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Die Analyse der Ionisation des in Zürich durchgeführten Ionisationsexperimentes an Helium hat in erster Line gezeigt, wie exakt die optischen Eigenschaften der lambda/4 Platte bekannt sein müssen, um die richtigen Schlussfolgerungen aus den experimentellen Daten zu ziehen. Insbesondere, dass bei der Bandbreite des verwendeten Lichtes, rein zirkulare Laserpulse mit den heutzutage zu Verfügung stehenden Verzögerungsplatten nicht erzeugt werden können und wie gravierend sich eine Restelliptizität von wenigen Prozent auf die Impulsverteilung auswirkt. Wird dieses Wissen jedoch in die Analyse mit eingebracht, so erlaubt der präsentierte Ansatz eine Bestimmung des Ionisationszeitpunktes mit der Genauigkeit in der Größenordnung von 10 Prozent der Dauer einer Laserperiode. Diese Analyse erlaubt in Zukunft in Experimenten mit zirkular polarisierter Laserstrahlung beim Auftreten von Mehrfachionisation die Bestimmung der Zeitintervalle zwischen den einzelnen Ionisatiosereignissen. Des weiteren ermöglicht die vorgestellte Analyse aus den gemessenen Impulsvereilungen eine CEO-Phasenbeestimmung durzuführen, bei welcher die Anzahl der benötigten Ionisationsvorgänge geringer ist als bei der Benutzung eines Stereo-ATI. In Verbindung mit Detektorsystemen, welche in der Lage sind die Winkelverteilungen für Ereignisse zu bestimmen, bei denen sehr viele Ionisationsereignisse auf einmal auftreten, kann die Anzahl der Laserschüsse, die für die Bestimmung der CEO-Phase benötigt werden, stark verringert werden. Das Pump-and-Probe-Experiment liefert trotz der Problematik, welche sich in diesem Fall bei der Anwendung des Pump-and-Probe-Schemas auf Grund der zur Verfügung stehenden Wellenlänge ergeben einen Hinweis auf die Zeitdauer, die zur Isomerisation benötigt wird. Bei den gewählten Intensitäten ist nach einem Zeitraum zwischen 30 und 60 fs zwischen dem Pump- und Probe-Puls ein Anstieg der Anzahl der in drei Teilchen fragmentierten Moleküle zu beobachten, welche einer Vinylidenkonfiguration entstammen. Der relative Anstieg der Vinylidenpopulation beträgt zehn Prozent. Der Grund, dass kein Anstieg der Vinyliden Population von null an zu beobachten ist, ist wahrscheinlich dadurch begründet, dass die Isomerisation schon an den Flanken des Pump-Pulses stattfindet und schon vor Erreichen der maximalen Intensität des Pump-Pulses abgeschlossen ist. Der Analoge Prozess könnte an den Flanken des Probe-Pulses stattfinden. Dies muss durch eine separate theoretische Behandlung erörtert werden.
