Semi-Markov regime switching interest rate models and minimal entropy measure

In this paper, we present a discrete time regime switching binomial-like model of the term structure where the regime switches are governed by a discrete time semi-Markov process. We model the evolution of the prices of zero-coupon when given an initial term structure as in the model by Ho and Lee that we aim to extend. We discuss and derive conditions for the model to be arbitrage free and relate this to the notion of martingale measure. We explicitly show that due to the extra source of uncertainty coming from the underlying semi-Markov process, there are an infinite number of equivalent martingale measures. The notion of path independence is also studied in some detail, especially in the presence of regime switches. We deal with the market incompleteness by giving an explicit characterization of the minimal entropy martingale measure. We give an application to the pricing of a European bond option both in a Markov and semi-Markov framework. Finally, we draw some conclusions.     

Order preservation in a generalized version of Krause’s opinion dynamics model

Krause’s model of opinion dynamics has recently been the subject of several studies, partly because it is one of the simplest multi-agent systems involving position-dependent changing topologies. In this model, agents have an opinion represented by a real number and they update it by averaging those agent opinions distant from their opinion by less than a certain interaction radius. Some results obtained on this model rely on the fact that the opinion orders remain unchanged under iteration, a property that is consistent with the intuition in models with simultaneous updating on a fully connected communication topology.Several variations of this model have been proposed. We show that some natural variations are not order preserving and therefore cause potential problems with the theoretical analysis and the consistence with the intuition. We consider a generic version of Krause’s model parameterized by an “influence function” that encapsulates most of the variations proposed in the literature. We then derive a necessary and sufficient condition on this function for the opinion order to be preserved.     

Perfect extinction in subwavelength dual metallic transmitting gratings

We investigate the strong electromagnetic coupling that settles in dual metallic grating structures. This coupling is evidenced to lead to a perfect optical extinction in the transmission spectrum. The behavior of this perfect extinction that strongly depends on the longitudinal space and the lateral displacement between the two gratings can be explained by a simple model that describes the interference between a propagating mode and a couple of evanescent modes. The results show that the electromagnetic transmission of the structure can be tuned by controlling the position of this perfect transmission extinction and thus pave the way to new types of infrared tunable filters.     

Quantitative determination of the 3D dipole orientation of single molecules

Recently, different approaches have been implemented to detect single molecules with an optical dipole out of the sample plane. Principles to solve this problem of general interest have been laid but no detailed analysis has been performed to date. This paper is devoted to a quantitative analysis of the dipole orientation of out of plane molecules that we have detected by amplitude and phase masking of the input beam. The accuracy of the orientation is discussed.Received: 22 July 2003, Published online: 2 December 2003PACS: 32.50. + d Fluorescence, phosphorescence (including quenching)     

Multifractal Formalism for Almost all Self-Affine Measures

We conduct the multifractal analysis of self-affine measures for “almost all” family of affine maps. Besides partially extending Falconer’s formula of L ^q -spectrum outside the range 1 < q ≤ 2, the multifractal formalism is also partially verified.     

Screening of Wood/Forest and Vine By-Products as Sources of New Drugs for Sustainable Strategies to Control Fusarium graminearum and the Production of Mycotoxins

Fusarium graminearum is a fungal pathogen that can colonize small-grain cereals and maize and secrete type B trichothecene (TCTB) mycotoxins. The development of environmental-friendly strategies guaranteeing the safety of food and feed is a key challenge facing agriculture today. One of these strategies lies on the promising capacity of products issued from natural sources to counteract crop pests. In this work, the in vitro efficiency of sixteen extracts obtained from eight natural sources using subcritical water extraction at two temperatures was assessed against fungal growth and TCTB production by F. graminearum. Maritime pine sawdust extract was shown to be extremely efficient, leading to a significant inhibition of up to 89% of the fungal growth and up to 65% reduction of the mycotoxin production by F. graminearum. Liquid chromatography/mass spectrometry analysis of this active extract revealed the presence of three families of phenolics with a predominance of methylated compounds and suggested that the abundance of methylated structures, and therefore of hydrophobic compounds, could be a primary factor underpinning the activity of the maritime pine sawdust extract. Altogether, our data support that wood/forest by-products could be promising sources of bioactive compounds for controlling F. graminearum and its production of mycotoxins.     

Synthetic Organic Design for Solar Fuel Systems

From the understanding of biological processes and metalloenzymes to the development of inorganic catalysts, electro‐ and photocatalytic systems for fuel generation have evolved considerably during the last decades. Recently, organic and hybrid organic systems have emerged to challenge the classical inorganic structures through their enormous chemical diversity and modularity that led earlier to their success in organic (opto)electronics. This Minireview describes recent advances in the design of synthetic organic architectures and promising strategies toward (solar) fuel synthesis, highlighting progress on materials from organic ligands and chromophores to conjugated polymers and covalent organic frameworks.     

Topological solitons in three-band superconductors with broken time reversal symmetry

We show that three-band superconductors with broken time reversal symmetry allow magnetic flux-carrying stable topological solitons. They can be induced by fluctuations or quenching the system through a phase transition. It can provide an experimental signature of the time reversal symmetry breakdown.     

High-field magnetic phases of a two-leg spin ladder: Cu2(C5H12N2)2Cl4

CHCupCl is a two-leg spin-ladder where the Cu⁺⁺ ions are coupled by superexchange. Its magnetic properties change dramatically as a function of a magnetic field. Below the critical field H_c1, there is a singlet ground state separated from the triplet excited state by an energy gap. Between H_c1 and H_c2, several magnetic phases have been observed. Above 1 K, dynamical studies reveal a disordered quantum critical phase. At lower temperatures, a 3-D ordered phase has been observed in specific heat and NMR studies. New NMR results on the 3D-ordered and quantum critical phases are presented in this short report.