Diploma thesis aim to create Management Reporting application. First part focuses to analysis of various Business Intelligence solution and choosing the best one regarding to functional, financial features and availability. Main part is aimed to preparation of data, designing data model, overview of used functions, metrics and creating of reporting application. In the end of thesis is assessment of the application and induction to real business conditions.

Theaim of this master-thesis is to study the impact of uncertainty in the local-and implied volatility surfaces when pricing certain structured products suchas capital protected notes and autocalls. Due to their long maturities, limitedavailability of data and liquidity issue, the uncertainty may have a crucialimpact on the choice of valuation model. The degree of sensitivity andreliability of two different valuation models are studied. The valuation models chosen for this thesis are the local volatility model of Dupire and the implied volatility model of Black&Scholes. The two models are stress tested with varying volatilities within an uncertainty interval chosen to be the volatilities obtained from Bid and Ask market prices. The volatility surface of the Mid market prices is set as the relative reference and then successively scaled up and down to measure the uncertainty.The results indicates that the uncertainty in the chosen interval for theDupire model is of higher order than in the Black&Scholes model, i.e. thelocal volatility model is more sensitive to volatility changes. Also, the pricederived in the Black&Scholes modelis closer to the market price of the issued CPN and the Dupire price is closer tothe issued Autocall. This might be an indication of uncertainty in thecalibration method, the size of the chosen uncertainty interval or the constantextrapolation assumption.A further notice is that the prices derived from the Black&Scholes model areoverall higher than the prices from the Dupire model. Another observation ofinterest is that the uncertainty between the models is significantly greaterthan within each model itself. / Syftet med dettaexamensarbete är att studera inverkan av osäkerhet, i prissättningen av struktureradeprodukter, som uppkommer på grund av förändringar i volatilitetsytan. I dennastudie värderas olika slags autocall- och kapitalskyddade struktureradeprodukter. Strukturerade produkter har typiskt långa löptider vilket medförosäkerhet i värderingen då mängden data är begränsad och man behöver ta tillextrapolations metoder för att komplettera. En annan faktor som avgörstorleksordningen på osäkerheten är illikviditeten, vilken mäts som spreadenmellan listade Bid och Ask priset. Dessa orsaker ligger bakom intresset attstudera osäkerheten för långa löptider över alla lösenpriser och dess inverkanpå två olika värderingsmodeller.Värderingsmodellerna som används i denna studie är Dupires lokala volatilitetsmodell samt Black&Scholes implicita volatilitets modell. Dessa ställs motvarandra i en jämförelse gällande stabilitet och förmåga att fånga uppvolatilitets ändringar. Man utgår från Mid volatilitetsytan som referens ochuppmäter prisändringar i intervallet från Bid upp till Ask volatilitetsytornagenom att skala Mid ytan. Resultaten indikerar på större prisskillnader inom Dupires modell i jämförelsemot Black&Scholes. Detta kan tolkas som att Dupires modell är mer känslig isammanhanget och har en starkare förmåga att fånga upp förändringar isvansarna. Vidare notering är att priserna beräknade i Dupire är relativtbilligare än motsvarande från Black&Scholes modellen. En ytterligareobservation är att osäkerheten mellan värderingsmodellerna är av högre ordningän inom var modell för sig. Ett annat resultat visar att CPN priset beräknat iBlack&Scholes modell ligger närmast marknadspriset medans marknadsprisetför Autocallen ligger närmare Dupires. Detta kan vara en indikation påosäkerheten i kalibreringsmetoden eventuellt det valda osäkerhetsintervalletoch konstanta extrapolations antagandet.

