Passau, Universiẗat, Diss., 2004. / Erscheinungsjahr an der Haupttitelstelle: 2003.

Thesis (doctoral)--Universität St. Gallen, 2001.

Zugl.: Frankfurt (Main), Hochsch. für Bankwirtschaft, Diplomarbeit.

An investor can generate higher returns on the German stock market if he is using an active portfolio management strategy rather than its passive counterpart. This is possible because the market is not efficient and the DAX, namely the market portfolio, can be outperformed in regard to the average annual return and its variance. Therefore, the CAPM does not hold for the German stock market. The investor has to use the 10 weeks old changes of the ifo business climate index to forecast the DAX movement in the upcoming month. Even though this forecasting method only gave the correct trading signal for 56% of the months between 1991 and 2011, it outperformed the Buy and Hold strategy by 324 basis points. The main reason for this is that the business index was able to warn the investor of months in which the DAX lost over 10% of its value. The superiority of the active strategy was still valid when transaction costs were taken into account and was even stronger when call money was the alternative investment to the DAX rather than cash.

Peintre et dessinateur, Adrien Dax fait partie du groupe surréaliste réuni autour d’André Breton après 1948. Son œuvre et l’appareil théorique qui l’accompagne contribuent au renouvellement de l’automatisme pictural. Dax pense un nouveau paradigme de l’automatisme en peinture notamment nourri d’éléments empruntés aux sciences ou à l’ésotérisme, l’inscrivant dans le sillage de l’automatisme absolu. La production de l’artiste, marquée par une démarche expérimentale, se distingue par l’invention de nouveaux procédés techniques et par un vocabulaire plastique qui laisse la part belle au biomorphisme. Les années de jeunesse d’Adrien Dax mêlent avant-gardes, lutte antifasciste et engagement révolutionnaire. Elles contribuent à lui donner le recul nécessaire pour participer pleinement à l’action collective du groupe surréaliste, faisant de lui un des principaux animateurs du mouvement après-guerre, bien qu’il ait volontairement occulté son œuvre. Étudier le parcours d’Adrien Dax permet de caractériser une nouvelle génération qui, à partir de 1951, s’empare du surréalisme pour le faire vivre. / From 1948 onwards, Adrien Dax participated, with his paintings and drawings, in the activities of the surrealist group around André Breton. Dax’s work and its theoretical underpinning contributed to the renewal of pictorial automatism. Dax created a new paradigm of automatism in painting which, in particular, contained elements borrowed from the sciences or from esoterism, placing him directly in line with absolute automatism. His output, marked by an experimental approach, is notable for the invention of new technical processes and by a plastic vocabulary which emphasized biomorphism. When he was young, Adrien Dax was involved with « avant-garde » movements, the fight against fascism and revolutionary commitment. This enabled him to gain the necessary perspective for participating fully in the collective activities of the surrealist group, making him one of the leading figures of the movement after the war, despite his persistent discretion regarding his work. A study of Adrien Dax’s life enables us to identify a new generation, which from 1951 onwards, was to reinvigorate the surrealist movement.

