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Specimens of Burmagomphus asahinai Kosterin, Makbun and Dawwrueng, 2012 and Burmagomphus divaricatus Lieftinck, 1964 from SW and NE Cambodia show differences in the development of the light pattern. One male of the latter species has unusual posterior spinules on posterior hamuli. Two males of Orientogomphus minor(Laidlaw, 1931) from the same locality in NE Cambodia have substantial differences in the thoracic and abdominal pattern. NE Cambodian specimens of Gomphidia abbotti Williamson, 1907 and Lamelligomphus castor (Lieftinck, 1941) have minor differences from data on these species from literature. Caution is necessary when composing and using keys for identification of the mentioned genera of gomphids.
Balut and Sarangani islands are two small landmasses situated off the coast of Davao Occidental, Mindanao Island. Despite recent increase on odonatological data from various islands in the Philippines, these two remote islands have never been explored. Hence, a short survey was conducted on first week of April and November 7 – November 14, 2010 on all freshwater systems in these two islands. Twenty-five species under seven families and 21 genera were found representing the first Odonata record for the two islands.
We propose a novel approach on how to estimate systemic risk and identify its key determinants. For US financial companies with publicly traded equity options, we extract option-implied value-at-risks and measure the spillover effects between individual company value-at-risks and the option-implied value-at-risk of a financial index. First, we study the spillover effect of increasing company risks on the financial sector. Second, we analyze which companies are mostly affected if the tail risk of the financial sector increases. Key metrics such as size, leverage, market-to-book ratio and earnings have a significant influence on the systemic risk profiles of financial institutions.
This thesis serves two main purposes:
1. The introduction of a novel experimental method to investigate phase change dynamics of supercooled liquids
2. First-time measurements for the crystallization behaviour for hydrogen isotopes under various conditions
1) The new method is established by the synergy of a liquid microjet of ~ 5 µm diameter and a scattering technique with high spatial resolution, here linear Raman spectroscopy. Due to the high directional stability and the known velocity of the liquid filament, its traveling axis corresponds to a time axis static in space. Utilizing evaporative cooling in a vacuum environment, the propagating liquid cools down rapidly and eventually experiences a phase transition to the crystalline state. This temporal evolution is probed along the filament axis, ultimately resulting in a time resolution of 10 ns. The feasibility of this approach is proven successfully within the following experiments.
2) A main object of study are para-hydrogen liquid filaments. Raman spectra reveal a temperature gradient of the liquid across the filament. This behaviour can quantitatively be reconstructed by numerical simulations using a layered model and is rooted in the effectiveness of evaporative cooling on the surface and a finite thermal conductivity. The deepest supercoolings achieved are ~ 30% below the melting point, at which the filament starts to solidify from the surface towards the core. With a crystal growth velocity extracted from the data the appropriate growth mechanism is identified. The crystal structure that initially forms is metastable and probably the result of Ostwald’s rule of stages. Indications for a transition within the solid towards the stable equilibrium phase support this interpretation.
The analog isotope ortho-deuterium is evidenced to behave qualitatively similar with quantitative differences being mass related.
In further measurements, isotopic mixtures of para-hydrogen and ortho-deuterium are investigated. It is found that the crystallization process starts earlier and lasts significantly longer compared to the pure substances with the maximum values between 20-50% ortho-deuterium content. A solely temperature based explanation for this effect can be excluded. The difference in the quantum character and hence effective size of the isotopes suggests a strong influence of the progressing liquid-solid-interface. Small dilutions of each para-hydrogen and ortho-deuterium with neon show an even more extended crystallization process compared to above isotopic mixtures. Additionally, the crystal is strongly altered in favor of the equilibrium lattice structure of neon.
In dieser Arbeit wurde die automatisierte Separation von Heliummono-, -di- und -trimeren beschrieben. Unter Nutzung ihrer unterschiedlichen De-Broglie-Wellenlängen wurden die verschiedenen Fraktionen mit einem Nanogitter getrennt. Zunächst wurden einige physikalische Grundlagen zu den genannten Atom- bzw. Molekülspezies, der hier auftretenden Bindungsform der Van-der-Waals-Bindung und insbesondere zur Materiewellenbeugung gelegt. Anschließend wurde der Versuchsaufbau dargestellt.
Bei der Durchführung wurden zunächst die drei jeweils vorhandenen Gitter und Spalte zu je einer Messung kombiniert und die beste Kombination für die weiteren Messungen ausgewählt. Das Experiment wurde weitergeführt, indem für verschiedene Temperaturen und Quelldrücke jeweils ein Beugungsspektrum von der für alle Heliumteilchen identischen nullten Ordnung bis zur ersten Ordnung der Heliummonomere aufgenommen wurde.
