TY - JOUR A1 - Schmitz, Philipp A1 - Weber, Martin T1 - Buying and selling behavior of individual investors in option-like securities JF - Die Betriebswirtschaft : DBW N2 - 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. KW - Bank-issued Warrants KW - Disposition Effect KW - Negative Feedback Trading KW - Trading Behavior KW - Individual Investors Y1 - 2012 U6 - https://doi.org/10.2139/ssrn.2055088 SN - 0342-7064 VL - 72 IS - 5 SP - 409 EP - 426 PB - Schäffer-Poeschel CY - Stuttgart ER - TY - PAT A1 - Siegert, Petra A1 - Schwaneberg, Ulrich A1 - Martinez Moya, Ronny A1 - Merkel, Marion A1 - Spitz, Astrid A1 - Wieland, Susanne A1 - Hellmuth, Hendrik A1 - Maurer, Karl-Heinz T1 - Leistungsverbesserte Proteasevariante [Offenlegungsschrift] T1 - Performance-enhanced protease variant [Europäische Patentanmeldung / Internationale Patentanmeldung] Y1 - 2012 SP - 1 EP - 29 PB - Deutsches Patent- und Markenamt / Europäisches Patentamt / WIPO CY - München / Den Hague / Genf ER - TY - PAT A1 - Siegert, Petra A1 - Merkel, Marion A1 - Hellmuth, Hendrik A1 - O'Connell, Timothy A1 - Maurer, Karl-Heinz T1 - Stabilisierte flüssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die ein Monosaccharidglycerat umfasst) [Offenlegungsschrift] T1 - Stabilized liquid enzyme-containing surfactant preparation (using a component which comprises a monosaccharide glycerate and which stabilizes the hydrolytic enzyme) [Europäische Patentanmeldung / Internationale Patentanmeldung] Y1 - 2012 SP - 1 EP - 17 PB - Deutsches Patent- und Markenamt / Europäisches Patentamt / WIPO CY - München / Den Hague / Genf ER - TY - PAT A1 - Siegert, Petra A1 - Merkel, Marion A1 - Hellmuth, Hendrik A1 - O'Connell, Timothy A1 - Maurer, Karl-Heinz T1 - Stabilisierte flüssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die eine Oligoamino-biphenyl-oligocarbonsäure umfasst) [Offenlegungsschrift] T1 - Stabilized liquid tenside preparation comprising enzymes (a component comprising an oligoamino-biphenyl-oligocarboxylic acid is used for stabilizing the hydrolytic enzyme) [Europäische Patentanmeldung / Internationale Patentanmeldung] Y1 - 2012 SP - 1 EP - 16 PB - Deutsches Patent- und Markenamt / Europäisches Patentamt / WIPO CY - München / Den Hague / Genf ER - TY - PAT A1 - Siegert, Petra A1 - Merkel, Marion A1 - Hellmuth, Hendrik A1 - O'Connell, Timothy A1 - Maurer, Karl-Heinz T1 - Stabilisierte flüssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die eine Aminophthalsäure umfasst) [Offenlegungsschrift] T1 - Stabilized liquid tenside preparation comprising enzymes (a component comprising an aminophthalic acid is used for stabilizing the hydrolytic enzyme) [Europäische Patentanmeldung / Internationale Patentanmeldung] Y1 - 2012 SP - 1 EP - 16 PB - Deutsches Patent- und Markenamt / Europäisches Patentamt / WIPO CY - München / Den Hague / Genf ER - TY - PAT A1 - Siegert, Petra A1 - Merkel, Marion A1 - Hellmuth, Hendrik A1 - O'Connell, Timothy A1 - Maurer, Karl-Heinz T1 - Stabilisierte flüssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die eine Phthaloylglutaminsäure und/oder eine Phthaloylasparaginsäure umfasst) [Offenlegungsschrift] T1 - Stabilized