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Search Results: 1 - 10 of 148 matches for " Svend Reuse "
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Book Review - Capital Structure Policy of Stock-Listed German Companies
Svend Reuse
Financial Assets and Investing , 2012,
Corporate Evaluation in Banks - Development of a New Evaluation Model with the Special Focus on the Separation of the Value of Maturity Transformation
Svend Reuse
Financial Assets and Investing , 2011,
Abstract: Banks have to be handled differently in the theory of corporate evaluation. After a critical discussion of existing approaches of corporate evaluation, the following results can be stated: As banks generate value by an efficient liability side, gross methods do not lead to reliable results concerning a bank’s value. Further, the effects of maturity transformation have to be separated as they do not increase the value of banks. The model developed by the author takes these aspects into consideration. By an integrated usage of the market interest rate method and the usage of secure cash flows, the CAPM approach could be avoided. The model separates the treasury effects and quantifies the value of a bank in a more realistic way. The first empirical test shows that the model works in practice.
Comparing Variance/Covariance and Historical Simulation in the Context of the Financial Crisis – Do Extreme Movements Have an Influence onto Portfolio Selection?
Svend Reuse
Financial Assets and Investing , 2010,
Abstract: Portfolio theory and the basic ideas of Markowitz have been extended in the recent past by alternative risk models as historical simulation or even copula functions. The central question of this paper is if these approaches lead to different results compared to the classical variance/covariance approach. Therefore, empirical data of the last 10 years is analysed. Both approaches are compared in the special context of the financial crisis. The worst case optimization and the Value at Risk (VaR) are defined in order to define the minimum risk portfolio before and after the financial crisis. The result is that the financial crisis has nearly no impact onto the portfolio, but the two approaches lead to different results.
Basel III Global Liquidity Standards: Critical Discussion and Impact onto the European Banking Sector
Veronika Bu?ková,Svend Reuse
Financial Assets and Investing , 2011,
Abstract: Together with the Basel III regulatory equity rules, two liquidity ratios have been published. Resulting from the illiquidity of some banks during the financial crisis in 2008, these ratios shall help to prevent further crisis in the European banking sector. But do they really fulfill their aim? This article presents the new liquidity ratios, the actual liquidity situation in banks and describes the consequences for banks at a simplified example. It has to be stated that implementing more detailed liquidity frameworks into the banking supervision process is necessary. The financial crisis in 2008 showed that several banks did not have adequate liquidity risk models and processes to prevent illiquidity. But the LCR and the NSFR seem to be wrong methods. Both ratios will increase. The implementation of both ratios has to be done very carefully in order to prevent this.
Into the Desert: Solitude in Culture and Literature  [PDF]
Svend Erik Larsen
Advances in Literary Study (ALS) , 2013, DOI: 10.4236/als.2013.13007

Most studies of solitude have focused on the modern individualized sense of solitude, located or originating in urbanized Western cultures where solitude is seen as a companion to urban modernity. In this perspective the larger historical and cultural context goes almost unnoticed together with the fact that the preoccupation with solitude, in various forms and functions, has been around for a longer time span than Modernity and with a broader cross-cultural perspective. However, the basic cultural function of the various understandings of solitude is the same across cultures: a negotiation of the boundaries of the human life world, but in forms that are historically contextualized and differentiated. With texts from William Shakespeare to J. M. Coetzee and with references to older mythology and its modern recycling this paper tries to capture the broader historical development of solitude in European culture as an imagined position on the boundary of the human life world.

Tempus og aspekt med s rligt henblik p italiensk
Svend Bach
Tidsskrift for Sprogforskning , 2003,
Abstract: This paper intends to discuss some fundamental issues regarding tense and aspect in connection with a presentation of the Italian system of morphologically marked distinctions within the categories of tense and aspect; but it is also intended as a basis for studies in the function of tense and aspect in literary narrative (a matter to which I have dedicated the studies mentioned in the list of references). However, my main view is that inscribing presumed textual functions into the general definitions of morphemes (along the lines originally indicated by Benveniste and Weinrich), does not contribute to our understanding of texts, but will rather create obstacles for it. In fact I can see no valid alternative to describing tense in terms of 'time'. As others before me, I divide tenses in two groups on the basis of the distinctive semantic feature [+/-past]; Italian has two simple tenses in each group, and – corresponding to each of the four simple tenses – compound tenses formed with an auxiliary + the perfect participle, and semantically characterized by the fact that they signify a state as a consequence of an anterior state, process or event signified as espectually perfective. Compound tenses are thus morphologically as well as semantically complex: they differ with regard only to the tense and aspect of the 'consequence level' as expressed by the form of the auxiliary. This means that each tense, even the compound ones, are defined without taking into account a 'point of reference' or similar concepts: compound tenses express in themselves temporal location thanks to their auxiliary verb. Such semantic complexity is of particular importance in the case of the present perfect and the past perfect, both of which have two typical uses according to the predominance of the consequence level signified by their auxiliary or to the state/process/event signified by their lexeme (i.e. the past participle). This view entails an almost complete symmetry between these two tenses, and seems apt to solve a series of problems, especially concerning the use of the past perfect, some of which posed by other scholars. It is also confronted with the problems of consecutio temporum. I stress the fact that the basic distinctive features belong to the semantic level, and do not necessarily correspond to extralinguistical evidence in any instance of the use of a certain form. Thus the presumed "imperfective use" of the perfects is seen as an instance of confusion between semantics and extralinguistic reality. In the final part I mention 'figurative use' as the most importa
Adverbs of time
Svend ?stergaard
Tidsskrift for Sprogforskning , 2003,
Abstract: Tidsadverbierne allerede, stadig, endnu, endelig og snart markerer en afstand mellem, hvad udsigeren forventer, og hvad der faktisk er tilf ldet. Hvis forventningen er en tilstands oph r eller indtr ffen, har vi den tidslige "betydning". I de simple tilf lde markerer de forskellige adverbier forskellige relationer mellem udsigelsestidspunktet, tilstandens forventede forandring og dens faktiske forandring. I de mere komplekse tilf lde markerer de en konflikt mellem en tilstand og en heraf afh ngig begivenhed. Adverbiernes semantik er imidlertid ikke bundet til tid, men implicerer en generel skematik, hvor en tilstand afh nger af en skala – der prototypisk kan v re tiden – og hvor adverbiet implicerer en konflikt mellem udsigerens mentale repr sentation af, hvor p skalaen tilstanden er placeret, og hvor den faktisk befinder sig. Tidsadverbierne er prim rt udsigelsesmark rer.
