Abstract
We present calculations of quantized conductance and magnetoresistance in nanosize point contacts between two ferromagnetic metals. When conductance is open for only one conduction electron spin-projection, the magnitude of magnetoresistance is limited by the rate of conduction electron spin-reversal processes. In the case when both spin-channels contribute to the conductance we analyze the influence of the point contact cross-section asymmetry on the giant megnetoresistance. Recent experiments on magnetoresistance of magnetic point contacts are discussed in the framework of the developed theory.
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