Während zerebraler Ischämie und Reperfusion (I/R) kommt es zur Bildung von reaktiver Sauerstoffspezies (ROS), von welchen ausgegangen wird, dass sie zum neuronalen Schaden beitragen. NADPH Oxidasen produzieren ROS. Wir untersuchten daher, ob und in welchem Maße NADPH Oxidasen am Gewebeschaden und insbesondere an der Schädigung der Blut-Hirn-Schranke (BHS) nach experimenteller I/R beteiligt sind. Hierfür induzierten wir an Wildtyp und NADPH Oxidase (gp91phox-/-) Knockout Mäusen in An-und Abwesenheit pharmakologischer Inhibitoren eine transiente zerebrale Ischämie mittels Fadenverschlusses der Arteria cerebri media (MCAO) für 120 Minuten mit anschließender Reperfusion. Das Infarktvolumen nach 24 Stunden war bei den Tieren mit fehlender funktioneller NADPH Oxidase (gp91phox-/-) bzw. (p47phox-/-) deutlich kleiner als in der Gruppe der Wildtyp Mäuse (TTC Färbung). I/R erhöhte bei den Wildtyp Mäusen im Vergleich zur kontralateralen Hemisphäre die BHS Permeabilität für Evans Blue innerhalb der ersten Stunde nach Ischämie signifikant. Apocynin, ein NADPH Oxidase Inhibitor schwächte diesen Effekt dosisabhängig signifikant ab. In der Gruppe der gp91phox Knockout-Tieren war dieser protektive Effekt auf die BHS Permeabilität noch ausgeprägter. In Schweinehirnendothelzellen (PBEC) induzierten wir durch I/R eine Translokation des NADPH Oxidase Aktivators Rac-1 an die Membran.Die deutliche Reduktion des BHS Schadens nach Hemmung von Rac-1 durch Clostridium difficile lethal Toxin B ( TcdB) und Atorvastatin weist darauf hin, dass dies die Folge der Inhibition der NADPH Oxidase Aktivierung war. Die Stimulation von PBEC mit H2O2 steigerte die Permeabilität, was durch die Inhibition der Phosphatidyl-Inositol-3-Kinase oder c-Jun N-terminale Kinase abgeschwächt werden konnte. Die Inhibition der Extracellular-regulated Kinase 1/2 oder p38 mitogen-activated-protein Kinase hatte dagegen keinen Effekt. Jedoch konnte die Inhibition von Rho eine ROS induzierte Steigerung der Permeabilität sowie eine ROS induzierte Polymerisation des Zytoskelett vollkommen unterbinden. Die Ergebnisse dieser Studie belegen, dass die Aktivierung der NADPH Oxidase ein zentraler Bestandteil der Pathophysiologie des ischämischen Infarktes ist und liefern darüber hinaus eine Erklärung für die positiven Effekte der Statintherapie beim Schlaganfall des Menschen. Die direkte Hemmung der NADPH Oxidase stellt ein vielversprechendes Prinzip in der Akuttherapie des ischämischen Infarktes dar.
The phenomenon of ´Siva-Buddha cult in Bali is more pronounced than in other places such as in East Java, South East Asian, or even in India itself, where ´Siva-Buddha took place as a major re-ligious life of the masses. We found in Bali that the Sanghyang ´Siva-Buddha has been wor-shipped as Sanghyang Tunggal, i.e. One God. As it is well known that the main problem of the syncretism of ´Siva-Buddha Cult in the course of Indonsian’s history is how to determine the proper meaning of syncretism, wether it is did happen on the level of philosophy, theology, or on the ground of social activities. In this regard, Bali has been provided rich sources to overcome of these difficulties. Many traditional’s literature of Bali called lontar contains either similarities or deep ties of the two religious lifes. Moreover, it is mingled with various aspects of Balinese arts, traditions, cultures and local worship. As the result that syncretism of ´Siva-Buddha Cult in Bali is considered very unique in sense that the fact that the ´Siva-Buddha Cult is the existing religious life till mowadays. Balinese scholar, particularly the Hindu’s priests has been maintain the problem through the ages, so that, literatures has been wrote and publish in accordance to the ´Siva-Buddha Cult. But, unfortunately, as it is mainly pre-seved in the royal pamily, the masses of Bali did not aware about what does they had practiced in daily live. Actually, they had practices the cult of ´Siva-Buddha, but they do not aware about it. The present work is tray to sum up the worship of ´Siva-Buddha Cult in Balinese traditional in regard to it main problem of syncretism on the bases of Tantrayana’s teaching and their approach to the historical background.
