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 - http://dx.doi.org/10.2139/ssrn.2055088 SN - 0342-7064 VL - 72 IS - 5 SP - 409 EP - 426 PB - Schäffer-Poeschel CY - Stuttgart 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 - JOUR A1 - Eilmann, Britta A1 - Rigling, Andreas ED - Abrams, Marc T1 - Tree-growth analyses to estimate tree species' drought tolerance JF - Tree Physiology N2 - Climate change is challenging forestry management and practices. Among other things, tree species with the ability to cope with more extreme climate conditions have to be identified. However, while environmental factors may severely limit tree growth or even cause tree death, assessing a tree species' potential for surviving future aggravated environmental conditions is rather demanding. The aim of this study was to find a tree-ring-based method suitable for identifying very drought-tolerant species, particularly potential substitute species for Scots pine (Pinus sylvestris L.) in Valais. In this inner-Alpine valley, Scots pine used to be the dominating species for dry forests, but today it suffers from high drought-induced mortality. We investigate the growth response of two native tree species, Scots pine and European larch (Larix decidua Mill.), and two non-native species, black pine (Pinus nigra Arnold) and Douglas fir (Pseudotsuga menziesii Mirb. var. menziesii), to drought. This involved analysing how the radial increment of these species responded to increasing water shortage (abandonment of irrigation) and to increasingly frequent drought years. Black pine and Douglas fir are able to cope with drought better than Scots pine and larch, as they show relatively high radial growth even after irrigation has been stopped and a plastic growth response to drought years. European larch does not seem to be able to cope with these dry conditions as it lacks the ability to recover from drought years. The analysis of trees' short-term response to extreme climate events seems to be the most promising and suitable method for detecting how tolerant a tree species is towards drought. However, combining all the methods used in this study provides a complete picture of how water shortage could limit species. Y1 - 2012 U6 - http://dx.doi.org/10.1093/treephys/tps004 SN - 0829-318X (Print) SN - 1758-4469 (Online) VL - 32 IS - 2 SP - 178 EP - 187 PB - Oxford University Press CY - Oxford 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 - JOUR A1 - Bragard, Michael A1 - van Hoek, H. A1 - De Doncker, R. W. T1 - A major design step in IETO concept realization that allows overcurrent protection and pushes limits of switching performance JF - IEEE transactions on power electronics N2 - This paper presents the latest prototype of the integrated emitter turn-off thyristor concept, which potentially ranks among thyristor high-power devices like the gate turn-off thyristor and the integrated gate-commutated thyristor (IGCT). Due to modifications of the external driver stage and mechanical press-pack design optimization, this prototype allows for full device characterization. The turn-off capability was increased to 1600 A with an active silicon area of 823mm2 . This leads to a transient peak power of 672.1kW/cm² . Within this paper, measurements and concept assessment are presented and a comparison to state-of-the-art IGCT devices is provided. Y1 - 2012 U6 - http://dx.doi.org/10.1109/TPEL.2012.2189136 SN - 0885-8993 VL - 27 IS - 9 SP - 4163 EP - 4171 PB - IEEE CY - New York ER - TY - THES A1 - Bragard, Michael T1 - The integrated emitter turn-off thyristor : an innovative MOS-gated high-power device. - (Aachener Beiträge des ISEA ; 62) N2 - This thesis introduces the Integrated Emitter Turn-Off (IETO) Thyristor as a new high-power device. Known state-of-the-art research activities like the Dual GCT, the ETO thyristor and the ICT were presented and critically reviewed. A comparison with commercialized solutions identifies