The Day of the Week Effect and Option Pricing - A Study of the German Option Market

The use of different time units in option pricing may lead to inconsistent estimates of time decay and spurious jumps in implied volatilities. Different time units in the pricing model leads to different implied volatilities although the option price itself is the same.The chosen time unit should make it necessary to adjust the volatility parameter only when there are some fundamental reasons for it and not due to wrong specifications of the model. This paper examined the effects of option pricing using different time hypotheses and empirically investigated which time frame the option markets in Germany employ over weekdays. The paper specifically tries to get a picture of how the market prices options. The results seem to verify that the German market behaves in a fashion that deviates from the most traditional time units in option pricing, calendar and trading days. The study also showed that the implied volatility of Thursdays was somewhat higher and thus differed from the pattern of other days of the week. Using a GARCH model to further investigate the effect showed that although a traditional tests, like the analysis of variance, indicated a negative return for Thursday during the same period as the implied volatilities used, this was not supported using a GARCH model.

The German Military Entrepreneur Ernst von Mansfeld and His Conduct of Asymmetrical Warfare in the Thirty Years War

The dissertation examines aspects of asymmetrical warfare in the war-making of the German military entrepreneur Ernst von Mansfeld during his involvement in the Thirty Years War. Due to the nature of the inquiry, which combines history with military-political theory, the methodological approach of the dissertation is interdisciplinary. The theoretical framework used is that of asymmetrical warfare. The primary sources used in the dissertation are mostly political pamphlets and newsletters. Other sources include letters, documents, and contemporaneous chronicles. The secondary sources are divided into two categories, literature on the history of the Thirty Years War and textbooks covering the theory of asymmetrical warfare. The first category includes biographical works on Ernst von Mansfeld, as well as general histories of the Thirty Years War and seventeenth-century warfare. The second category combines military theory and political science. The structure of the dissertation consists of eight lead chapters, including an introduction and conclusion. The introduction covers the theoretical approach and aims of the dissertation, and provides a brief overlook of the sources and previous research on Ernst von Mansfeld and asymmetrical warfare in the Thirty Years War. The second chapter covers aspects of Mansfeld s asymmetrical warfare from the perspective of operational art. The third chapter investigates the illegal and immoral aspects of Mansfeld s war-making. The fourth chapter compares the differing methods by which Mansfeld and his enemies raised and financed their armies. The fifth chapter investigates Mansfeld s involvement in indirect warfare. The sixth chapter presents Mansfeld as an object and an agent of image and information war. The seventh chapter looks into the counter-reactions, which Mansfeld s asymmetrical warfare provoked from his enemies. The eighth chapter offers a conclusion of the findings. The dissertation argues that asymmetrical warfare presented itself in all the aforementioned areas of Mansfeld s conduct during the Thirty Years War. The operational asymmetry arose from the freedom of movement that Mansfeld enjoyed, while his enemies were constrained by the limits of positional warfare. As a non-state operator Mansfeld was also free to flout the rules of seventeenth-century warfare, which his enemies could not do with equal ease. The raising and financing of military forces was another source of asymmetry, because the nature of early seventeenth-century warfare favoured private military entrepreneurs rather than embryonic fiscal-military states. The dissertation also argues that other powers fought their own asymmetrical and indirect wars against the Habsburgs through Mansfeld s agency. Image and information were asymmetrical weapons, which were both aimed against Mansfeld and utilized by him. Finally, Mansfeld s asymmetrical threat forced the Habsburgs to adapt to his methods, which ultimately lead to the formation of a subcontracted Imperial Army under the management and leadership of Albrecht von Wallenstein. Therefore Mansfeld s asymmetrical warfare ultimately paved way for the kind of state-monopolized, organised, and symmetrical warfare that has prevailed from 1648 onwards. The conclusion is that Mansfeld s conduct in the Thirty Years War matched the criteria for asymmetrical warfare. While traditional historiography treated Mansfeld as an anomaly in the age of European state formation, his asymmetrical warfare has begun to bear resemblance to the contemporary conflicts, where nation states no longer hold the monopoly of violence.

Caracterización de la producción de leche en las comarcas German Pomares, La Sandino, La ponzoña, Río Blanco, Matagalpa, Octubre -Enero 2014

