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...

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)...

In this article, we examine the effect of background risk on portfolio selection and optimal reinsurance design under criterion maximizing probability reaching a goal. Following literature, adopt dependence uncertainty to model ambiguity between financial (or insurable risk) risk. Because goal-reaching objective function is nonconcave, these two problems bring highly unconventional challenging ...

Recently, Chen et al. invented Expansion Microscopy, or ExM, which imprints a specimen’s features of interest onto a polymer hydrogel network and expands the network homogeneously to magnify sub-diffraction-limit features. However, ExM bleaches massively, 50-100% of the fluorescent molecules; thus it is not suited for single-molecule imaging. Here, we describe improved ExM that is free of bleac...

Disclosure: Employment/leadership position: None; Intellectual property rights/inventor/patent holder: None; Consultant/advisory role: D. Craig Allred, Genomic Health Clinic, DAKO, Pfizer; Honoraria: None; Research funding/contracted research: D. Craig Allred, Pfizer; Ownership interest: D. Craig Allred, Scientific Advisory Board of Clarient, Inc.; Expert testimony: None; Other: None. The conte...