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Driving signal reflection on traveling wave electrodes (TWEs) is a critical issue in Mach-Zehnder modulators. Fabrication variation often causes a random variation in the electrode impedance and the signal reflection, which induces modulation characteristics variation. The variation of reflection could be intertwined with the variation of other electrode characteristics, such as microwave signal attenuation, resulting in complexity. Here, we characterize the (partial) correlation coefficients between the reflection and modulation charact