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.

     

Rapid Trading bei deutschen Aktienfonds: Evidenz aus einer großen deutschen Fondsgesellschaft

This paper is the first to examine rapid trading among German equity mutual fund investors. Using data on inflows and outflows provided by a large German mutual fund company for all of its equity funds, we find strong evidence for rapid trading. It is particularly pronounced for small funds, risky funds, funds with low nominal prices, and international funds. However, we find no evidence of market timing activities. Furthermore, unlike in the US, rapid trading is less pronounced for funds with high loads. This shows that rapid trading among German fund investors is not explained by churning due to brokers’ advice. Rather, our results are consistent with the view that some investors use mutual funds for short-term, speculative purposes. The funds among which we observe the strongest rapid trading show lottery-like characteristics. Regarding fund performance, we find (at most) only very weak evidence for a negative impact of rapid trading on fund performance before the fund scandal of 2003, and no evidence afterwards.     

Developmental changes in self-perception: The role of gender in a preadolescent clinical population

Research indicates that gender and psychopathology are interrelated and that the nature of this relationship changes over the course of development. Rates of incidence for psychological distress reflect both gender and age differences. Furthermore, the expression of emotional problems is also related to gender. Some symptom patterns, for example, are more likely experienced by females than males. This study examines how psychological disturbance, operationalized as magnitude of symptomatology, interacts with development, or chronological age, in order to predict a child's self-perception. Forty-eight children involved in psychotherapy and their mothers were sampled for this research. It was found that for girls and not boys self-perception diminished with age. Results were interpreted in light of recent feminist theory on female development.     

Unions and innovative activity in Germany

This study is the first attempt to investigate the influence of unions on innovative activities in Germany at the industry level. Econometric models estimated by a highly robust method and submitted to a number of specification tests indicate that trade unions do not have a negative impact on innovative activity which is measured by either the percentage of revenues spent on R&D or the percentage of employees working in R&D. This finding is consistent with evidence on the influence of unions on productivity in Germany and with considerations about the German system of industrial relations.     

What do teenagers want? What do teenagers need?

It is widely accepted that adolescence is a developmental phase fraught with challenges, yet in the 1990s, teenagers face unique demands and difficulties. Dilemmas such as increased violence, drug and alcohol use, sexual involvement and AIDS pose problems not only for the teens themselves, but also for their families, teachers, health care providers and other caregivers.This article reports on the qualitative findings extracted from a study of over 3,700 teenagers from urban, suburban, and small city settings, describing the array of difficulties teenagers face today. The themes which emerged from the students' comments offer a compelling portrait of life as a teenager in the 1990s and help shape an agenda for understanding and responding to these myriad needsThis research was supported by grants from the Ohio Department of Mental Health (#93,1058A), Treu-Mart Fund, Nord Family Foundation, and the University at Albany Faculty Research Awards Program.     

The multiethnic placement act: Implications for social work practice

The issue of transracial adoption has been a controversial issue in foster care and adoption placement decisions. In 1994, the 104th Congress passed the Multiethnic Placement Act (MEPA), forbidding agencies receiving federal funds from solely considering race, culture, and ethnicity in making foster care and adoption placement decisions. Congress mandated that the Department of Health and Human Services (DHHS) develop policy guidelines for child placement agencies to follow. In April 1995, DHHS issued the guidelines that agencies were to follow. The authors of the paper discuss the MEPA, DHHS's policy guidelines for agencies and the guidelines' legal support, and the implications for social work practice in foster care and adoption placements.     

Schulverweigerung

The aim of this article is to describe the extent of truancy in Cologne and to identify the relevant predictors. Hypotheses are deduced from classical deviance theories (control theory, amomy theory, theory of urban subcultures) and tested empirically. Our analysis is based on a survey of pupils in Cologne from grade 8 to 10 which was conducted in 1999 by the Max Planck Institute for Foreign and International Criminal Law in Freiburg. Our results show that 7.9 percent of all respondends can be defined as truants. Boys play truant more than girls, and the higher the age, the more pupils bunk off school. More important than gender and age is the type of secondary school. We find the highest amount of truants at Hauptschulen and Sonderschulen. It is shown that truancy is a multidimensional phenomenon that cannot be explained by just one single theory.     

Labor Schweiz: Vergleichende Wahlbeteiligungsforschung bei Kantonalen Parlamentswahlen

How to explain different levels in voting turnout among the Swiss sub-national units? To answer this question, this study presents the first comparative and macro-quantitative investigation of the voting participation in parliamentary elections of the Swiss Cantons between 1982 und 2004. The paper evaluates political institutions, socio-economic factors, and cultural foundations. According to our statistical inquiry we present four main determinants of cross-cantonal variance in voting turnout: mandatory voting laws, electoral thresholds, the coverage of partisan membership, and a culture of Catholicism. Moreover, the estimations reveal that there is no systematic influence of patterns of direct democracy on the voting participation in parliamentary cantonal elections.     

Attention deficit disorder: Problems with preconceived diagnosis

The diagnosis of attention-deficit/hyperactivity disorder (ADHD) has become a household term with many inaccurate conceptions and expectations. The label is being applied to children with a broad range of mental health problems and developmental disorders. This study looks at the impact of preconceived diagnosis on assessment and treatment of children and adolescents. Alarming trends of overidentification of ADHD, which lead to inappropriate treatment and management, are identified. Other causes of the target symptoms are discussed. The impact of preconceived diagnosis on treatment outcome, patient functioning, and other areas are addressed. The need for greater community awareness of the broad spectrum of disorders of childhood and adolescence is identified.