In order to understand the unexpected superconducting behavior of MgB2
compound we have made electronic structure calculations for MgB2 and closely
related systems. Our calculated Debye temperature from the elastic properties
indicate that the average phonon frequency is very large in MgB2 compared
with other superconducting intermetallics and the exceptionally high Tc in
this material can be explained through BCS mechanism only if phonon softening
occurs or the phonon modes are highly anisotropic. We identified a
doubly-degenerate quasi-two dimensional key-energy band in the vicinity of
EF along Γ-A direction of BZ which play an important role in
deciding the superconducting behavior of this material. Based on this result,
we have searched for similar kinds of electronic feature in a series of
isoelectronic compounds such as BeB2, CaB2, SrB2, LiBC and
MgB2C2 and found that MgB2C2 is one potential material from the
superconductivity point of view. There are contradictory experimental results
regarding the anisotropy in the elastic properties of MgB2 ranging from
isotropic, moderately anisotropic to highly anisotropic. In order to settle
this issue we have calculated the single crystal elastic constants for MgB2
by the accurate full-potential method and derived the directional dependent
linear compressibility, Young's modulus, shear modulus and relevant elastic
properties. We have observed large anisotropy in the elastic properties. Our
calculated polarized optical dielectric tensor shows highly anisotropic
behavior even though it possesses isotropic transport property. MgB2
possesses a mixed bonding character and this has been verified from density of
states, charge density and crystal orbital Hamiltonian population analyses