A note on portfolio optimization with path-dependent utility

This paper considers the portfolio selection with preferences depending on the history of the wealth process. The maximization problem of the expected terminal utility consisting of the combination of two kinds of preferences is discussed in a continuous trading setting. Especially we focus on the relationship between the portfolio risk and the goal seeking behavior of the financial agent. The numerical example shows how the risk sensitivity affects the optimal portfolio and the corresponding expected path-dependent utility. Finally, we provide a criterion to choose buy and hold or buy and sell strategies.     

Synthesis, stabilities, and redox behavior of Di(1-azulenyl)(6-azulenyl)methylium hexafluorophosphates. Generation of a donor-acceptor-substituted neutral radical by azulenes

Several di(1-azulenyl)(6-azulenyl)methanes and 1,3-bis[(1-azulenyl)(6-azulenyl)methyl]azulenes were prepared by the condensation reaction of azulenes with diethyl 6-formylazulene-1,3-dicarboxylate under acidic conditions. The products were converted into di(1-azulenyl)(6-azulenyl)methylium hexafluorophosphates and azulene-1,3-diylbis[(1-azulenyl)(6-azulenyl)methylium] bis(hexafluorophosphate)s via hydride abstraction reaction with DDQ following the exchange of counterions. These mono- and dications exhibited high stability with large pK(R)(+) values (5.6-10.1), despite the captodative substitution of azulenes. The electrochemical reduction of the monocations upon cyclic voltammetry (CV) exhibited a reversible two-step, one-electron reduction wave with a small difference between the first reduction potential (E(1)(red)) and the second one (E(2)(red)), which exhibited the generation of highly amphoteric neutral radicals in solution. The electrochemical reduction of dications showed voltammograms, which were characterized by subsequent two single-electron waves and a two-electron transfer upon CV attributable to the formation of a radical cation, a diradical (or twitter ionic structure), and a dianionic species, respectively. Formation of a persistent neutral radical from a monocation was revealed by ESR and UV-vis spectroscopies and theoretical calculations. The ESR spectra of the neutral radical gave two hyperfine coupling constants: a(H) = 0.083 (6H) and 0.166 mT (9H) (g = 2.0024), indicating that an unpaired electron delocalizes over all three of the azulene rings. The stable monoanion, which shows the localization of the charge on the 6-azulenyl substituent, was also successfully generated from the di(1-azulenyl)(6-azulenyl)methane derivative.     

The reaction of perfluoro-2,4-dialkyloxolanes with anhydrous aluminum chloride

Several kinds of perfluoro-2,4-dialkyloxolanes (A), having such alkyl groups as R_fR′_fCF₃ (2a); R_fC₂F₅, R′_fCF₃ (3a); R_fCF₃, R′_fC₂F₅ (4a); R_fR′_fC₂F₅ (5a); R_fCF₃, R′_fnC₃F₇ (6a) on the 2 and 4 positions of the oxolane ring, respectively, were treated with AlCl₃ in a heterogeneous reaction to give the corresponding perfluoro-2,5,5-trichloro-2,4-dialkyloxolanes (B). For purposes of comparison, the respective reactions of perfluoro-2-methyl-oxolane (la), perfluoro-2-n-butyloxolane (7a), and perfluoro-2, 5-dimethyloxolane (8a) with AlCl₃ were also conducted. An increasingly higher reaction temperature was needed for the reaction of A with AlCl₃ to give B as the carbon number of A increased. Cis- and trans-perfluoro-4-chloro-2,4-dimethyl-γ-butyrolactones (2c) were obtained from the hydrolytic reactions of cis- and trans-perfluoro-2,5,5-trichloro-2,4-dimethyloxolanes (2b), respectively, with fuming H₂SO₄. Physical properties and ¹⁹F nmr data are given for these new compounds.     

Optical band gap modification of single-walled carbon nanotubes by encapsulated fullerenes

We report optical band gap modifications of single-walled carbon nanotubes upon C60 insertions by using photoluminescence and the corresponding excitation spectroscopy. The shifts in optical transition energies strongly depend on the tube diameter (dt) and the "2n + m" family type, which can be explained by the local strain and the hybridization between the nanotube states and the C60 molecular orbitals. The present results provide possible design rules for nanotube-based heterostructures having a specific type of electronic functionality.     

