Unbounded quasi-integrals

Let be a locally compact Hausdorff space. We define a quasi-measure in , a quasi-integral on , and a quasi-integral on . We show that all quasi-integrals on are bounded, continuity properties of the quasi-integral on , representation of quasi-integrals on in terms of quasi-measures, and unique extension of quasi-integrals on to .

     

Pricing vulnerable European options with stochastic default barriers

CF Lo and KC Ku Institute of Theoretical Physics and Department of Physics, The Chinese University of Hong Kong, Shatin, Hong Kong, China Email: cho-hoi_hui{at}hkma.gov.hk Received on 31 July 2006. Accepted on 15 March 2007. This paper develops a valuation model of European options incorporatinga stochastic default barrier, which extends a constant defaultbarrier proposed in the Hull–White model. The defaultbarrier is considered as an option writer's liability. Closed-formsolutions of vulnerable European option values based on themodel are derived to study the impact of the stochastic defaultbarriers on option values. The numerical results show that negativecorrelation between the firm values and the stochastic defaultbarriers of option writers gives material reductions in optionvalues where the options are written by firms with leverageratios corresponding to BBB or BB ratings.     

Interaction between water molecules and zinc sulfide nanoparticles studied by temperature-programmed desorption and molecular dynamics simulations

We have investigated the bonding of water molecules to the surfaces of ZnS nanoparticles (approximately 2-3 nm sphalerite) using temperature-programmed desorption (TPD). The activation energy for water desorption was derived as a function of the surface coverage through kinetic modeling of the experimental TPD curves. The binding energy of water equals the activation energy of desorption if it is assumed that the activation energy for adsorption is nearly zero. Molecular dynamics (MD) simulations of water adsorption on 3 and 5 nm sphalerite nanoparticles provided insights into the adsorption process and water binding at the atomic level. Water binds with the ZnS nanoparticle surface mainly via formation of Zn-O bonds. As compared with bulk ZnS crystals, ZnS nanoparticles can adsorb more water molecules per unit surface area due to the greatly increased curvature, which increases the distance between adjacent adsorbed molecules. Results from both TPD and MD show that the water binding energy increases with decreasing the water surface coverage. We attribute the increase in binding energy with decreasing surface water coverage to the increasing degree of surface under-coordination as removal of water molecules proceeds. MD also suggests that the water binding energy increases with decreasing particle size due to the further distance and hence lower interaction between adsorbed water molecules on highly curved smaller particle surfaces. Results also show that the binding energy, and thus the strength of interaction of water, is highest in isolated nanoparticles, lower in nanoparticle aggregates, and lowest in bulk crystals. Given that water binding is driven by surface energy reduction, we attribute the decreased binding energy for aggregated as compared to isolated particles to the decrease in surface energy that occurs as the result of inter-particle interactions.     

Pullulan hydrogels improve mesenchymal stem cell delivery into high-oxidative-stress wounds

Cell-based therapies for wound repair are limited by inefficient delivery systems that fail to protect cells from the acute inflammatory environment. Here, a biomimetic hydrogel system is described that is based on the polymer pullulan, a carbohydrate glucan known to exhibit potent antioxidant capabilities. It is shown that pullulan hydrogels are an effective cell delivery system and improve mesenchymal stem cell survival and engraftment in high-oxidative-stress environments. The results suggest that glucan hydrogel systems may prove beneficial for progenitor-cell-based approaches to skin regeneration.     

Supramolecular Tetrad Featuring Covalently Linked Bis(porphyrin)–Phthalocyanine Coordinated to Fullerene: Construction and Photochemical Studies

A multimodular donor–acceptor tetrad featuring a bis(zinc porphyrin)–(zinc phthalocyanine) ((ZnP–ZnP)–ZnPc) triad and bis‐pyridine‐functionalized fullerene was assembled by a “two‐point” binding strategy, and investigated as a charge‐separating photosynthetic antenna‐reaction center mimic. The spectral and computational studies suggested that the mode of binding of the bis‐pyridine‐functionalized fullerene involves either one of the zinc porphyrin and zinc phthalocyanine (Pc) entities of the triad or both zinc porphyrin entities leaving ZnPc unbound. The binding constant evaluated by constructing a Benesi–Hildebrand plot by using the optical data was found to be 1.17×10⁵ M ^?1, whereas a plot of “mole‐ratio” method revealed a 1:1 stoichiometry for the supramolecular tetrad. The mode of binding was further supported by differential pulse voltammetry studies, in which redox modulation of both zinc porphyrin and zinc phthalocyanine entities was observed. The geometry of the tetrad was deduced by B3LYP/6‐31G* optimization, whereas the energy levels for different photochemical events was established by using data from the optical absorption and emission, and electrochemical studies. Excitation of the zinc porphyrin entity of the triad and tetrad revealed ultrafast singlet–singlet energy transfer to the appended zinc phthalocyanine. The estimated rate of energy transfer (k_ENT) in the case of the triad was found to be 7.5×10¹¹ s^?1 in toluene and 6.3×10¹¹ s^?1 in o‐dichlorobenzene, respectively. As was predicted from the energy levels, photoinduced electron transfer from the energy‐transfer product, that is, singlet‐excited zinc phthalocyanine to fullerene was verified from the femtosecond‐transient spectral studies, both in o‐dichlorobenzene and toluene. Transient bands corresponding to ZnPc ^{? +} in the 850 nm range and C₆₀ ^{? ?} in the 1020 nm range were clearly observed. The rate of charge separation, k_CS, and rate of charge recombination, k_CR, for the (ZnP–ZnP)–ZnPc ^{? +}:Py₂C₆₀ ^{? ?} radical ion pair (from the time profile of 849 nm peak) were found to be 2.20×10¹¹ and 6.10×10⁸ s^?1 in toluene, and 6.82×10¹¹ and 1.20×10⁹ s^?1 in o‐dichlorobenzene, respectively. These results revealed efficient energy transfer followed by charge separation in the newly assembled supramolecular tetrad.