Digital Exhaustion in relation to Video Games – The Consumer Perspective

This thesis regards exhaustion of copyright’s distribution right in intangible transfers of video games. It analyses whether, under the current law of the European Union, the phenomenon of digital exhaustion, especially in relation to games exists. The thesis analyses the consumers’ position in the market for copyright protected goods. It uses video games market as an example of the wider phenomenon of the effect of latest technological developments on consumers. The research conducted for the thesis is mostly legal dogmatic, although also comparative analysis, law and economics and law and technology methods are utilised. The thesis evaluates the effects of the most recent case law of the European Court of Justice to analyse the current state of digital exhaustion. In the analysis of effects that the existence of digital exhaustion has, the thesis uses the consumers’ point of view. The thesis introduces the current state of technology in the field of video games from a legal perspective. Furthermore the thesis analyses the effects on consumers of a scenario that no digital exhaustion exists in the future. Such scenario under the recent European case law at the moment seems realistic. The conclusion of my research is most importantly that the consumer position in the market for digital goods has deteriorated and that the probable exclusion of the exhaustion for digital goods is another piece of evidence of this development. Most importantly however, the state of affairs where no certainty prevails on whether digital exhaustion exists, creates injustice from the consumers’ point of view. Accordingly, acts by EU legislators of the Court of Justice of the European Union are required to clarify the issue.

A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.

Hydration of carrot seeds in relation to osmotic potential of solution and conditioning method

The objective of this study was to monitor carrot seed hydration in water and osmotic solutions to define appropriate conditions for priming treatment. Two Brasília cultivar carrot seed lots were used. Seeds were imbibed in -1.0 and -1.2 MPa PEG 6000 osmotic solutions and in distilled water, in an incubator BOD at 20ºC, using two different hydration methods: imbibition in moistened paper towel sheets and in aerated solutions. The imbibition curves for each seed lot were drawn after determining seed moisture content at 2, 4, 6, 8, 10, 12, 24, 48, 72, 96 hours hydration in water and after 2, 4, 6, 8, 10, 12, 24, 48, 72, 96, 120, 144, 168, 192, 216, 264, 312 hours hydration in PEG 6000 solutions. Seed hydration in distilled water was faster than in PEG 6000 solutions; the primary root protrusion occurred at 48 hours imbibition as seeds reached 54% moisture content. Osmotic conditioning of carrot seeds should be performed by imbibition in PEG 6000 -1.0 or -1.2 MPa solutions to attain 40% and 45% moisture content (moistened paper) or 40% and 45% (aerated solutions).

Osmotic priming methodologies in relation to the physiological performance of rangpur lime seeds (Citrus limonia Osbeck)

Several mechanisms have been used to promote rapid germination of citrus seeds and uniform seedling emergence. We evaluated the effects of osmotic priming on the physiological performance of Rangpur lime seeds (Citrus limonia Osbeck). Seeds were treated with 30 g of Captan and 10 g of Tecto 600 in 20-litre batches and stored, without drying, at 10 ºC and 50% relative humidity for periods of 3, 6 and 9 months. After each period, seeds were primed at 25 ºC, in the light, by immersion in Poliethylenoglicol (PEG 6000), potassium nitrate (KNO3) and 70% PEG 6000 plus 30% KNO3, all at an osmotic potential of -1.1MPa, for priming periods of 3, 6, 9 and 12 days. Percentage germination, tray emergence and the emergence rate index (ERI) were evaluated. Priming in PEG 6000 solution, independent of priming period, or in KNO3 or PEG 6000 plus KNO3 for up to 9 days, were efficient at improving the physiological performance of seeds stored for up to 3 months. Osmotic priming appears to be a promising technique for improving the physiological quality of Rangpur lemon seeds.

Germination of cotton seed in relation to temperature

The effect of constant temperature on the germination rate and percentage of two cotton seed lots was determined using a thermogradient plate. A gradient of 10 ºC to 40 ºC was established across the plate so that temperatures changed 2 ºC for each 5 cm increment in length, resulting in sixteen different temperature treatments. The optimal temperature zone for germination was 28 ºC to 30 ºC. As temperature decreased from the optimal zone, the rate of germination also decreased but germination percentages during the 10-day period were significantly lower only below 20 ºC. As temperature increased above the optimal zone, the rate of germination decreased and the percentage of germination sharply decreased above 32 ºC - 34 ºC. As expected, high quality cotton seed performed better than medium quality seed for a low temperature range (16 ºC to 22 ºC), but the most intriguing results were observed for the high temperatures range (36 ºC to38 ºC). The germination of medium quality cotton seed was consistently higher than for high quality seed, especially at 38 ºC after the second day of evaluation. This response has not been reported in the literature and further research is needed to better understand the germination physiology of cotton seed at high temperatures.

Recueil de modèles de correspondance, anonyme et sans titre, contenant des formules d'épîtres à adresser aux dignitaires de l'empire, des lettres que s'envoient les grands personnages, des lettres échangées entre parents et amis, des lettres d'amitié et de bonne relation, de condoléance, de recommandation, des formules d'actes.

Parmi ces pièces, l'on remarque la lettre que le sultan Mourad IV écrivit au roi de Perse (folio 49) ; on trouve, aux feuillets 1-6, la première page du traité sur la correspondance diplomatique de Okčizade Mohammed Efendi, et quelques lettres officielles, tirées d'un Insha, dans une écriture divani cursive.

Relation du voyage de l'ambassadeur que le sultan Mahmoud Ier envoya à l'Empereur d'Allemagne, en l'année 1143 de l'hégire (1730), pour lui notifier son avènement au trône d'Osman.

On lit dans les marges de cet exemplaire des gloses destinées à l'explication des mots étrangers que l'auteur est amené à citer dans son récit, ou d'autres obscurités. Manuscrit de luxe, orné d'un petit sarloh.

6-6-20, Parc des Princes, [Georges] Sérès et son entraîneur après sa victoire [cyclisme sur piste] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59565

[Portrait de l'athlète] Thérèse Brulé [6/6/20, stade Elisabeth] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59571

[Portrait de l'athlète féminine] Forget [6/6/20, stade Elisabeth] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59574

[Portrait de l'athlète féminine] Mlle Suzanne Liébrard [6/6/20, stade Elisabeth] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59576