the pros and cons of each type of device family. Based on this analysis, the IETO structure is proposed, covering most benefits of each device class. In particular the combination of a MOS-assisted turn-off with a thyristor-based device allows a voltage-controlled MOS switching and the low on-state voltage of the thyristors. The following synthesis of an IETO device stands on a three-dimensional field of optimization spanned by electric, mechanical and thermal aspects. From an electric point of view, the lowest possible parasitic inductance and resistance within the commutation path are optimization criteria. The mechanical construction has to withstand the required contact pressure of multiple kilo Newtons. Finally, thermal borders limit the maximum average current of the device. FEM simulations covering these three aspects are performed for several design proposals. An IETO prototype is constructed and measurements on various test benches attest thermal, mechanical and electric performance. A local decoupling of the external driver stage and the presspack housing is presented by a cable connection. This separation enables a thermal and mechanical independence, which is advantageous in terms of vibrations and thermal cycles including increased reliability. The electric pulse performance of the prototype device is a factor of 3.1 above today''s solutions. In single-pulse measurements, a current up to 1600 A was successfully turned off at 115°C with an active silicon area of 823 mm². One reason for this increased turn-off capability is the extremely low-inductive construction. Additional functionality of the IETO thyristor like over-current self-protection and defined short-circuit failure state are successfully verified. Y1 - 2012 SN - 978-3-8440-1152-4 N1 - Zugl.: Aachen, Techn. Hochsch., Diss., 2012 PB - Shaker CY - Aachen ER - TY - CHAP A1 - Nötzold, K. A1 - Uphues, A. A1 - Wegener, R. A1 - Soter, S. A1 - Fink, K. A1 - Bragard, Michael A1 - Griessel, R. T1 - Inverter based test setup for LVRT verification of a full-scale 2 MW wind power converter T2 - EPE Joint Wind Energy and T&D Chapters Seminar : 28th and 29th of June 2012, in the Utzon Centre, Aalborg, Denmark ; papers, posters, presentations. - Session 2: Grid connection, compliance Y1 - 2012 PB - EPE Association CY - Brussels ER - TY - JOUR A1 - Rigling, Andreas A1 - Bigler, Christof A1 - Eilmann, Britta A1 - Feldmeyer-Christe, Elisabeth A1 - Gimmi, Urs A1 - Ginzler, Christian A1 - Graf, Ulrich A1 - Mayer, Phillip A1 - Vacchiano, Giorgio A1 - Weber, Pascal A1 - Wohlgemuth, Thomas A1 - zweifel, Roman A1 - Dobbertin, Matthias T1 - Driving factors of a vegetation shift from Scots pine to pubescent oak in dry Alpine forests JF - Global Change Biology N2 - An increasing number of studies have reported on forest declines and vegetation shifts triggered by drought. In the Swiss Rhone valley (Valais), one of the driest inner-Alpine regions, the species composition in low elevation forests is changing: The sub-boreal Scots pine (Pinus sylvestris L.) dominating the dry forests is showing high mortality rates. Concurrently the sub-Mediterranean pubescent oak (Quercus pubescens Willd.) has locally increased in abundance. However, it remains unclear whether this local change in species composition is part of a larger-scale vegetation shift. To study variability in mortality and regeneration in these dry forests we analysed data from the Swiss national forest inventory (NFI) on a regular grid between 1983 and 2003, and combined it with annual mortality data from a monitoring site. Pine mortality was found to be highest at low elevation (below 1000 m a.s.l.). Annual variation in pine mortality was correlated with a drought index computed for the summer months prior to observed tree death. A generalized linear mixed-effects model indicated for the NFI data increased pine mortality on dryer sites with high stand competition, particularly for small-diameter