The pricing and optimal strategies of callable warrants

In this paper, we introduce a valuation model of callable warrants under a setting of the optimal stopping problem between the holder (investor) and the issuer (firm). A warrant is the right to purchase new shares at a predetermined price. When the new stocks are issued, the value of the stock is diluted. We consider the model taking the dilution into account. After identifying optimal policies for the issuer and the investor, we explore the analytical properties of the optimal exercise and call boundaries for the holder and the issuer, respectively. Furthermore, the value of such a callable warrant and the optimal critical prices are examined numerically using the binomial method.     

Heat-generating property of a local plasmon resonator under illumination

We have investigated the heat generation from gold nanoparticles resulting from their local plasma resonance. We have demonstrated the self-assembly of Au nanoparticle arrays/dielectric layer/Ag mirror sandwiches, i.e., a local plasmon resonator, using a dynamic oblique deposition technique. The thicknesses of the Au and dielectric layers were changed combinatorially on a single substrate. As a result, local plasmon resonator chips were successfully fabricated. Because of strong interference, their optical absorption can be controlled between 0.0% and 97% in the near-IR region, depending on the thickness of the dielectric layer. We evaluated the heat generation from Au nanoparticles by measuring the temperature of water with which a cell prepared on a chip is filled under laser illumination. The change in the water temperature is proportional to the optical absorption of the local plasmon resonator chips. This suggests that the photothermal conversion efficiency can be controlled by interference. These features make the application of the local plasmon resonator to nanoheaters, which can spatiotemporally control heat generation, suitable.     

Preparation,Isolation and Characterization of all of the Regioisomeric 61, 6N-Bis-O-(Monomethoxytrityl) and-(Dimethoxytrityl) Derivatives of Cyclomalto-Olgosaccharides

Abstract

Regioisomeric 6¹, 6ⁿ-bis-O-(monomethoxytrityl) or 6¹, 6ⁿ-bis-O-(dimethoxytrityl) cyclomaltohexaose, -cyclomaltoheptaose (n = 2-4), and -cyclomaltooctaose derivatives (n = 2-5) were prepared by the reaction of cyclomaltohexaose (1, cG₆, αCD), cyclomaltoheptaose (11, cG₇, βCD) or cyclomaltooctaose (21, cG₈, γCD) and 4-monomethoxytrityl chloride or 4,4′-dimethoxytrityl chloride in pyridine. Products were isolated by HPLC. The regiochemical determination of these positional isomers was done by converting these compounds to the respective 6¹, 6ⁿ-bis-O-(tert-butyldimethylsilyl) derivatives¹ whose structures have been already established.     

Boundary Harnack Principle for <Emphasis Type="Italic">p</Emphasis>-harmonic Functions in Smooth Euclidean Domains

We establish a scale-invariant version of the boundary Harnack principle for p-harmonic functions in Euclidean C ^1,1-domains and obtain estimates for the decay rates of positive p-harmonic functions vanishing on a segment of the boundary in terms of the distance to the boundary. We use these estimates to study the behavior of conformal Martin kernel functions and positive p-superharmonic functions near the boundary of the domain. H. A. was partially supported by Grant-in-Aid for (B) (2) (No. 15340046) Japan Society for the Promotion of Science. N. S. was partially supported by NSF grant DMS-0355027. X. Z. was partially supported by the Taft foundation.     

Hydrogen Production from a Methanol–Water Solution Catalyzed by an Anionic Iridium Complex Bearing a Functional Bipyridonate Ligand under Weakly Basic Conditions

An efficient catalytic system for the production of hydrogen from a methanol–water solution has been developed using a new anionic iridium complex bearing a functional bipyridonate ligand as a catalyst. This system can be operated under mild conditions [weakly basic solution (0.046 mol L^?1 NaOH) below 100 °C] without the use of an additional organic solvent. Long‐term continuous hydrogen production from a methanol–water solution catalyzed by the anionic iridium complex was also achieved.     

