Development of a web-service-agents-based family wealth management system

The roiling financial markets, constantly changing tax law and increasing complexity of planning transaction increase the demand of aggregated family wealth management (FWM) services. However, current trend of developing such advisory systems is mainly focusing on financial or investment side. In addition, these existing systems lack of flexibility and are hard to be integrated with other organizational information systems, such as CRM systems. In this paper, a novel architecture of Web-service-agents-based FWM systems has been proposed. Multiple intelligent agents are wrapped as Web services and can communicate with each other via Web service protocols. On the one hand, these agents can collaborate with each other and provide comprehensive FWM advices. On the other hand, each service can work independently to achieve its own tasks. A prototype system for supporting financial advice is also presented to demonstrate the advances of the proposed Webservice- agents-based FWM system architecture.

Wealth effects of mergers and acquisitions for US firms: using alternative pricing models

This empirical study employs a different methodology to examine the change in wealth associated with mergers and acquisitions (M&As) for US firms. Specifically, we employ the standard CAPM, the Fama-French three-factor model and the Carhart four-factor models within the OLS and GJR-GARCH estimation methods to test the behaviour of the cumulative abnormal returns (CARs). Whilst the standard CAPM captures the variability of stock returns with the overall market, the Fama-French factors capture the risk factors that are important to investors. Additionally, augmenting the Fama-French three-factor model with the Carhart momentum factor to generate the four-factor captures additional pricing elements that may affect stock returns. Traditionally, estimates of abnormal returns (ARs) in M&As situations rely on the standard OLS estimation method. However, the standard OLS will provide inefficient estimates of the ARs if the data contain ARCH and asymmetric effects. To minimise this problem of estimation efficiency we re-estimated the ARs using GJR-GARCH estimation method. We find that there is variation in the results both as regards the choice models and estimation methods. Besides these variations in the estimated models and the choice of estimation methods, we also tested whether the ARs are affected by the degree of liquidity of the stocks and the size of the firm. We document significant positive post-announcement cumulative ARs (CARs) for target firm shareholders under both the OLS and GJR-GARCH methods across all three methodologies. However, post-event CARs for acquiring firm shareholders were insignificant for both sets of estimation methods under the three methodologies. The GJR-GARCH method seems to generate larger CARs than those of the OLS method. Using both market capitalization and trading volume as a measure of liquidity and the size of the firm, we observed strong return continuations in the medium firms relative to small and large firms for target shareholders. We consistently observed market efficiency in small and large firm. This implies that target firms for small and large firms overreact to new information resulting in a more efficient market. For acquirer firms, our measure of liquidity captures strong return continuations for small firms under the OLS estimates for both CAPM and Fama-French three-factor models, whilst under the GJR-GARCH estimates only for Carhart model. Post-announcement bootstrapping simulated CARs confirmed our earlier results.

Niederdeutsch im Internet. Möglichkeiten und Grenzen computervermittelter Kommunikation für den Spracherhalt:possibilities and limitations of computer-mediated communication for language preservation

Der vorliegende Beitrag untersucht die Frage, in welchem Maße sich Institutionen, die niederdeutsche Kulturszene und individuelle Sprecher des Niederdeutschen moderne Kommunikationstechnologien wie das Internet zunutze machen und ob computervermittelte Kommunikation helfen kann, dem Rückgang des Niederdeutschen Einhalt zu gebieten. Die grundsätzliche Herangehensweise ist eine soziolinguistische, die das Internet als sozialen Handlungsraum versteht, in dem Individuen und Institutionen kommunizieren. Für eine derartige Perspektive stehen weniger das Medium oder das Genre im Mittelpunkt des Interesses als vielmehr das kommunizierende Individuum und die Sprachgemeinschaft, in diesem Fall die virtuelle Sprachgemeinschaft. Based on studies that analyse the potential of computer-mediated communication (cmc) to help fight language shift in lesser-used languages, this paper discusses the situation of Low German in Northern Germany. Over the last three decades, Low German has lost more than half of its active speakers. The article raises the question of whether and, if so, how Low German speakers make use of cmc to stem this tide. Following a sociolinguistic approach focussed on the individual speakers who use the Internet as a space for social interaction, it gives an overview of the discursive field of Low German on the internet and analyses in detail the most popular Low German discussion board. It shows that one of the main obstacles to a more successful use of cmc can be found in speakers' complex attitude toward written Low German. © Franz Steiner Verlag Stuttgart.

Collaborative entrepreneurship:how communities of networked firms use continuous innovation to create economic wealth

Book Review: Raymond E. Miles, Grant Miles and Charles C. Snow Collaborative Entrepreneurship: How Communities of Networked Firms Use Continuous Innovation to Create Economic Wealth, 2005, Palo Alto, CA: Stanford University Press 144 pages

Preservation of York Minster historic limestone by hydrophobic surface coatings

Magnesian limestone is a key construction component of many historic buildings that is under constant attack from environmental pollutants notably by oxides of sulfur via acid rain, particulate matter sulfate and gaseous SO 2 emissions. Hydrophobic surface coatings offer a potential route to protect existing stonework in cultural heritage sites, however, many available coatings act by blocking the stone microstructure, preventing it from 'breathing' and promoting mould growth and salt efflorescence. Here we report on a conformal surface modification method using self-assembled monolayers of naturally sourced free fatty acids combined with sub-monolayer fluorinated alkyl silanes to generate hydrophobic (HP) and super hydrophobic (SHP) coatings on calcite. We demonstrate the efficacy of these HP and SHP surface coatings for increasing limestone resistance to sulfation, and thus retarding gypsum formation under SO/H O and model acid rain environments. SHP treatment of 19th century stone from York Minster suppresses sulfuric acid permeation.

Wealth shocks, credit-supply shocks, and asset allocation:evidence from household and firm portfolios

We use a unique dataset with bank clients’ security holdings for all German banks to examine how macroeconomic shocks affect asset allocation preferences of households and non-financial firms. Our analysis focuses on two alternative mechanisms which can influence portfolio choice: wealth shocks, which are represented by the sovereign debt crisis in the Euro area, and credit-supply shocks which arise from reductions in borrowing abilities during bank distress. While households with large holdings of securities from stressed Euro area countries (Greece, Ireland, Italy, Portugal, and Spain) de-crease the degree of concentration in their security portfolio as a result of the Euro area crisis, non-financial firms with similar levels of holdings from stressed Euro area countries do not. Credit-supply shocks at the bank level result in lower concentration, for both households and non-financial corporations. Only shocks to corporate credit bear ramifications on bank clients’ portfolio concentration. Our results are robust to falsification tests, and instrumental variables estimation.

Digital Preservation and Access to Cultural and Scientific Heritage: Presentation of the KT-DigiCult-BG Project

The fast development and wide application of digital methods, combined with broadened access to the Internet and falling computing costs, have created intense interest in electronic presentation and access to cultural and scientific heritage resources. Information technologies have offered cultural institutions new opportunities for the presentation of their holdings, which are now made accessible not only to the specialists, but also to the citizens and interested parties worldwide. The paper presents an overview of the Bulgarian experience in the field of digital preservation and access and on-going work on the project “Knowledge Transfer for the Digitisation of Scientific and Cultural Heritage to Bulgaria” (MTKD-CT-2004-509754) supported by the Marie Curie programme of the FP6 of the EC.

An Approach to Wealth Modelling

2000 Mathematics Subject Classification: 60G48, 60G20, 60G15, 60G17. JEL Classification: G10