trees. Pine regeneration was low in comparison to its occurrence in the overstorey, whereas oak regeneration was comparably abundant. Although both species regenerated well at dry sites, pine regeneration was favoured at cooler sites at higher altitude and oak regeneration was more frequent at warmer sites, indicating a higher adaptation potential of oaks under future warming. Our results thus suggest that an extended shift in species composition is actually occurring in the pine forests in the Valais. The main driving factors are found to be climatic variability, particularly drought, and variability in stand structure and topography. Thus, pine forests at low elevations are developing into oak forests with unknown consequences for these ecosystems and their goods and services. Y1 - 2012 U6 - http://dx.doi.org/10.1111/gcb.12038 SN - 1354-1013 (Print) SN - 1365-2486 (Online) VL - 19 IS - 1 SP - 229 EP - 240 PB - Wiley-Blackwell CY - Oxford ER - TY - CHAP A1 - Weil, M. A1 - Poghossian, Arshak A1 - Schöning, Michael Josef A1 - Cherstvy, A. T1 - Electrical monitoring of layer-by-layer adsorption of oppositely charged macromolecules by means of capacitive field-effect devices Y1 - 2012 SN - 978-3-9813484-2-2 U6 - http://dx.doi.org/10.5162/IMCS2012/P2.5.2 SP - 1575 EP - 1578 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 - http://dx.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 - http://dx.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 - http://dx.doi.org/10.5162/IMCS2012/4.2.6 SP - 356 EP - 359 ER - TY - CHAP A1 - Fuchs, Britta A1 - Ritz, Thomas A1 - Strauch, Jakob ED - Obaidat, Mohammad S. T1 - Usability of mobile applications : dissemination of usability engineering in small and medium enterprises T2 - Proceedings of the International Conference on Data Communication Networking, e-Business and Optical Communication Systems : Rome, Italy, 24 - 27 July, 2012 ; [integrated in the ICETE (International Conference on e-Business and Telecommunications)] Y1 - 2012 SN - 978-989-8565-23-5 N1 - Nebentitel: DCNET; ICE-B; OPTICS SP - 272 EP - 277 PB - SciTePress CY - [Lissabon] 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 - http://dx.doi.org/10.1109/IDAACS-SWS.2012.6377639 SP - 85 EP - 90 PB - IEEE CY - Piscataway, NJ ER - TY - CHAP A1 - Kötter, Jens A1 - Decker, Stefan A1 - Detzler, Raphael A1 - Schäfer, Jochen A1 - Schmitz, Mark A1 - Herrmann, Ulf T1 - Cost Reduction of Solar Fields with HelioTrough Collector Y1 - 2012 N1 - Concentration Solar Power and Chemical Energy Systemes : SolarPaces 2012, September 11 14 2002, Marrakesh, Morroco PB - FLAGSOL CY - Köln 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 - http://dx.doi.org/10.1016/j.renene.2012.02.013 SN - 0960-1481 VL - 45 SP - 59 EP - 71 PB - Elsevier CY - Amsterdam 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 - http://dx.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 - TY - JOUR A1 - Immel, Timo A1 - Grützke, Martin A1 - Späte, Anne-Katrin A1 - Groth, Ulrich A1 - Öhlschläger, Peter A1 - Huhn, Thomas T1 - Synthesis and X-ray structure analysis of a heptacoordinate titanium(IV)-bis-chelate with enhanced in vivo antitumor efficacy JF - Chemical Communications N2 - Chelate stabilization of a titanium(IV)–salan alkoxide by ligand exchange with 2,6-pyridinedicarboxylic acid (dipic) resulted in heptacoordinate complex 3 which is not redox-active, stable on silica gel and has increased aqueous stability. 3 is highly toxic in HeLa S3 and Hep G2 and has enhanced antitumor efficacy in a mouse cervical-cancer model. Y1 - 2012 U6 - http://dx.doi.org/10.1039/C2CC31624B SN - 1364-548X VL - 48 IS - 46 SP - 5790 EP - 5792 PB - Royal Society of Chemistry CY - Cambridge ER - TY - JOUR A1 - Staat, Manfred T1 - Limit and shakedown analysis under uncertainty JF - Tap chi Khoa hoc & ung dung - Dai hoc Ton Duc Thang Y1 - 2012 N1 - = Journal of Applied Sciences - Ton Duc Thang University VL - 19 SP - 45 EP - 47 ER -