Phase structure change and ER effect in liquid crystalline polymer/dimethylsiloxane blends

The mechanism of the electrorheological (ER) effect in two types of liquid crystalline polymer (LCP)/dimethylsiloxane (DMS) blends was investigated by rheological measurements and by structure observation under electric field and shear flow. The results show that the phase structures of these immiscible blends can be categorized into slipping (low viscosity) and non-slipping (high viscosity) states. In the non-slipping state, higher viscosity LCP domains connect the electrodes. In the slipping state, on the other hand, LCP domains do not connect the electrodes and the shear is mainly confined in the lower viscosity DMS domains. The ER effect (electrically induced viscosity increase) originates from the electrically induced slipping to non-slipping transition. In one of the blends, the ER effect occurs only at high shear rate, since this blend is in non-slipping state even under no field if the shear rate is low. Received: 29 April 1997 Accepted: 3 November 1997     

Formation of double helix self-assembled monolayers of ethynylhelicene oligomer disulfides on gold surfaces

Optically active ethynylhelicene pentamers and hexamers linked by disulfide bonds were synthesized. They formed self-assembled monolayers (SAMs) with double helix structure on gold surfaces, which were analyzed by infrared reflection-absorption spectroscopy (IR-RAS), quartz crystal microbalance (QCM), surface plasmon resonance (SPR), and circular dichroism (CD). Double helix SAMs could be formed on gold surfaces either from double helices or random coils in solution. The double helices on the surface were more stable than in solution. This result suggested the presence of strong intercomplex interactions between double helix complexes on the surface.     

Effects of 3,4-dihydrophenyl groups in water-soluble phospholipid polymer on stable surface modification of titanium alloy

The surface of a titanium (Ti) alloy substrate was modified by a simple and quick process using a water-soluble polymer, and the effects of 3,4-dihydroxyphenyl (DHP) groups in the polymer side chain on the modification process were examined. The polymers (PMDP) composed of both 2-methacryloyloxyethyl phosphorylcholine (MPC) unit and 3,4-dihydroxyphenyl methacrylate unit were synthesized for surface anchoring. The Ti alloy substrate was coated with PMDP using an aqueous solution of the polymer. A PMDP layer with a thickness of 20 nm was formed on the Ti alloy substrate simply by dip coating for 10 s without drying. Even when the Ti alloy substrate with PMDP coating was immersed in the aqueous medium for 1 week, no change in the thickness was observed, i.e., the PMDP layer was bound to the surface very stably. Oxidation of the DHP groups reduced the stability of the polymer layer significantly. Thus, the DHP groups play a significant role in achieving stable binding. Protein was adsorbed on the Ti alloy substrate; however, this was not observed for the PMDP-coated Ti alloy substrate. In conclusion, we confirmed the effects of DHP groups in PMDP on the stability of the coating on the Ti alloy substrate. Moreover, we found that surface treatment using PMDP was simple, quick, and reliable, and thus, it has great potential for improving biofouling of Ti alloy substrates used in medical devices.     

Nucleotide excision repair proteins rapidly accumulate but fail to persist in human XP-E (DDB2 mutant) cells

The xeroderma pigmentosum (XP-E) DNA damage binding protein (DDB2) is involved in early recognition of global genome DNA damage during DNA nucleotide excision repair (NER). We found that skin fibroblasts from four newly reported XP-E patients with numerous skin cancers and DDB2 mutations had slow repair of 6-4 photoproducts (6-4PP) and markedly reduced repair of cyclobutane pyrimidine dimers (CPD). NER proteins (XPC, XPB, XPG, XPA and XPF) colocalized to CPD and 6-4PP positive regions immediately (<0.1 h) after localized UV irradiation in cells from the XP-E patients and normal controls. While these proteins persist in normal cells, surprisingly, within 0.5 h these repair proteins were no longer detectable at the sites of DNA damage in XP-E cells. Our results indicate that DDB2 is not required for the rapid recruitment of NER proteins to sites of UV photoproducts or for partial repair of 6-4PP but is essential for normal persistence of these proteins for CPD photoproduct removal.