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State Banquet in Honour of the President of Latvia
Read the speech online: www.bundespräsident.de Page 1 of 3 Federal President Frank-Walter Steinmeier at the state banquet in honour of the President of the Republic of Latvia in Bellevue on 21 February 2019 “The bad thing about some speakers is that they often fail to say what they are talking about...” I have taken these words of Heinz Erhardt’s to heart, and will therefore begin with my most important statement. President Vējonis, Mrs Vējone, I am delighted that you have come to Germany on a state visit in this centenary year of Latvian independence – welcome to Schloss Bellevue! I have visited Riga nine times over the past few years – seven times as Foreign Minister and now twice as Federal President. These many visits are an expression not only of the close cultural and political ties between our countries, but also of the high esteem in which I personally hold you and Latvia, and of my friendship with you and your country. I would like to thank you, President Vējonis, for the wonderful hospitality you extended to me and my wife during our last visit. And I thank you for the important dialogue that our group of non-executive presidents engaged in under your chairmanship in Riga. We hope to reciprocate on both fronts – hospitality and dialogue – during your visit here. It was no mere coincidence that I quoted Heinz Erhardt a moment ago. The great German comedian was a Baltic German, born in Riga in 1909. His grandfather Jakob served as mayor of the city, and his uncle Robert became the finance minister of the fledgling Republic in 1919. -
Organized Equity Markets in Germany Erik Theissen
No. 2003/17 Organized Equity Markets in Germany Erik Theissen Center for Financial Studies an der Johann Wolfgang Goethe-Universität C Taunusanlage 6 C D-60329 Frankfurt am Main Tel: (+49)069/242941-0 C Fax: (+49)069/242941-77 C E-Mail: [email protected] C Internet: http://www.ifk-cfs.de CFS Working Paper No. 2003/17 Organized Equity Markets in Germany Erik Theissen* March 2003 Abstract: The German financial system is the archetype of a bank-dominated system. This implies that organized equity markets are, in some sense, underdeveloped. The purpose of this paper is, first, to describe the German equity markets and, second, to analyze whether it is underdevel- oped in any meaningful sense. In the descriptive part we provide a detailed account of the microstructure of the German equity markets, putting special emphasis on recent develop- ments. When comparing the German market with its peers, we find that it is indeed underdeveloped with respect to market capitalization. In terms of liquidity, on the other hand, the German equity market is not generally underdeveloped. It does, however, lack a liquid market for block trading. JEL Classification: G 51 Keywords: Market size, liquidity, floor versus screen trading * Prof. Dr. Erik Theissen, Universität Bonn, BWL 1, Adenauerallee 24-42, 53113 Bonn, Germany Email: [email protected]. Forthcoming in: The German Financial System by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press, August 2003 Organized Equity Markets Erik Theissen, University of Bonn March 2003 I. Introduction ........................................................................................................................ 2 II. The German Equity Market................................................................................................ 2 III. The (micro)structure of the German equity markets......................................................... -
789398885.Pdf
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Burhop, Carsten; Lehmann-Hasemeyer, Sibylle H. Working Paper The geography of stock exchanges in Imperial Germany FZID Discussion Paper, No. 89-2014 Provided in Cooperation with: University of Hohenheim, Center for Research on Innovation and Services (FZID) Suggested Citation: Burhop, Carsten; Lehmann-Hasemeyer, Sibylle H. (2014) : The geography of stock exchanges in Imperial Germany, FZID Discussion Paper, No. 89-2014, Universität Hohenheim, Forschungszentrum Innovation und Dienstleistung (FZID), Stuttgart, http://nbn-resolving.de/urn:nbn:de:bsz:100-opus-9834 This Version is available at: http://hdl.handle.net/10419/98252 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu FZID Discussion Papers CC Economics Discussion Paper 89-2014 THE GEOGRAPHY OF STOCK EXCHANGES IN IMPERIAL GERMANY Carsten Burhop Sibylle H. -
Sprach-Spiel-Kunst the Dynamics of Wordplay
