Gain critical insight into the structure-function relationships and the pathological basis of human disease with Netter's Illustrated Human Pathology. With a visually vibrant approach, this atlas provides clear and succinct representations of common human diseases by relating anatomical changes to the functional and clinical manifestations of disease and their underlying causes and mechanisms. Updated throughout, it offers a superb complement to more comprehensive textbooks and presentations of pathology, including course syllabi. It can also be used as an adjunct for study of gross and microscopic pathology specimens in laboratory exercises, and makes a great review resource for students, medical residents, physicians and other healthcare professionals. Grasp and retain key pathologic concepts and conditions. Beginning with a concise summary of the various pathological processes and diseases, each chapter consists of illustrations of pathological processes and diseases accompanied by concise text aimed at clarifying and expanding the information presented in the illustrations. - Gain a superb visual understanding through more than 380 classic Netter and new Netter-style images, gross and microscopic photographs and tables. - Reference information effortlessly with numerous tables throughout including 452 figures and 255 slides. - Take your learning farther with Student Consult access.
This thesis describes novel substrate embedded physical sensors that can be used to monitor different types of cell-based assays non-invasively and label-free. The sensors described provide integrative information of the cells under study with an adaptable time resolution (ranging from milliseconds to days). This information about the dynamic cell response to chemical, physical or biological stimuli defines a new paradigm in fundamental biomedical research. The author, Maximilian Oberleitner, describes approaches in which the cells are directly grown on different sensor surfaces (gold-film electrodes, shear wave resonators or dye-doped polymer films). This approach, with the reacting cells in particularly close proximity and contact with the sensor surface, is key to a remarkable sensitivity, opening the way for a variety of new applications. This thesis not only introduces the fundamentals of each approach, but it also describes in great detail the design principles and elucidates the boundary conditions of the new sensors.
Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 8.0, Maastricht University (SBE), course: Investment analysis and portfolio management, language: English, abstract: Most of today’s portfolios include bonds and equities. This composition enables investors to reduce firm-specific risk and diversify among different asset classes. Important assets that could further enhance diversification are investments in real estate. The risk-reducing effect of real estate partly stems from its local nature. Furthermore, investors, both local and international, face differences concerning the information available with respect to the real estate market and the bond or stock market. The former offers less information to investors than the latter market. Real estate markets are less integrated, which means that there are not many investments made in this market. This can be a further explanation of the positive diversification effects of real estate. Therefore, one could ask whether direct- or indirect real estate investment enhances diversification. The purpose of this report is to investigate whether there is a positive diversification effect of real estate on the risk of a portfolio. The report takes a look at previous findings of researchers concerning the diversification effect of real estate and proceeds with the analysis of the descriptive statistics. Next, the correlation between indirect and direct real estate, bonds and equity is examined followed by.....
Document from the year 2013 in the subject Business economics - Investment and Finance, grade: 8, Maastricht University, language: English, abstract: We go back to the year 1997 – the year in which two companies, a base metal company and a electricity company, several development banks and government development organizations, commercial banks and governments itself are in talks about the building of a new aluminum smelter in Mozambique. The project US dollar (USD) volume amounts to a total of $1.4 billion USD. Mozambique is one of the poorest countries in sub-Saharan Africa, which just recently ended their civil war. Additionally, Mozambique has the lowest per capita GDP of $90 USD a year in their peer group, a debt burden resulting from the previous civil war years of 355% of GDP. It ranks 166 out of 174 countries in the United Nations Human Development index. Eskom, a south-African energy company, which supplies 95% of the energy in south-Africa and 50% of the continents power, wanted to establish hydroelectric generators at the Zamibi river and rebuild the worn out electricity network, to supply power at competitive prices. The cooperation of Eskom and Alusaf secured Eskom a buyer for its excess power and Alusaf secured a critical factor of production at competitive prices. Alusaf, an aluminum subsidiary of Glencore, a south-African company operating in the precious metals and base metals industry, and IDC, a governmental owned development bank, are the main sponsors with an equal $125 million USD investment each. (A $125 million USD investment, amounts to 8.92% of the project value and 25% of total equity). The project is supposed to be financed with a 50% debt and 50% equity. Alusaf already built and operated a larger project of the same type, an aluminum smelter with double the volume – the Hillside smelter in Richards Bay with a yearly capacity of 500,000 tons. It accomplished it 21% below budget and 4 months before planned completion.