Cortisol is a glucocorticoid produced by the zona fasciculata (ZF) of the adrenal cortex. Traditionally, cortisol production and release was seen as being regulated strictly by adrenocorticotropic hormone (ACTH). While this is true of baseline cortisol levels and in response to acute mental stress, the picture is somewhat more complicated in other situations.Interleukin-6 (IL-6) contributes to the maintenance of cortisol levels in situations of prolonged immune or inflammatory stress. AMP activated protein kinase (AMPK) was investigated as a possible mediator of the action of IL-6 or as an independent actor in raising cortisol levels in response to hypoxemic or hypoglycemic stress.5-aminoimidazole-4-carboxamide 1-b-D-ribofuranoside (AICAR) was used to activate AMPK. Bovine ZF tissue fragments were exposed to AICAR alone and together with a known AMPK inhibitor, compound C. Protein or mRNA was then extracted from these tissue fragments. As an indicator of overall steroidogenic activity, these extracts were tested using RT-PCR and western blot assays for relative protein and mRNA levels of steroidogenic acute regulatory (StAR) protein, steroidogenic factor-1 (SF-1), and dosage sensitive sex reversal adrenal hypoplasia congenita gene on the X chromosome, gene 1 (DAX-1). Also a reporter gene assay was performed on H295R cells with a transfected StAR promoter.In bovine ZF tissue fragments, AICAR caused a significant increase of StAR protein and mRNA and SF-1 protein with a decrease of DAX-1 protein in a dose and time dependant manner. DAX-1 mRNA was shown to decrease in response to AICAR administration in a dose dependant manner. AICAR induced increases in StAR protein and SF-1 protein, and the attendant decrease in DAX-1 protein were all shown to be reduced by administration of compound C. This demonstrated that in this situation AICAR is acting through AMPK. When IL-6 was given with compound C the levels of StAR, SF-1, and DAX-1 were significantly reduced from samples treated with IL-6 alone. AICAR exposure also increased StAR promoter activity in a dose and time dependant manner. This AMPK induced increase in steroidogenic activity provides a possible mechanism for increased cortisol during hypoxia and hypoglycemia, and a possible mediator for IL-6 in the ZF.

In recent years the increasing demand for fuel efficient and less pollutant vehicles has stimulated the development of hybrid and electric vehicles. These vehicle platforms often incorporate drivetrains which utilize multiple power sources for vehicle propulsion in an effort to increase fuel mileage and reduce emissions. Coupling multiple power sources, such as an internal combustion engine and electric motor(s), has new challenges in drivetrain design. Understanding the torque and rpm relationships within the power transmission device used to combine power sources is fundamental to overcoming the design challenges associated with hybrid and electric vehicle platforms. Results from this research include the fundamental torque and rpm relationships that exist in a multiple-input, single-output power transmission device. These results were deduced from a test that incorporated two separate power inputs into a differential which combined to produce a single output. Testing displayed that a differential has the ability to function as an infinitely variable transmission (IVT). Additionally, the challenges associated with using a differential as a multiple-input, single-output device were identified. Recommendations for overcoming these challenges are also presented herein. This work provides the basis for future work in powertrain optimization for multiple-input, single-output transmission devices.

The adrenal cortex is a crucial endocrine gland in the mammalian stress response. In chronic inflammatory stress, cortisol is elevated whereas adrenal androgens are decreased. Furthermore, ACTH levels have poor correlation with the plasma cortisol in these conditions, thus suggesting that other factors are driving the stress response during chronic inflammatory stress. Interleukin-6 (IL-6), a cytokine which is released during chronic inflammatory stress, is assumed to be one such factor. Thus the biochemical pathways by which IL-6 increases cortisol release from the zona fasciculata (ZF), and decreases adrenal androgen release from the zona reticularis (ZR) were investigated. Since IL-6 activates AMP-activated kinase (AMPK) in skeletal muscle, AMPK was investigated for IL-6- induced effects in ZF and ZR tissue. The effects of AMPK activation and IL-6 exposure on the expression of the steroidogenic proteins, steroidogenic acute regulatory protein (StAR) and cholesterol side chain cleavage enzyme (P450scc), and on the steroidogenic nuclear factors steroidogenic factor-1 (SF-1) and adrenal hypoplasia congenita, critical region on the X chromosome, gene-1 (DAX-1) were investigated. AMPK activation and IL-6 exposure increased the expression of StAR, P450scc, and SF-1, and decreased DAX-1 in the ZF. Meanwhile, AMPK activation and IL-6 exposure decreased the expression of StAR, P450scc, and SF-1, and increased DAX-1 in the ZR. AMPK inhibition blocked the effects of AMPK activation and IL-6 on the ZF and ZR. Activator Protein-1 (AP-1) was the second biochemical intermediate studied since in other tissues AMPK activation increases the expression and phosphorylation of AP-1 subunits. IL-6 stimulation and AMPK activation increased the expression of the AP-1 subunits cFOS, cJUN, JUN B, and JUN D, while increasing the phosphorylation of cJUN in both the ZF and the ZR. These effects were blocked by AMPK inhibition. Inhibition of AP-1 leads to decreased StAR, P450scc, and SF-1, and increased DAX-1 in the ZF. Meanwhile, AP-1 inhibition leads to increased StAR, P450scc, SF-1, and decreased DAX-1 in the ZR. Therefore the AP-1 complex functions as a biochemical intermediate in the IL-6 and AMPK regulation of steroidogenic enzymes in the ZF and ZR. Overall, the results suggest that IL-6 activates AMPK, which increases the expression and phosphorylation of AP-1 subunits in the ZF and the ZR. However, increased AP-1 activation leads to increased StAR and P450scc in the ZF, but decreased StAR and P450scc in the ZR.