In der Auswertung wurde die Detektionswahrscheinlichkeit auf rund 37 % abgeschätzt. Weiterhin wurden die Ereignisse in den ersten Maxima der einzelnen Heliumfraktionen gezählt und so unter Verwendung der Detektionswahrscheinlichkeit molare Konzentrationen für das Heliumdi- und -trimer berechnet. Dabei wurden Anteile von bis zu 0,45 % für das Heliumdimer und 4,2 % für das Heliumtrimer erreicht. Diese Molanteile und ihre Abhängigkeit von Druck und Temperatur stimmen qualitativ gut mit der Literatur überein, quantitativ lassen sie sich u. a. wegen abweichender Nachweismethoden kaum vergleichen.
Anschließend wurde der Abstand von Düse und Skimmer variiert mit dem Ergebnis, daß eine Veränderung im betrachteten Bereich keinen nennenswerten Einfluß auf die Bildungsraten von Di- und Trimeren hat. Weiterhin wurde die auf zweierlei Weise bstimmbare Geschwindigkeit der Heliumteilchen im Gasjet ermittelt und verglichen.
Die beiden Geschwindigkeiten weichen lediglich im unteren Temperaturbereich signifikant voneinander ab, wofür plausible Erklärungsansätze dargelegt wurden.
Die Größe der Quellregion der betrachteten Heliumcluster wurde unter geometrischen Gesichtspunkten und unter Extrapolation der für verschiedene Spaltbreiten gemessenen Maximumsbreiten untersucht. Im Ergebnis wird die Quellbreite zu 58,5 μm abgeschätzt.
Die Automatisierung des Aufbaus erlaubte eine Vielzahl von systematischen Messungen, die ohne diese Automatisierung sehr zeitaufwendig gewesen wären. Insbesondere wurden in kurzer Zeit - wie zuvor geschildert - die Beugungsmuster von drei Gittern in Kombination mit je drei verschiedenen Kollimationspalten sowie die Abhängigkeit der Heliumdimer- und -trimerbildung von Temperatur, Druck und Abstand von Düse und Skimmer untersucht. Die Automatisierung erlaubt für zukünftige Messungen, z. B. in Strahlzeiten am Freien Elektronenlaser FLASH, jeweils in situ die Clusterbildung zu untersuchen. Möge das beschriebene Experiment nicht nur diese, sondern auch viele weitere Messungen beschleunigen helfen und so zum gesellschaftlichen Erkenntnisgewinn beitragen!
Low interest rates are becoming a threat to the stability of the life insurance industry, especially in countries such as Germany, where products with relatively high guaranteed returns sold in the past still represent a prominent share of the total portfolio. This contribution aims to assess and quantify the effects of the current low interest rate phase on the balance sheet of a representative German life insurer, given the current asset allocation and the outstanding liabilities. To do so, we generate a stochastic term structure of interest rates as well as stock market returns to simulate investment returns of a stylized life insurance business portfolio in a multi-period setting. Based on empirically calibrated parameters, we can observe the evolution of the life insurers' balance sheet over time with a special focus on their solvency situation. To account for different scenarios and in order to check the robustness of our findings, we calibrate different capital market settings and different initial situations of capital endowment. Our results suggest that a prolonged period of low interest rates would markedly affect the solvency situation of life insurers, leading to relatively high cumulative probability of default for less capitalized companies.
This paper analyzes how on-the-job search (OJS) by an agent impacts the moral hazard problem in a repeated principal-agent relationship. OJS is found to constitute a source of agency costs because efficient search incentives require that the agent receives all gains from trade. Further, the optimal incentive contract with OJS matches the design of empirically observed compensation contracts more accurately than models that ignore OJS. In particular, the optimal contract entails excessive performance pay plus efficiency wages. Efficiency wages reduce the opportunity costs of work effort and hence serve as a complement to bonuses. Thus, the model offers a novel explanation for the use of efficiency wages. When allowing for renegotiation, the model generates wage and turnover dynamics that are consistent with empirical evidence. I argue that the model contributes to explaining the concomitant rise in the use of performance pay and in competition for high-skill workers during the last three decades.
We study consumption-portfolio and asset pricing frameworks with recursive preferences and unspanned risk. We show that in both cases, portfolio choice and asset pricing, the value function of the investor/ representative agent can be characterized by a specific semilinear partial differential equation. To date, the solution to this equation has mostly been approximated by Campbell-Shiller techniques, without addressing general issues of existence and uniqueness. We develop a novel approach that rigorously constructs the solution by a fixed point argument. We prove that under regularity conditions a solution exists and establish a fast and accurate numerical method to solve consumption-portfolio and asset pricing problems with recursive preferences and unspanned risk. Our setting is not restricted to affine asset price dynamics. Numerical examples illustrate our approach.