In the design of turbomachinery components, a significant effort is carried out regarding the optimization of efficiency. The increase in thermal efficiency particularly involves the introduction of high-performance alloys. Such alloys are for example titanium alloys. Sink electrical discharge machining (sink EDM) is a crucial manufacturing process for components due to its independence of machined material strengths; however, new materials require process design. Hence, research to understand and optimize the machining of titanium alloys is of great benefit to the industry in general. A positive tool polarity is generally adopted in sink EDM to maximize material removal relative to tool wear. Sink EDM of α/β titanium alloys as Ti6Al4V is however atypical in that these materials necessitate a negative tool polarity. Adding to the intrigue are gamma titanium aluminides (γ-TiAl), which machine better under the conventional positive polarity. Established explanatory models of sink EDM fail in resolving the removal behavior – a need for fundamental research is given. This thesis focuses on clarifying the phenomena behind this interesting behavior by investigating removal mechanisms over a range of relevant process conditions. The polarity-effect is demonstrated to arise from the polarity-dependent nature and extent of titanium carbide (TiC) formation on the workpiece surface, which significantly affects material removal mechanisms. An explanatory model, deduced from different experimental and numerical approaches, clarifies the influence of polarity to the formation mechanism of a TiC layer. With regard to monitoring of adverse layer formations, the measurement of acoustic emission (AE) is proven an appropriate concept. A correlation of the AE signal to process forces is even established, which may be crucial to determine the deflection of thin electrodes in EDM. Finally, the knowledge acquired is applied and enhanced in comprehensive process design, that also involves the machining of additively manufactured γ-TiAl. The study reveals the beneficial behavior of the fine microstructure relative to the resulting surface integrity. As a result, this thesis delivers a model-based concept for process design with respect to the adequate choice of tool polarity during machining of titanium alloys.
The practical application of the sentinel node concept is evaluated in this book. The concept is analyzed for breast cancer, malignant melanoma, tumors of the face, oropharynx, lung, gastrointestinal and urogenital tract. The first part of the book describes the function and use of the nuclear medicine equipment, the tracers used, colloid solutions and modern developments in histological and immunohistochemical lymph node investigations, as well as possible pitfalls. In the second part, specific tumor-related problems are described.
Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 9.0, Maastricht University (SBE), course: Intermediate Financial Management (IFM), language: English, abstract: Boudoir’s, Inc. is a profitable, growing company but has exhausted nearly all sources of financing, because they already pledged most of their assets as collateral to support growth. Theory assumes a match of the predicted assets useful life and its financing. Therefore a leasing agreement, especially taking into consideration the low amount, matches the cost of the asset with the corresponding cash flows produced by the asset. Furthermore, financing the new building and the fixtures for the new outlet with a leasing agreement provides an additional benefit because leasing agreements do not appear on the balance sheet of a company. In addition, lease payments are deducted....
Essay from the year 2012 in the subject Business economics - Investment and Finance, grade: 9, Maastricht University (SBE), course: intermediate financial management (IFM), language: English, abstract: Questions 1A) Business risk is the risk to firm’s stockholders without debt. Business risk can be measured by the standard deviation (later referred to as: SD) of “return of capital invested” ROIC= (EBIT (1-T))/Capital. Typical sources of business risk are factors associated with day-to-day operations of the business, such as input price-, demand-, sales price- and currency variability or the ability to innovate and the extent of operating leverage used. The establishment of long-term contracts can mitigate business risk with suppliers or distributors or with hedging strategies in case of currency risks. On the other hand, financial risk is the risk stockholders bear, because of the use of debt. In the case of debt usage the stockholders bear all the business risk, because debt holders receive a fixed interest payment. 1B/C) The additional risk from the debt can be measured, if one compares the levered beta to the unlevered beta. The levered beta should be higher than the unlevered and therefor react more severe to broad market movements, reflecting the additional risk. Moreover, since the beta is part of the CAPM model, the required return for equity holders rises which makes perfect sense, since equity holders want to be compensated for the additional risk from financial leverage. Leverage increases stockholders ROE, because the denominator of (Net income)/Equity is smaller since V_L consists of debt and equity, in contrast to a all equity financed company. Finally one can compare the SD of a levered and unlevered firm. The higher ROE comes at the cost of an increased SD, because of the higher variability of ROE.
