75 research outputs found
I will trade, just not today: Individual investor trading activity around birthdays
No full textIn this paper we provide new evidence of investor inattention by showing that personal occurrences such as birthdays are able to drive attention away from the stock market. We document that individual investors significantly reduce their trading activity in the 3 days around their birthday. The reduction in the propensity to trade is larger for more active traders, in the event of a decade birthday and when this celebrative event falls on a Friday. Results are robust to analyses focusing only on days when investor attention should be at its peak, as expressed by excess news coverage and trading volumes
Development of an auxiliary winch for a forestry winch
No full textV diplomskem delu je opisan proces razvoja pomožnega vitla v podjetju Uniforest, d. o. o. Na začetku dela je najprej postavljen zahtevnik, ki ga mora stroj izpolnjevati in je bil sestavljen z združevanjem osnovnih pravil o varnosti, preverbo praktičnih zahtev in mislijo na čim boljšo uporabniško izkušnjo. Opisan je potek spravila lesa brez pomožnega vitla in z njim, kjer so predstavljene prednosti uporabe le-tega za uporabnika. Prikazan je konceptni potek, ki se razvije v konstruiranje, izbiro standardnih komponent in določitev sestave stroja. Nadalje je prikazana izdelava prvega prototipa in testiranja, ki so bila izvedena za pridobitev neposrednih informacij o delovanju stroja. V zaključku dela sledita še pregled doseženih rezultatov ter splošna ocena stroja glede na postavljene zahteve.In this diploma thesis an engineering process for an auxiliary winch in company Uniforest, d. o. o. is described. The first step in the process was to define the requirements determined by combining basic rules of safety, the requirements in practical use and the thought of making the machine user-friendly, all of which the machine should fulfill. Additionally, the process of log skidding with and without an auxiliary winch, where we highlight the benefits of using one, is described. Along the thesis a conceptual stage is described, that develops in to the engineering stage, where the selection of standard components and the machine’s composition are determined. Further, the information on manufacturing the first prototype and its testing is provided, which we made to gather actual performance parameters of the machine. The thesis ends with the discussion and an overview of achieved results with an opinion on whether or not the project was successful
Where is the Market? Evidence from Cross-Listings in the U.S.
No full textWe analyze the location of stock trading for firms with a U.S. cross-listing. The fraction of trading that occurs in the United States tends to be larger for companies from countries that are geographically close to the United States and feature low financial development and poor insider trading protection. For companies based in developed countries, trading volume in the United States is larger if the company is small, volatile and technology oriented, while this does not apply to emerging country firms. The domestic turnover rate increases in the cross-listing year and remains higher for firms based in developed markets, but not for emerging market firms. Domestic trading volume actually declines for companies from countries with poor enforcement of insider trading regulation
Bottle biology - activities for the first three year cycle of primary school
No full textOdpadni material, kot so plastenke, lahko vključimo v učni proces. Ena od aktivnosti je tudi uporaba plastenk pri izvajanju naravoslovnih dejavnosti v prvem triletju. Iz njih lahko izdelamo embalažo za različna opazovanja in eksperimente, kjer lahko učenci posamezne naravne procese in pojave nazorneje ter dlje časa opazujejo.
V okviru diplomske naloge smo zato pripravili učno enoto, ki vključuje uporabo plastenk. Cilj diplomske naloge je ugotoviti, kako učna enota vpliva na znanje in predstave o kalitvi in potrebah rastlin. V raziskavo smo vključili 16 učencev 3. razreda OŠ Branik. Z anketo smo najprej preverili njihovo predznanje in predstave o pojavih v naravi ter posledicah soljenja cest na rast rastlin. Po začetnem anketiranju smo izvedli učno enoto in pridno spremljali spremembe, ki jih je sol povzročila na rastlinah. Rastlino so potem v dogovorjenih razmikih zalivali s pripravljeno solno raztopino. Opažanja smo pridno beležili v pisni in slikovni obliki.
Po koncu izvedene naravoslovne delavnice smo učence ponovno anketirali. Ugotovili smo, da so se znanje in predstave o vplivih onesnaževanja okolja na rast rastlin preoblikovale z izkušnjo neposrednega izvajanja in spremljanja poteka eksperimenta. Poleg tega pa so vprašanja, ki so se porajala med samim delom, učence neposredno usmerila k iskanju virov, v katerih so našli odgovore in pojasnila. Rezultati ankete so potrdili, da tovrstne aktivnosti pripomorejo k trajnosti znanja. Učna enota je primerna za otroke prvega triletja šolanja, z manjšimi prilagoditvami pa tudi za višje ravni šolanja.Waste materials such as plastic bottles can be incorporated into the learning process. One of the actions is the use of plastic bottles, when carrying out science activities in the first three years of school. From these bottles we can make packaging for a variety of observations and experiments, where pupils are able to watch natural processes and phenomena as they develop over for a longer period of time.
In the context of this thesis, we have prepared a learning unit that includes the use of plastic bottles. The aim of this thesis is to determine how the learning unit affects the knowledge and perceptions of germination and plant needs. The study included 16, third-grade students from the Branik Primary School.
