Arbitrage without borrowing or short selling?

We show that a trader, who starts with no initial wealth and is not allowed to borrow money or short sell assets, is theoretically able to attain positive wealth by continuous trading, provided that she has perfect foresight of future asset prices, given by a continuous semimartingale. Such an arbitrage strategy can be constructed as a process of finite variation that satisfies a seemingly innocuous self-financing condition, formulated using a pathwise Riemann–Stieltjes integral. Our result exemplifies the potential intricacies of formulating economically meaningful self-financing conditions in continuous time, when one leaves the conventional arbitrage-free framework.     

On the Existence Of Consistent Price Systems

We formulate a sufficient condition for the existence of a consistent price system (CPS), which is weaker than the conditional full support condition (CFS). We use the new condition to show the existence of CPSs for certain processes that fail to have the CFS property. In particular this condition gives sufficient conditions, under which a continuous function of a process with CFS admits a CPS, while the CFS property might be lost.     

Superhydrophobic elastomer surfaces with nanostructured micronails

New approaches to the fabrication of microstructures of special shape were developed for polymers. Unusual superhydrophobic surface structures were achieved with the use of flexible polymers and hierarchical molds.Flexible polyurethane?acrylate coatings were patterned with microstructures with use of microstructured aluminum mold in a controlled UV-curing process. Electron microscope images of the UV-cured coatings on polymethylmethacrylate (PMMA) substrates revealed micropillars that were significantly higher than the corresponding depressions of the mold (even 47 vs. 35 μm). The elongation was achieved by detaching the mold from the flexible, partially cured acrylate surface and then further curing the separated microstructure. The modified acrylate surface is superhydrophobic with a water contact angle of 156° and sliding angle of < 10°.Acrylic thermoplastic elastomers (TPE) were patterned with micro?nanostructured aluminum oxide molds through injection molding. The hierarchical surface of the elastomer showed elongated micropillars (57 μm) with nail-head tops covered with nanograss. Comparison with a reference microstructure of the same material (35 μm) indicated that the nanopores of the micro?nanomold assisted the formation of the nail-shaped micropillars. The elasticity of the TPE materials evidently plays a role in the elongation because similar elongation has not been found in hierarchically structured thermoplastic surfaces. The hierarchical micronail structure supports a high water contact angle (164°), representing an increase of 88° relative to the smooth TPE surface. The sliding angle was close to zero degrees, indicating the Cassie–Baxter state.     

Superhydrophobic polyolefin surfaces: controlled micro- and nanostructures

Superhydrophobic polyolefin surfaces were prepared by simultaneous micro- and nanostructuring. Electropolished aluminum foil was microstructured with a micro working robot and then anodized in polyprotic acid. The surface microstructure can be tailored by adjusting the settings of the micro working robot and the nanostructure by adjusting the parameters of the anodization procedure. Surface structuring was done by injection molding where a microstructured anodized aluminum oxide mold insert was used to pattern the surfaces. Structuring had a marked effect on the contact angle between the injection-molded polyolefins and water. When the optimized microstructure was covered with nanostructure, the static contact angle between polypropylene and water obtained a value of about 165 degrees and the sliding angle decreased to about 2.5 degrees. The superhydrophobic state was achieved.     

Synthesis and structural characterization of two novel heterometallic clusters: [Rh4Pt2(CO)11(dppm)2] and [Ru2Rh2Pt2(CO)12(dppm)2

Two novel heterometallic octahedral clusters [Rh(4)Pt(2)(CO)(11)(dppm)(2)](1) and [Ru(2)Rh(2)Pt(2)(CO)(12)(dppm)(2)](2) were synthesized by the reaction of [Rh(2)Pt(2)(CO)(6)(dppm)(2)] with [Rh(6)(CO)(14)(NCMe)(2)] and Ru(3)(CO)(12), respectively. Solid state structures of 1 and 2 have been established by a single crystal X-ray diffraction study. Two dppm ligands in 1 are bonded to one platinum and three rhodium atoms, which form an equatorial plane of the Rh(4)Pt(2) octahedron. Two rhodium and two platinum atoms bound to the diphosphine ligands in 2 are nonplanar to give an octahedral C2 symmetric Ru(2)Rh(2)Pt(2)(dppm)2 framework. The (31)P NMR investigation of and (1D, (31)P COSY, (31)P-[(103)Rh] HMQC) and simulation of 1D spectral patterns showed that in both clusters the structures of the M(6)(PP)(2) fragments found in the solid state are maintained in solution.     

Influence of the pore structure of MCM-41 and SBA-15 silica fibers on atomic layer chemical vapor deposition of cobalt carbonyl

Mesoporous high surface area MCM-41 and SBA-15 type silica materials with fibrous morphology were synthesized and used as support materials for the ALCVD (atomic layer chemical vapor deposition) preparation of Co/MCM-41 and Co/SBA-15 catalysts. Co/MCM-41 and Co/SBA-15 catalysts were prepared by deposition of Co2(CO)8 from the gas phase onto the surfaces of preheated support materials in a fluidized bed reactor. For both silica materials, two different kinds of preparation methods, direct deposition and a pulse deposition method, were used. Pure silica supports as well as supported cobalt catalysts were characterized by various spectroscopic (IR) and analytical (X-ray diffraction, Brunauer-Emmett-Teller, elemental analysis) methods. MCM-41 and SBA-15 fibers showed considerable ability to adsorb Co2(CO)8 from the gas phase. For MCM-41 and SBA-15 silicas, cobalt loadings of 13.7 and 12.1 wt % were obtained using the direct deposition method. The cobalt loadings increased to 23.0 and 20.7 wt % for MCM-41 and SBA-15 silicas, respectively, when the pulse deposition method was used. The reduction behavior of silica-supported cobalt catalysts was found to depend on the catalyst preparation method and on the mesoporous structure of the support material. Almost identical reduction properties of SBA-15-supported catalysts prepared by different deposition methods are explained by the structural properties of the mesoporous support and, in particular, by the chemical structure of the inner surfaces and walls of the mesopores. Pulse O2/H2 chemisorption experiments showed catalytically promising redox properties and surface stability of the prepared MCM-41- and SBA-15-supported cobalt catalysts.     

Geometry prediction of hafnocenes by quantum chemical methods

The performance of quantum chemical methods for geometry prediction of hafnocenes was evaluated. HF, B3LYP and MP2 in combination with nonrelativistic (MHF) and relativistic (MWB and LANL2DZ) basis sets for hafnium together with standard basis sets 3-21G*, 6-31G* and 6-311G** for other elements were applied. Five basic structural parameters of the optimized structures of the hafnocenes were compared with experimental crystal structures obtained from the Cambridge structural database. Altogether 80 hafnocenes were included in the analysis. The results show that relativistic corrections are necessary for Hf atom. However, even the Hartree–Fock (HF) method, when combined with relativistic pseudopotentials, reproduces the experimental crystal structures with significant accuracy. The good performance of the HF method can be understood to originate from the absence of significant near-degeneracy correlations for hafnium. On average, the B3LYP and MP2 methods provide structural parameters somewhat closer to the experimental ones.     

Ab initio molecular orbital calculations on large lattice cluster models: Use of translational symmetry

Summary Translational symmetry has been shown to be useful in the calculation of electronic structures of large lattice models. The number of unique integrals has been derived for cases of different dimensionality. For the unique integrals zero screening and approximation methods are described. The method has been applied to arrays of hydrogen atoms and to a zincblende surface model. When the size of the system is increased the translationally unique integrals are shown to become either zero or they can be calculated by simple coulombic approximations.