A Nanocomposite of Bismuth Clusters and Bi2O2CO3 Sheets for Highly Efficient Electrocatalytic Reduction of CO2 to Formate

The renewable-electricity-driven CO₂ reduction to formic acid would contribute to establishing a carbon-neutral society. The current catalyst suffers from limited activity and stability under high selectivity and the ambiguous nature of active sites. Herein, we report a powerful Bi₂S₃-derived catalyst that demonstrates a current density of 2.0 A cm⁻² with a formate Faradaic efficiency of 93 % at −0.95 V versus the reversible hydrogen electrode. The energy conversion efficiency and single-pass yield of formate reach 80 % and 67 %, respectively, and the durability reaches 100 h at an industrial-relevant current density. Pure formic acid with a concentration of 3.5 mol L⁻¹ has been produced continuously. Our operando spectroscopic and theoretical studies reveal the dynamic evolution of the catalyst into a nanocomposite composed of Bi⁰ clusters and Bi₂O₂CO₃ nanosheets and the pivotal role of Bi⁰−Bi₂O₂CO₃ interface in CO₂ activation and conversion.     

Synthesis of perfluorobicyclic ethers [2]. The electrochemical fluorination of α-cyclohexenyl-substituted carboxylic acid derivatives

The electrochemical fluorination of α-cyclohexenyl-substituted carboxylic esters [

; R′CH₃, C₂H₅, C₃H₇)] afforded both perfluoro(9-alkyl-7-oxa-bicyclo[4.3.0]nonane)s and perfluoro(8-alkoxy-9-alkyl-7-oxabicyclo[4.3.0]nonane)s in fairly good yields. As the driving force for the ring-closure in this fluorination, a mechanism which involves a resonance stabilized intermediate radical is proposed. Perfluoro(8-chloro-8-methoxy-9-ethyl-7-oxabicyclo[4.3.0]nonane) and perfluoro(8,8-dichloro-9-ethyl-7-oxabicyclo[4.3.0]nonane) were obtained by the controlled chlorination of perfluoro(8-methoxy-9-ethyl-7-oxabicyclo[4.3.0]nonane) with anhydrous aluminum chloride in low yields. Some new fused perfluorobicyclic ethers and a perfluoroacid fluoride obtained in this experiment have been characterized by infrared, mass and ¹⁹F nmr spectra and elemental analysis.     

Microscopic structure and viscosity behaviours of ion-complexed polymer gels

Poly(vinyl alcohol)-Congo Red (PVA-CR) complexes in aqueous solutions have a unique sol-gel transition behaviour. At an appropriate PVA concentration, a sol-gel-sol-gel type reentrant transition takes place with increasing CR concentration. The microscopic structure and Theological properties of these complexes were investigated by small-angle neutron scattering (SANS) and viscometry.     

Aromatic butenolides produced by a soil ascomycete Auxarthron sp. KCB15F070 derived from a volcanic island

LC/MS-based chemical screening of fungal extract fraction library led to identification of three 2,3-aryl substituted furanone metabolites (1–3), including one known butenolide glycoside (1) whose stereochemistry remained unsolved and two new compounds gotjawaside and gotjawalide (2 and 3), from Auxarthron sp. KCB15F070, a fungus isolated from a soil sample of the volcanic island Jeju, Korea. Their planar structures were elucidated by 1D- and 2D-NMR spectroscopic and HRESIMS spectrometric techniques, and the absolute configurations of three compounds were solved using a combination of chemical derivatizations and computational analysis of vibrational circular dichroism (VCD) spectra.     

First synthesis of 1-(indol-2-yl)azulenes by the Vilsmeier–Haack type arylation with triflic anhydride as an activating reagent

Azulene derivatives reacted with 2-indolinones in the presence of triflic anhydride (Tf₂O) to afford 1-(indol-2-yl)azulenes in good yields. In the cases of the reaction of 6-tert-butyl-1-(methylthio)azulene (11) and 1-(1,4-dihydropyridin-4-yl)azulene 14, 1,1′-biazulene derivative 24 and 1-(indol-2-yl)azulene (2) were obtained under the similar reaction conditions, respectively, instead of the presumed electrophilic substitution products.     

Preparation, photocatalytic activities, and dye-sensitized solar-cell performance of submicron-scale TiO2 hollow spheres

We prepared submicron-scale spherical hollow particles of anatase TiO2 by using a polystyrene-bead template. The obtained particles were very uniform in size, with a diameter of 490 nm and a shell thickness of 30 nm. The Brunauer-Emmett-Teller surface area measurements revealed a large value of 70 m2/g. The photocatalytic property was investigated by the complete decomposition of gaseous isopropyl alcohol under UV irradiation. It was indicated that the activity of the hollow spheres was 1.8 times higher than that of the conventional P25 TiO2 nanoparticles with a diameter of 30 nm. Furthermore, we fabricated a dye-sensitized solar cell (DSC) using an electrode of the TiO2 hollow spheres, and examined the photovoltaic performance under simulated sunlight. Although the per-area efficiency was rather low (1.26%) because of a low area density of TiO2 on the electrode, the per-weight efficiency was 2.5 times higher than those of the conventional DSCs of TiO2.