Les propriétés hydrophobes des polymères extracellulaires (PEC) exercent l’influence profonde sur les propriétés de la surface cellulaire. Cependant, de nombreux facteurs tels que les méthodes d'extractions, le type de substrat influencent les caractéristiques des PEC et les informations concernant des caractéristiques hydrophobes sont rarement documentées. L'objectif principal de cette étude est de développer une méthode appropriée pour étudier l'hydrophobicité des PEC, puis d'étudier les caractéristiques hydrophobes des PEC.Le fractionnement hydrphobe par la résine Supelite™ DAX-8 a d'abord été appliqué sur les PEC extraits de boues granulaires anaérobies, deux conditions de pH d'élution (pH 2 et 5) ont été testées. L'impact de sept méthodes d'extraction sur les caractéristiques hydrophobes des PEC a été évalué. Les résultats ont montré que les méthodes d'extraction et le pH de la solution extraitante ont influencé la composition des PEC et leur hydrophobicité. En outre, les extraitants des PEC, par exempe le formaldéhyde, l'éthanol, le dodécylsulfate de sodium (SDS) et Tween 20, ont non seulement introduit une teneur supplémentaire en carbone pendant la mesure du carbone organique total (COT), mais ils ont également interagit avec la résine DAX-8. En comparant la répartition du poids moléculaire apparent (aMW) des échantillons des PEC non traités et ajustés au pH détectés par chromatographie d'exclusion stérique (en anglais SEC), l’information plus complète d’aMW a été préservée à pH 5. Ainsi, le fractionnement hydrophobe par la résine DAX-8 à pH 5 et les méthodes physiques d'extraction PEC ont été préférés dans cette étude.Une analyse qualitative détaillée des caractéristiques hydrophobes des EPS a été étudiée par la technique de la matrice de fluorescence d’excitation-emission (EEM). Les résultats ont montré que les substances de type humique (HS-like) représentaient la majorité des composés organiques des PEC extraits de la boue granulaire anaérobie, et constituaient également le principal support moléculaire de l'hydrophobicité des extraits. Ces composés hydrophobes de type HS étaient essenciellement des molécules petites tailles de 8 kDa à <1 kDa. L’hydrophobité contributée par les protéines (PN) et les polysaccharides (PS) présentait un moindre rapport.Afin d’explorer les propriétés hydrophobes de PN et de PS, ainsi évaluer l'impact de l'addition de Ni(II) sur l'hydrophobicité des extraits des champignons, fongi Phanerochaete chrysosporium a été choisi. Les résultats ont montré que la teneur de PN et de PS dans les PEC extrait de ce type de fongi variait en fonction de la concentration de Ni(II). Avec une augmentation de la concentration de Ni de 0 mg/L à 25 mg/L, la teneur en PN a diminué alors que celle de PS a été augmentée. L'hydrophobicité des PEC du fongi, déterminée par le traitement de la résine DAX-8, a diminué lors que la concentration de Ni augmentait. Par ailleurs, l'intensité du pic de SEC correspondant aux molécules PN-like (Ex/Em = 225/345 nm) de 1,9 × 103 à 10 kDa a été augmentée par l'addition Ni; en même temps, la distribution d’aMW des composés organiques totaux (UV/210) dans les PEC restait presque stable. Ces résultats ont indiqué que les composés de type PN-like peuvent avoir déterminé l'hydrophobicité des PEC fongique dans des conditions de stress.Dans l’extrait plus hétérogène des PEC de boues granulaires anaérobies, des composés HS-like représentaient le composant organique majeur, ainsi le principal support moléculaire de l'hydrophobicité des PEC. En étudiant les caractéristiques hydrophobes des PEC extrait du champignon Phanerochaete chrysosporium, le PN et le PS des PEC jouaient un rôle actif dans la protection du champignon sous le Ni. La concentration élevée de Ni a diminué l'hydrophobicité des PEC fongique, mais elle a augmenté l'hydrophobicité de la surface cellulaire du champignon. Il semble que la présence de Ni favorise l'apparition d'un champignon plus hydrophobe / The hydrophobic properties of extracellular polymeric substances (EPS) exert a profound influence on the cell surface properties. However, many factors such as EPS extractions methods, substrate type influence EPS characteristics, and limited information regarding to the hydrophobic features of EPS can be found. The main aim of this study is to develop a proper method to study EPS hydrophobicity, and then investigate the hydrophobic features of EPS.The hydrophobic fractionation by Supelite™ DAX-8 resin was first applied on the EPS extracted from anaerobic granular sludge, two elution pH conditions i.e. pH 2 and 5 were tested. The impact of seven EPS extraction methods on the hydrophobic features of EPS was assessed. The results showed that the extraction methods and bulk solution pH dramatically influenced the EPS composition and their hydrophobicity. Besides, the EPS extracting reagents namely formaldehyde, ethanol, sodium dodecyl sulfate (SDS) and Tween 20 not only introduced extra carbon content during total organic carbon (TOC) measurement, but also interacted with the DAX-8 resin. By comparing the apparent molecular weight (aMW) distribution of the untreated and pH-adjusted EPS samples detected by size exclusion chromatography, more complete EPS aMW information was preserved at pH 5. Thus, the hydrophobic fractionation by DAX-8 resin at pH 5 and physical EPS extraction methods were preferred in this study.After identifying the proper conditions for DAX-8 resin fractionation, detailed qualitative analysis of the EPS hydrophobic features was further investigated. The results showed that the humic-like substances (HS-like) were the major organic constituent of the EPS extracted from the anaerobic granular sludge, and they were also the main molecular support of the EPS hydrophobicity. Those hydrophobic HS-like compounds were mainly small molecules ranging from 8 kDa to <1 kDa. Proteins (PN) and polysaccharides (PS) contributed to the EPS hydrophobicity to a lesser extent.The role of PN and PS in the EPS hydrophobicity was difficult to be shown. It is known that the major organic constituents of the EPS extracted from bacteria, algae and fungi are PN and PS. Therefore, to explore the hydrophobic features of PN and PS, as well as to investigate the impact of Ni(II) addition, on the EPS hydrophobicity, the fungus Phanerochaete chrysosporium was chosen. The results showed that the contents of PN and PS in the extracted fungal EPS varied with the Ni(II) concentration. With an increase in the Ni concentration from 0 mg/L to 25 mg/L, the PN content was decreased whereas the PS content was increased. The fungal EPS hydrophobicity, determined by the DAX-8 resin treatment, was decreased as the Ni concentration increased.Besides, the peak intensity on the size exclusion chromatography (SEC) corresponding to the PN-like molecules (Ex/Em = 225/345 nm) ranging from 1.9×103 to 10 kDa were intensified by the Ni addition, while the aMW distribution of the total organics (UV/210) in the EPS remained almost stable. These results indicated that those PN-like compounds may determine the hydrophobicity of fungal EPS under stress conditions.For the more heterogeneous EPS extracted from anaerobic granular sludge, HS-like compounds were identified as the major organic component, as well as the main molecular support of the EPS hydrophobicity. By studying the hydrophobic features of the EPS extracted from the fungus Phanerochaete chrysosporium, it showed that the PN and PS in the EPS played an active role in protecting the fungus under Ni stress. The increased Ni concentration decreased the hydrophobicity of fungal EPS, but it increased the cell surface hydrophobicity of the fungus. It seems that the presence of Ni promoted the fungus becoming more hydrophobic

