Finance researchers and asset management practitioners put a lot of effort into the question of optimal asset allocation. With this respect, a lot of research has been conducted on portfolio decision making as well as quantitative modeling and prediction models. This study brings together three fields of research, which are usually analyzed in an isolated manner in the literature: - Predictability of asset returns and their covariance matrix - Optimal portfolio decision making - Nonlinear modeling, performed by artificial neural networks, and their impact on predictions as well as optimal portfolio construction Including predictability in asset allocation is the focus of this work and it pays special attention to issues related to nonlinearities. The contribution of this study to the portfolio choice literature is twofold. First, motivated by the evidence of linear predictability, the impact of nonlinear predictions on portfolio performances is analyzed. Predictions are empirically performed for an investor who invests in equities (represented by the DAX index), bonds (represented by the REXP index) and a risk-free rate. Second, a solution to the dynamic programming problem for intertemporal portfolio choice is presented. The method is based on functional approximations of the investor's value function with artificial neural networks. The method is easily capable of handling multiple state variables. Hence, the effect of adding predictive parameters to the state space is the focus of analysis as well as the impacts of estimation biases and the view of a Bayesian investor on intertemporal portfolio choice. One important empirical result shows that residual correlation among state variables have an impact on intertemporal portfolio decision making.
Finance researchers and asset management practitioners put a lot of effort into the question of optimal asset allocation. With this respect, a lot of research has been conducted on portfolio decision making as well as quantitative modeling and prediction models. This study brings together three fields of research, which are usually analyzed in an isolated manner in the literature: - Predictability of asset returns and their covariance matrix - Optimal portfolio decision making - Nonlinear modeling, performed by artificial neural networks, and their impact on predictions as well as optimal portfolio construction Including predictability in asset allocation is the focus of this work and it pays special attention to issues related to nonlinearities. The contribution of this study to the portfolio choice literature is twofold. First, motivated by the evidence of linear predictability, the impact of nonlinear predictions on portfolio performances is analyzed. Predictions are empirically performed for an investor who invests in equities (represented by the DAX index), bonds (represented by the REXP index) and a risk-free rate. Second, a solution to the dynamic programming problem for intertemporal portfolio choice is presented. The method is based on functional approximations of the investor's value function with artificial neural networks. The method is easily capable of handling multiple state variables. Hence, the effect of adding predictive parameters to the state space is the focus of analysis as well as the impacts of estimation biases and the view of a Bayesian investor on intertemporal portfolio choice. One important empirical result shows that residual correlation among state variables have an impact on intertemporal portfolio decision making.
Anders als im Briefwechsel des ersten Halbjahres 1533 begegnen nun internationale Perspektiven: Der Konzilsinitiative Karls V. begegnet Bucer wegen der vom Papst gestellten Vorbedingungen skeptisch. Er verfasst aber eine Fürbereytung zum Concilio, die zusammen mit Desiderius Erasmus’ entsprechenden Schriften den Weg zur Einheit weisen soll. Im Blick auf die Schweiz hat Bucers Reise (April bis Mai 1533) die Beziehungen gefestigt, und die Korrespondenz aus den besuchten Orten wächst an. Auch an den Ereignissen im Reich nimmt Bucer regen Anteil: Sein Interesse gilt der Lage Konstanz’ im Zinsstreit mit dem Bischof. Ulm sucht einen Nachfolger fur den verstorbenen Prediger Konrad Sam; Bucer diskutiert mit Ambrosius Blarer mögliche Kandidaten und gibt Ratschläge zum Eherecht. Aus Münster erreicht Bucer die Bitte um eine Stellungnahme zu Bernhard Rothmanns Aktivitäten, aus Nürnberg die Klage Andreas Osianders über seine Ortskollegen. Dass der Esslinger Predigerstreit mit der Entlassung von Martin Fuchs eskalierte, bedrückt Bucer sehr. Die Berufung Gervasius Schulers nach Memmingen freut Bucer, ebenso die Beruhigung der Lage in Kempten nach der Entlassung der lutherischen Prediger. Zu Augsburg intensiviert sich der Kontakt, vor allem zu Gereon Sailer. In Straßburg gelten Bucers Aktivitäten neben der Vorbereitung der Herbstsynode dem Bildungswesen. Seltene Einblicke gewahrt die Korrespondenz in Bucers Familienleben.
The start of the eighteenth century witnessed the elevation of Prussia to monarchic status, a reflection of the rising importance of the Hohenzollern dynasty within the Empire as well as in Central Europe. In tandem with this, Berlin came to the fore as the capital city of Brandenburg, with the establishment there of the royal court. This volume makes available for the first time a selection of the diverse printed and visual materials relating to these developments. In their introduction to the documents, the editors explore the historical, political and cultural context of the rise of the Hohenzollerns and the significance of the 1701 coronation of Friedrich III as King in Prussia. The materials provided in the original, as well as in English translation, are wide-ranging. Points of focus include the dynasty's cultivation of the arts and learning, its festive culture, the structure of the court and the nature of Friedrich's reign. Particular attention is given to the ceremonial procedure and festivities surrounding his coronation recorded by the court poet, Johann von Besser. This collection of materials acts as a commentary on Baroque kingship, revealing the manner in which the early eighteenth-century monarch wished to present himself to the outside world and enhance his legitimacy among European rulers. It also offers valuable insights into a key stage in the political and cultural history of Brandenburg-Prussia, the consequences of which exercised a crucial impact on the development of Germany and the history of Europe.
In 'European Cities in the Modern Era, 1850/80-1914', Friedrich Lenger offers an account of Europe's major cities in a period crucial for the development of much of their present shape and infrastructure.
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