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Institute
In this thesis, we study the convergence behavior of an efficient optimization method used for the identification of parameters for underdetermined systems. The research is motivated by optimization problems arising from the estimation of parameters in neural networks as well as in option pricing models. In the first application, we are concerned with neural networks used to forecasting stock market indices. Since neural networks are able to describe extremely complex nonlinear structures they are used to improve the modelling of the nonlinear dependencies occurring in the financial markets. Applying neural networks to the forecasting of economic indicators, we are confronted with a nonlinear least squares problem of large dimension. Furthermore, in this application the number of parameters of the neural network to be determined is usually much larger than the number of patterns which are available for the determination of the unknowns. Hence, the residual function of our least squares problem is underdetermined. In option pricing, an important but usually not known parameter is the volatility of the underlying asset of the option. Assuming that the underlying asset follows a one-factor continuous diffusion model with nonconstant drift and volatility term, the value of an European call option satisfies a parabolic initial value problem with the volatility function appearing in one of the coefficients of the parabolic differential equation. Using this system equation, the estimation of the volatility function is described by a nonlinear least squares problem. Since the adaption of the volatility function is based only on a small number of observed market data these problems are naturally ill-posed. For the solution of these large-scale underdetermined nonlinear least squares problems we use a fully iterative inexact Gauss-Newton algorithm. We show how the structure of a neural network as well as that of the European call price model can be exploited using iterative methods. Moreover, we present theoretical statements for the convergence of the inexact Gauss-Newton algorithm applied to the less examined case of underdetermined nonlinear least squares problems. Finally, we present numerical results for the application of neural networks to the forecasting of stock market indices as well as for the construction of the volatility function in European option pricing models. In case of the latter application, we discretize the parabolic differential equation using a finite difference scheme and we elucidate convergence problems of the discrete scheme when the initial condition is not everywhere differentiable.
Globalization and Divergence: Dynamics of Dissensus in Non-Dominant Cinema Cultures of South India
(2005)
Based on her field studies between 1999 and 2003 in the South Indian State Kerala, the author critically reflects about Habermas's concept of the (bourgeois) public sphere, and also about later critiques of Habermas (eg. Eley). Schulze adds the new dimensions of human emotionality and humane ethics to the discussion of today's public (spheres) and civil societies which are part of globalising modernisations. It is poor and marginalized women's strongly felt compassion and love practised in their daily lives, which Schulze focusses on: these Marginalized ethics of the 'Good life' do sharply contrast the dominant societies' value systems; these latters consequently don't provide to the Marginaliezed a 'model'. However, Kerala, which is widely refered to as a development model - particularly with respect to the situation/ education of its women - is thus analysed by the author as a historically and culturally specific kind of 'modernity', which follows are rather violent and aggressive path of development in consonance with the general ruling anti-human/ nature philosophy of 'globalization'. Schulze's tool in her field work is 'participatory action research' and also her 'empathic camera' (camcoder). She mixed with local women who had organized themselves in women's groups with the urge to truly represent themSelves and their own ethics and goals in life - without the usual intervention of men/ of nationalist politics ruling Kerala's public sphere(s). In the course of Schulze and the local women groups becoming acquainted with each other, the scholar and the Marginalized felt the desire to support each other in their respective struggles for empowerment and for being respected as a human being. The author finally understood the fallacy and cynicism which lies in applying as a scholar the term 'women in Kerala' as if there wasn't the day to day particular violence which women of dalit ('untouchable'), or of adivasi (indigenous) background experience. Women's lives are moulded by networks of violence which are inherent to Kerala's castes, classes, and ethnicities, parallel to the basic oppression which women face because they are women. A group of dalit women in Kerala became particularly close companions in Schulze's quest for unravelling seemingly contradictory facts: Kerala's official claim to provide to women and other persons who were generally discriminated against in the larger Indian context, a supportive social and educational environment, on the one hand, and on the other hand the comparatively high number of suicides among Keralite women (and men), and the absence of women in what appears as Kerala's public sphere and 'civil society'. In several analytical steps which always centre around the experiences and feelings of the many poor and marginalized women, their life-worlds, their daily life philosophies, their views, voices, their ethics, dreams, Schulze unfolds these Marginalized visions, and tries to interpret them on their own terms. In this manner not only the mainstream society's propaganda about the 'Kerala development model' is demystified, but also to the reader insights become possible into a totally different set of ethics held by these women. They transgress notions of competition, of the 'necessary' monetarisation of all spheres of human life and of nature, of caste, religious, or gender conflicts. By means of 13 small video films the women together with Schulze showed and reflected upon their philosophy of an empowered 'Good life'.
