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...

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 ...

In this study the effects on resistance to corrosion of a low alloy steel after plasma nitriding has been reported. Nitriding was performed at temperature 450 °C and also 520 for same duration 10 h in nitrogen hydrogen (80:20) gas mixture. Sample holder biased −250 V working pressure kept around 500 Pa. After samples along with bare were exposed X-ray diffraction (XRD) understand phase formatio...

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)...

We describe the design and operation of an apparatus for loading gases into the sample volume of the Paris-Edinburgh press at room temperature and high pressure. The system can be used for studies of samples loaded as pure or mixed gases as well as for loading gases as pressure-transmitting media in neutron-scattering experiments. The apparatus consists of a high-pressure vessel and an anvil ho...

A number of laboratory experiments have investigated the rates and mechanisms of hydrate formation in coarse-grain porous media. They have shown the importance of initial water saturation and salinity on forming methane hydrates in mostly excess gas systems. Many of these experiments were conducted in a sample holder fitted within a MRI instrument that allowed for a unique method of monitoring ...