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 - JOUR A1 - Leidinger, Rafael A1 - Noisten, Thomas A1 - Wollert, Jörg T1 - Realtime automation networks in moVing industrial environments JF - Journal of systemics, cybernetics and informatics N2 - The radio-based wireless data communication has made the realization of new technical solutions possible in many fields of the automation technology (AT). For about ten years, a constant disproportionate growth of wireless technologies can be observed in the automation technology. However, it shows that especially for the AT, conventional technologies of office automation are unsuitable and/or not manageable. The employment of mobile services in the industrial automation technology has the potential of significant cost and time savings. This leads to an increased productivity in various fields of the AT, for example in the factory and process automation or in production logistics. In this paper technologies and solutions for an automation-suited supply of mobile wireless services will be introduced under the criteria of real time suitability, IT-security and service orientation. Emphasis will be put on the investigation and development of wireless convergence layers for different radio technologies, on the central provision of support services for an easy-to-use, central, backup enabled management of combined wired / wireless networks and on the study on integrability in a Profinet real-time Ethernet network. KW - PROFINET KW - Distributed Control Systems, KW - Industrial Automation Technology, KW - 802.15.4 KW - Bluetooth KW - Wireless Networks Y1 - 2012 SN - 1690-4532 VL - Vol. 10 IS - Iss. 2 SP - 52 EP - 56 PB - IIIC CY - Orlando ER - TY - CHAP A1 - Wollert, Jörg T1 - The performance of UWB-communication in an industrial environment T2 - IEEE 1st International Symposium on Wireless Systems : (IDAACS-SWS) : Offenburg, 20-21 Sept. 2012 Y1 - 2012 SN - 978-1-4673-4678-8 U6 - https://doi.org/10.1109/IDAACS-SWS.2012.6377639 SP - 85 EP - 90 PB - IEEE CY - Piscataway, NJ ER - TY - JOUR A1 - Mottaghy, Darius A1 - Dijkshoorn, Lydia T1 - Implementing an effective finite difference formulation for borehole heat exchangers into a heat and mass transport code JF - Renewable Energy N2 - We present an effective finite difference formulation for implementing and modeling multiple borehole heat exchangers (BHE) in the general 3-D coupled heat and flow transport code SHEMAT. The BHE with arbitrary length can be either coaxial or double U-shaped. It is particularly suitable for modeling deep BHEs which contain varying pipe diameters and materials. Usually, in numerical simulations, a fine discretization of the BHE assemblage is required, due to the large geometric aspect ratios involved. This yields large models and long simulation times. The approach avoids this problem by considering heat transport between fluid and the soil through pipes and grout via thermal resistances. Therefore, the simulation time can be significantly reduced. The coupling with SHEMAT is realized by introducing an effective heat generation. Due to this connection, it is possible to consider heterogeneous geological models, as well as the influence of groundwater flow. This is particularly interesting when studying the long term behavior of a single BHE or a BHE field. Heating and cooling loads can enter the model with an arbitrary interval, e.g. from hourly to monthly values. When dealing with large BHE fields, computing times can be further significantly reduced by focusing on the temperature field around the BHEs, without explicitly modeling inlet and outlet temperatures. This allows to determine the possible migration of cold and warm plumes due to groundwater flow, which is of particular importance in urban areas with a high BHE installation density. The model is validated against the existing BHE modeling codes EWS and EED. A comparison with monitoring data from a deep BHE in Switzerland shows a good agreement. Synthetic examples demonstrate the