Der Verkauf von Immobiliendarlehen sorgt nach wie vor für Aufregung. Die Kreditwirtschaft sieht sich mit vehementen öffentlichen Vorwürfen konfrontiert, die den Kredithandel beeinträchtigen. Die Kreditinstitute werden indes nicht müde in ihren Beteuerungen, ordnungsgemäß bediente Kredite nicht an Finanzinvestoren zu veräußern und dabei hinzunehmen, dass ihre Kreditnehmer ihrer Wohnimmobilie verlustig gehen. Die praktische Bedeutung des Kredithandels ist gerade in Deutschland immens. Exemplarisch genannt sei als eine der größten bisherigen Transaktionen der Ende 2007 erfolgte Erwerb eines 53.000 Immobiliarkredite umfassenden Portfolios im Volumen von ca. 4,3 Mrd. Euro durch die ING Diba von der Hypo Real Estate. Unter der Überschrift "Verbesserte Transparenz bei Verkäufen von Kreditforderungen" hat die Bundesregierung um die letzte Jahreswende ein Maßnahmenpaket vorgelegt, mit dem auf Missbrauchsfälle beim Verkauf von Krediten reagiert werden soll. Inzwischen ist die Diskussion fortgeschritten, weitere Reformvorschläge sind in der Welt. Dabei sind die rechtlichen Rahmenbedingungen von Kreditverkäufen de lege lata auch nach einer einschlägigen BGH-Entscheidung vom 27. Februar 2007 noch immer nicht abschließend geklärt. Bevor in nachfolgendem Beitrag die aktuellen Reformansätze vorgestellt und einer kurzen Bewertung unterzogen werden, seien daher die derzeitige Praxis und Rechtslage untersucht.
After the pioneering German “Aktiengesetz” of 1965 and the Brazilian “Lei das Sociedades Anónimas” of 1976, Portugal has become the third country in the world to enact a specific regulation on groups of companies. The Code of Commercial Companies (“Código das Sociedades Comerciais”, abbreviately hereinafter CSC), enacted in 1986, contains a unitary set of rules regulating the relationships between companies, in general, and the groups of companies, in particular (arts. 481° to 508°-E CSC). With this set of rules, the Portuguese legislator has dealt with one of the major topics of modern Company Law. While this branch of law is traditionally conceived as the law of the individual company, modern economic reality is characterized by the massive emergence of large-scale enterprise networks, where parts of a whole business are allocated and insulated in several legally independent companies submitted to an unified economic direction. As Tom HADDEN put it: “Company lawyers still write and talk as if the single independent company, with its shareholders, directors and employees, was the norm. In reality, the individual company ceased to be the most significant form of organization in the 1920s and 1930s. The commercial world is now dominated both nationally and internationally by complex groups of companies”. This trend, which is now observable in any of the largest economies in the world, holds also true for small markets such as Portugal. Although Portuguese economy is still dominated by small and medium-sized enterprises, the organizational structure of the group has always been extremely common. During the 70s, it was estimated that the seven largest groups of companies owned about 50% of the equity capital of all domestic enterprises and were alone responsible for 3/4 of the internal national product. Such a trend has continued and even highlighted in the next decades, surviving to different political and economic scenarios: during the 80s, due to the process of state nationalization of these groups, an enormous public group with more than one thousand controlled companies has been created (“IPE - Instituto de Participações do Estado”); and during the 90s until today, thanks to the reprivatisation movement and the opening of our national market, we assisted to the re-emergence of some large private groups, composed of several hundred subsidiaries each, some of which are listed in foreign stock exchange markets (e.g., in the banking sector, “BCP – Banco Comercial Português”, in the industrial area, “SONAE”, and in the media and communication area, “Portugal-Telecom”).
