Produktdesign und Semi-Statische Absicherung von Turbo-Zertifikaten

Zusammenfassung  Turbo-Zertifikate geh?ren derzeit zu den beliebtesten strukturierten Produkten für Privatanleger. Sie lassen sich als Spezialformen von Barrier-Optionen auffassen. In Bezug auf das Produktdesign ist das Verh?ltnis von Kursschranke und Basispreis von Bedeutung. Unter Ausnutzung der Put-Call-Symmetrie wird gezeigt, dass eine geeignete Wahl der Ausstattungsmerkmale dem Emittenten eine semi-statische überabsicherung in Standard-Optionen erm?glicht, die bezüglich einer ganzen Modellklasse gültig ist. Im Gegensatz zu der in der Praxis g?ngigen Preisstellung kann eine Absicherung der Zahlungsverpflichtungen im Allgemeinen nicht unabh?ngig von der Volatilit?t erfolgen.

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Product design and semi-static hedging of turbo-certificates

Summary  Turbo-Certificates are one of the most popular structured equity products for private investors in Germany. They can be regarded as special forms of barrier options. For the design of these products, the relation between the barrier level and the strike price is especially important. By using the put-call-symmetry, we show that by a certain choice of these parameters, the issuer is able to obtain an almost static (super-) hedge in standard option contracts which is valid for a general class of models. It turns out that in contrast to the pricing rule which is often used in practice, the issuer can neither hedge a single certificate nor a portfolio of certificates independent of the volatility.

     

Emotion Management: Unexpected Research Opportunities

During the process of emotion management , individuals perceive that they are feeling emotions that differ from what is expected within the situation. Consequently, they use cognitive, physical, and/or other means either to display more appropriate emotions or to change their emotions on a deeper level to be consistent with what is customarily expressed. Beginning with the first examinations of emotion management in 1979 by the pioneer Arlie Hochschild , emotion scholars have produced over 6,000 studies of this phenomenon. We join this vibrant research program by proposing new avenues of research using an interdisciplinary strategy. First, we explore possibilities for emotion management research within its “home base” of sociology; then, we branch out to the areas of morality and political science. In so doing, we craft new and unexpected pathways for advancements in theory, theory adjudication, and methodology, for the future of emotion management research .     

Fetal Alcohol Spectrum Disorder Information Dissemination by Health Care Professions

Fetal alcohol spectrum disorder (FASD) is the leading preventable intellectual and developmental disability. There is no safe level of alcohol consumption at any point during pregnancy. Findings of this study indicate that the information disseminated by health care professionals is not always in keeping with this understanding. Physicians and midwives appeared to be the least consistent in advocating to women that they abstain from alcohol consumption while pregnant. We explore ways in which social workers can support the medical profession to provide more consistent messaging of alcohol abstinence during pregnancy to lower the incidence of FASD.     

Physiological Responses to Near-Miss Outcomes and Personal Control During Simulated Gambling

Near-miss outcomes during gambling are non-win outcomes that fall close to a pay-out. While objectively equivalent to an outright miss, near-misses motivate ongoing play and may therefore be implicated in the development of disordered gambling. Given naturalistic data showing increases in heart rate (HR) and electrodermal activity (EDA) during periods of real gambling play, we sought to explore the phasic impact of win, near-miss and full-miss outcomes on physiological arousal in a controlled laboratory environment. EDA and HR were monitored as healthy, student participants (n = 33) played a simulated slot-machine task involving unpredictable monetary wins. A second gambling distortion, perceived personal control, was manipulated within the same task by allowing the participant to select the play icon on some trials, and having the computer automatically select the play icon on other trials. Near-misses were rated as less pleasant than full-misses. However, on trials that involved personal choice, near-misses produced higher ratings of ‘continue to play’ than full-misses. Winning outcomes were associated with phasic EDA responses that did not vary with personal choice. Compared to full-misses, near-miss outcomes also elicited an EDA increase, which was greater on personal choice trials. Near-misses were also associated with greater HR acceleration than other outcomes. Near-miss outcomes are capable of eliciting phasic changes in physiological arousal consistent with a state of subjective excitement, despite their objective non-win status.     