Bachelor Thesis from the year 2013 in the subject Business economics - Investment and Finance, grade: 8.0, Maastricht University, language: English, abstract: According to the efficient market hypothesis there should not be an asset overvaluation. Nevertheless, bubbles appear from time to time in the real world. In a financial bubble, the price of a security deviates grossly from its fundamental intrinsic value (Watanabe, Takayasu & Takayasu, 2007). Fundamentals or fundamental value refer to economic variables such as discount rates or future cash flows (Siegel, 2003). Depending on the valuation technique one can define an asset’s intrinsic or fundamental value, based on economic variables and assumed growth. A financial bubble is defined as a price run-up, where an initial price rise generates positive expectations of higher future prices, which attracts new buyers that are rather interested in reaping profits by trading the assets than using its earnings capacity (Siegel, 2003). There is a long history of bubbles such as the 1720 South Sea bubble, 1929 the Great Crash, in the mid-1970s the REIT bubble, in 1987 the housing crash, in 1991 the banking crisis, in 2002 the NASDAQ technology bubble and just recently the housing bubble in the United States, just to name a few. This capstone assignment deals with the question of how investors should act in the case of asset overvaluation in financial markets. In particular, it tries to answer how investors should behave. The central question asks whether investors should step aside and wait until the bubble bursts, whether they should ride the bubble or trade against it. Of course, there is support for all three, albeit contradicting theories. The different trading and investment strategies are reviewed, thereby touching upon various asset bubbles, financial concepts and empirical evidence in the academia. Moreover, it is elaborated on positive feedback trading and rational speculations, as well as behavioral finance concepts such as herding or overconfidence. The remainder of this paper describes different concepts outlined in the empirical literature, starting with asset overvaluation, followed by the efficient market hypothesis and the random walk phenomenon. The role of arbitrage traders is explored, and their impact on efficient markets and bubbles discussed. A review of behavioral traits during bubbles and the impact of human behavior on asset prices is included. Further, there is an examination of mutual fund strategies and their success in exploiting profit opportunities during bubbles. Finally, it is summarized which arguments support each of the viewpoints.
Thesis (M.A.) from the year 2014 in the subject Business economics - Investment and Finance, grade: 7.5, Maastricht University, language: English, abstract: The following study examines the performance of mutual funds investing in small cap companies in the period from 1990 until 2013. Therefore, funds investing in small companies in Germany are tested on their ability to deliver risk-adjusted abnormal returns. The returns are risk-adjusted according to Fama French (1996) three-factor model, Carhart four-factor model and the liquidity adjusted five-factor model of Pastor and Stambaugh (2003). A separate examination of the internet crisis 2000 until 2003 and the financial crisis period 2008 until 2013 is done, to assess the ability of fund managers in isolation to examine their results in situations when their skills are most needed. On average, I conclude that fund managers, investing in the small capitalization segment in Germany, are not able to outperform the market even before fees.
Essay aus dem Jahr 2012 im Fachbereich BWL - Investition und Finanzierung, Note: 9, Universiteit Maastricht, Sprache: Deutsch, Abstract: In 1996, the board and senior executives of Atlantic Aquaculture, Inc., arranged a meeting considering a major change in its corporate strategy. Atlantic Aquaculture has been a market leader ever since in the seafood industry. However, due to increased competition, especially from low-cost foreign producers, they are forced to consider their strategy. Furthermore, the U.S. experienced slow economic growth resulting in massive layoffs, which consequently made the consumer more price-sensitive with their fish selection. Additionally, the demand for freshwater fish, such as trout, has been increasing. Hence, the freshwater market provides an excellent opportunity to recapture market share in the seafood industry. In the upcoming questions, we will analyse which strategy they should pursue and whether the freshwater market provides a good investment opportunity.