Reform of the securities class action is once again the subject of national debate. The impetus for this debate is the reports of three different groups – The Committee on Capital Market Regulation, The Commission on the Regulation of U.S. Capital Markets In the 21st Century, and McKinsey & Company. Each of the reports focuses on a single theme: how the contemporary regulatory culture places U.S. capital markets at a competitive disadvantage to foreign markets. While multiple regulatory forces are targeted by each report’s call for reform, each of the reports singles out securities class actions as one of the prime villains that place U.S. capital markets at a competitive disadvantage. The reports’ recommendations range from insignificant changes to drastic curtailments of private class actions. Surprisingly, these current-day cries echo calls for reform heeded by Congress in the not too distant past. Major reform of the securities class action occurred with the Private Securities Litigation Reform Act of 1995.5 Among the PSLRA’s contributions is the introduction of procedures by which the court chooses from among competing petitioners a lead plaintiff for the class. The statute commands that the petitioner with the largest financial loss suffered as a consequence of the defendant’s alleged misrepresentation is presumed to be the most adequate plaintiff. Thus, the lead plaintiff provision supplants the traditional “first to file” rule for selecting the suit’s plaintiff with a mechanism that seeks to harness to the plaintiff’s economic self interest to the suits’ prosecution. Also, by eliminating the race to be the first to file, the lead plaintiff provision seeks to avoid “hair trigger” filings by overly eager plaintiffs’ counsel which Congress believed too frequently gave rise to incomplete and insubstantially pled causes of action. The PSLRA also introduced for securities class actions a heightened pleading requirement8 as well as a bar to the plaintiff obtaining any discovery prior to the district court disposing of the defendants’ motions to dismiss. By introducing the requirement that allegations involving fraud must be plead not only with particularity, but also that the pled facts must establish a “strong inference” of fraud, the PSLRA cast aside, albeit only for securities actions, the much lower notice pleading requirement that has been a fixture of American civil procedure for decades. Substantive changes to the law were also introduced by the PSLRA. With few exceptions, joint and several liability was replaced by proportionate liability so that a particular defendant’s liability is capped by that defendant’s relative degree of fault. Similarly, contribution rights among co-violators are also based on proportionate fault of each defendant. Three years after the PSLRA, Congress returned to the topic again by enacting the Securities Litigation Uniform Standards Act;13 this provision was prompted by aggressive efforts of plaintiff lawyers to bypass the limitations, most notably the bar to discovery and higher pleading requirement, of the PSLRA by bringing suit in state court. Post-SLUSA, securities fraud class actions are exclusively the domain of the federal court. In this paper, we examine the impact of the PSLRA and more particularly the impact the type of lead plaintiff on the size of settlements in securities fraud class actions. We thus provide insight into whether the type of plaintiff that heads the class action impacts the overall outcome of the case. Furthermore, we explore possible indicia that may explain why some suits settle for extremely small sums – small relative to the “provable losses” suffered by the class, small relative to the asset size of the defendantcompany, and small relative to other settlements in our sample. This evidence bears heavily on the debate over “strike suits.” Part I of this paper sets forth the contemporary debate surrounding the need for further reforms of securities class actions. In this section, we set forth the insights advanced in three prominent reports focused on the competitiveness of U.S. capital markets. In Part II we first provide descriptive statistics of our extensive data set, and thenuse multivariate regression analysis to explore the underlying relationships. In Part III, we closely examine small settlements for clues to whether they reflect evidence of strike suits. We conclude in Part IV with a set of policy recommendations based on our analysis of the data. Our goals in this paper are more modest than the Committee Report, the Chamber Report and the McKinsey Report, each of which called for wide-ranging reforms: we focus on how the PSLRA changed securities fraud settlements so as to determine whether the reforms it introduced accomplished at least some of the Act’s important goals. If the PSLRA was successful, and we think it was, then one must be somewhat skeptical of the need for further cutbacks in private securities class action so soon after the Act was passed.
Der Referentenentwurf eines Gesetzes zur Umsetzung der Aktionärsrechterichtlinie (ARUG), der am 6. Mai 2008 der Öffentlichkeit zugeleitet wurde, bringt einige lang erwartete und vorab in der Literatur viel diskutierte Neuerungen des Aktiengesetzes. Anlass für den Entwurf ist die Umsetzung der Richtlinie 2007/36/EG vom 11. Juli 2007 über die Ausübung bestimmter Rechte von Aktionären in börsennotierten Gesellschaften (sog. Aktionärsrechterichtlinie).2 Dem Ziel der Richtlinie folgend soll die grenzüberschreitende Ausübung von Aktionärsrechten erleichtert werden; dies betrifft vor allem die Möglichkeiten der Online-Teilnahme an der Hauptversammlung und die Kommunikation mit den Aktionären im Vorfeld der Hauptversammlung. Darüber hinaus wird die Richtlinienumsetzung vom deutschen Gesetzgeber zum Anlass genommen, das Aktienrecht noch in einigen weiteren Punkten zu ändern. So wird das Depotstimmrecht der Kreditinstitute weiter dereguliert und die Festsetzung eines Mindestbetrages bei Wandelschuldverschreibungen ermöglicht. Die Werthaltigkeitsprüfung bei Sacheinlagen im Rahmen von Gründungen und Kapitalerhöhungen wird eingeschränkt; damit werden einige Optionen der durch die Richtlinie 2006/68/EG3 geänderten Kapitalrichtlinie4 umgesetzt. Ein besonderer Schwerpunkt des Referentenentwurfs liegt auf der Konkretisierung der aktien-, umwandlungs- und konzernrechtlichen Freigabeverfahren, durch welche missbräuchliche Aktionärsklagen weiter eingedämmt werden sollen.
