The Derailed Policies of the ECB

Schulden; Finanzmarktkrise; Zentralbank; Schuldenkrise; Europäische Wirtschafts- und Währungsunion

“I Am First and Foremost a Man of Logic” – Stereotyping, the Syndrome Character of Prejudice, and a Glance at Anders Breivik’s Manifesto

Attitudes, stereotyping, and prejudice are often conceived of as inner, mental or cognitive processes. Drawing on discursive psychology and critical theory, this article proposes a language-based understanding of stereotyping and the “syndrome character” of prejudice that is able to avoid certain epistemological shortcomings and connect social-psychological and sociological research. Stereotyping is outlined as a relational concept that denotes a linguistic mode of relating to the world, whilst the syndrome character of prejudice is conceptualized as a phenomenon that shows in particular stereotypical speech acts, but does not completely coincide with them. The impact of this conceptual figuration is empirically illustrated using Anders Breivik’s manifesto

Analysis of the Morphodynamics of the German North Sea Coast on the Basis of a Functional Seabed Model

Source: ICHE Conference Archive - https://mdi-de.baw.de/icheArchiv

Stochastic Modeling of Intraday Electricity Markets

Limit-Orderbücher sind das Standardinstrument der Preisbildung in modernen Finanzmärkten. Während Strom traditionell in Auktionen gehandelt wird, gibt es Intraday Strommärkte wie beispielsweise den SIDC-Markt, in welchem Käufer und Verkäufer über Limit-Orderbücher zusammentreffen. In dieser Arbeit werden wir stochastische Modelle von Limit-Orderbüchern auf der Grundlage der zugrundeliegenden Marktmikrostruktur entwickeln. Einen besonderen Schwerpunkt legen wir dabei auf die Berücksichtigung besonderer Merkmale der Intraday-Strommärkte, die sich zum Teil deutlich von denen der Finanzmärkte unterscheiden. Die in dieser Arbeit entwickelten Modelle beginnen mit einer realistischen und mikroskopischen Beschreibung der Marktdynamik. Große Preisänderungen über kurze Zeiträume werden ebenso berücksichtigt wie begrenzte grenzüberschreitende Aktivitäten. Diese mikroskopischen Modelle sind im Allgemeinen zu rechenintensiv für praktische Anwendungen. Das Hauptziel dieser Arbeit ist es daher, geeignete Approximationen dieser mikroskopischen Modelle durch sogenannte Skalierungsgrenzprozesse herzuleiten. Zu diesem Zweck werden sorgfältig Skalierungsannahmen formuliert und in die mikroskopischen Modelle eingebaut. Diese Annahmen ermöglichen es uns, ihr Hochfrequenzverhalten zu untersuchen, vorausgesetzt, dass die Größe eines einzelnen Auftrags gegen Null konvergiert, während die Auftragseingangsrate gegen unendlich tendiert. Die Kalibrierung mathematischer Modelle ist aus Anwendersicht eines der Hauptanliegen. Dabei ist bekannt, dass Änderungspunkte (abrupte Schwankungen) in hochfrequenten Finanzdaten vorhanden sind. Falls sie durch endogene Effekte verursacht wurden, muss bei der Schätzung solcher Änderungspunkte die Abhängigkeit von den zugrundeliegenden Daten berücksichtigt werden. Daher erweitern wir im letzten Teil dieser Arbeit die bestehende Literatur zur Erkennung von Änderungspunkten, so dass auch zufällige, von den Daten abhängige Änderungspunkte gehandhabt werden können.Limit order books are the standard instrument for price formation in modern financial markets. While electricity has traditionally been traded through auctions, there are intraday electricity markets, such as the SIDC market, in which buyers and sellers meet via limit order books. In this thesis, stochastic models of limit order books are developed based on the underlying market microstructure. A particular focus is set on incorporating unique characteristics of intraday electricity markets, some of which are quite different from those of financial markets. The developed models in this thesis start with a realistic and microscopic description of the market dynamics. Large price changes over short time periods are considered, as well as limited cross-border activities. These microscopic models are generally computationally too intensive for practical applications. The main goal of this thesis is therefore to derive suitable approximations of these microscopic models by so-called scaling limits. For this purpose, appropriate scaling assumptions are carefully formulated and incorporated into the microscopic models which allow us to study their high-frequency behavior when the size of an individual order converges to zero while the order arrival rate tends to infinity. Calibration of mathematical models is one of the main concerns from a practitioner’s point of view. It is well known that change points (abrupt variations) are present in high-frequency financial data. If they are caused by endogenous effects, the dependence on the underlying data must be considered when estimating such change points. In the final part of this thesis, we extend the existing literature on change point detection so that random change points depending on the data can also be handled

