This paper proves that the optimal exercise time for the holder of an American option depends upon the physical drift of the underlying asset and the utility of the option holder. We illustrate our results by applying them to several families of utility functions, namely the CARA, the HARA, and the expected return. While the option holder maximises his utility, the issuer gains from the di eren...

when shareholders have agreement about divestiture of company’s share in stock exchange, they decide to change and improve their business ownership structure and the presence of a large shareholder to help divestiture. the present study was aimed to investigate the effect of presence of large shareholder to tends firm to divestiture by a new approach. for this purpose, the propensity score a sa...

Powder diffraction ideally requires a very large number of crystallites in random orientations to be exposed to the X-ray beam. This is obtained in laboratory instruments by grinding the sample to a very fine grain size (< 10 µm) or by using fine-grained polycrystalline solids. When non-ideal powders are being characterized, one must find a means of increasing the number of crystallite orientat...

The reset right embedded in a derivative refers to the feature that the holder can alter certain terms in the derivative contract according to some preset rules. In this paper, we consider options that allow the holder to reset the strike price with preset number of times at any moment during the life of the option. The determination of the optimal reset policies adopted by the holder leads to ...

Abstract   Fiber-metal laminates (FMLs) are new type of composite materials which could improve defects of traditional composites in ductility, formability, impact and damage tolerance. Drawing behavior of a thermoplastic based FML was investigated consisting of glass-fiber reinforced polypropylene composite laminate and aluminum AA1200-O as the core and skin layers, respectively. The effects o...

A specially designed specimen holder employing a beryllium dome has been fabricated for collection of XRD data from highly reactive materials. The specimen holder has a robust o-ring type seal (>10 torr) and no observed intensity artifacts in the 1° to 150° 2θ range. The design also minimizes specimen displacement errors and allows for analysis of both powders and bulk specimens (i.e., pellets)...

Minor professional sport in North America includes the many leagues that are not part of “Big Five.” For these leagues, ticket sales, especially season one major sources club revenue. Segmenting customers into homogenous groups is well established as an effective means to render efficient marketing. In addition, market segmentation has been researched a variety contexts; however, further resear...

INTRODUCTION The expanded availability of electronic health information has led to increased interest in distributed health data research networks. DISTRIBUTED RESEARCH NETWORK MODEL The distributed research network model leaves data with and under the control of the data holder. Data holders, network coordinating centers, and researchers have distinct needs and challenges within this model. ...