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Ferromagnetism and accompanying large negative magnetoresistance inPb-substituted Bi-Sr-Co-O misfit-layer compound are investigated in detail.Recent structural analysis of (Bi,Pb)${}_2$Sr${}_{3}$Co${}_2$O${}_9$, which hasbeen believed to be a Co analogue ofBi${}_2$Sr${}_2$CaCu${}_2$O${}_{8+\delta}$, revealed that it has a more complexstructure including a CoO${}_2$ hexagonal layer [T. Yamamoto {\it et al.}, Jpn.J. Appl. Phys. {\bf 39} (2000) L747]. Pb substitution for Bi not onlyintroduces holes into the conducting CoO${}_2$ layers but also creates acertain amount of localized spins. Ferromagnetic transition appears at $T$ =3.2 K with small spontaneous magnetization along the $c$ axis, and around thetransition temperature large and anisotropic negative magnetoresistance wasobserved. This compound is the first example which shows ferromagneticlong-range order in a two-dimensional metallic hexagnonal CoO${}_2$ layer.Comment: 8 pages including eps figures. To be published in J. Phys. Soc. Jp

Ferromagnetism and Large Negative Magnetoresistance in Pb Doped Bi–Sr–Co–O Misfit-Layer Compound