@article{SchmitzWeber2012, author = {Schmitz, Philipp and Weber, Martin}, title = {Buying and selling behavior of individual investors in option-like securities}, series = {Die Betriebswirtschaft : DBW}, volume = {72}, journal = {Die Betriebswirtschaft : DBW}, number = {5}, publisher = {Sch{\"a}ffer-Poeschel}, address = {Stuttgart}, issn = {0342-7064}, doi = {10.2139/ssrn.2055088}, pages = {409 -- 426}, year = {2012}, abstract = {We analyze the trading behavior of individual investors in option-like securities, namely bankissued warrants, and thus expand the growing literature of investors behavior to a new kind of securities. A unique data set from a large German discount broker gives us the opportunity to analyze the trading behavior of 1,454 investors, making 89,958 transactions in 6,724 warrants on 397 underlyings. In different logit regression, we make use of the facts that investors can speculate on rising and falling prices of the underlying with call and put warrants and that we also have information about the stock portfolios of the investors. We report several facts about the trading behavior of individual investors in warrants that are consistent with the literature on the behavior of individual investors in the stock market. The warrant investors buy calls and sell puts if the price of the underlying has decreased over the past trading days and they sell calls and buy puts if the price of the underlying has increased. That means, the investors follow negative feedback trading strategies in all four trading categories observed. In addition, we find strong evidence for the disposition effect for call as well as put warrants, which is reversed in December. The trading behavior is also influenced if the underlying reaches some exceptionally prices, e.g. highs, lows or the strike price. We show that hedging, as one natural candidate to buy puts, does not play an important role in the market for bank-issued warrants.}, language = {en} } @misc{SiegertSchwanebergMartinezMoyaetal.2012, author = {Siegert, Petra and Schwaneberg, Ulrich and Martinez Moya, Ronny and Merkel, Marion and Spitz, Astrid and Wieland, Susanne and Hellmuth, Hendrik and Maurer, Karl-Heinz}, title = {Leistungsverbesserte Proteasevariante [Offenlegungsschrift]}, publisher = {Deutsches Patent- und Markenamt / Europ{\"a}isches Patentamt / WIPO}, address = {M{\"u}nchen / Den Hague / Genf}, pages = {1 -- 29}, year = {2012}, language = {de} } @misc{SiegertMerkelHellmuthetal.2012, author = {Siegert, Petra and Merkel, Marion and Hellmuth, Hendrik and O'Connell, Timothy and Maurer, Karl-Heinz}, title = {Stabilisierte fl{\"u}ssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die ein Monosaccharidglycerat umfasst) [Offenlegungsschrift]}, publisher = {Deutsches Patent- und Markenamt / Europ{\"a}isches Patentamt / WIPO}, address = {M{\"u}nchen / Den Hague / Genf}, pages = {1 -- 17}, year = {2012}, language = {de} } @misc{SiegertMerkelHellmuthetal.2012, author = {Siegert, Petra and Merkel, Marion and Hellmuth, Hendrik and O'Connell, Timothy and Maurer, Karl-Heinz}, title = {Stabilisierte fl{\"u}ssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die eine Oligoamino-biphenyl-oligocarbons{\"a}ure umfasst) [Offenlegungsschrift]}, publisher = {Deutsches Patent- und Markenamt / Europ{\"a}isches Patentamt / WIPO}, address = {M{\"u}nchen / Den Hague / Genf}, pages = {1 -- 16}, year = {2012}, language = {de} } @misc{SiegertMerkelHellmuthetal.2012, author = {Siegert, Petra and Merkel, Marion and Hellmuth, Hendrik and O'Connell, Timothy and Maurer, Karl-Heinz}, title = {Stabilisierte fl{\"u}ssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die eine Aminophthals{\"a}ure umfasst) [Offenlegungsschrift]}, publisher = {Deutsches Patent- und Markenamt / Europ{\"a}isches Patentamt / WIPO}, address = {M{\"u}nchen / Den Hague / Genf}, pages = {1 -- 16}, year = {2012}, language = {de} } @misc{SiegertMerkelHellmuthetal.2012, author = {Siegert, Petra and Merkel, Marion and Hellmuth, Hendrik and O'Connell, Timothy and Maurer, Karl-Heinz}, title = {Stabilisierte fl{\"u}ssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die eine Phthaloylglutamins{\"a}ure und/oder eine Phthaloylasparagins{\"a}ure umfasst) [Offenlegungsschrift]}, publisher = {Deutsches Patent- und Markenamt / Europ{\"a}isches Patentamt / WIPO}, address = {M{\"u}nchen / Den Hague / Genf}, pages = {1 -- 16}, year = {2012}, language = {de} } @misc{SiegertMerkelHellmuthetal.2012, author = {Siegert, Petra and Merkel, Marion and Hellmuth, Hendrik and O'Connell, Timothy and Maurer, Karl-Heinz}, title = {Stabilisierte fl{\"u}ssige enzymhaltige Tensidzubereitung (durch den Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die eine mehrfach substituierte Benzolcarbons{\"a}ure umfasst, die an mindestens zwei Kohlenstoffatomen des Benzolrestes eine Carboxylgruppe aufweist) [Offenlegungsschrift]}, publisher = {Deutsches Patent- und Markenamt / Europ{\"a}isches Patentamt / WIPO}, address = {M{\"u}nchen / Den Hague / Genf}, pages = {1 -- 16}, year = {2012}, language = {de} } @misc{SiegertMerkelHellmuthetal.2012, author = {Siegert, Petra and Merkel, Marion and Hellmuth, Hendrik and O'Connell, Timothy and Maurer, Karl-Heinz}, title = {Stabilisierte fl{\"u}ssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierenden Komponente, die eine Phenylalkyldicarbons{\"a}ure umfasst) [Offenlegungsschrift]}, publisher = {Deutsches Patent- und Markenamt / Europ{\"a}isches Patentamt / WIPO}, address = {M{\"u}nchen / Den Hague / Genf}, pages = {1 -- 15}, year = {2012}, language = {de} } @misc{MaurerO'ConnellSiegertetal.2012, author = {Maurer, Karl-Heinz and O'Connell, Timothy and Siegert, Petra and Weber, Thomas and Tondera, Susanne and Hellmuth, Hendrik}, title = {Fl{\"u}ssige Tensidzubereitung enthaltend Lipase und Phosphonat [Offenlegungsschrift]}, publisher = {Deutsches Patent- und Markenamt / Europ{\"a}isches Patentamt / WIPO}, address = {M{\"u}nchen / Den Hague / Genf}, pages = {1 -- 22}, year = {2012}, language = {de} } @article{RibitschHeumannKarletal.2012, author = {Ribitsch, D. and Heumann, S. and Karl, W. and Gerlach, J. and Leber, R. and Birner-Gruenberger, R. and Gruber, K. and Eiteljoerg, I. and Remler, P. and Siegert, Petra and Lange, J. and Maurer, Karl-Heinz and Berg, G. and Guebitz, G. M. and Schwab, H.}, title = {Extracellular serine proteases from Stenotrophomonas maltophilia: Screening, isolation and heterologous expression in E. coli}, series = {Journal of biotechnology}, volume = {157}, journal = {Journal of biotechnology}, number = {1}, publisher = {Elsevier}, address = {Amsterdam}, issn = {1873-4863 (E-Journal); 0168-1656 (Print)}, doi = {10.1016/j.jbiotec.2011.09.025}, pages = {140 -- 147}, year = {2012}, abstract = {A large strain collection comprising antagonistic bacteria was screened for novel detergent proteases. Several strains displayed protease activity on agar plates containing skim milk but were inactive in liquid media. Encapsulation of cells in alginate beads induced protease production. Stenotrophomonas maltophilia emerged as best performer under washing conditions. For identification of wash-active proteases, four extracellular serine proteases called StmPr1, StmPr2, StmPr3 and StmPr4 were cloned. StmPr2 and StmPr4 were sufficiently overexpressed in E. coli. Expression of StmPr1 and StmPr3 resulted in unprocessed, insoluble protein. Truncation of most of the C-terminal domain which has been identified by enzyme modeling succeeded in expression of soluble, active StmPr1 but failed in case of StmPr3. From laundry application tests StmPr2 turned out to be a highly wash-active protease at 45 °C. Specific activity of StmPr2 determined with suc-l-Ala-l-Ala-l-Pro-l-Phe-p-nitroanilide as the substrate was 17 ± 2 U/mg. In addition we determined the kinetic parameters and cleavage preferences of protease StmPr2.}, language = {en} }