Using a survey, we first tested their knowledge and understanding of phenomena in nature and the consequences of salting roads on plant growth. After the initial survey was performed, we formed the learning unit and eagerly witnessed the changes that the salt caused the plants. We then watered the plants at agreed intervals with the prepared saline solution. Observations were diligently recorded in writing and in pictorial form.
At the end of the conducted workshop we again surveyed the pupils. We concluded that their knowledge and perception of the effect of pollution on the environment and on the growth of plants transformed with the direct implementation and monitoring of the undergoing experiment. In addition, the questions that arose during the experiment itself, directed pupils to focus on searching for the resources themselves, from where they were able to find the answers and explanations. The outcome of the study confirmed that these types of activities contribute to a more sustained knowledge.
The learning unit is suitable for children during the first three years of schooling, and with minor adjustments at higher levels of schooling
Contributions to the development and application of metathesis catalysts
No full textRuthenium-Carben-Komplexe mit N-heterocyclischen Liganden (NHC) haben das Potential der Olefinmetathese in den letzten Jahren erheblich erweitert. Der Ersatz des Phosphin-Liganden im Grubbs-Katalysator der zweiten Generation (5b) durch eine chelatisierende, in ortho-Position des Styren-Liganden angebrachte Isopropoxygruppe führt zu dem Metatheseinitiator 34. Dieser kann nach der Metathesereaktion durch Säulenchromatographie reisoliert werden. Es zeigte sich, dass sich beide Katalysatoren sowohl hinsichtlich Selektivität als auch Reaktivität signifikant voneinander unterscheiden. In der vorliegenden Arbeit konnte gezeigt werden, dass beide Katalysatoren hochselektiv Kreuzmetathesen (CM) zwischen terminalen Olefinen und diversen akzeptorsubstituierten Alkenen mit hohen Stereoselektivitäten (E/Z > 20:1) ermöglichen. 34 stellt im Gegensatz zu 5b einen effizienten Katalysator für Kreuzkupplungen mit Acrylnitril dar. Eine Reihe von Substraten konnte in dieser Kupplung in guten bis sehr guten Ausbeuten funktionalisiert werden. Trisubstituierte, elektronenarme Olefine sind ebenso via CM zugänglich. In einem weiteren Projekt wurden Domino-Metathesereaktionen von alkinylsubstituierten Cycloolefinen untersucht. Dabei wurde festgestellt, dass N- und O-propargylsubstituierte Cycloolefine mit terminalen Olefinen als Kupplungspartnern nach einem unterschiedlichen Mechanismus umgesetzt werden. Des Weiteren wurde gefunden, dass sich ungespannte Cycloolefine in einer bislang unbekannten Sequenz aus Ringöffnungs-Kreuzmetathese mit ?,?-ungesättigten Carbonylverbindungen als Kupplungspartner zu linearen, doppelt gekreuzten Dienen umsetzen lassen. Der Einsatz zweier verschiedener elektronenarmer Olefine ermöglicht die Darstellung unsymmetrischer Produkte. Katalysator 34 lieferte in allen Fällen höhere Ausbeuten als 5b. Die vorliegende Arbeit beschreibt die Darstellung zweier an Polystyrolharz über den Styren-Liganden immobilisierter Varianten von 34. Mit einem über eine Etherbrücke in para-Position zur Isopropoxygruppe geträgerten Komplex konnten erstmals mit festphasen-gebundenen Metathesekatalysatoren effizient CM-Reaktionen von elektronenarmen Olefinen durchgeführt werden. Eine mehrmalige Wiederverwendung des Katalysators nach einfacher Filtration war möglich. Die Kombination einer CM zwischen einem Enon und einem Alkenylamin mit anschließender cyclisierender, reduktiver Aminierung ermöglicht effizient den stereoselektiven Aufbau von gesättigten N-Heterocyclen. Mit dieser Strategie gelang die Darstellung des Piperidin-Alkalois (+)-Carpamsäure und der Indolizidin-Alkaloide (3R,5S,9S)-3-Ethyl-5-methyl-indolizidin und (+)-Monomorin I
Central bank independence : a critical view
No full textWhile expansive literature on central bank independence contains some criticisms to the independent central bank quasi-paradigm, few critical analyses have been undertaken in the years between Friedman (1962) and Posen (1994). The author extends Posen's analysis to developing countries, discussing more broadly and systematically the reasons why merely instituting an independent central bank may not bring about its professed benefits, especially in developing countries. The author argues that widely reported empirical tests that are purported to support the central bank independence proposition are plagued by potential problems of simultaneity, reverse causality, missing variables, and measurement errors. Yet one can not make positive recommendations about institutional arrangements for central banks if causality relations are not well established. Institutions are shaped by a country's record of and preferences for inflation and may have little influence on them. The author also argues that the purported benefits of an independent central bank may be eroded by conflicts between fiscal and monetary policy and by inherent problems of central bank institutional design (especially mechanisms for board appointments, public accountability, and budgetary control). If these institutional problems are not solved, problems of dynamic inconsistency traditionally associated with monetary policy are not eliminated,but merely transformed. The author suggests that the benefits of central bank independence are less