The goal of the diploma thesis: "Fundamental analysis of RWE AG title" is to determine an intrinsic value of the RWE AG share using detail analysis. The first -- theoretical -- part deals with financial environment where the title is being traded and quoted. This part characterised german indices, mainly index DAX 30, because its component is also RWE AG share. The electronic system Xetra is described here as well. Fundamental analysis itself - including global, sector and enterprise analysis - is the subject of the second section. At the end of this work, the intrinsic value is evaluated and subsequently the forecast is outlined.

Abstract:   The last decade currency carry trade has gained a lot of popularity because of their apparent profitability. It is a strategy that has been developed to exploit violations of the Uncovered Interest Rate Parity. In particular, an investor must take a short position in a low-yielding currency to fund a long position in a high-yielding currency. In this research, we tried to contribute in the previous literature for the currency carry trade and its characteristics by using a different approach. Most of the researches that have been conducted in this area concern the risk agents associated with this strategy. However, in our research we investigated the relationship between currency carry trade and two equity indexes, one from the European market (DAX) and one from the American (DJIA). In order to do that, we estimated the returns of the DAX and the Dow Jones Industrial Average (DJIA) as well as the returns of a carry trade index created by the Deutsche Bank, the Deutsche Bank’s G10 Currency Future Harvest index. The returns were estimated for a time period of twenty years (1995-2014). More specific, we examined whether there is granger causality between the returns of carry trade and of DAX/DJIA, whether there is leverage effect on the returns of the same index and finally whether changes in the returns of one of those indexes can affect the subsequent volatility of the other two. For being able to do this examination, we used two different statistical models, the Vector Autoregression (VAR) and the EGARCH [1, 1] model.       The first empirical finding suggests that there is granger causal effect from the two equity markets to carry trade, however the carry trade granger cause only to DJIA index. The second finding indicates that there no leverage effect form the past returns to the future volatility for all the three indexes. Finally, the last finding suggests that the volatility process on the returns of one index cannot be determined by changes in the returns of the other two indexes. Keywords: Currency carry, uncovered interest rate parity, DAX, DJIA, G10 currency, granger causality, VAR, EGARCH[1,1]

Diplomová práce se zabývá analýzou akciových titulů z německého burzovního indexu DAX. Úvodní kapitola diplomové práce obsahuje korelační analýzu indexu DAX s dalšími akciovými indexy. Hlavní kapitola je zaměřena na využití fundamentální analýzy při ohodnocování akciových titulů z dotyčného burzovního indexu DAX. Ohodnocování akciových titulů je prováděno pomocí dividendového diskontního modelu a modelů ziskových. Závěr tvoří zkoumání úspěšnosti investičních strategií založených na fundamentálních akciových ukazatelích.

Univ., Diss.--Trier, 2004.