Stuttgart, FH, Diplomarb., 2002.

Zugl.: Bremen, Univ., Diss., 2006.

Master-Arbeit Univ. St. Gallen, 2008.

Techn. Universiẗat, Diss., 2003--Chemnitz.

Universiẗat, Diss., 2006--Bayreuth.

In this paper, we study the asset pricing implication of imprecise knowledge about rare events. Modeling rare events as jumps in the aggregate endowment, we explicitly solve the equilibrium asset prices in a pure-exchange economy with a representative agent who is averse not only to risk but also to model uncertainty with respect to rare events. Our results show that there are three components in the equity premium: the diffusive-risk premium, the jump-risk premium, and the "rare event premium." While the first two premia are generated by risk aversion, the last one is driven exclusively by uncertainty aversion. To dis-entangle the "rare event premium" from the standard risk-based premia, we examine the equilibrium prices of options with varying degree of moneyness. We consider models with different levels of uncertainty aversion -- including the one with zero uncertainty aversion, and calibrate all models to the same level of equity premium. Although observationally equivalent with respect to the equity market, these models provide distinctly different predictions on the option market. Without incorporating uncertainty aversion, the standard model cannot explain the extent of the premia implicit in options, particularly the prevalent "smirk" patterns documented in the index options market. In contrast, the models incorporating uncertainty aversion can generate significant premia for at-the-money option prices, as well as pronounced "smirk" patterns for options with different degrees of moneyness.

L’environnement radiatif spatial est particulièrement critique pour la fiabilité des circuits intégrés et systèmes électroniques embarqués. Cet environnement chargé en particules énergétiques (proton, électron, ions lourds, etc) peut conduire à des pannes transitoires (SET), ou permanentes (SEU) et dans certains cas destructives (type Latchup, SEL) dans les dispositifs embarqués. L'effet d'une seule particule est identifié comme un événement singulier (SEE). Les contraintes imposées par l'intégration technologique poussent les fabricants micro-électroniques à prendre en considération la vulnérabilité de leurs composants vis-à-vis du Latchup tout en considérant les phénomènes non destructifs tels que la corruption de données (SEU/MBU). Cette thèse est le fruit d'une collaboration entre l'ONERA et Sofradir, fabriquant électronique d'imageurs infrarouge. L'objectif de cette thèse est d'étudier les effets singuliers (SET/SEU/SEL) de la technologie CMOS utilisée par Sofradir dans des conditions de températures cryogéniques, et plus particulièrement l'effet Latchup. / The spatial radiative environment is particularly critical for the reliability of integrated circuits and embedded electronic systems. This environment loaded with energetic particles (proton, electron, heavy ions, etc.) can lead to transient (SET), or permanent (SEU) and insome cases destructive failures (Latchup, SEL) in embedded devices. The effect of a single particle is identified as a single event effect(SEE). The constraints imposed by technological integration push microelectronics manufacturers to consider the vulnerability of their components to Latchup while consideringnon-destructive phenomena such as data corruption (SEU/MBU). This thesis is the result ofcollaboration between ONERA and Sofradir, an electronic manufacturer of infrared imagers. The aim of this thesis is to study the singular effects (SET / SEU / SEL) of the CMOS technology used by Sofradir under cryogenic temperature conditions, and more particularly the Latchup effect.

The primary objective of this thesis is to investigate the value implications of the mergers and acquisitions deals initiated by the firms from the CEE region. We examine the sample of the 203 M&A announcements made by the bidder firms from the two major economies in the region-Poland and Russia-over the period 2006-2016. We apply the event study methodology to investigate the effect of the M&A announcement on the wealth of the acquirers' shareholders. The results demonstrate that on average investors of the Polish acquirers receive positive short-term wealth effect, while the investors of the Russian firms lose in short-term value. Our empirical findings provide partial support for the positive wealth effect when acquirers target the strategically important asset. Our results hold after controlling for the number of firm and transaction-specific characteristics. JEL Classification G14, G32, G34 Keywords mergers and acquisitions, event study, bidder gains, shareholder wealth effects, Central and Eastern Europe Author's e-mail lukashova.a.v@gmail.com Supervisor's e-mail kocenda@fsv.cuni.cz

Despite the enormous complexity inherent to language, almost all humans acquire and use their native language with apparent effortlessness, simply from being immersed in a normal social environment. It has been hypothesized that conscious processes play only a limited role in language, which may explain how language can be acquired and processed with so little effort. Using event-related potentials, this dissertation addresses this hypothesis by investigating the contributions of implicit and explicit neural mechanisms to different aspects of language. In the first study, the neural mechanisms mediating semantic and syntactic processing of word pairs were examined, using the attentional blink (AB) to manipulate awareness of target words. In the semantic condition, correctly reported target words elicited an N400 effect, while missed target words did not elicit an N400. These results provide evidence that awareness plays a critical role in semantic processing. In the second study, the neural mechanisms that support syntactic processing of full sentences were investigated, using a cross-modal AB to manipulate awareness of syntactic violations. Syntactic violations that were not consciously detected nonetheless elicited a left anterior negativity, indicating that syntactic processing is subserved by implicit neural mechanisms. In the third study, the neural mechanisms underlying semantic acquisition were examined, using a task in which the meanings of novel pseudowords were learned through context. Novel pseudowords elicited a robust N400 effect after remarkably little exposure but only during an explicit task and only when word meanings could be explicitly recognized, indicating that vocabulary acquisition is primarily mediated by explicit neural mechanisms. In the fourth study, the neural mechanisms that support the acquisition of second language (L2) syntax were investigated, using a language-learning task in which participants were trained either implicitly or explicitly. Regardless of training condition, learners who successfully learned the novel L2 syntactic rules showed P600 effects, suggesting that explicit mechanisms play a crucial role in acquiring L2 syntax. Taken together, results from these studies suggest that awareness plays a critical yet constrained role in language processing, yielding new insight into how language is spoken and understood so effortlessly. This dissertation includes previously published and co-authored material. / 10000-01-01

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