Calibration of a basket option model applied to company valuation

Applying real options thinking to company valuation seems theoretically and intuitively appealing. However, the real option analogy of a single European option as well as the compound option proxy perform poorly when applied to company valuation. We therefore suggest to rework the building blocks of real option applications to corporate valuation.  We introduce a framework to delineate the distribution of the underlying asset in the risk neutral world, which is important in order to value any derivative. This is achieved by an algorithm to calibrate a basket option model using real world data of observed share prices. The fitting takes account of the class of stable distributions. The index of stability of asymmetric α stable distribution serves as an over-all parameter to characterise the specific distribution.     

A graph theory approach to subcontracting, machine duplication and intercell moves in cellular manufacturing

We address in this paper the problem of finding an optimal strategy for dealing with bottleneck machines and bottleneck parts in the cell formation process in group technology. Three types of economic decisions are considered: subcontracting, machine duplication and intercell moves. The problem is formulated as a minimum weighted node covering problem in a hypergraph, and we show that it can be solved in polynomial time by finding a maximum weighted stable set in a bipartite graph. We extend this result to cellular manufacturing systems in which the sequence of operations of each part is known in advance.     

求解P0函数互补问题的一种微分方程方法

本针对P0函数互补问题，给出了一种微方程方法，并且证明了P0函数互补问题的解是微分方程系统的渐进稳定平衡点。在适当的假设条件下，证明了所给出的算法具有二次收敛速度。几个数值例子表明了该算法的有效性。     

Evidence for the short-period oscillations in spin-resolved photoemission of thin Cr(110) films

The spin-resolved electronic structure of thin Cr overlayers on top of the Fe(110) surface was investigated by means of spin- and angle-resolved photoelectron spectroscopy. The initial fast drop of photoelectron spin-polarization at the Fermi level, followed by weak oscillatory behavior with the period of about 2 ML, can give an evidence for the first time spectroscopic observation of the short period oscillations in (110)-oriented thin Cr films.     

Mechanism of the reaction of neutral and anionic N-nucleophiles with α-halocarbonyl compounds

N-Acylalkylation of neutral and anionic N-nucleophiles with α-halocarbonyl compounds was investigated by quantum chemical methods in terms of the density functional theory and by experimental methods for 2,3-dihydroimidazo[2,1-b]quinazolin-1(10)H-5-one, its N-anion, and simpler model structures. High reactivity of these reagents is determined primarily by stabilization of transition states (TS) by bridge bonds involving halogen or nitrogen atoms rather than by conjugation, as has been commonly accepted. Bridged TS are formed by both the substitution mechanism S _N 2 and the addition-elimination mechanism. α-Haloalkyl-substituted zwitterions, which are potential intermediates of stepwise N-acylalkylation of neutral N-nucleophiles, do not exist in the isolated state, but they are rather efficiently stabilized upon solvation. These zwitterions, as well as analogous O-anions generated from anionic N-nucleophiles, can serve as intermediates of N-acylalkylation, as was demonstrated by localization of the corresponding TS. Published in Russian in Izvestiya Akademii Nauk. Seriya Khimicheskaya, No. 6, pp. 1150–1164, June, 2007.     

Global smooth solutions to the multi-dimensional hydrodynamic model for two-carrier plasmas

The existence of global smooth solutions to the multi-dimensional hydrodynamic model for plasmas of electrons and positively charged ions is shown under the assumption that the initial densities are close to a constant. The model consists of the conservation laws for the particle densities and the current densities, coupled to the Poisson equation for the electrostatic potential. Furthermore, it is proved that the particle densities converge exponentially fast to the (constant) steady state. The proof uses a higher-order energy method inspired from extended thermodynamics.     

Electromagnetic properties of strange baryons in a relativistic quark model

We present some of our results for the electromagnetic properties of excited Σ hyperons, computed within the framework of the Bonn constituent-quark model, which is based on the Bethe-Salpeter approach. The seven parameters entering the model are fitted against the best-known baryon masses. Accordingly, the results for the form factors and helicity amplitudes are genuine predictions. We compare with the scarce experimental data available and discuss the processes in which Σ ^*'s may play an important role.     

变换中含有孤立稳定点的第二积分换元定理

在不定积分第二积分换元定理的条件中,要求变换x=φ(t)不含有稳定点,即:φ′(t)≠0.当变换x=φ(t)中含有孤立稳定点时,给出了变换中含有孤立稳定点的第二积分换元定理.拓宽了第二积分换元定理的应用范围.     

Effect of various adsorbates in dephasing and population decay of the Cu(1 0 0) image potential states

A theoretical study of the electron dynamics in image potential states on Cu(1 0 0) surfaces with different types of adsorbates is presented. Scattering of the image state electron by an adsorbate induces inter-band and intra-band transitions leading respectively to the population decay and to the dephasing of the image state. We compare results obtained with low coverage (typically 1 adsorbate atom per 1000 surface atoms) Cs, Ar, and a model electronegative adsorbates. As follows from our results, Cs adsorbates lead to both appreciable dephasing and decay, while electronegative adsorbates mostly affect the dephasing rate. The effect of low coverage Ar adsorbates is small, consistent with their neutrality.