field of application of this model. KW - Borehole heat exchanger KW - Finite differences KW - Heat transport Y1 - 2012 U6 - https://doi.org/10.1016/j.renene.2012.02.013 SN - 0960-1481 VL - 45 SP - 59 EP - 71 PB - Elsevier CY - Amsterdam ER - TY - CHAP A1 - Kern, Alexander A1 - Schelthoff, Christof A1 - Mathieu, Moritz T1 - Calculation of interception efficiencies for mesh-type air-terminations according to IEC 62305-3 using a dynamic electro-geometrical model T2 - International Conference on Lightning Protection (ICLP) : 2 - 7 Sept. 2012, Vienna Y1 - 2012 SN - 978-1-4673-1896-9 (E-Book) ; 978-1-4673-1898-3 (Print) SP - 1 EP - 6 PB - IEEE CY - Piscataway, NJ ER - TY - CHAP A1 - Lo Piparo, G. B. A1 - Kern, Alexander A1 - Mazzetti, C. T1 - Some masterpoints about risk due to lightning T2 - International Conference on Lightning Protection (ICLP) : 2 - 7 Sept. 2012, Vienna Y1 - 2012 SN - 978-1-4673-1896-9 (E-Book) ; 978-1-4673-1898-3 (Print) SP - 1 EP - 6 PB - IEEE CY - Piscataway, NJ ER - TY - CHAP A1 - Bohrn, Ulrich A1 - Mucha, Andreas A1 - Werner, Frederik A1 - Stütz, Evamaria A1 - Bäcker, Matthias A1 - Krumbe, Christoph A1 - Schienle, Meinrad A1 - Fleischer, Maximilian A1 - Wagner, Patrick A1 - Schöning, Michael Josef T1 - Detection of toxic chromium species in water using cellbased sensor systems Y1 - 2012 SN - 978-3-9813484-2-2 U6 - https://doi.org/10.5162/IMCS2012/P2.1.14 SP - 1364 EP - 1367 ER - TY - CHAP A1 - Bohrn, Ulrich A1 - Stütz, Evamaria A1 - Fleischer, Maximilian A1 - Schöning, Michael Josef A1 - Wagner, Patrick T1 - Living cell-based gas sensor system for the detection of acetone in air Y1 - 2012 SN - 978-3-9813484-2-2 U6 - https://doi.org/10.5162/IMCS2012/3.2.3 SP - 269 EP - 272 ER - TY - CHAP A1 - Takenaga, Shoko A1 - Werner, Frederik A1 - Sawada, Kazuaki A1 - Schöning, Michael Josef T1 - Comparison of label-free ACh image sensors based on CCD and LAPS Y1 - 2012 SN - 978-3-9813484-2-2 U6 - https://doi.org/10.5162/IMCS2012/4.2.6 SP - 356 EP - 359 ER - TY - JOUR A1 - Henken, F. E. A1 - Oosterhuis, K. A1 - Öhlschläger, Peter A1 - Bosch, L. A1 - Hooijberg, E. A1 - Haanen, J. B. A. G. A1 - Steenbergen, R. D. M. T1 - Preclinical safety evaluation of DNA vaccines encoding modified HPV16 E6 and E7 JF - Vaccine N2 - Persistent infection with high-risk human papillomaviruses (hrHPV) can result in the formation of anogenital cancers. As hrHPV proteins E6 and E7 are required for cancer initiation and maintenance, they are ideal targets for immunotherapeutic interventions. Previously, we have described the development of DNA vaccines for the induction of HPV16 E6 and E7 specific T cell immunity. These vaccines consist of ‘gene-shuffled’ (SH) versions of HPV16 E6 and E7 that were fused to Tetanus Toxin Fragment C domain 1 (TTFC) and were named TTFC-E6SH and TTFC-E7SH. Gene-shuffling was performed to avoid the risk of inducing malignant transformation at the vaccination site. Here, we describe the preclinical safety evaluation of these candidate vaccines by analysis of their transforming capacity in vitro using established murine fibroblasts (NIH 3T3 cells) and primary human foreskin keratinocytes (HFKs). We demonstrate that neither ectopic expression of TTFC-E6SH and TTFC-E7SH alone or in combination enabled NIH 3T3 cells to form colonies in soft agar. In contrast, expression of HPV16 E6WT and E7WT alone or in combination resulted in effective transformation. Similarly, retroviral transduction of HFKs from three independent donors with both TTFC-E6SH and TTFC-E7SH alone or in combination did not show any signs of immortalization. In contrast, the combined expression of E6WT and E7WT induced immortalization in HFKs from all donors. Based on these results we consider it justified to proceed to clinical evaluation of DNA vaccines encoding TTFC-E6SH and TTFC-E7SH in patients with HPV16 associated (pre)malignancies. Y1 - 2012 U6 - https://doi.org/10.1016/j.vaccine.2012.04.013 SN - 0264-410X VL - 30 IS - 28 SP - 4259 EP - 4266 PB - Elsevier CY - Amsterdam ER -