Sprach-Spiel-Kunst The Dynamics of Wordplay Edited by Esme Winter-Froemel Editorial Board Salvatore Attardo, Dirk Delabastita, Dirk Geeraerts, Raymond W. Gibbs, Alain Rabatel, Monika Schmitz-Emans and Deirdre Wilson Volume 8 Sprach-Spiel- Kunst Ein Dialog zwischen Wissenschaft und Praxis Herausgegeben von Esme Winter-Froemel This book series was established in connection with the project “The Dynamics of Wordplay” funded by the German Research Foundation (DFG). Additional funding was provided by the University of Trier. Cette collection de volumes a été créée dans le cadre du projet « La dynamique du jeu de mots », financé par la Deutsche Forschungsgemeinschaft (DFG). L’Université de Trèves a fourni un financement complémentaire. ISBN 978-3-11-058676-3 e-ISBN (PDF) 978-3-11-058677-0 e-ISBN (EPUB) 978-3-11-058698-5 This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 4.0 License. For details go to http://creativecommons.org/licenses/by-nc-nd/4.0/. Library of Congress Control Number: 2018962428 Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available on the Internet at http://dnb.dnb.de. © 2018 Esme Winter-Froemel, published by Walter de Gruyter GmbH, Berlin/Boston Cover images: © bigSmile / © Motizova/iStock/Getty Images Plus Printing: CPI books GmbH, Leck www.degruyter.com Inhalt Esme Winter-Froemel Sprach-Spiel-Kunst im Dialog 1 Yoko Tawada Interview 17 Stefan -
The German Equity Trading Landscape
Peter Gomber The German Equity Trading Landscape White Paper No. 34 The paper was published in the Journal of Applied Corporate Finance, 27 (4), pp. 75‐80. SAFE Policy papers represent the authors‘ personal opinions and do not necessarily reflect the views of the Research Center SAFE or its staff. The German Equity Trading Landscape Peter Gomber1 February 2016 1. Introduction Securities markets are at the heart of modern economies. Their central function is to enable issuers to raise equity capital and investors to allocate their funds to the most profitable companies and projects. Besides this macroeconomic function, securities markets serve to protect investors by providing transparent and efficient transaction platforms. Clear and enforceable regulations shall treat all market participants equally and enable for non‐discriminatory access to markets and market data. Operational efficiency based on highly reliable processes and systems shall assure market availability close to 100% during trading hours. From a market microstructure perspective the most important function of securities markets is price discovery, i.e. the ability to aggregate heterogeneous information sets of different retail and institutional investors into one signal aggregating all that information: the securities price (Schwartz and Francioni, 2004). This paper describes cash equity markets in Germany and their evolution against the background of technological and regulatory transformation. The development of these secondary markets in the largest economy in Europe is first briefly outlined from a historical perspective. This serves as the basis for the description of the most important trading system for German equities, the Xetra trading system of Deutsche Börse AG. Then, the most important regulatory change for European and German equity markets in the last ten years is illustrated: the introduction of the Markets in Financial Instruments Directive (MiFID) in 2007. -
REGULATED MARKET for HIGHLY LIQUID TRADING Liquid
Xetra. The market. REGULATED MARKET FOR HIGHLY LIQUID TRADING Liquid. Regulated. Reliable. XETRA: BENEFITS 2 There are many things that make Xetra the ideal trading venue for investors worldwide: maximum liquidity, low transaction costs and maximum security. Plus the people who make sure this will still be the case tomorrow. XETRA: BENEFITS 3 TRADE ON THE NUMBER 1 VENUE FOR GERMAN EQUITIES Welcome to Xetra, the undisputed number 1 in Europe for German equities trading and – with a network spanning 18 countries – one of the world’s leading trading venues. Not only does Xetra® host over 200 of asset classes. Many also praise Xetra’s Xetra – all benefits at the most important trading players on the gapless service chain and efficient a glance: European capital market, it is also the straight-through processing, while still • high trading volumes for reference market for fixing the prices of others see the central counterparty, German equities German securities at many other trading which plays a crucial role in risk man- • low transaction costs venues. agement, as a very important factor. • international network of participants from Xetra: one trading venue – many But all of them swear by the trading sys- 18 countries benefits tem’s secure technology, which ensures • diversified product range If the around 4,000 traders on Xetra were that Xetra is not only fast but also ex- comprising equities, ETFs, asked why this venue is so successful tremely stable and reliable – with system ETNs and ETCs one would hear a wide range of answers. availability of nearly 100 per cent. • transparency of a Many would definitely point to the high regulated market liquidity and the resulting extremely low As you can see, there are many different • lower risk and anonymity transaction costs, while others would reasons why you should opt for Xetra. -
Financial Market Data for R/Rmetrics
