In the following study, I am going to present a short survey of the hedge fund industry, its regulation and the existent hedge fund strategies. Statistical arbitrage in particular is explained in further detail, and major performance measurement ratios are presented. In the second part, I am going to introduce a semi-variance model for statistical arbitrage. The model is compared to the standard Garch model, which is often used in daily option trading, derivate pricing and risk management. As investment returns are not equally distributed over time, sources for statistical arbitrage occur. The semi-variance model takes skewness into account and provides higher returns at lower volatility than the Garch model. The concept is aimed to be a synopsis of mean reversion and chart pattern detection. The computer model is generated with respect to Brownian motion and technical analysis and provides significant returns to the investment. While the market efficiency hypothesis states the impossibility of long-term arbitrage opportunities, market anomalies outstand significantly. Connecting both elements creates a profitable trading system. The combination of both approaches delivers a sensible hedge fund concept. The out-of-sample backtest verifies out-performance and implies the need for further research in the area of higher moment CAPM and additional market timing strategies as sources of statistical arbitrage.

Making Money with statistical Arbitrage: Generating Alpha in sideway Markets with this Option Strategy

Becker, Jan

Business & Money

Anchor Academic Publishing

The book investigates Meyer's popular Twilight saga from a feminist point of view, focusing on the development of Bella's character and her quest for identity in a rigidly patriarchal world. Bella's life is entirely determined by the two central male characters who form a polarized axis which slowly tears her apart. Bella's low self-esteem and her strong attachment to the over-idealized Edward Cullen are read as symptoms of her placelessness in a world that does not grant her space to develop as an autonomous subject. Bella's wish to become a vampire can be equalled with a woman's desire to gain access to a higher social realm via her husband and thereby escape her marginalisation in patriarchal culture. In order to live eternally in the idealized, capitalist, patriarchal and overly religious world that Edward represents, Bella has to make a series of sacrifices. Leaving her mother behind, she moves into a male dominated world which is divided into morally idealized vampires and racially devalued werewolves. She is forced to give up her friendship with Jacob Black, who represents her autonomous self, in order to find her patriarchal pre-defined destiny as mother and wife. Similar patterns of stereotypical representations of femininity can be found in various characters of the saga. A more controversial note is brought in by Bella's half-vampire child who can be seen as a destabilizing factor of the saga's rigid dichotomy. Taking all this into consideration, we have to ask whether it is desirable that millions of young women worldwide admire Bella and set her up as their role model.

In the Twilight of Patriarchal Culture: The Struggle for Female Identity in Stephenie Meyer's Twilight Saga

Reference

Ernst, Astrid

Words, Language & Grammar

Given the dynamic of today's business environments, more and more established companies attempt to promote entrepreneurship within their organizational boundaries to preserve and reinforce the innovativeness and flexibility from which many young enterprises benefit and so enhance their competitiveness and economic viability. The strategy pursued by them is called a corporate entrepreneurship strategy. This book gives answers on the question of how an organization can strengthen the entrepreneurial mindset and behavior of its employees with the help of appropriate human resource management practices. A variety of options to encourage entrepreneurial activities is provided. In the course of a theoretical analysis, beneficial employee characteristics and behaviors for the pursuance of a corporate entrepreneurial strategy are derived. In order to provide additional insights into how organizations promote the application of such a strategy in practice, this book also includes some revealing interviews with experts from companies successfully pursuing a corporate entrepreneurship strategy.

How to promote entrepreneurship within established companies? Human Resource Management and Corporate Entrepreneurship

Jockenhöfer, Manuel

Business Development & Entrepreneurship

It is increasingly more interesting to the bank managers to understand what is important to customers when it comes to Internet banking, and especially banking conducted by the customers themselves. Corporate customers and Internet banking have been studied very modestly in the past, especially the decision-making factors that drive customers to go online. The purpose of this research is to identify the factors that influence corporate customer's adoption of Internet banking services in Kenya, Uganda, Tanzania and Rwanda. The hypotheses are empirically evaluated by the use of Trade Finance customers of an East African bank that serves as a target sample. The Technology Acceptance Model (TAM) is the primary basis for the study. The information gathered from former studies that are mainly concentrating on private customers, acts as a foundation for the development of an extension of TAM that is suitable for corporate customers. The study involves 137 respondents from Kenya, Uganda, Tanzania and Rwanda. Due to the quantitative nature of the study, the results are analysed with statistical measures which include the use of SPSS in order to carry out regression analysis.