Weiße und Nicht-Weiße werden in den visuellen Medien unterschiedlich dargestellt. Unterschiede werden erzeugt durch Narrativik und Technik, insbesondere durch die in Hollywood entwickelte Lichtregie am Set. Weiße stellen üblicherweise die Norm dar. Die US-amerikanische Sitcom SEX AND THE CITY mit ihrem ausschließlich weißen Cast ist ein Beispiel für die Normierung von Whiteness. In der Episode "No Ifs, Ands or Buts" wird die normalerweise unsichtbare Whiteness dem Publikum durch den Auftritt von Afroamerikanern bewusst gemacht. Weiß wird schwarz sowohl ästhetisch, durch die Beleuchtungsdramaturgie, als auch narrativ, durch die Diskussionen über Rassismus, gegenüber gestellt.
Background
The morphology of anuran larvae is suggested to differ between species with tadpoles living in standing (lentic) and running (lotic) waters. To explore which character combinations within the general tadpole morphospace are associated with these habitats, we studied categorical and metric larval data of 123 (one third of which from lotic environments) Madagascan anurans.
Results
Using univariate and multivariate statistics, we found that certain combinations of fin height, body musculature and eye size prevail either in larvae from lentic or lotic environments.
Conclusion
Evidence for adaptation to lotic conditions in larvae of Madagascan anurans is presented. While lentic tadpoles typically show narrow to moderate oral discs, small to medium sized eyes, convex or moderately low fins and non-robust tail muscles, tadpoles from lotic environments typically show moderate to broad oral discs, medium to big sized eyes, low fins and a robust tail muscle.
Small and medium-sized enterprises (SMEs) and mid-sized companies are vital contributors to the global economy, driving employment growth, fostering innovation, and enhancing international competiveness. However, in the aftermath of the Great Financial Crisis (GFC) and the collapse of the large finance company CIT Group, which provided 60% loans to US middle-market firms, banks reduced their lending activities. Thus, it became challenging for firms to obtain long-term loans. The financing gap has increased further due to high interest rates, the COVID-19 pandemic, the unstable situation in the real estate market as well as higher costs due to the adoption of digital infrastructure and sustainability goals. Therefore, the search for alternative financing solutions outside bank lending and public markets became unavoidable for SMEs and mid-sized companies. Private debt funds entered the market, and, since the GFC, they have played a crucial role in offering alternative financing for firms globally. Private debt fund managers raise capital commitments through closed-end funds (like private equity) and make senior loans (like banks) directly to, mostly, middlemarket firms. The private debt market has experienced rapid growth in recent decades. The private debt funds assets under management (AuM) increased by 380% from 2008 to 2022, reaching $1.5 trillion AuM in 2022 . The high growth of private debt shows great interest from investors in this alternative asset class and lucrative investment opportunities.
Despite its substantial and growing size, the private debt market is relatively understudied. This dissertation introduces private debt as an important alternative financing source, provides an overview of private debt strategies, seniority, and structure, discusses the legal considerations concerning private debt, and briefly compares the two most mature private debt markets: Europe and the U.S. Moreover, it assesses the size of the European private debt market and compares its development in different European regions. Furthermore, it examines in detail the business model of private debt funds based on a survey of 191 European and U.S. private debt managers with private debt assets under management of over $390 billion. Finally, it delves deeper into the relationship between private debt and private equity funds and their role in buyouts.
To sum up, this dissertation provides a basis and inspiration for future research to expand upon and dive deeper into the world of private debt funds, their business model, and their impact on portfolio companies and the economy as a whole.
This thesis seeks to improve the understanding of evolution and habitat as key factors forming tadpole morphology (i.e. of larvae of the order Anura), uncovers existing gaps in current research and recommends strategies and directions for future research. The present study improves the knowledge about the influences of evolution and habitat on the bauplan of tadpoles in a global scale ensuring maximum standardization and comparability of the data. In relation to the total number of tadpoles assumed to exist, only a small proportion has been described and only a few of them have been identified genetically. The lack of a global standard for their description makes it difficult to compare data. Using the tadpole of a harlequin frog (Atelopus) from Guiana region, it is shown that only an integrative approach with morphological and genetic data can solve taxonomic problems. In the study area of Madagascar, it becomes evident that in this region the common genetic history only has little influence on morphology, in contrast to the aquatic way of life. Tadpoles from flowing waters develop larger eyes, more robust tail muscles and smaller fins to cope better with current conditions and move more efficiently. In an additional study, the examination is extended to an almost global level. To achieve the intended standardization, over 1000 individuals (tadpoles) from 144 species have been examined. It can be shown that the common evolutionary history on a global scale influences morphology as strongly as the habitat. In addition, the influence of specialized nutrition and the climate is investigated.