The market reaction to legal shocks and their antidotes : lessons from the sovereign debt market
(2008)
This Article examines the market reaction to a series of legal events concerning the judicial interpretation of the pari passu clause in sovereign debt instruments. More generally, the Article provides insights into the reactions of investors (predominantly financial institutions), issuers (sovereigns), and those who draft bond covenants (lawyers), to unanticipated changes in the judicial interpretation of certain covenant terms.
Im Normalfall, in dem Vorstand und Aufsichtsrat den Jahresabschluß feststellen (vgl. § 172 AktG), können sie einen Teil des Jahresüberschusses, höchstens jedoch die Hälfte, in „andere Gewinnrücklagen“1 einstellen (§ 58 Abs. 2 S. 1 AktG). Die Satzung kann Vorstand und Aufsichtsrat zur Einstellung eines größeren oder kleineren Teils des Jahresüberschusses ermächtigen; allerdings darf die Verwaltung aufgrund einer solchen Satzungsbestimmung keine Beträge in andere Gewinnrücklagen einstellen, wenn die anderen Gewinnrücklagen die Hälfte des Grundkapitals übersteigen oder soweit sie nach der Einstellung die Hälfte übersteigen würden (§ 58 Abs. 2 S. 2, 3 AktG). Nach § 58 Abs. 3 AktG kann die Hauptversammlung sodann in ihrem Beschluß über die Verwendung des Bilanzgewinns (vgl. § 174 AktG) weitere Beträge in Gewinnrücklagen einstellen oder als Gewinn vortragen. Im Folgenden werden nach einer Sichtung wirtschaftswissenschaftlicher Erwägungen zu Thesaurierung und Ausschüttung (unten II.) die Pflichten und die Kontrolle der Entscheidungen über die Gewinnverwendung von Vorstand und Aufsichtsrat einerseits (unten III.) und der Hauptversammlung andererseits (unten IV.) erörtert. V. faßt die Ergebnisse zusammen. Die besonderen Rechtsfragen, die sich bei Rücklagenbildung in abhängigen Gesellschaften ergeben, werden nicht behandelt.
How do fiscal and technology shocks affect real exchange rates? : New evidence for the United States
(2008)
Using vector autoregressions on U.S. time series relative to an aggregate of industrialized countries, this paper provides new evidence on the dynamic effects of government spending and technology shocks on the real exchange rate and the terms of trade. To achieve identification, we derive robust restrictions on the sign of several impulse responses from a two-country general equilibrium model. We find that both the real exchange rate and the terms of trade – whose responses are left unrestricted – depreciate in response to expansionary government spending shocks and appreciate in response to positive technology shocks.
Motivated by the prominent role of electronic limit order book (LOB) markets in today’s stock market environment, this paper provides the basis for understanding, reconstructing and adopting Hollifield, Miller, Sandas, and Slive’s (2006) (henceforth HMSS) methodology for estimating the gains from trade to the Xetra LOB market at the Frankfurt Stock Exchange (FSE) in order to evaluate its performance in this respect. Therefore this paper looks deeply into HMSS’s base model and provides a structured recipe for the planned implementation with Xetra LOB data. The contribution of this paper lies in the modification of HMSS’s methodology with respect to the particularities of the Xetra trading system that are not yet considered in HMSS’s base model. The necessary modifications, as expressed in terms of empirical caveats, are substantial to derive unbiased market efficiency measures for Xetra in the end.