Corporate customers acceptance of Internet banking: A case study of East African Trade Finance customers

Abeka, Silvance Onyango

Computers & Technology

WOW and SkyTeam Cargo: An In-depth Analysis of Strategic Alliances for Air Cargo Carriers and The Impact on Cargo Airlines' Operations and Success

Smeritschnig, Florian

One renowned and frequently researched anomaly over the last two decades is the weather effect, more precisely, the impact of weather on stock market returns. The extensive literature on the weather effect fails to converge towards a unique, systematic and robust relationship between the weather, and the stock market. Therefore, the aim of this paper is to explain the contradictory results in the literature by testing whether stock prices are affected by the weather in a significantly different manner depending on the level of market development, and explaining how this difference behaves over time. In order to test for this, city-by-city, pooled and binary regressions are employed using data of 10 developed, and 10 emerging countries over the period 1996-2011 by using two different means of seasonal adjustment.

The effect of weather on stock returns: A comparison between emerging and developed markets

Prodan, Irina

With an average annual rainfall of less than 240 mm, Pakistan is one of the most arid countries in the world. Every year, during the monsoon season from July to September, Pakistan experiences heavy rainfalls. However, this year the substantial amount of unexpected monsoon rainfall resulted in heavy floods as a consequence of the absence of adequate infrastructure (dams, barrages, reservoirs). The heavy rainfall started in the last week of July 2010, and continued for days in the regions of Balochistan, followed closely by a second spell in Khyber Pakhtunkhwa (KPK). The rain continued until the first few days of August 2010, causing tremendous damage to both property and lives. The heavy rainfall flooded the already flooded rivers and streams, causing the river banks to burst. The flood water started causing destruction in KPK, and continued its journey towards Punjab and Sindh. The floods in Pakistan have had an impact on all the sectors of the economy. Handling these problems would require a model that could simultaneously capture the major relations among different sectors of the economy, and thereby, trace through the indirect and secondary effects on the economy. The model used to calculate the impact is subjected to a number of simulations that are run on E-views. In this study, the author uses a model that reports clearly what Pakistan will face in terms of production loss and recovery. The results are assessed on the basis of past data and the current situation in the country. The author's main purpose is to define the costs Pakistan faces in such a situation, and further, to develop policy recommendations.

Cost of Floods on Pakistan's Economy

Niazi, Javeria

In the past few years, the majority of IT managers followed a strategy to introduce an IT change and release management application in order to ensure the quality of the IT environment for the future. The present book investigates if the implementations of the given success factors are leading to a successful implementation of a workflow-based IT change, and release management application. Moreover, further success factors will be introduced and discussed. First, the author discusses the HR change management in relation with the eight step model of Kotter, and the outcome of its critical success factors in business. Secondly, the effectiveness of the ITIL® reference model is explored in a research study. The ITIL® reference model defines critical success factors for a successful IT change and release management implementation. The book uses for its purpose the ITIL® reference model, the process issues publications of the official ITIL® source and the literature of Laudon &amp; Laudon. In addition, other important researchers are taken into account. The findings are integrated into the questionnaire and the interviews, and further, they are used for an initial assessment.

An analysis of the success factors in implementing an Itil-based It Change and Release Management Application: Based on the Ibm Change and Configuration Management Database (Ccmdb)

Jurkscheit, Jane

This book deals with the valuation of Internet start-ups after the burst of the dot-com bubble. The objective is to fill some of the existing gaps in order to contribute to the development of this field of study. Indeed, it is a relatively recent subject, and the research devoted to it, is still limited. The valuation of an Internet start-up does not only depend on ist stage of development, but also on five qualitative factors, namely the team, the business model, the market, the risk, and the exit options. In fact, venture capitalists base their valuation on the perceived growth potential of the company. Subsequently, this book addresses the issue of intangible assets. In fact, an Internet company derives most of ist value from the intellectual capital, the brand equity, and the website. The author analyses these intangible assets and their accounting treatment. The discounted cash flow valuation method is based on financial projections, and the relative valuation method. These factors are identified and examined in detail. Their analysis is crucial for it determines the valuation of an internet start-up.

Valuation of Internet Start-ups: An Applied Research on How Venture Capitalists value Internet Start-ups

Flanc, Jean-Baptiste

Finance

The present study is the result of the attempt to subject the socio-economic world of energy to an analysis regarding a phenomenon called the 'Black Swan'. This concept has been made popular by Nassim Nicholas Taleb, who has become a widely cited point of reference ever since the beginning of the financial crisis in 2007. The underlying assumption is, that against commonly held believe, it is not a long chain of incremental and statistically relevant events that constitutes history, but a seemingly insignificant number of outliers, or hence, 'Black Swans'. Consequently, the study focuses on a critical examination of the strategic prediction models used in the energy business today, which are mainly based on driver based models. These models try to predict future price and value chain developments, ultimately searching for a strategic direction. This study questions this approach by showing that time and again similar predictions have been rendered obsolete by real developments. Based on the findings of this historical analysis, the study raises the question, whether it is possible to draw any practical conclusions for the future, discussing methods, which could provide protection from 'Black Swan' events.

Black Gold, Black Swans: The importance of the unexpected for the future of energy

Müller, Ullrich

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