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DESPITE AMPLE EVIDENCE THAT CUSTOMERS EXHIBIT HIGHER DISCOUNT RATES THAN FIRMS, IT IS NOT CLEAR HOW DIFFERENCES IN DISCOUNT RATES AFFECT OPTIMAL PRICES, PROFITS, AND WELFARE OF COMPLEMENTARY PRODUCTS (WHICH COULD BE GOODS OR SERVICES). WE SHOW FOR COMPLEMENTARY PROUCTS THAT HIGHER DISCOUNT RATES OF CUSTOMERS DO NOT INCREASE PROFIT OR CONSUMER SURPLUS. FIRMS, INCLUDING BANKS, WOULD BE ADVISED TO SEEK TO REDUCE EXCESSIVE DISCOUNT RATES AMONG CONSUMERS.
WE DECOMPOSE INDIVIDUAL INVESTORS’ PORTFOLIO RETURNS INTO PASSIVE BENCHMARK RETURNS, ACTIVE SECURITY SELECTION RETURNS, AND ACTIVE MARKET TIMING RETURNS. FOR THE AVERAGE INVESTOR IN OUR SAMPLE, PASSIVE BENCHMARK RETURNS EXPLAIN SOME 40% OF VARIATION IN LONGITUDINAL PORTFOLIO RETURNS, SECURITY SELECTION EXPLAINS AN ADDITIONAL 50%, AND MARKET TIMING PLAYS ONLY A MINOR ROLE. THIS STANDS IN STARK CONTRAST TO EARLIER RESULTS ON INSTITUTIONAL INVESTORS WHERE PASSIVE BENCHMARK RETURNS (REFLECTING DIFFERENT ASSET ALLOCATION STRATEGIES) EXPLAIN OVER 90%. THE PREDOMINANCE OF SECURITY SELECTION COMES AT A COST FOR INDIVIDUAL INVESTORS: INVESTORS FROM THE HIGHEST QUINTILE IN TERMS OF SECURITY SELECTION ACTIVITY UNDERPERFORM THEIR PEERS FROM THE LOWEST QUINTILE BY MORE THAN 10 PERCENTAGE POINTS PER YEAR. TRANSACTION COSTS EXPLAIN ONLY PART OF THIS UNDERPERFORMANCE. THE LESS INVESTORS DIVERSIFY, THE WORSE THEY DO.
TO DERIVE OPTIMAL ORDER EXECUTION STRATEGIES THAT STRIVE TO MINIMIZE TRANSACTION COSTS, INVESTORS AS WELL AS AUTOMATED TRADING ENGINES MUST BE ABLE TO ANTICIPATE CHANGES IN THE AVAILABLE MARKET LIQUIDITY. BASED ON AN EVENT STUDY ON THE LIQUIDITY IMPACT OF AD-HOC DISCLOSURES, WE PROPOSE A NOVEL IT ARTIFACT THAT ALLOWS AUTOMATED TRADING ENGINES TO APPROPRIATELY REACT TO NEWS-RELATED LIQUIDITY SHOCKS. FURTHERMORE, WE PROVIDE A SIMULATIONBASED EVALUATION THAT SHOWS ITS ECONOMIC RELEVANCE.
THE SPEED OF TRADING, AND IN PARTICULAR HIGH-FREQUENCY TRADING, IS ONE OF THE MOSTLY DEBATED ISSUES AMONG REGULATORS AND MARKET PARTICIPANTS. NEVERTHELESS, SEVERAL ACADEMIC STUDIES HAVE SHOWN THAT HIGH-FREQUENCY TRADERS USING LOW-LATENCY INFRASTRUCTURE PROVIDE ADDITIONAL LIQUIDITY THEREBY REDUCING TRANSACTION COSTS IN ORDINARY TIMES OF TRADING. WE STUDY WHETHER HIGH-FREQUENCY TRADERS ALSO CONTRIBUTE TO THE RECONSTRUCTION OF THE ORDER BOOK AFTER LIQUIDITY SHOCKS CAUSED BY LARGE ORDERS.
WHILE CLOUD MARKETS PROMISE UNLIMITED RESOURCE SUPPLIES, INDIVIDUAL PROVIDERS MIGHT BE UNABLE TO OFFER SUFFICIENT PHYSICAL CAPACITY TO SERVE LARGE CUSTOMERS. A SOLUTION IS TO FORM CLOUD COLLABORATIONS, IN WHICH MULTIPLE CLOUD PROVIDERS UNITE FORCES IN ORDER TO CONJOINTLY OFFER CAPACITIES WITHIN CLOUD MARKETS. QUALITY OF SERVICE (QOS) AND SECURITY ASPECTS ARE THE PRIMARY CONSIDERATIONS IN BUILDING SUCH COLLABORATIONS. THIS RESEARCH REPORT PRESENTS A CORRESPONDING OPTIMIZATION APPROACH FOR THE SELECTION OF COLLABORATIVE CLOUD PROVIDERS UNDER CONSIDERATION OF FULFILLMENT OF CLOUD USERS’ QOS AND SECURITY REQUIREMENTS.
Adorno’s negative dialectics wants to free the thought from the dictates of the system, taking position against the illusion to grasp the essence of reality by logic. Against that false idea of totality, Adorno devises a philosophy of fragment, a logic of disgregation that presupposes a different concept of totality: a fragmented, scattered and conflicting wholeness. The anti systematic thinking of Adorno is configured, however, as a systematic rejection of any systematic formulation: philosophy can at most claiming a pretension to truth by the practice of interpretation. A dialectic configuration of fragments of totality is at stake here: so, the arrangement of such fragments can both produce an image of reality endowed with meaning and also unfold through heterogeneous combinations that are not definitive, but always renewable from time to time. In Adorno’s reflection are so expressed two different instances which are complementary at the same time: on the one hand it represents the critical and negative element against the system and its hybris, on the other hand it expresses the need of the thought to go beyond and overcome that fragmentation, showing how the need of unity of the system is a need of the thought in itself.
Die Zahl der Verfahren und der Sterilisationen nach dem Gesetz zur Verhütung erbkranken Nachwuchses
(2015)
In dem Buch wird die Zahl der Verfahren nach dem Gesetz zur Verhütung erbkranken Nachwuchses von 1934 bis 1945 (nach Hochrechnung) im "Altreich" auf ca. 436.000 geschätzt. Durchgeführt wurden laut Schätzung im "Altreich" ca. 294.000 Sterilisationen. Dazu kommen noch ca. 10.000 bis 20.000 Sterilisationen in den "angeschlossenen" oder annektierten Gebieten bis 1945.
Controlling magnetic properties on the nanometer-scale is essential for basic research in micro-magnetism and spin-dependent transport, as well as for various applications such as magnetic recording, imaging and sensing. This has been accomplished to a very high degree by means of layered heterostructures in the vertical dimension. Here we present a complementary approach that allows for a controlled tuning of the magnetic properties of Co/Pt heterostructures on the lateral mesoscale. By means of in situ post-processing of Pt- and Co-based nano-stripes prepared by focused electron beam induced deposition (FEBID) we are able to locally tune their coercive field and remanent magnetization. Whereas single Co-FEBID nano-stripes show no hysteresis, we find hard-magnetic behavior for post-processed Co/Pt nano-stripes with coercive fields up to 850 Oe. We attribute the observed effects to the locally controlled formation of the CoPt L10 phase, whose presence has been revealed by transmission electron microscopy.