The impact of investment lags on investment decision

This paper suggests a valuation framework for an investment project through the concept of real options. Generally, in real asset world, decision time and its payment time are not identical. This so-called investment lag problem should be considered when valuing real assets. When investment lags exist, firms’ accommodation capacities play important roles. In this paper, the real effect of investment lag on investment value is tested upon various conditions. We show the valuation process of real assets under the risk-neutral world. The closed-form formula is also provided for valuing real assets, including R&D project.     

Preparation of NiZn-ferrite nanofibers by electrospinning for DNA separation

We present the synthesis, magnetic and UV spectrometry of NiZn-ferrite nanofiber. The single phase of spinel ferrite was obtained at 600 °C. The NiZn-ferrite fibers fabricated by an electrospinning process were formed as a polygonal grain growth with firing temperature in fiber matrix. It appeared that the saturation magnetization (M_S) of NiZn-ferrite nanofiber was dependent on Ni/Zn molar ratio which is similar to that of the inverse spinel ferrites. The NiZn-ferrite fibers showed good DNA adsorption efficiency that can be modified and utilized for DNA separation with magnetic nanofiber as a novel material in clinical applications.     

Electromagnetic interference shielding characteristics of fabric complexes coated with conductive polypyrrole and thermally evaporated Ag

Through the chemical coating of polypyrrole (PPy) doped with naphthalene sulfonic acid (NSA) on electrically insulating poly (ethylene terephthalate) (PET) woven fabric, PPy–NSA/PET complexes were synthesized. By using the electrochemical coating of PPy doped anthraquinone-2-sulfonic acid (AQSA) on PPy–NSA/PET complexes, PPy–AQSA/PPy–NSA/PET complexes were synthesized. The silver (Ag) was thermally vacuum evaporated on the surface of PPy–AQSA/PPy–NSA/PET complexes (Ag|PPy–AQSA/PPy–NSA/PET). Electromagnetic interference (EMI) shielding efficiency (SE) and dc conductivity (σ_dc) of fabric complexes were measured for EMI shielding characteristics and theoretical simulation. The measurement of EMI SE in the frequency range from 50 MHz to 1.5 GHz was performed by using ASTM D4935-99 method. The EMI shielding characteristics such as transmittance, reflectance and absorbance were obtained from the S (scattering)-parameter analysis. We control the contribution of the absorbance or the reflectance to total EMI SE through the coating of conductive PPy and the evaporation Ag.     

Molecular design,synthesis, and properties of Y‐type nonlinear optical polyester containing tricyanovinylthiophene with enhanced thermal stability of second harmonic generation

1‐{3,4‐Di‐(2‐hydroxyethoxy)phenyl}‐2‐(2‐thiophenyl)ethene (5) was prepared and condensed with terephthaloyl chloride to yield polyester (6). Polymer 6 was reacted with tetracyanoethylene to give a new Y‐type polyester (7) containing 1‐(3,4‐dioxyethoxy)phenyl‐2‐{5‐(2,2,3‐tricyanovinyl)‐2‐thiophenyl)}ethenyl groups as NLO‐chromophores, which are components of the polymer backbones. Polyester 7 is soluble in common organic solvents such as N,N‐dimethylformamide and acetone. Polymer 7 showed a thermal stability up to 300 °C in thermogravimetric analysis with glass transition temperature (T_g) obtained from differential scanning calorimetry near 126 °C. The second harmonic generation (SHG) coefficient (d₃₃) of poled polymer film at the 1560 nm fundamental wavelength was around 6.57 × 10^?9 esu. The dipole alignment exhibited high thermal stability up to the T_g, and there was no SHG decay below 125 °C due to the partial main‐chain character of polymer structure, which is acceptable for NLO device applications. © 2009 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem 47: 1911–1919, 2009     

Simultaneous determination of five coumarins in Angelicae dahuricae Radix by HPLC/UV and LC‐ESI‐MS/MS