Financial Market Data for R/Rmetrics Diethelm Würtz Andrew Ellis Yohan Chalabi Rmetrics Association & Finance Online R/Rmetrics eBook Series R/Rmetrics eBooks is a series of electronic books and user guides aimed at students and practitioner who use R/Rmetrics to analyze financial markets. A Discussion of Time Series Objects for R in Finance (2009) Diethelm Würtz, Yohan Chalabi, Andrew Ellis R/Rmetrics Meielisalp 2009 Proceedings of the Meielisalp Workshop 2011 Editor Diethelm Würtz Basic R for Finance (2010), Diethelm Würtz, Yohan Chalabi, Longhow Lam, Andrew Ellis Chronological Objects with Rmetrics (2010), Diethelm Würtz, Yohan Chalabi, Andrew Ellis Portfolio Optimization with R/Rmetrics (2010), Diethelm Würtz, William Chen, Yohan Chalabi, Andrew Ellis Financial Market Data for R/Rmetrics (2010) Diethelm W?rtz, Andrew Ellis, Yohan Chalabi Indian Financial Market Data for R/Rmetrics (2010) Diethelm Würtz, Mahendra Mehta, Andrew Ellis, Yohan Chalabi Asian Option Pricing with R/Rmetrics (2010) Diethelm Würtz R/Rmetrics Singapore 2010 Proceedings of the Singapore Workshop 2010 Editors Diethelm Würtz, Mahendra Mehta, David Scott, Juri Hinz R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer School and Workshop 2011 Editor Diethelm Würtz III tinn-R Editor (2010) José Cláudio Faria, Philippe Grosjean, Enio Galinkin Jelihovschi and Ri- cardo Pietrobon R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer Scholl and Workshop 2011 Editor Diethelm Würtz R/Rmetrics Meielisalp 2012 Proceedings of the Meielisalp Summer Scholl and Workshop 2012 Editor Diethelm Würtz Topics in Empirical Finance with R and Rmetrics (2013), Patrick Hénaff FINANCIAL MARKET DATA FOR R/RMETRICS DIETHELM WÜRTZ ANDREW ELLIS YOHAN CHALABI RMETRICS ASSOCIATION &FINANCE ONLINE Series Editors: Prof. -
Master's Degree Program
Master’s Degree Program In “Sviluppo Economico e dell'Impresa” Second Cycle (D.M. 270/2004) Final Thesis Thailand: regional prospective and Italian trade-economic relations Supervisor Ch. Prof. Stefano Soriani Assistant Supervisor Ch. Prof. Antonio Paradiso Graduand Nicola Badin 847646 Academic Year 2017 / 2018 Table of Contents Introduction ................................................................................................................. 1 Chapter 1. Geography and History of South East Asia.............................................. 3 1.1 Geography of South East Asia ................................................................................................ 3 1.1.1 The term “South-East Asia” ................................................................................................................ 3 1.1.2 Mountains and Geological Framework................................................................................................ 9 1.1.4. Hydrography: Rivers and Lakes in Southeast Asia ........................................................................... 16 1.1.5. Climate: the monsoon region ........................................................................................................... 24 1.2 A Short History of Southeast Asia ........................................................................................ 31 1.2.1 Ancient Times: Palaeolithic, Neolithic, Early Agriculture Societies and Bronze Age ......................... 31 1.2.2 Early Historical Era ......................................................................................................................... -
SAFE Financial History Data Projects
SAFE Financial History Data Projects Dr. Stéphanie Collet Research Center SAFE Goethe University Frankfurt IBF-Workshop 2018: Das Bankarchiv als Datenressource II Datenprojekte / datenbasierte finanzhistoriche Forschung Financial History Data Project @SAFE 1. German Stock Database in the Interwar Period Paper : „The Berlin Stock Exchange in the ´Great Disorder´ ” With Caroline Fohlin (Emory University) 2. German Firm-Level Database in the Interwar Period Paper: „Firms in Troubled Times: What does it Take to Survive?“ With Dennis Gram (SAFE Research Center, Goethe University) Other SAFE Paper: „Capital Structure in the Interwar Period: The Impact of Economic Crises on Managerial Risk-Taking” Marius Liebald and Uwe Walz 20/09/18 2 The Berlin Stock Exchange in the “Great Disorder” Stephanie Collet Research Center SAFE, Goethe University Caroline Fohlin Emory University Research Question Were German financial markets still functioning during the “Great Disorder”? How much are financial market able to bear? This paper provides: - First ever comprehensive daily stock price series for Germany 1920’s - First paper on the German stock market using information on the trades This paper is part of a project entitled “Financial History Database” which is funded by Research Center SAFE. The project and paper started mid 2017. 20/09/18 4 Stock Database in Germany Before WWI • GESIS: 16 historical studies based on stocks data • Some main sources: Donner (1934), Eube (1998), Fohlin (2000), Ronge (2002), Gelman and Burhop (2008) • Period covers: 1870-1914 with monthly data but also daily data on a limited number of stocks Interwar period • New SAFE project: Collet and Fohlin (2018) on daily or weekly data for all stocks traded in Berlin (1920-1930, we hope 1930-1940 in the future). -
50 Years of Deutsche Beteiligungs AG
