This article reports world averages for measurements of b-hadron and c-hadron properties obtained by the Heavy Flavor Averaging Group (HFAG) using the results available at the end of 2007. For the averaging, common input parameters used in the various analyses are adjusted (rescaled) to common values, and known correlations are taken into account. The averages include branching fractions, lifetimes, neutral meson mixing parameters, CP violation parameters, and parameters of semileptonic decays.
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