liquid tenside preparation comprising enzymes (a component comprising a phthaloyl glutamine acid and/or a phthaloyl asparagine acid is used for stablizing the hydrolytic enzyme) [Europäische Patentanmeldung / Internationale Patentanmeldung] Y1 - 2012 SP - 1 EP - 16 PB - Deutsches Patent- und Markenamt / Europäisches Patentamt / WIPO CY - München / Den Hague / Genf ER - TY - PAT A1 - Siegert, Petra A1 - Merkel, Marion A1 - Hellmuth, Hendrik A1 - O'Connell, Timothy A1 - Maurer, Karl-Heinz T1 - Stabilisierte flüssige enzymhaltige Tensidzubereitung (durch den Einsatz einer das hydrolytische Enzym stabilisierende Komponente, die eine mehrfach substituierte Benzolcarbonsäure umfasst, die an mindestens zwei Kohlenstoffatomen des Benzolrestes eine Carboxylgruppe aufweist) [Offenlegungsschrift] T1 - Stabilized liquid tenside preparation comprising enzymes (a component comprising a multiply substituted benzyl carboxylic acid comprising a carboxyl group on at least two carbon atoms of the benzyl radical is used for stabilizing the hydrolytic enzyme) [Europäische Patentanmeldung / Internationale Patentanmeldung] Y1 - 2012 SP - 1 EP - 16 PB - Deutsches Patent- und Markenamt / Europäisches Patentamt / WIPO CY - München / Den Hague / Genf ER - TY - PAT A1 - Siegert, Petra A1 - Merkel, Marion A1 - Hellmuth, Hendrik A1 - O'Connell, Timothy A1 - Maurer, Karl-Heinz T1 - Stabilisierte flüssige enzymhaltige Tensidzubereitung (Einsatz einer das hydrolytische Enzym stabilisierenden Komponente, die eine Phenylalkyldicarbonsäure umfasst) [Offenlegungsschrift] T1 - Stabilized liquid tenside preparation comprising enzymes (using a component that stabilizes the hydrolytic enzyme and includes a phenylalkyldicarboxylic acid) [Europäische Patentanmeldung / Internationale Patentanmeldung] Y1 - 2012 SP - 1 EP - 15 PB - Deutsches Patent- und Markenamt / Europäisches Patentamt / WIPO CY - München / Den Hague / Genf ER - TY - PAT A1 - Maurer, Karl-Heinz A1 - O'Connell, Timothy A1 - Siegert, Petra A1 - Weber, Thomas A1 - Tondera, Susanne A1 - Hellmuth, Hendrik T1 - Flüssige Tensidzubereitung enthaltend Lipase und Phosphonat [Offenlegungsschrift] T1 - Liquid surfactant preparation containing lipase and phosphonate [Europäische Patentanmeldung / Internationale Patentanmeldung] Y1 - 2012 SP - 1 EP - 22 PB - Deutsches Patent- und Markenamt / Europäisches Patentamt / WIPO CY - München / Den Hague / Genf ER - TY - JOUR A1 - Ribitsch, D. A1 - Heumann, S. A1 - Karl, W. A1 - Gerlach, J. A1 - Leber, R. A1 - Birner-Gruenberger, R. A1 - Gruber, K. A1 - Eiteljoerg, I. A1 - Remler, P. A1 - Siegert, Petra A1 - Lange, J. A1 - Maurer, Karl-Heinz A1 - Berg, G. A1 - Guebitz, G. M. A1 - Schwab, H. T1 - Extracellular serine proteases from Stenotrophomonas maltophilia: Screening, isolation and heterologous expression in E. coli JF - Journal of biotechnology N2 - 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. KW - Alginate beads KW - Stenotrophomonas maltophilia KW - Detergent protease Y1 - 2012 U6 - https://doi.org/10.1016/j.jbiotec.2011.09.025 SN - 1873-4863 (E-Journal); 0168-1656 (Print) VL - 157 IS - 1 SP - 140 EP - 147 PB - Elsevier CY - Amsterdam ER -