Practical procedures to deal with common support problems in matching estimation

This paper assesses the performance of common estimators adjusting for differences in covariates, such as matching and regression, when faced with the so-called common support problems. It also shows how different procedures suggested in the literature affect the properties of such estimators. Based on an empirical Monte Carlo simulation design, a lack of common support is found to increase the root-mean-squared error of all investigated parametric and semiparametric estimators. Dropping observations that are off support usually improves their performance, although the magnitude of the improvement depends on the particular method used.     

Leadership research and cognitive neuroscience: The state of this union

Advances in cognitive neuroscience and other approaches to understanding human behavior from a biological standpoint are only now beginning to filter into leadership research. The purpose of this introduction to the Leadership Quarterly Special Issue on the Biology of Leadership is to outline the organizational cognitive neuroscience approach to leadership research, and show how such an approach can fruitfully inform both leadership and neuroscientific research. Indeed, we advance the view that the further application of cognitive neuroscientific techniques to leadership research will pay great dividends in our understanding of effective leadership behaviors and as such, a future symbiosis between the two fields is a necessity.     

Toddlers Help Anonymously

Young children are extremely motivated to help others, but it is not clear whether they do so in anonymous situations without social recognition. In two studies, we found that 18‐month‐old toddlers provided help equally in situations where an adult recipient was present and in situations where an adult recipient was not present. We included several control conditions to rule out that toddlers were simply unaware of their anonymity or were merely motivated to restore the physical order of things. Together, these findings suggest that early in ontogeny children are motivated to help others in need regardless of whether they can immediately be recognized for their prosocial intentions.     

Does Iconicity in Pictographs Matter? The Influence of Iconicity and Numeracy on Information Processing,Decision Making,and Liking in an Eye‐Tracking Study

Researchers recommend the use of pictographs in medical risk communication to improve people's risk comprehension and decision making. However, it is not yet clear whether the iconicity used in pictographs to convey risk information influences individuals’ information processing and comprehension. In an eye‐tracking experiment with participants from the general population (N = 188), we examined whether specific types of pictograph icons influence the processing strategy viewers use to extract numerical information. In addition, we examined the effect of iconicity and numeracy on probability estimation, recall, and icon liking. This experiment used a 2 (iconicity: blocks vs. restroom icons) × 2 (scenario: medical vs. nonmedical) between‐subject design. Numeracy had a significant effect on information processing strategy, but we found no effect of iconicity or scenario. Results indicated that both icon types enabled high and low numerates to use their default way of processing and extracting the gist of the message from the pictorial risk communication format: high numerates counted icons, whereas low numerates used large‐area processing. There was no effect of iconicity in the probability estimation. However, people who saw restroom icons had a higher probability of correctly recalling the exact risk level. Iconicity had no effect on icon liking. Although the effects are small, our findings suggest that person‐like restroom icons in pictographs seem to have some advantages for risk communication. Specifically, in nonpersonalized prevention brochures, person‐like restroom icons may maintain reader motivation for processing the risk information.     

The effect of fast and slow decisions on risk taking

We experimentally compare fast and slow decisions in a series of experiments on financial risk taking in three countries involving over 1700 subjects. To manipulate fast and slow decisions, subjects were randomly allocated to responding within 7 seconds (time pressure) or waiting for at least 7 or 20 seconds (time delay) before responding. To control for different effects of time pressure and time delay on measurement noise, we estimate separate parameters for noise and risk preferences within a random utility framework. We find that time pressure increases risk aversion for gains and risk taking for losses compared to time delay, implying that time pressure increases the reflection effect of Prospect Theory. The results for gains are weaker and less robust than the results for losses. We find no significant difference between time pressure and time delay for loss aversion (tested in only one of the experiments). Time delay also leads to less measurement noise than time pressure and unconstrained decisions, and appears to be an effective way of decreasing noise in experiments.