Risk Management for Equity Portfolios of Japanese Banks

This paper verifies the impact of equity portfolio on bank management, underscoring the importance of managing the risks involved and suggesting "management of sensitivity to equity price risk" as a risk management technique that takes into account the correlation between equity price risk and credit risk. To do this, the paper focuses on the high correlation between "expected default probability estimated by the option-approach (Merton method)" using equity price information and " spread over Libor" observed in the bond market. This is used to calculate sensitivity (delta and vega) to changes in the equity price and its volatility. According to calculations for a sample portfolio, these two sensitivities have a degree of utility in measuring the distribution of risk exposure and in using equity price index futures and options as hedges. In the hedging of vega risk (which tends to reflect credit risk) in particular, long put positions in equity price index options are shown to be potentially effective.

Desulphurization of Coke-Mixed Iron Ore Pellets

The Authors have published reports1.2 concerning the simultaneous process for making the reduced pellets on the firing stage from the coke-mixed iron ore pellets. From the above experiments almost 90% reduced & strong pellets could be obtained in a short reduction period using the pellets with coke 20% addition. This method was considered to be effective and economical, but it was liable to form the pellets containing relatively high content of sulphur because of sulphur in the redu-ctant

Recovery of Ferreous and Other Minerals in Laterites

Laterites are found in the tropics deposits as the residual soils and consists largely of aluminium and ferric hydroxides, with more or less free silica and other constituents, varying widely in composition and purity. The process of beneficiation may be defined as concentration or preparation for smelting iron ores that is facilitated by separating mineral aggregates into homogeneous materials. Hence, the heterogeneity of constituent minerals in laterites is the prerequisite of beneficiating laterites. The present paper deals with the experiments of beneficiating a lateritic ore from Phillipines. The constituent minerals such as goethite, hematite, maghemite, magnetite, ilmenite, chromite and pyrite have been identified under the microscope. The close examination of the characteristics of these minerals led us to develop a new process of beneficiating laterites, called "Roast-High Intensity-Thermomagnetic Separation." The description is given of the flowsheet for the treatment of laterites by means of the "R-H-T process." The results of separation are discussed in terms of chemical analyses, X-ray diffraction and electron-probe microanalyses

A Study on the Relationship between Children's Developmental Stages and Sense of Color

It is well known that human sensitivity to color and expressive ability varies with age and gender. In addition, the perception, understanding, and comprehension of color vary according to developmental stage and color-related experiences. This study is one approach to research to clarify the relationship between such "sense of color" as above and the developmental stages of children. In this study, the coloring behavior of teenage subjects; elementary school, junior high school, and university students, to coloring book images were investigated using iPads. The characteristics of coloring and color schemes used in the coloring books were analyzed to explore the relationship with the developmental stages of the children. The coloring book images, mandala-like patterns, used in the investigation were designed originally based on some preliminary investigations. In addition, the original palette of colors systematically arranged in hues and tones was specified to quantitatively analyze the characteristics of the colors used in the coloring book. The results showed that the hues of colors used with high frequency in coloring books changed as the developmental stage progressed and that the range of tones by the combination of saturation and lightness widened. It was also found that the color schemes were simple and easy to understand at younger ages, while the complexity of the color schemes increased as the children grew older

Middle Power Measurement in Semi-tethered Swimming using Ergometer Attachment

The purposes of this study weie to measure middle power, energy which had been supplied mainly from the lactic acid system, during swimming using an ergometer attachment and to evaluate swimming performance by this middle power To perform these purposes, a middle power measurement test in semi-tethered swimming (STS33) using an ergometer attachment was developed In STS33, the load of the ergometer attachment was set to 7.0kg and the power measurement interval was set at 5.0 seconds The subject was instructed to swim at full strength for 33.0 seconds Power measurements using the ergometer attachment were taken 3 times during the 33.0 seconds at the end of 10s, 20s and 30s respectively The first measurement (1st measured phase) was taken between 5 and 10 seconds from the start of the swim The second measurement (2nd measured phase) was taken between 15 and 20 seconds of the swim, and the third measuiement (3rd measured phase) was taken between 25 and 30 seconds from the start of the swim by the present investigators As in preliminary experiments, the exercise intensity of the STS33 was measured as the average blood lactate concentration produced by the work rate After each STS33, a blood sample was taken by a licensed nurse under supervision of a medical doctor Subjects were 5 junior elite swimmers designated to tram by the N prefecture Swim Association The group mean post exercise blood lactate concentration was 10 5mM/l These concentration of blood lactate was greater than the OBLA measurement of 4mM for lactate accumulation developing in the middle phase of a swim trial This result led to the conclusion that the STS33 test could be used to evaluate the middle power In a main experiment, 21 male elite junior swimmers were measured Middle power in swimming in each subject was measured by the above-mentioned STS33 and the relationship between the group mean middle power and group mean total swim time was analyzed The relationship between the average power (P watt) of the 3 measured phases in STS33 and swimming velocity (V m/sec) in 50m event was P =-134.53 + 87.02 V (r = 0.880, p≦0.001) The relationship between the average power (P) of the 3 phases in STS33 and swimming velocity (V) in 100m event was given by P = - 191.95 + 128.92 V ( r=0 940, p≦O.001) From these results, the middle power in STS33 is appropriate for evaluating swimming performances in 50m and 100m event

