Risk-neutral valuation with infinitely many trading dates

The first Fundamental Theorem of Asset Pricing establishes the equivalence between the absence of arbitrage in financial markets and the existence of Equivalent Martingale Measures, if appropriate conditions hold. Since the theorem may fail when dealing with infinitely many trading dates, this paper draws on the A.A. Lyapunov Theorem in order to retrieve the equivalence for complete markets such that the Sharpe Ratio is adequately bounded.     

Magnetic structure and electronic study of complex oxygen-deficient manganites

Neutron diffraction and X-ray absorption near-edge structure (XANES) studies have been performed in La0.5Ca0.5MnO2.5, La0.5Sr0.5MnO2.5 and Nd0.5Sr0.5MnO2.5 oxygen-deficient perovskite compounds obtained by topotactic reduction. They all exhibit a brownmillerite structure with G-type antiferromagnetic ordering. Mn2+, Mn3+ and Mn4+ coexist at the octahedral sites, whereas only Mn2+ is placed in the tetrahedral positions. A magnetic moment of 1.6 microB has been detected at the tetrahedral layers, which can be explained by assuming Mn2+ is in a low-spin configuration.     

Alternative high-performance liquid chromatographic peptide separation and purification concept using a new mixed-mode reversed-phase/weak anion-exchange type stationary phase

This article describes a new complementary peptide separation and purification concept that makes use of a novel mixed-mode reversed-phase/weak anion-exchange (RP/WAX) type stationary phase. The RP/WAX is based on N-(10-undecenoyl)-3-aminoquinuclidine selector, which is covalently immobilized on thiol-modified silica particles (5 microm, 100 A pore diameter) by radical addition reaction. Remaining thiol groups are capped by radical addition with 1-hexene. This newly developed separation material contains two distinct binding domains in a single chromatographic interactive ligand: a lipophilic alkyl chain for hydrophobic interactions with lipophilic moieties of the solute, such as in the reversed-phase chromatography, and a cationic site for anion-exchange chromatography with oppositely charged solutes, which also enables repulsive ionic interactions with positively charged functional groups, leading to ion-exclusion phenomena. The beneficial effect that may result from the combination of the two chromatographic modes is exemplified by the application of this new separation material for the chromatographic separation of the N- and C-terminally protected tetrapeptide N-acetyl-Ile-Glu-Gly-Arg-p-nitroanilide from its side products. Mobile phase variables have been thoroughly investigated to optimize the separation and to get a deeper insight into the retention and separation mechanism, which turned out to be more complex than any of the individual chromatography modes alone. A significant anion-exchange retention contribution at optimal pH of 4.5 was found only for acetate but not for formate as counter-ion. In loadability studies using acetate, peptide masses up to 200 mg could be injected onto an analytical 250 mm x 4 mm i.d. RP/WAX column (5 microm) still without touching bands of major impurity and target peptide peaks. The corresponding loadability tests with formate allowed the injection of only 25% of this amount. The analysis of the purified peptide by capillary high-performance liquid chromatography (HPLC)-UV and HPLC-ESI-MS employing RP-18 columns revealed that the known major impurities have all been removed by a single chromatographic step employing the RP/WAX stationary phase. The better selectivity and enhanced sample loading capacity in comparison to RP-HPLC resulted in an improved productivity of the new purification protocol. For example, the yield of pure peptide per chromatographic run on RP/WAX phase was by a factor of about 15 higher compared to the standard gradient elution RP-purification protocol.     

Aza-analogues of extended tetrathiafulvalenes

The phosphoramidate-like reaction of 1,3-dithiole derived N-(diethoxyphosphinyl)hydrazones with formyl derivatives of 1,3-dithiole affords the longest aza-analogues of extended tetrathiafulvalenes with a polyenic spacer reported to date. Their structural and electrochemical properties are discussed.     

Determination of lead in the urine of exposed and unexposed adults by extraction and flow-injection/atomic absorption spectrometry

Lead is extracted from urine with ammonium pyrrolidien dithiocrbamate into methyl isobutyl ketone, and 20 μl of the extract is injected into a water carrier stream in a flow-injection/atomic absorption system. The procedure is simple, quick, accurate and reproducible. Recoveries are 96–105%. The mean urine lead contents of 20 unexposed and 20 printing-press lead exposed workers was found to be 39.0 ± 8.3 and 71.7 ± 26.3 μg Pb l^?1, respectively.     

A recyclable bifunctional acid-base organocatalyst with ionic liquid character. The role of site separation and spatial configuration on different condensation reactions

A series of bifunctional organic catalysts containing acid and basic sites with ionic liquid characteristics have been prepared and their catalytic activity and reaction coordinate for aldol and Knoevenagel condensations have been compared. While the only factor controlling catalyst activity for the Knoevenagel condensation was the distance between the acid and base sites, the spatial orientation of the organocatalyst is also key to achieve high activity and selectivity in the Claisen-Schmidt condensation. Mechanistic studies based on theoretical DFT calculations show that the acid-base bifunctional organocatalyst follows a mechanism inspired in natural aldolases for the synthesis of trans-chalcones, being able to produce a large variety of these compounds of industrial interest. The combination of the acid-base pairs within the proper geometry and the ionic liquid nature makes this catalyst active, selective and recyclable.     

