR antagonist. In contrast, a sub-chronic <it>in vivo </it>treatment with Δ⁹-THC once daily for 7 seven days had no effect on <it>Cyp1b1 </it>expression</p> <p>Conclusions</p> <p>Our results show that TCDD and DEP strongly induced Cyp1b1 in rat brain microvessels, likely through AhR activation.</p

北海道帝國大學宛寄贈 《獨逸租借期靑島所藏書籍》簡報

金沢大学人間社会研究域歴史言語文化学