Zehn Jahre Deutsche Währungsunion - was bleibt zu tun? - Aufbau Ost ein langwieriger Prozess

--

Die EZB auf der schiefen Bahn

Zahlungsbilanz, Zahlungsbilanzungleichgewicht, Schulden, Leistungsbilanz, Wettbewerb, Europäische Wirtschafts- und Währungsunion

Crataego monogynae-Rosetum pervirentis, a hedge association from Navarra

De l’analyse de 800 relevés phytosociologiques de haies provenant d‘un paysage agraire traditionnel, 28 relevés furent extraits afin de montrer la variabilité d‘une association arbustive du nord-ouest de la Navarre, présente dans la Sierra de Urbasa (Espagne). La zone exacte se trouve au ‘Raso de Urbasa’, un haut plateau reservé au bétail (vaches, moutons, chevaux et chèvres), situé à une altitude comprise entre 840 et 870 m . L’association est divisée en cinq variantes, donnant des informations sur l’usage de cette région et sur les sols. Les relevés ont été effectués en automne au cours des années 1991, 1993 et 2001. Le nom de cette association devi ent d’un hybride entre Rosa sempervirens et Rosa arvensis, s’appelant Rosa x pervirens Gren.In the central part of the western mountain chain of Navarra (Northwestern Spain), Sierra de Urbasa, on the so called plain ‘Raso de Urbasa’ between 840–870 m above the sea level, a shrub association could be properly distinguished. This at present endemic association is named after a wild rose: Rosa x pervirens Gren., an hybrid between Rosa arvensis and Rosa sempervirens. Since the medieval age the plain has been used for grazing livestock, e.g. sheep and horses. As a result of this browsed woodland, clearing from beechwood led to open grasslands, scattered by small hedgerows and groups of bushes and shrubs, or solitary trees with light understorey of shrubs

Sunlover and its Internationalization to Germany

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsThe paper studies the internationalization process of Sunlover to Germany. The market opportunity in Germany is driven by several factors including the increasing importance of health and wellness, the still growing German economy despite the Eurozone crisis, the positive growth prospects for low-calorie and healthy drinks, and the early stage of the nutricosmetic drink segment. However, threats are composed by the continued risk of a Eurozone breakup scenario and its possibly negative consequences on the German economy, the dominant power of German food and beverage retailers, and the competition not only from international brands but also local players. In order to mitigate the threats and take advantage of the opportunities, licensing is recommended over indirect exporting as the optimal entry mode for the German market

Knowledge Management in a Distributed Workforce: Implications for Leadership

Over the past decade, the distribution of workers across the country and around the world who work together in various configurations has increased. Work relationships range from being co-located in the same office to working from a virtual office. This paper explores knowledge management in the virtual workforce and best practices for leadership in an increasingly distributed workforce. There is great potential for collaboration within a distributed workforce; however. people need to connect or be connected with each other in order for the collaborative process to flourish. In this project, knowledge management in a distributed workforce was explored among employees who are team members at a large organization (over 30,000 employees). The employees involved specialize in very specific areas of information. This information is well maintained in knowledge management tools developed by the organization. The organization had previously invested in an internal social media platform that would help employees identify which employees could best provide needed information; however, the platforrn was seldom used. Employees were not populating and updating their profiles, which decreased the effectiveness. A survey was taken to identify the factors that influence how people search for information based on proximity to managers/co-workers and social media activity outside of work. The results showed that people who created social media profiles outside of work were not more likely to have created a social profile within the company\u27s internal social media platform. The survey helped team leaders pinpoint how increased use of the internal social media platform could be achieved. The next phase of the project involved increasing employee awareness of how useful the internal social media platform can be. A push was made to communicate to employees on a one-on-one basis. As a part of this project, members of the project team focused on enhancing the ease of searching for and connecting with others through Microsoft Lync and internal profiles. In addition, members of the leadership team have modeled a commitment to completion of internal profiles and enhanced connectedness. A profile template focused on career and skills was developed. Each group was also tasked with the identification of key searchable terms that would allow others to quickly locate them. A section of the profile is dedicated to key terms to enhance the ability to search and locate a person with specific skills or subject matter expertise efficiently and effectively. The goal of the project team is to increase the use of the internal social media platform

Maturity rationing and collective short-termism

Financing terms and investment decisions are jointly determined. This interdependence, which links firms׳ asset and liability sides, can lead to short-termism in investment. In our model, financing frictions increase with the investment horizon, such that financing for long-term projects is relatively expensive and potentially rationed. In response, firms whose first-best investments are long-term may adopt second-best projects of shorter maturities. This worsens financing terms for firms with shorter-maturity projects, inducing them to change their investments as well. In equilibrium, investment is inefficiently short-term. Equilibrium asset-side adjustments by firms can amplify shocks and, while privately optimal, can be socially undesirable