Qualitative research between craftsmanship and McDonaldization. A keynote address from the 17th Qualitative Health Research Conference
Svend Brinkmann
Qualitative Studies , 2012,
Abstract: Although qualitative research methods remain marginalized in certain disciplines, qualitative inquiry has within the last couple of decades become generally accepted as a legitimate scientific way of working. Today, society at large is making more use of qualitative research than ever, not just in laudable social justice research, for example, but also in relation to market and consumer research and focus groups for different political parties. With this in mind, I wish to discuss three current questions for qualitative researchers: The first I will refer to as “ethical progressivism versus new ethical challenges”. Is qualitative research as such more ethical and progressive than quantitative research (as some have argued), or do qualitative researchers on the contrary face more elusive and perhaps difficult ethical challenges? The second question is called “solid evidence versus subjective anecdotes”. How should qualitative researchers respond to the current call for evidence? Should they seek legitimacy by accepting the dominant politics of evidence, or should they play by their own rules with the risk of increasing marginalization? The third question is “method versus intuition”. Should qualitative researchers strive for maximum transparency by following accepted methods, or should they proceed more intuitively like artists to create their stories? Both sides of the questions have their influential advocates today. I will argue that all three questions are handled most fruitfully by conceiving of qualitative research as a craft.
Macrophages and cytokines in the early defence against herpes simplex virus
Svend Ellermann-Eriksen
Virology Journal , 2005, DOI: 10.1186/1743-422x-2-59
Abstract: Normally, the primary HSV infection is asymptomatic, and a crucial element in the early restriction of virus replication and thus avoidance of symptoms from the infection is the concerted action of different arms of the innate immune response. An early and light struggle inhibiting some HSV replication will spare the host from the real war against huge amounts of virus later in infection. As far as such a war will jeopardize the life of the host, it will be in both interests, including the virus, to settle the conflict amicably. Some important weapons of the unspecific defence and the early strikes and beginning battle during the first days of a HSV infection are discussed in this review.Generally, macrophages are orchestrating a multitude of anti-herpetic actions during the first hours of the attack. In a first wave of responses, cytokines, primarily type I interferons (IFN) and tumour necrosis factor are produced and exert a direct antiviral effect and activate the macrophages themselves. In the next wave, interleukin (IL)-12 together with the above and other cytokines induce production of IFN-γ in mainly NK cells. Many positive feed-back mechanisms and synergistic interactions intensify these systems and give rise to heavy antiviral weapons such as reactive oxygen species and nitric oxide. This results in the generation of an alliance against the viral enemy.However, these heavy weapons have to be controlled to avoid too much harm to the host. By IL-4 and others, these reactions are hampered, but they are still allowed in foci of HSV replication, thus focusing the activity to only relevant sites. So, no hero does it alone. Rather, an alliance of cytokines, macrophages and other cells seems to play a central role. Implications of this for future treatment modalities are shortly considered.Virus-host interactions are crucial for the outcome of infections. Several strategies have been utilized by viruses to overcome the host defence. For the virus to be successful,
Measuring civil liberty: an assessment of standards-based data sets
Revista de ciencia política (Santiago) , 2009, DOI: 10.4067/S0718-090X2009000300003
Abstract: this article offers a critical assessment often-civil liberty measures. the evaluation addresses their focus and scope, conceptualization, measurement, and aggregation. it demonstrates that the measures are marked by differences that are often not only a question of form but also of' appropriateness. in general, the justification of choices made in relation to the index constructions are inadequate and among the particular shortcomings we find severe limitations in the years covered, conceptual conflation and redundancy, restrictions on availability of disaggregate data, unsystematic and insufficient coding rules, low discriminatory power, and unfounded aggregation rules. in addition, the measures tap into two distinct types of civil liberties. the evaluation underlines that more precaution is needed in the development (and use) of civil liberty datasets.
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