Document from the year 2012 in the subject Business economics - Investment and Finance, grade: 8.0, Maastricht University, course: Investment analysis and portfolio management, language: English, abstract: This paper is based on “The Common Fund Hedge Fund Portfolio” case from the Harvard Business School (Harvard Business School, 1996). The data provided are taken from it. It aims to support David Storrs, CEO of the Common Fund Company, decision if and how to include a hedge fund into the overall portfolio. The Common Funds has more than $17 billion assets under management for more than 1,000 educational institutions. Storrs considers to establishing a fund of funds, which he can offer his clients as a means of diversification. A hedge fund is an alternative, unregulated investment vehicle that can take long as well as short positions, use high leverage and write options or futures. The central question asks how Storrs should allocate different hedge funds in the funds of funds portfolio, taking into consideration the legal, economic and marketing issues, beside performance and volatility. The first section will touch upon the legal, economic and marketing issues of hedge funds with regard to the decision to take by Storrs. The second section is going to investigate the proposed allocation of assets and reconsiders the asset allocation. Thereby not only quantitative measures are taken into account, but also qualitative factors. Finally, an advice is given on how Storrs should allocate the portfolio with regard to the circumstances of the Common Fund Company....
Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 8.5, Maastricht University, language: English, abstract: The CAPM model was developed by Sharpe (1964) and tries to give insight into the relation of risk and return characteristics of assets, in particular how risk adjusted excess returns of securities are influenced by the market. Fama and French (1996) further developed the CAPM to a three-factor model. Their aim was to enhance the explanatory power of the CAPM, thereby including the size (SMB) and book to market (HML) effect to achieve more explanatory insight of what drives returns. Carhart (1997) even included a fourth factor, namely the momentum anomaly (WML) as found out by Jagadeesh and Titman (1993), to further resolve the CAPM pricing error of not fully predicting returns, and add explanatory power. Additionally, we retrieved the sentiment index from Datastream to test a fifth explanatory factor. This research paper tests these four different models based on historical European data from the Kenneth R. French website and 50 European stocks and one European real estate index from Datastream. The structure of the research is closely tied to the set up used by Wang. The paper continues with a short literature review on the CAPM, the three-factor model, the four-factor model, and the sentiment index. Next, a description of the data and methodology is given. Then first the CAPM is tested, followed by the three-factor model, four-factor model and lastly the sentiment index is included. The results are discussed individually in each section. Finally, we draw an overall conclusion and include some limitations.
Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 8.0, Maastricht University (SBE), course: Investment analysis and portfolio management, language: English, abstract: Most of today’s portfolios include bonds and equities. This composition enables investors to reduce firm-specific risk and diversify among different asset classes. Important assets that could further enhance diversification are investments in real estate. The risk-reducing effect of real estate partly stems from its local nature. Furthermore, investors, both local and international, face differences concerning the information available with respect to the real estate market and the bond or stock market. The former offers less information to investors than the latter market. Real estate markets are less integrated, which means that there are not many investments made in this market. This can be a further explanation of the positive diversification effects of real estate. Therefore, one could ask whether direct- or indirect real estate investment enhances diversification. The purpose of this report is to investigate whether there is a positive diversification effect of real estate on the risk of a portfolio. The report takes a look at previous findings of researchers concerning the diversification effect of real estate and proceeds with the analysis of the descriptive statistics. Next, the correlation between indirect and direct real estate, bonds and equity is examined followed by.....
This thesis describes novel substrate embedded physical sensors that can be used to monitor different types of cell-based assays non-invasively and label-free. The sensors described provide integrative information of the cells under study with an adaptable time resolution (ranging from milliseconds to days). This information about the dynamic cell response to chemical, physical or biological stimuli defines a new paradigm in fundamental biomedical research. The author, Maximilian Oberleitner, describes approaches in which the cells are directly grown on different sensor surfaces (gold-film electrodes, shear wave resonators or dye-doped polymer films). This approach, with the reacting cells in particularly close proximity and contact with the sensor surface, is key to a remarkable sensitivity, opening the way for a variety of new applications. This thesis not only introduces the fundamentals of each approach, but it also describes in great detail the design principles and elucidates the boundary conditions of the new sensors.
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