A Tree Implementation of a Credit Spread Model for Credit Derivatives

In this paper we present a tree model for defaultable bond prices which can be used for the pricing of credit derivatives. The model is based upon the two-factor Hull-White (1994) model for default-free interest rates, where one of the factors is taken to be the credit spread of the defaultable bond prices. As opposed to the tree model of Jarrow and Turnbull (1992), the dynamics of default-free interest rates and credit spreads in this model can have any desired degree of correlation, and the model can be fitted to any given term structures of default-free and defaultable bond prices, and to the term structures of the respective volatilities. Furthermore the model can accommodate several alternative models of default recovery, including the fractional recovery model of Duffie and Singleton (1994) and recovery in terms of equivalent default-free bonds (see e.g. Lando (1998)). Although based on a Gaussian setup, the approach can easily be extended to non-Gaussian processes that avoid negative interest-rates or credit spreads.credit derivatives; credit risk; implementation; Hull-White model

Dynamical Screening in Correlated Electron Materials

We present an efficient method for incorporating the dynamical effects of the screening of the Hubbard U by electronic degrees of freedom in the solid into the single site dynamical mean field approximation. The formalism is illustrated by model system calculations which capture the essential features of the frequency dependent interactions proposed for Gd, Ni, SrVO_3 and other compounds. Screening leads to shifts in the metal-insulator phase boundary, changes in the spectral function near the Mott-Hubbard gap edge and to a renormalization of the quasiparticle weight. Hubbard bands are generically neither separated by the screened nor the unscreened interaction energy, implying that the common practice of extracting the Hubbard U from the energies of features in photoemission and inverse photoemission spectra requires reexamination

Determination of nitrogen in titanium nitride

Quantitative determination of nitrogen in titanium nitride involves dissolution of TiN in 10M hydrofluoric acid containing an oxidant. Released nitrogen is determined as ammonia. Best oxidizers are ferric chloride, potassium iodate, and potassium dichromate

Radiation-induced nickel deposits

Low cost, photographic process uses surface coating of nickel hypophosphite sensitive to X-rays and electron radiation. Exposed coated surface can be amplified to produce permanent visible image of wide tonal gradation in grays. Coating may be sodium, ammonium, or lithium hypophosphite or sodium phosphite, with nickel supplied in developer