First-principles calculations of transmission and reflection from Ag/Fe, Au/Fe, Cu/Co, and Cu/Ni interfaces show very strong spin dependence that differs significantly from expectations based on free electron approximations. The results can be used to understand both the giant magnetoresistance and the oscillatory exchange coupling observed in magnetic multilayers of these materials. The spin dependence of the reflection probabilities is strong enough to give a large giant magnetoresistance even if there is no spin dependent defect scattering. The calculated reflection amplitudes determine the strength of the oscillatory exchange coupling
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