Mediante el estudio de caso, considerada como un tipo de investigación no experimental, sino mas bien documental, se realizó, el presente trabajo para caracterizar la producción de leche en tres comarcas de Rio Blanco, Matagalpa, Nicaragua, siendo estas la German pomares, la Sandino, la ponzoña. La idea de realizar este estudio surgió como una necesidad de conocer los medios de producción que emplean los productores, identificar qué medidas sanitarias utilizan y conocer como alimentan el ganado, determinar las condiciones de las instalaciones, etc. De igual manera conocer los resultados y utilizarlos como una información que sirva para conocer el potencial económico e innovar en el mercado lácteo y satisfacer la necesidad de las fincas de estas zonas. El instrumento que se utilizó fue el de entrevistas, teniendo una población de 110 fincas de las 3 comarcas y una unidad de muestral 29 fincas de productores entre ellos pequeños y medianos productores. Dentro de los hallazgos más relevantes se tiene que los productores tienen una dieta alimenticia y nutricional poco balanceada y no definida para los bovinos de leche, un 76% de los productores usan pastos mejorados herbáceos y de corte (más comunes Brachiarias y Pennisetum), aunque no les dan el manejo adecuado, no los conservan para su uso en época seca o critica, tienen como principal fuente energética la melaza y la caña de azúcar (66 y 74% respectivamente) y como fuente proteica el concentrado (28%), presentan una calidad genética animal buena (Brahaman, Pardo y Holstein), aunque no es explotada según su potencial, los cruces no tienen control, orden y registro, no presentando la definición de lo que se quiere genéticamente en el hato, siendo la monta natural la principal forma de reproducción (66%), los planes sanitarios se encuentran con diferentes frecuencias siendo lo más común las vacunaciones semestralmente, desparasitaciones y vitaminación trimestral (86 y 83% respectivamente), las enfermedades y agentes causales son las parasitosis, curso negro y diarrea viral, reciben capacitación en temas de alimentación, manejo del ordeño limpio, salud, reproducción pero más enfocado al aspecto productivo, sobre todo por parte de los centros de acopio. La productividad de la leche es baja, sobre todo que con los grupos raciales que tienen solo realizan un ordeño, producto del mal manejo alimenticio y nutricional. Los entrevistados señalan que la calidad que tiene su leche es de tipo A y que los precios son fluctuantes entre los 8 a 10 C$, por litro, la cual es mayormente vendida a los centros de acopio. Finalmente se determina que las comarcas sujetas al presente estudio presentan un alto potencial productivo que de manejarse eficiente y técnicamente podría superar lo que actualmente se produce.

The Ohlin-Keynes Debate on the German Interwar Reparations Revisited

This paper analyzes the debate between Ohlin and Keynes on the question as to whether Germany was able to make the payments specified in the Dawes Plan. Keynes argued that Germany was able to collect the money but unable to transfer it to the victors because there existed an insurmountable “transfer problem”. Ohlin replied that such a “transfer problem” did not exist and, therefore, that Germany was able to make the payments stipulated by the Dawes Committee. This paper analyzes the positions of the two contenders and argues that the problems are not correctly delimited and that the theoretical bases of the contenders show serious deficiencies. It also brings to light some interesting theoretical and practical paradoxes that neither Keynes nor Ohlin dealt with.

Body and Grotesque as Self-Disruption in Kerstin Hensel’s Gothic East(ern) German Novel Lärchenau (2008)

[EN] By analysing the novel Lärchenau and its -to a certain point- gothic features, this article interprets the elaboration of body in this novel as a site of the expression of power, but also as an alternative language. The grotesque dimension and the representation of the bodily numbness and pain as projections of historical awareness are key elements for the interpretation of Lärchenau in the context of Post-Unification Germany.

Bilingual Lexicography:Relevance of Corpora. The Example of German-Basque as Language Pair

Presentation for the 5th International Conference on Corpus Linguistics (CILC 2013), V Congreso Internacional de Lingüistica de Corpus.

Nigerian German Kainji Lake Fisheries Promotion Project - approach, result, future

The paper highlighted the overall goal and purpose of the Nigerian German Kainji Lake Fisheries Promotion Project. The main goal is to increase the standard of living of fishing communities in the project area. The target groups are the fishermen and fisherwomen in the area. The project also developed in effective extension delivery system in the basin. Also developed at the project headquarters are facilities for the execution of the project. The project are able to carry out frame, gear and stock assessment surveys on the Lake and able to formulate a fisheries management plan for the fisheries of Kainji Lake

Creating a German���Basque Electronic Dictionary for German Learners

Revista OJS

Bilingual Dictionary Drafting. The Example of German-Basque, a Medium-density Language Pair

Edited by Andrea Abel, Chiara Vettori, Natascia Ralli.

An identification key of the most important German freshwater teleost fishes by means of their eggs [Translation from: Archiv fur Hydrobiologie 83(2), 200-212, 1978]

The fetal and larval development of many freshwater fish is already relatively well covered. Coverage of the morphology of fish-species' eggs is very sparse. For this reason the authors have attempted to prepare a key on fish eggs which covers the bulk of German Teleostei fish. The key also includes a discussion of problems of categorization and terminology.

German Eel Model (GEM II) for describing eel, Anguilla anguilla (L.), stock dynamics in the river Elbe system

The eel, Anguilla anguilla (L.), stock of the river Elbe severely decreased during the last decades. Detailed knowledge of the stock dynamics in freshwater and especially of the impact factors is necessary to take effective measures for stock conservation and improvement. The dynamics of the eel stock are modelled based on immigration, stocking, natural mortality and mortalities caused by fishing, angling, cormorants and hydropower plants. The model estimates the number of emigrating eel. Moreover, it enables to study the sensitivity of the estimates related to the uncertainty of the source data of the different influencing factors. The model may be used to develop management strategies and to assess the effi ciency of different management options. Zusammenfassung Der Aalbestand im Elbesystem ist in den letzten Jahrzehnten stark zur