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Owing to the fact that the over-the-counter (OTC) market has no organized exchange, the options traded in the OTC market are more likely to be exposed to credit risk, Asian options being one of them. In this chapter we first discuss the pricing of geometric Asian options and the Black–Scholes options model subject to credit risk. We then combine the two models to derive a closed-form formula for pricing a geometric Asian option subject to the credit risk. The numerical analysis reveals that other pricing formulae existing in the literature can cause serious pricing errors when there is a possibility of default in reality.

The purpose of this paper is to investigate the effects of dipentaerythritol hexaacrylate (DPHA) and 3-(trimethoxysilyl)propyl methacrylate-modified silica nanoparticles (MSiO₂) contents on the performances of the Disperse Red 1 (DR1)-grafted-silica/poly(acrylate) color hard coatings.

The organic dye DR1 was silylated by reaction with the coupling agent 3-isocyanatopropyltriethoxysilane in methyl ethyl ketone. The silylated-DR1 thus obtained was grafted on MSiO₂ to form dye-grafted silica (GSiO₂). This hybrid dye was then UV-cured with the cross-linking agent, DPHA, to yield color coatings. Thermal durability of the coatings was evaluated based on their CIE (international commission on illumination) chromaticity coordinates and UV/Vis transmittances.

The results indicated that GSiO₂-coatings could tolerate thermal attack better than pristine DR1-coatings or dye-absorbed silica (DSiO₂)-coatings because of the fact that DR1 was more finely dispersed in the polymer binder when covalently bonded to the silica particles. Under optimal conditions, coatings with very small change of saturation and hue after high-temperature treatments were obtainable. These coatings appeared transparent, had 3H-6H pencil hardness and adhered perfectly onto the poly(methyl methacrylate) substrates.

Dye-grafted color coatings may find applications such as color filter photoresists for displays, microelectronics, printed circuit boards, etc.

The performances of the coatings were evaluated in terms of mechanical strength, adherence to the substrate, transmittance and color stability against heat treatments, which have not been disclosed. Also, using a newly developed triangular composition diagram, suitable ranges for preparing useful color coatings were accessed. The present method deserves further research studies on green and blue dyes.