likely obtained in less developed countries with shallow financial markets. Accordingly, central bank independence should be granted at a later stage in a country's financial sector development. If a less developed country seeks to establish a low-inflation path, it should concentrate on instituting financial policy reforms (such as liberalization and privatization) that bolster opposition to inflation rather than easily reversible and practically meaningless changes in legal and institutional structures. This will better ensure the sustainability -- and hence the credibility -- of the government's anti-inflation stance. Fiscal policy is often at the root of macroeconomic disturbances in developing countries. Fiscal policy is more deserving of special protection from politics because of fiscal dominance over monetary policy and its greater vulnerability to private interests. The author suggests that the solution might be to make fiscal policy less susceptible to political pressures by creating an independent fiscal board. Tying the fiscal hands of government may seem a far-fetched idea. But would it not make more sense to force discipline on fiscal policy directly rather than indirectly through monetary policy?Economic Theory&Research,National Governance,Banks&Banking Reform,Economic Stabilization,Macroeconomic Management
Where Is the Market? Evidence from Cross-Listings in the United States
No full textWe analyze the location of stock trading for firms with a US cross-listing. The fraction of trading that occurs in the United States tends to be larger for companies from countries that are geographically close to the United States and feature low financial development and poor insider trading protection. For companies based in developed countries, trading volume in the United States is larger if the company is small, volatile, and technology-oriented, while this does not apply to emerging country firms. The domestic turnover rate increases in the cross-listing year and remains higher for firms based in developed markets, but not for emerging market firms. Domestic trading volume actually declines for companies from countries with poor enforcement of insider trading regulation. The Author 2007. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For permissions, please email: [email protected]., Oxford University Press.
Recent developments in coastal engineering
No full textThe Purpose of Coastal and Marine Research in Germany (Rolf Peter RANDL) Topic I, Coastal Protection Coastal Protection and its Management in Germany (Heie Focken ERCHINGER) The Scientific and Technical Development of Marine Technology in the Central Weather Bureau (Beng-Chun LEE) Climate Impact Research for the German Coast of the Baltic Sea (Werner ZIELKE) Integration of Coastal Protection in Germany into a Coastal Zone Management (Hans KUNZ) The Ocean Space Utilization and Monitoring Program in the Western Coast of Taiwan (Hwung-Hweng HWUNG Ruey-Chy KAO) Optiniised Design of Land Reclamation Fields for Sustainable Foreland Development (Nicole VON LIEBERMANN Andreas MATHEJA Horst SCHWARZE) High Water Protection in Coastal Towns of Mecklenburg-Vorpommern (Thomas ZARNCKE Barbel KOPPE) Topic II, Field Investigations The Effect of the Irregularity of Waves for the Design of Coastal Structures (Karl-Friedrich DAEMRICH) Hydrodynamic Impact on Cliff Coast Areas of the Baltic Sea on the Basis of Directional Wave Measurements (Peter FROHLE Thomas FITTSCHEN ) Measurement of Directional Waves by Wave Gauge array and Buoy (Chia Chuen KAO Hwa CHIEN Heng Haur CHOW Yean Bin LIN Chao Hui LIN) Accuracy Analysis of SURFER" Contouring of Bar-type Coastal Topography (Shiahn-Wern SYHUE Chung-Pan LEE) Recent Developments in Shallow Water Wave Prediction (Heinz GÜNTHER) Forecasting of Typhoon Waves for a Harbor at Eastern Coast of Taiwan (Laurence Zsu-Hsin CHUANG Chihfeng KUAN Dong Jiing DOONG) Topic Ill, Simulation Methods Aspects of Modelling Sediment Transport in lnstationary Flow (Ulrich ZANKE ) Cross-Shore Sediment Transport - Comparison of Basic Approaches and Limitations - (Hans-Henning DETTE ) DRBEM Analysis of Combined Wave (Ming-Chung LIN ) Refraction and Diffraction in the Presence of Nien-Chia Hu Currents (Sung-Shan HSIAO ) A Numerical Model for Non-linear Interaction of Water Waves with Submerged Obstacles (Robert R. HWANG Y.C. SUE ) Coupling of Numerical Wave and Current Models (Klaus-Peter HOLZ Peter MILBRADT) A Second-Order Solution of the Flap Wavemaker Problem (Jaw-Fang LEE Cheng-Chi Llu Yuan-Jyh LAN) Activities of Coastal Development in Taiwan (Yen-Sun Hsu )KWP-collectio
What makes the stock exchange succeed? Evidence from cross-listing decisions
No full textDespite the increasing integration of capital markets, geography has not yet become irrelevant to finance. Between 1986 and 1997, European public companies have increasingly listed abroad, especially in the U.S. We relate the cross-listing decisions to the characteristics of the destination exchanges (and countries) relative to those of the home exchange (and country). European companies appear more likely to cross-list in more liquid and larger markets, and in markets where several companies from their industry are already cross-listed. They are also more likely to cross-list in countries with better investor protection, and more efficient courts and bureaucracy, but not with more stringent accounting standards
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