Patched1 Haploinsufficiency Increases Adult Bone Mass and Modulates Gli3 Repressor Activity

SummaryHedgehog (Hh)-Patched1 (Ptch1) signaling plays essential roles in various developmental processes, but little is known about its role in postnatal homeostasis. Here, we demonstrate regulation of postnatal bone homeostasis by Hh-Ptch1 signaling. Ptch1-deficient (Ptch1+/−) mice and patients with nevoid basal cell carcinoma syndrome showed high bone mass in adults. In culture, Ptch1+/− cells showed accelerated osteoblast differentiation, enhanced responsiveness to the runt-related transcription factor 2 (Runx2), and reduced generation of the repressor form of Gli3 (Gli3rep). Gli3rep inhibited DNA binding by Runx2 in vitro, suggesting a mechanism that could contribute to the bone phenotypes seen in the Ptch1 heterozygotes. Moreover, systemic administration of the Hh signaling inhibitor cyclopamine decreased bone mass in adult mice. These data provide evidence that Hh-Ptch1 signaling plays a crucial role in postnatal bone homeostasis and point to Hh-Ptch1 signaling as a potential molecular target for the treatment of osteoporosis

Static black holes with a negative cosmological constant: Deformed horizon and anti-de Sitter boundaries

Using perturbative techniques, we investigate the existence and properties of a new static solution for the Einstein equation with a negative cosmological constant, which we call the deformed black hole. We derive a solution for a static and axisymmetric perturbation of the Schwarzschild-anti-de Sitter black hole that is regular in the range from the horizon to spacelike infinity. The key result is that this perturbation simultaneously deforms the two boundary surfaces--i.e., both the horizon and spacelike two-surface at infinity. Then we discuss the Abbott-Deser mass and the Ashtekar-Magnon one for the deformed black hole, and according to the Ashtekar-Magnon definition, we construct the thermodynamic first law of the deformed black hole. The first law has a correction term which can be interpreted as the work term that is necessary for the deformation of the boundary surfaces. Because the work term is negative, the horizon area of the deformed black hole becomes larger than that of the Schwarzschild-anti-de Sitter black hole, if compared under the same mass, indicating that the quasistatic deformation of the Schwarzschild-anti-de Sitter black hole may be compatible with the thermodynamic second law (i.e., the area theorem).Comment: 31 pages, 5 figures, one reference added, to be published in PR

DOCK2 is involved in the host genetics and biology of severe COVID-19

「コロナ制圧タスクフォース」COVID-19疾患感受性遺伝子DOCK2の重症化機序を解明 --アジア最大のバイオレポジトリーでCOVID-19の治療標的を発見--. 京都大学プレスリリース. 2022-08-10.Identifying the host genetic factors underlying severe COVID-19 is an emerging challenge. Here we conducted a genome-wide association study (GWAS) involving 2, 393 cases of COVID-19 in a cohort of Japanese individuals collected during the initial waves of the pandemic, with 3, 289 unaffected controls. We identified a variant on chromosome 5 at 5q35 (rs60200309-A), close to the dedicator of cytokinesis 2 gene (DOCK2), which was associated with severe COVID-19 in patients less than 65 years of age. This risk allele was prevalent in East Asian individuals but rare in Europeans, highlighting the value of genome-wide association studies in non-European populations. RNA-sequencing analysis of 473 bulk peripheral blood samples identified decreased expression of DOCK2 associated with the risk allele in these younger patients. DOCK2 expression was suppressed in patients with severe cases of COVID-19. Single-cell RNA-sequencing analysis (n = 61 individuals) identified cell-type-specific downregulation of DOCK2 and a COVID-19-specific decreasing effect of the risk allele on DOCK2 expression in non-classical monocytes. Immunohistochemistry of lung specimens from patients with severe COVID-19 pneumonia showed suppressed DOCK2 expression. Moreover, inhibition of DOCK2 function with CPYPP increased the severity of pneumonia in a Syrian hamster model of SARS-CoV-2 infection, characterized by weight loss, lung oedema, enhanced viral loads, impaired macrophage recruitment and dysregulated type I interferon responses. We conclude that DOCK2 has an important role in the host immune response to SARS-CoV-2 infection and the development of severe COVID-19, and could be further explored as a potential biomarker and/or therapeutic target