Vapochromic behavior of {Ag2(Et2O)2[Au(C6F5)2]2}n with volatile organic compounds

The vapochromic behaviors of {Ag2L2[Au(C6F5)2]2}n (L = Et2O (1), Me2CO (2), THF (3), CH3CN (4)) were studied. {Ag2L2[Au(C6F5)2]2}n (L = Et2O (1)) was synthesized by the reaction of [Bu4N][Au(C6F5)2] with AgOClO3 in 1:1 molar ratio in CH2Cl2/Et2O (1:2). 1 was used as starting material with THF to form {Ag2L2[Au(C6F5)2]2}n (L = THF (3)). 3 crystallizes in the monoclinic space group C2/c and consists of tetranuclear units linked together via aurophilic contacts resulting in the formation of a 1D polymer that runs parallel to the crystallographic z axis. The gold(I) atoms are linearly coordinated to two pentafluorophenyl groups and display additional Au...Ag close contacts within the tetranuclear units with distances of 2.7582(3) and 2.7709(3) A. Each silver(I) center is bonded to the two oxygen atoms of the THF molecules with a Ag-O bond distance of 2.307(3) A. TGA analysis showed that 1 loses two molecules of the coordinated solvent per molecular unit (1st one: 75-100 degrees, second one: 150-175 degrees C), whereas 2, 3, and 4 lose both volatile organic compounds (VOCs) and fluorinated ligands in a less well defined manner. Each complex loses both the fluorinated ligands and the VOCs by a temperature of about 325 degrees C to give a 1:1 gold/silver product. X-ray powder diffraction studies confirm that the reaction of vapors of VOCs with 1 in the solid state produce complete substitution of the ether molecules by the new VOC. The VOCs are replaced in the order CH3CN > Me2CO > THF > Et2O, with the ether being the easiest to replace. {Ag2(Et2O)2[Au(C6F5)2]2}n and {Ag2(THF)2[Au(C6F5)2]2} n both luminesce at room temperature and at 77 K in the solid state. Emission maxima are independent of the excitation wavelength used below about 500 nm. Emission maxima are obtained at 585 nm (ether) and 544 nm (THF) at room temperature and at 605 nm (ether) and 567 nm (THF) at 77 K.     

Benzo[d]-1,2-oxaphospholes as precursors of stabilized C-centered radicals

[reaction: see text] Several benzo[d]-1,2-oxaphosphole 2-oxides were examined as potential precursors of stabilized C-centered radicals. The transient absorption spectra obtained after laser flash photolysis in the presence of di-tert-butyl peroxide showed the features of benzylic radicals with formation and decay kinetics not significantly influenced by the presence of oxygen. In the case of compounds with two possible diastereomeric forms, the C-H bond of the trans-isomers [corrected] is more reactive toward hydrogen abstraction.     

Neural Network Inference of Molar Mass Distributions of Peptides during Tailor-Made Enzymatic Hydrolysis of Cheese Whey: Effects of pH and Temperature

The fine-tuning of the enzymatic hydrolysis of proteins may provide a pool of peptides with predefined molar mass distributions. However, the complex mixture of molecules (peptides and amino acids) that results after the proteolysis of cheese whey turns unfeasible the assessment of individual species. In this work, a hybrid kinetic model for the proteolysis of whey by alcalase, multipoint-immobilized on agarose, is presented, which takes into account the influence of pH (8.0-10.4) and temperature (40-55 degrees C) on the activity of the enzyme. Five ranges of peptides' molar mass have their reaction rates predicted by neural networks (NNs). The output of NNs trained for constant pH and temperatures was interpolated, instead of including these variables in the input vector of a larger NN. Thus, the model complexity was reduced. Coupled to differential mass balances, this hybrid model can be employed for the online inference of peptides' molar mass distributions. Experimental kinetic assays were carried out using a pH-stat, in a laboratory-scale (0.03 L) batch reactor. The neural-kinetic model was integrated to a supervisory system of a bench-scale continually stirred tank reactor (0.5 L), providing accurate predictions during validation tests.     

Degradation of ²-O-4 lignin model and related compounds by the ascomyceteChrysonilia sitophila (TFB 27441 strain)

Growth of the ascomyceteChrysonilia sitophila during degradation of lignin model dimers and monomers was compared to a glucose control. An inhibition of growth by Cα-carbonyl monomers and stimulation by β-O-4 lignin model and vanillyl alcohol were observed. A comparison of the degradation by this ascomycete with the basidiomycetePhanerochaete chrysosoporium showed similarities in relation to the type of degradation caused.