Rapid, simple and reliable HPLC/UV and LC‐ESI‐MS/MS methods for the simultaneous determination of five active coumarins of Angelicae dahuricae Radix, byakangelicol (1), oxypeucedanin (2), imperatorin (3), phellopterin (4) and isoimperatorin (5) were developed and validated. The separation condition for HPLC/UV was optimized using a Develosil RPAQUEOUS C₃₀ column using 70% acetonitrile in water as the mobile phase. This HPLC/UV method was successful for providing the baseline separation of the five coumarins with no interfering peaks detected in the 70% ethanol extract of Angelicae dahuricae Radix. The specific determination of the five coumarins was also accomplished by a triple quadrupole tandem mass spectrometer equipped with an electrospray ionization source (LC‐ESI‐MS/MS). Multiple reaction monitoring (MRM) in the positive mode was used to enhance the selectivity of detection. The LC‐ESI‐MS/MS methods were successfully applied for the determination of the five major coumarins in Angelicae dahuricae Radix. These HPLC/UV and LC‐ESI‐MS/MS methods were validated in terms of recovery, linearity, accuracy and precision (intra‐ and inter‐day validation). Taken together, the shorter analysis time involved makes these HPLC/UV and LC‐ESI‐MS/MS methods valuable for the commercial quality control of Angelicae dahuricae Radix extracts and its pharmaceutical preparations. Copyright © 2009 John Wiley & Sons, Ltd.     

Autothermal reforming of methane to syngas for Fischer-Tropsch synthesis with promoted palladium and a fast start-up device

In this study, a Pd catalyst was prepared with promoters such as CeO₂, BaO and SrO in a washcoated form on a metallic monolith for autothermal reforming of methane to syngas for the Fischer-Tropsch synthesis. A reactor was installed with an electric heater in the form of the metallic monolith as a start-up device instead of a burner with which stable and fast start-ups (within 4 min) were achieved. Gas hourly space velocity and O₂/CH₄ governed, methane conversion, while H₂O/CH₄ controlled H₂/CO ratio. A methane conversion of approx. 96%, H₂+CO selectivity of approx. 85%, and H₂/CO of approx. 2.6 were obtained under the conditions of gas hourly space velocity (GHSV) at 103000 h^?1, O₂/CH₄=0.7 and H₂O/CH₄=0.35.     

Synthesis of amphiphilic graft copolymer brush and its use as template film for the preparation of silver nanoparticles

A microphase‐separated, amphiphilic graft copolymer consisting of a poly (vinyl chloride) (PVC) backbone and poly(oxyethylene methacrylate) (POEM) side chains, (PVC‐g‐POEM at 62:38 wt %) was synthesized via atom transfer radical polymerization (ATRP). Nuclear magnetic resonance (¹H NMR), FTIR spectroscopy, and transmission electron microscopy (TEM) clearly revealed that the “grafting from” method using ATRP was successful and that the graft copolymer molecularly self‐assembled into discrete nanophase domains of continuous PVC and isolated POEM regions. The self‐assembled graft copolymer film was used to template the growth of silver nanoparticles in solid state by introducing a AgCF₃SO₃ precursor and a UV irradiation process. The in situ formation of silver nanoparticles in the graft copolymer template film was confirmed by TEM, UV–visible spectroscopy, and wide angle X‐ray scattering. FTIR spectroscopy and X‐ray photoelectron spectroscopy also demonstrated the selective incorporation and in situ formation of silver nanoparticles within the hydrophilic POEM domains, presumably due to strong interactions between the silver and the ether oxygen in POEM. © 2008 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem 46: 3911–3918, 2008     

Amphiphilic polymer electrolytes consisting of PVC‐g‐POEM comb‐like copolymer and LiCF3SO3

An amphiphilic comb‐like copolymer consisting of a poly(vinyl chloride) (PVC) backbone and poly((oxyethylene)₉ methacrylate) (POEM) side chains, PVC‐graft‐POEM was synthesized via atom transfer radical polymerization. This comb copolymer was complexed with LiCF₃SO₃ to form a solid polymer electrolyte. FTIR and FT‐Raman spectroscopy indicate that lithium salts are dissolved in the ion conducting POEM domains of microphase‐separated graft copolymer up to 10 wt % of salt concentration. Microphase‐separated structure of the materials and the selective interaction of lithium ions with POEM domains were revealed by transmission electron microscopy, wide angle X‐ray scattering, and differential scanning calorimetry. The maximum ionic conductivity of 4.4 × 10^?5 S/cm at room temperature was achieved at 10 wt % of salt concentration, above which salts are present as less mobile species such as ion pairs and higher order ionic aggregates, as characterized by FT‐Raman spectroscopy. © 2009 Wiley Periodicals, Inc. J Polym Sci Part B: Polym Phys 47: 1443–1451, 2009