We explore the pattern of elderly homeownership using microeconomic surveys of 15 OECD countries, merging 60 national household surveys on about 300,000 individuals. In all countries the survey is repeated over time, permitting construction of an international dataset of repeated cross-sectional data. We find that ownership rates decline considerably after age 60 in all countries. However, a large part of the decline depends on cohort effects. Adjusting for them, we find that ownership rates start falling after age 70 and reach a percentage point per year decline after age 75. We find that differences across country ownership trajectories are correlated with indicators measuring the degree of market regulations.
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies disinflation under inflation targeting policies. The analysis is motivated by the disinflation performance of many inflation-targeting countries, in particular the gradual Chilean disinflation with temporary annual targets. At the start of the disinflation episode price-setting firms’ expect inflation to be highly persistent and opt for backward-looking indexation. As the central bank acts to bring inflation under control, price-setting firms revise their estimates of the degree of persistence. Such adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms that choose the rate for indexation also re-assess the likelihood that announced inflation targets determine steady-state inflation and adjust indexation of contracts accordingly. A strategy of announcing and pursuing short-term targets for inflation is found to influence the likelihood that firms switch from backward-looking indexation to the central bank’s targets. As firms abandon backward-looking indexation the costs of disinflation decline further. We show that an inflation targeting strategy that employs temporary targets can benefit from lower disinflation costs due to the reduction in backward-looking indexation.
Monetary policy analysts often rely on rules-of-thumb, such as the Taylor rule, to describe historical monetary policy decisions and to compare current policy to historical norms. Analysis along these lines also permits evaluation of episodes where policy may have deviated from a simple rule and examination of the reasons behind such deviations. One interesting question is whether such rules-of-thumb should draw on policymakers "forecasts of key variables such as inflation and unemployment or on observed outcomes. Importantly, deviations of the policy from the prescriptions of a Taylor rule that relies on outcomes may be due to systematic responses to information captured in policymakers" own projections. We investigate this proposition in the context of FOMC policy decisions over the past 20 years using publicly available FOMC projections from the biannual monetary policy reports to the Congress (Humphrey-Hawkins reports). Our results indicate that FOMC decisions can indeed be predominantly explained in terms of the FOMC´s own projections rather than observed outcomes. Thus, a forecast-based rule-of-thumb better characterizes FOMC decision-making. We also confirm that many of the apparent deviations of the federal funds rate from an outcome-based Taylor-style rule may be considered systematic responses to information contained in FOMC projections.
Risk transfer with CDOs
(2008)
Modern bank management comprises both classical lending business and transfer of asset risk to capital markets through securitization. Sound knowledge of the risks involved in securitization transactions is a prerequisite for solid risk management. This paper aims to resolve a part of the opaqueness surrounding credit-risk allocation to tranches that represent claims of different seniority on a reference portfolio. In particular, this paper analyzes the allocation of credit risk to different tranches of a CDO transaction when the underlying asset returns are driven by a common macro factor and an idiosyncratic component. Junior and senior tranches are found to be nearly orthogonal, motivating a search for the whereabout of systematic risk in CDO transactions. We propose a metric for capturing the allocation of systematic risk to tranches. First, in contrast to a widely-held claim, we show that (extreme) tail risk in standard CDO transactions is held by all tranches. While junior tranches take on all types of systematic risk, senior tranches take on almost no non-tail risk. This is in stark contrast to an untranched bond portfolio of the same rating quality, which on average suffers substantial losses for all realizations of the macro factor. Second, given tranching, a shock to the risk of the underlying asset portfolio (e.g. a rise in asset correlation or in mean portfolio loss) has the strongest impact, in relative terms, on the exposure of senior tranche CDO-investors. Our findings can be used to explain major stylized facts observed in credit markets.
We show that the use of correlations for modeling dependencies may lead to counterintuitive behavior of risk measures, such as Value-at-Risk (VaR) and Expected Short- fall (ES), when the risk of very rare events is assessed via Monte-Carlo techniques. The phenomenon is demonstrated for mixture models adapted from credit risk analysis as well as for common Poisson-shock models used in reliability theory. An obvious implication of this finding pertains to the analysis of operational risk. The alleged incentive suggested by the New Basel Capital Accord (Basel II), amely decreasing minimum capital requirements by allowing for less than perfect correlation, may not necessarily be attainable.