Diese Dissertation zielt darauf ab, ein besseres Verständnis für Anomalien und Insiderhandel zu schaffen, sowie die Verfügbarkeit von qualitativ hochwertigen Daten für den deutschen Aktienmarkt zu verbessern. Der erste Aufsatz beinhaltet eine verzerrungsfreie Zeitreihe von monatlichen Renditen deutscher Aktien für die Jahre 1954 bis 2013, die auf der Basis stabiler Regeln berechnet und gut dokumentiert ist. Im Weiteren enthält der Aufsatz eine detaillierte Beschreibung des deutschen Aktienmarktes und dessen Besonderheiten, insbesondere im Vergleich zu den USA. Der zweite Aufsatz zeigt am Beispiel des Fama/French Drei-Faktoren-Modells die Probleme auf, die Anbieter und Nutzer von Faktorendaten haben, die sich nicht auf die USA beziehen. Die empirische Analyse von sieben Faktorensets für Deutschland zeigt, dass die Übernahme von Faktormodellen in einen anderen Kapitalmarkt eine komplexe Thematik ist. Der Aufsatz gibt Anregungen für Nutzer und Anbieter von Faktorensets und zeigt, wie die Wahl des Faktorensets das Ergebnis einer Studie beeinflussen kann. Im dritten Aufsatz werden verschiedene zyklische und antizyklische Handelsstrategien hinsichtlich ihrer Performance im deutschen Aktienmarkt untersucht. Von den untersuchten Strategien erscheint nur Momentum konsequent abnormale Renditen zu erzielen, dies auch nach Transaktionskosten. Die vierte Arbeit untersucht öffentlich bekannt gegebene Aktientransaktionen von Insidern börsennotierter deutscher Unternehmen. Der Aufsatz zeigt, dass Insider von TecDAX-Unternehmen und ihre Imitatoren hohe und statistisch signifikante abnormale Renditen erzielen. Insgesamt zeigt die Dissertation, dass methodische Variationen, die Verwendung verschiedener Untersuchungsdesigns, die Datenqualität und die Sorgfalt beim Erstellen von empirischen Analysen zur Beurteilung der Robustheit und der Stabilität der Ergebnisse unerlässlich sind. Der deutsche Aktienmarkt scheint effizienter zu sein als bisherigere Studien typischerweise nahelegen. / This doctoral thesis aims to contribute to a better understanding of stock market anomalies and insider trading as well as to improve the availability of high quality data for the German stock market. The first paper provides a sixty-year time series of monthly returns on German stocks that is constructed on the basis of stable rules, is well documented, includes all return components, and is free of biases. The paper also contains a detailed description of the German stock market, its peculiarities, regulation and differences as compared to the U.S. The second paper uses the Fama/French three-factor model as an example to point out the problems that providers and users of non-U.S factor data sets face. The empirical analysis of seven different factor data sets available for Germany shows that exporting a specific factor model from the U.S. to another capital market is neither an easy nor well-defined task. The paper gives suggestions to users and creators of factor sets and shows how the choice of a factor set affects the result of an empirical study. The third paper provides evidence on how various contrarian, momentum and seasonality strategies perform in the German stock market. Among these strategies, only momentum investing appears to earn persistently non-zero returns, even after transaction costs. The fourth paper studies publicly disclosed stock transactions by insiders of listed German firms. The paper finds that insiders of TecDAX firms earn large and statistically significant abnormal returns net of transaction costs; for DAX insiders they are indistinguishable from zero. Overall, this thesis illustrates that methodological variations, the use of different specifications, data quality and care when preparing empirical analyses is essential in the assessment of the robustness and stability of results. In sum, the German stock market appears to be more efficient than previous studies have typically suggested.