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Die vorliegende Arbeit widmet sich der phonetischen Motivation phonologischer Palatalisierungsprozesse, bei welchen Vorderzungenvokoide die Palatalisierung (bzw. Affrizierung) vorangehender Plosive bewirken. Durch akustische Analysen zu deutschen und bulgarischen stimmlosen alveolaren und velaren Verschlußlauten wird der Einfluß nachfolgender vorderer Vokoide und des tiefen Vokals /a/ auf die geräuschähnliche Phase nach der plosiven Verschlußlösung der Konsonanten untersucht. Zum Zwecke der Überprüfung einer nach universellen phonologischen Prinzipien formulierten Hierarchie der wahrscheinlichen Inputkandidaten für Palatalisierungen werden akustische Messungen zur Zeitdauer und zu den spektralen Eigenschaften des konsonantischen Segments in wortinitialen Konsonant-Vokoid-Sequenzen vorgestellt. Die Ergebnisse der Studie unterstützen nur teilweise die vorgeschlagene Hierarchiehypothese und zeigen, daß sprachspezifische Besonderheiten einen Einfluß auf die Anordnung der Elemente der Hierarchie ausüben.
This paper identifies some common errors that occur in comparative law, offers some guidelines to help avoid such errors, and provides a framework for entering into studies of the company laws of three major jurisdictions. The first section illustrates why a conscious approach to comparative company law is useful. Part I discusses some of the problems that can arise in comparative law and offers a few points of caution that can be useful for practical, theoretical and legislative comparative law. Part II discusses some relatively famous examples of comparative analysis gone astray in order to demonstrate the utility of heeding the outlined points of caution. The second section offers a framework for approaching comparative company law. Part III provides an example of using functional definition to demarcate the topic "company law", offering an "effects" test to determine whether a given provision of law should be considered as functionally part of the rules that govern the core characteristics of companies. It does this by presenting the relevant company law statutes and related topical laws of Germany, the United Kingdom and the United States, using Delaware as a proxy for the 50 states. On the basis of this definition, Part IV analyzes the system of legal functions that comprises "company law" in the United States and the European Union. It selects as the predominant factor for consideration the jurisdictions, sub-jurisdictions and rule-making entities that have legislative or rule-making competence in the relevant territorial unit, analyzes the extent of their power, presents the type of law (rules) they enact (issue), and discusses the concrete manner in which the laws and rules of the jurisdictions and sub-jurisdictions can legally interact. Part V looks at the way these jurisdictions do interact on the temporal axis of history, that is, their actual influence on each other, which in the relevant jurisdictions currently takes the form of regulatory competition and legislative harmonization. The method of the approach outlined in this paper borrows much from system theory. The analysis attempts to be detailed without losing track of the overall jurisdictional framework in the countries studied.
Innovative automated execution strategies like Algorithmic Trading gain significant market share on electronic market venues worldwide, although their impact on market outcome has not been investigated in depth yet. In order to assess the impact of such concepts, e.g. effects on the price formation or the volatility of prices, a simulation environment is presented that provides stylized implementations of algorithmic trading behavior and allows for modeling latency. As simulations allow for reproducing exactly the same basic situation, an assessment of the impact of algorithmic trading models can be conducted by comparing different simulation runs including and excluding a trader constituting an algorithmic trading model in its trading behavior. By this means the impact of Algorithmic Trading on different characteristics of market outcome can be assessed. The results indicate that large volumes to execute by the algorithmic trader have an increasing impact on market prices. On the other hand, lower latency appears to lower market volatility.
An asymmetric multivariate generalization of the recently proposed class of normal mixture GARCH models is developed. Issues of parametrization and estimation are discussed. Conditions for covariance stationarity and the existence of the fourth moment are derived, and expressions for the dynamic correlation structure of the process are provided. In an application to stock market returns, it is shown that the disaggregation of the conditional (co)variance process generated by the model provides substantial intuition. Moreover, the model exhibits a strong performance in calculating out–of–sample Value–at–Risk measures.
Heiner Boehncke beschreibt in seinem kurzen Aufsatz die Entwicklung des Kulturprojekts >Literaturland Hessen<, das mittlerweile zum Begriff geworden ist und über Hessen hinaus für gelungene Kultur-Kooperation steht. Heute handelt es sich bei dem Projekt >Literaturland Hessen< um eine Kooperation des Hessischen Rundfunks mit dem Hessischen Ministerium für Wissenschaft und Kultur, dem ADAC Hessen/Thüringen, dem Hessischen Literaturrat und der Kulturstiftung der Sparkassen Hessen/Thüringen.
Research with Keynesian-style models has emphasized the importance of the output gap for policies aimed at controlling inflation while declaring monetary aggregates largely irrelevant. Critics, however, have argued that these models need to be modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross-check for monetary policy. We identify an important source of monetary trends in form of persistent central bank misperceptions regarding potential output. Simulations with historical output gap estimates indicate that such misperceptions may induce persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation control is improved substantially.
Central counterparties
(2008)
Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It is optimal for the CCP to face default losses to achieve the efficient level of trade. To cover these losses, the CCP optimally uses margin calls, and, as the default problem becomes more severe, also requires default funds and then imposes position limits.
We show on an abstract level that contextual equivalence in non-deterministic program calculi defined by may- and must-convergence is maximal in the following sense. Using also all the test predicates generated by the Boolean, forall- and existential closure of may- and must-convergence does not change the contextual equivalence. The situation is different if may- and total must-convergence is used, where an expression totally must-converges if all reductions are finite and terminate with a value: There is an infinite sequence of test-predicates generated by the Boolean, forall- and existential closure of may- and total must-convergence, which also leads to an infinite sequence of different contextual equalities.