P R E S S R E L E A S E 50 years of Deutsche Beteiligungs AG Oldest German private equity company celebrates half a century of investing in German “Mittelstand” and 30 years as a listed company • Investment partner to the “Mittelstand” with an equity investment volume of 2.5 billion euros to date • Solid constant on the stock market with an average return on equity of more than 15 percent p.a. • Pioneer in the private equity business in Germany Frankfurt am Main, 1 October 2015. Germany’s oldest private equity company is celebrating two anniversaries this year. Deutsche Beteiligungs AG (DBAG) is not only 50 years old, making it Germany’s oldest private equity firm, it can also look back on 30 years as a listed company – which is also unique for a German private equity company. Over more than five decades, DBAG has invested equity of about 2.5 billion euros in more than 350 portfolio companies. Through the consistent implementation of its investment philosophy, which focuses on industrial business models in selected sectors of Germany’s “Mittelstand” with revenues of 50 to 500 million euros, DBAG has continually created value for its shareholders and the investors in its funds. The result is a return on net asset value of 15.3 percent over the past ten financial years (2004/05 to 2013/14) and a total return to its shareholders of more than 14 percent (1 October 2005 to 30 September 2015). “DBAG has demonstrated over many years that, in its role as a partner, it can raise companies to new levels and create new prospects for them that would often be considerably more difficult to realise based on their own financial resources,” said Torsten Grede, Spokesman of the DBAG Board of Management, commenting on the anniversary. -
Exchange Rules for the Frankfurt Stock Exchange Section XI
FWB01 Stand: 0128. November April 20078 Exchange Rules for the Frankfurt Stock Exchange Seite 1 [….] Section XI Securities Transactions in the Electronic Trading System Sub-section 1 General Provisions § 114 Electronic Trading System (1) Securities may be traded in an electronic trading system of the FWB subject to a resolution by the Management Board. The securities must be either admitted to trading on the FWB or included in the Regulated Unofficial Market (Open Market.) (2) Using objective criteria such as, in particular, the type of security and the average trading volume, the Management Board may allocate the securities which can be traded in an electronic trading system to individual trading segments for which uniform conditions for trading shall be determined. For securities that are traded in these trading segments (main market), the Management Board may establish an additional trading segment exclusively for orders of a specific minimum volume (block trading). This shall be without prejudice to the market segmentation under the German Stock Exchange Act (Börsengesetz). § 115 Exchange Hours, Trading Phases (1) The exchange hours are divided into three consecutive phases: - the pre-trading phase; - the main trading phase; - and the post-trading phase. During the trading phases, orders can be entered, changed or cancelled in the electronic trading system. The exchange hours for the commencement and end of the individual phases shall be determined by the Management Board for all securities. The Management Board may extend or reduce the exchange hours and the start of individual phases on a trading day to the extent necessary to maintain orderly trading conditions or for reasons relating to the electronic trading system. -
Produktinformation
Produktinformation Heinz Erhardt: Heinz Erhardt für Kinder 31 Gedichte und noch'n Gedicht Interpret: Stefan Kaminski, Julia Nachtmann, Katja Danowski, Hans Löw, Heinz Erhardt, Katinka Kultscher, Regina Lemnitz, Jürgen Uter, Jacob Weigert, Samuel Weiss, Steve Baker Musik: Steve Baker Frisch und fröhlich gestalten neun renommierte Sprecherinnen und Sprecher sowie der Autor selbst 32 Erhardt-Gedichte. Ob "Die Made", "Ein Nasshorn und ein Trockenhorn", "Himmlischer Käse" oder "Die Turmuhr" - schon Kinder ab drei Jahren hören den lustigen Reimen gern und begeistert zu. Sie erfahren, wie der Regenwurm zu seinem Namen kam, warum die Zitronen sauer wurden und was der Schimpanse aus dem Zoo an seine Verwandten im Urwald schreibt. Von Himbär, Brombär und Stachelbär berichtet Heinz Erhardt sogar persönlich. Virtuose Mundharmonika-Musiken von Steve Baker runden den Hörspaß ab. Aus dem Inhalt: Liebe Sonne • Warum die Zitronen sauer wurden • Himmlischer Käse • Die Turmuhr • Der Guck-Guck • Ein Brief aus Hagenbeck • Der Frühling • Der Pflasterstein • Der Herbst • Ente gut, alles gut • Die Made • Der Saurier • Weidende CD • ISBN 978-3-8337-3297-3 • € 12,99 UVP Seekuh • Ein Nasshorn und ein Trockenhorn • Das Gesamtspielzeit: 29:48 Finkennest • Der Spatz • Die Schnecke Heinz Erhardt (1909 -1979) wurde in Riga geboren Stefan Kaminski, geboren 1974 in Dresden, und studierte Musik in Leipzig. Nach dem Krieg ließ studierte an der Hochschule für Schauspielkunst er sich mit seiner Familie in Hamburg nieder und "Ernst Busch" in Berlin. Seit 2001 steht er am entwickelte im Rundfunk jenen unverwechselbaren Deutschen Theater Berlin auf der Bühne, wo er unter Stil, der seine Karriere begründete. Seine größten anderem mit Regisseuren wie Dimiter Gotscheff Erfolge feierte er ab 1957 im Kino als Hauptfigur in arbeitete.