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Sprache ist der Grundstein in der Bildung und im Zusammenhalt soziokultureller Gruppen. Jedoch wird sie auch so von der Gruppe beeinflusst, dass sich verschiedene soziokulturelle Konventionen unbewusst in den sprachlichen Beiträgen von Mitgliedern solcher Gruppen widerspiegeln. Bei Interaktionen zwischen Sprechern verschiedener Kulturen können Unstimmigkeiten der Erwartungen in Bezug auf den Konversationsstil zu Missverständnissen führen, sowie zu Konflikten und sogar zur Bildung bzw. Verstärkung von Stereotypen. Ziel dieses Aufsatzes ist, einige Beispiele und Überlegungen bezüglich der Beziehung zwischen Konversationsstil und Interkulturalität in Anlehnung an den Ausdruck von Dissens zu präsentieren.
The present article analyzes the development of the system of spatial prepositions in the acquisition of German as a foreign language by Brazilian learners. The study is based on a corpus of written language data produced by students in the undergraduate course in Letras, collected from 1996 to 1998. The theoretical bases of the study are theories of second language acquisition, cognitive processing of space, and the linguistic encoding of spatial relations through prepositions. The main section of the analysis begins with the quantitative evaluation of the occurrences of spatial prepositions found in the data. Subsequently, each preposition found in the corpus is individually discussed in relation to its correct and incorrect uses. The main results are a steady increase in the number of spatial prepositions used by the subjects from the first year to the fourth year of the course, an increase in the variation of the use of these prepositions, and a constant reduction of the percentage of incorrect uses. In the first phase, acquisition can be seen in the increasing specificity of the semantic oppositions involved in neutralizations, whereas in the second phase, a quantitative reduction of errors can be found.
This paper presents a definition of phraseology, and based on this definition it establishes the different types of phraseological units. Then it tries to characterize the idiomatic expression as a metaphoric expression within the scope of phraseologisms, and presents a morpho-syntactic classification of these idioms. The next step consists of a comparison between verbal idiomatic expressions in German and Brazilian Portuguese in order to establish a typology of equivalences between the two languages. It also compares same type of. restrictions which occur in idiomatic expressions of both languages, and emphasizes the importance of register in some of the expressions.
The classical approaches to asset allocation give very different conclusions about how much foreign stocks a US investor should hold. US investors should either allocate a large portion of about 40% to foreign stocks (which is the result of mean/variance optimization and the international CAPM) or they should hold no foreign stocks at all (which is the conclusion of the domestic CAPM and mean/variance spanning tests). There is no way in between.
The idea of the Bayesian approach discussed in this article is to shrink the mean/variance efficient portfolio towards the market portfolio. The shrinkage effect is determined by the investor's prior belief in the efficiency of the market portfolio and by the degree of violation of the CAPM in the sample. Interestingly, this Bayesian approach leads to the same implications for asset allocation as the mean-variance/tracking error criterion. In both cases, the optimal portfolio is a combination of the market portfolio and the mean/variance efficient portfolio with the highest Sharpe ratio.
Applying both approaches to the subject of international diversification, we find that a substantial home bias is only justified when a US investor has a strong belief in the global mean/variance efficiency of the US market portfolio and when he has a high regret aversion of falling behind the US market portfolio. We also find that the current level of home bias can be justified whenever-regret aversion is significantly higher than risk aversion.
Finally, we compare the Bayesian approach of shrinking the mean/variance efficient portfolio towards the market portfolio to another Bayesian approach which shrinks the mean/variance efficient portfolio towards the minimum-variance portfolio. An empirical out-of-sample study shows that both Bayesian approaches lead to a clearly superior performance compared to the classical mean/variance efficient portfolio.
U.S. investors hold much less international stock than is optimal according to mean–variance portfolio theory applied to historical data. We investigated whether this home bias can be explained by Bayesian approaches to international asset allocation. In comparison with mean–variance analysis, Bayesian approaches use different techniques for obtaining the set of expected returns by shrinking the sample means toward a reference point that is inferred from economic theory. Applying the Bayesian approaches to the field of international diversification, we found that a substantial home bias can be explained when a U.S. investor has a strong belief in the global mean–variance efficiency of the U.S. market portfolio, and in this article, we show how to quantify the strength of this belief. We also found that one of the Bayesian approaches leads to the same implications for asset allocation as the mean–variance/tracking-error criterion. In both cases, the optimal portfolio is a combination of the U.S. market portfolio and the mean–variance-efficient portfolio with the highest Sharpe ratio.
US investors hold much less foreign stocks than mean/variance analysis applied to historical data predicts. In this article, we investigate whether this home bias can be explained by Bayesian approaches to international asset allocation. In contrast to mean/variance analysis, Bayesian approaches employ different techniques for obtaining the set of expected returns. They shrink sample means towards a reference point that is inferred from economic theory. We also show that one of the Bayesian approaches leads to the same implications for asset allocation as mean-variance/tracking error criterion. In both cases, the optimal portfolio is a combination the market portfolio and the mean/variance efficient portfolio with the highest Sharpe ratio.
Applying the Bayesian approaches to the subject of international diversification, we find that substantial home bias can be explained when a US investor has a strong belief in the global mean/variance efficiency of the US market portfolio and when he has a high regret aversion falling behind the US market portfolio. We also find that the current level of home bias can justified whenever regret aversion is significantly higher than risk aversion.
Finally, we compare the Bayesian approaches to mean/variance analysis in an empirical out-ofsample study. The Bayesian approaches prove to be superior to mean/variance optimized portfolios in terms of higher risk-adjusted performance and lower turnover. However, they not systematically outperform the US market portfolio or the minimum-variance portfolio.
This paper evaluates the effects of job creation schemes on the participating individuals in Germany. Since previous empirical studies of these measures have been based on relatively small datasets and focussed on East Germany, this is the first study which allows to draw policy-relevant conclusions. The very informative and exhaustive dataset at hand not only justifies the application of a matching estimator but also allows to take account of threefold heterogeneity. The recently developed multiple treatment framework is used to evaluate the effects with respect to regional, individual and programme heterogeneity. The results show considerable differences with respect to these sources of heterogeneity, but the overall finding is very clear. At the end of our observation period, that is two years after the start of the programmes, participants in job creation schemes have a significantly lower success probability on the labour market in comparison to matched non-participants. JEL Classification: H43, J64, J68, C13, C40