Morita context functors

Abstract Given a Morita context (R, V, W, S), there are functors W⊗() and hom (V, ) from R-mod to; S-mod and a natural transformation λ from the first to the second. This has an epi-mono factorization and the intermediate functor we denote by ()° with natural transformations and . The tensor functor is exact if and only if WR is flat, whilst the hom functor is exact if and only if RV is projective. We begin by determining conditions under which ()° is exact; this is Theorem 1.