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.     

Investigation of Terra Cotta artefacts with terahertz

Terahertz Time Domain Imaging has been used in the last few years for the investigation of cultural heritage. In this article, the authors demonstrate the possibility to apply it for the investigation of clay artifacts. Tomographic images were obtained of a model in reflection, and an Egyptian vessel in transmission.     

Spectroscopic imaging with volume selection by unpaired adiabatic pi pulses: theory and application

In NMR spectroscopy, volume selection can be advantageously achieved using adiabatic pi pulses, which enable high bandwidth and B(1) insensitivity. In order to avoid the generation of non-linear phase profiles and the subsequent signal loss caused by incoherent averaging, adiabatic pi pulses are usually used in pairs for volume selection in each spatial dimension. Alternatively, when performing spectroscopic imaging (SI), a high enough spatial resolution results in negligible phase dispersion within each pixel. This allows using only one pulse per selected spatial dimension, resulting in a reduced echo-time and reduced power deposition. In this work, the feasibility of such an approach is explored theoretically and numerically, allowing the derivation of explicit conditions to obtain SI images without artifact. Adequate spatial and spectral post-processing procedures are described to compensate for the effect of non-linear phase profiles. These developments are applied to SI in the rat brain at 9.4 T, using a new adiabatic sequence named Pseudo-LASER.     

Magnetic properties of LiNi<Subscript>0.5</Subscript>Mn<Subscript>0.47</Subscript>Al<Subscript>0.03</Subscript>O<Subscript>2</Subscript> as positive electrode for Li-ion batteries

The layered LiNi_0.5Mn_0.47Al_0.03O₂ was synthesized by wet chemical method and characterized by X-ray diffraction and analysis of magnetic measurements. The powders adopted the α-NaFeO₂ structure. This substitution of Al for Mn promotes the formation of Li(Ni_0.47²⁺Ni_0.03³⁺Mn_0.47⁴⁺Al_0.03³⁺)O₂ structures and induces an increase in the average oxidation state of Ni, thereby leading to the shrinkage of the lattice unit cell. The concentration of antisite defects in which Ni²⁺ occupies the (3a) Li lattice sites in the Wyckoff notation has been estimated from the ferromagnetic Ni²⁺(3a)–Mn⁴⁺(3b) pairing observed below 140 K. The substitution of 3% Al for Mn reduces the amount of antisite defects from 7% to 6.4–6.5%. The analysis of the magnetic properties in the paramagnetic phase in the framework of the Curie–Weiss law agrees well with the combination of Ni²⁺ (S = 1), Ni³⁺ (S = 1/2) and Mn⁴⁺ (S = 3/2) spin-only values. Delithiation has been made by the use of K₂S₂O₈. According to this process, known to be softer than the electrochemical one, the nickel ions in the (3b) sites are converted into Ni⁴⁺ in the high spin configuration, while Ni²⁺(3a)–Mn⁴⁺(3b) ferromagnetic pairs remain, as the Li⁺(3b) ions linked to the Ni²⁺(3a) ions in the antisite defects are not removed. The results show that the antisite defect is surrounded by Mn⁴⁺ ions, implying the nonuniform distribution of the cations in agreement with previous NMR and neutron experiments.     

Dual-frequency single-axis laser using a lead lanthanum zirconate tantalate (PLZT) birefringent etalon for millimeter wave generation: beyond the standard limit of tunability

We demonstrate the generation of optically carried, broadly tunable, millimeter-wave signals with a dual-frequency single-axis Nd:YAG laser. A frequency difference as high as 127 GHz is reached thanks to an intracavity electro-optically tunable etalon made of lead zirconate tantalate (PLZT) ceramic. We show that the available frequency range is actually limited by the bandwidth of the amplification medium, namely, far beyond the usually accepted free spectral range value in the case of a single-axis laser. Both coarse discrete and fine continuous tunabilities are obtained with the same voltage-controlled device, opening the way to widely tunable low-phase-noise optically carried submillimeter or even terahertz sources.     

GaN/AlN quantum dot photodetectors at 1.3–1.5 μm

We have demonstrated GaN/AlN quantum dots (QD) photodetectors, relying on intraband absorption and in-plane carrier transport in the wetting layer. The devices operate at room temperature in the wavelength range 1.3–1.5 μm. Samples with 20 periods of Si-doped GaN QD layers, separated by 3 nm-thick AlN barriers, have been grown by plasma-assisted molecular-beam epitaxy on an AlN buffer on a c-sapphire substrate. Self-organized dots are formed by the deposition of 5 monolayers of GaN under nitrogen-rich conditions. The dot height is 1.2±0.6 to 1.3±0.6 nm and the dot density is in the range 10¹¹–10¹² cm⁻². Two ohmic contacts were deposited on the sample surface and annealed in order to contact the buried QD layers. The dots exhibit TM polarized absorption linked to the s–p_z transition. The photocurrent at 300 K is slightly blue-shifted with respect to the s–p_z intraband absorption. The responsivity increases exponentially with temperature and reaches a record value of 10 mA/W at 300 K for detectors with interdigitated contacts.     

The work function of hydrothermally synthesized UO2 and the implications for semiconductor device fabrication

The photoelectric work function of nearly stoichiometric (111) and (100) hydrothermally grown UO₂ was measured to be 6.28 ± 0.36 eV and 5.80 ± 0.36 eV, respectively. Candidate metals for electrical contacts are identified for both rectifying and non‐rectifying contacts based on work function, lattice compatibility, and electrical conductivity.