Japanese Banks' Monitoring Activities and the Performance of Borrower Firms: 1981-1996

Using micro data of Japanese banks and borrower firms, we construct an index measure that quantitatively describes the monitoring activities of Japanese banks. We examine the effects of bank monitoring on the profitability of borrower firms. We find significant positive effects in the periods 1986-1991 and 1992-1996, although there is no significant effect in the 1981-1985 period . We also examine how banks' monitoring affects borrowers. The results show that the positive effects of banks' monitoring on borrowers' profitability are mostly caused by screening effects, not performance-improving effects.

Operator algebras from the discrete Heisenberg semigroup

We study reflexivity and structure properties of operator algebras generated by representations of the discrete Heisenberg semi-group. We show that the left regular representation of this semi-group gives rise to a semi-simple reflexive algebra. We exhibit an example of a representation which gives rise to a non-reflexive algebra. En route, we establish reflexivity results for subspaces of H^{\infty}(\bb{T})\otimes\cl B(\cl H)

Different Types of Conditional Expectation and the Lueders - von Neumann Quantum Measurement

In operator algebra theory, a conditional expectation is usually assumed to be a projection map onto a sub-algebra. In the paper, a further type of conditional expectation and an extension of the Lueders - von Neumann measurement to observables with continuous spectra are considered; both are defined for a single operator and become a projection map only if they exist for all operators. Criteria for the existence of the different types of conditional expectation and of the extension of the Lueders - von Neumann measurement are presented, and the question whether they coincide is studied. All this is done in the general framework of Jordan operator algebras. The examples considered include the type I and type II operator algebras, the standard Hilbert space model of quantum mechanics, and a no-go result concerning the conditional expectation of observables that satisfy the canonical commutator relation.Comment: 10 pages, the original publication is available at http://www.springerlink.co

Maintenance Task Classification: Towards Automated Robotic Maintenance for Industry

AbstractThe business model of high-value capital assets is shifting from purchasing a physical product to acquiring a result or a function supported by the product combined with a number of related services. One such service, maintenance, is perhaps the most efficient way to keep the function available during the product lifecycle. Automation has played a vital role in industry throughout history, particularly within the production line. With the movement towards providing product service systems the need for services such as maintenance are increasingly important for a manufactured product, and the pull towards automation may drive down costs and improve performance time. Although currently robotic applications to maintenance beyond monitoring and inspection tasks are not common, this research aims at exploring the feasibility of future maintenance robots that can perform a variety of maintenance tasks. As its first step, this work looks first at investigation, cataloging and classification of a number of maintenance tasks using standard industrial engineering techniques such as time motion, method or workflow analysis. This involves decomposing the maintenance work into a number of ‘unit tasks’ required to be performed in order to accomplish the specified maintenance

Integrated engineering environments for large complex products

An introduction is given to the Engineering Design Centre at the University of Newcastle upon Tyne, along with a brief explanation of the main focus towards large made-to-order products. Three key areas of research at the Centre, which have evolved as a result of collaboration with industrial partners from various sectors of industry, are identified as (1) decision support and optimisation, (2) design for lifecycle, and (3) design integration and co-ordination. A summary of the unique features of large made-to-order products is then presented, which includes the need for integration and co-ordination technologies. Thus, an overview of the existing integration and co-ordination technologies is presented followed by a brief explanation of research in these areas at the Engineering Design Centre. A more detailed description is then presented regarding the co-ordination aspect of research being conducted at the Engineering Design Centre, in collaboration with the CAD Centre at the University of Strathclyde. Concurrent Engineering is acknowledged as a strategy for improving the design process, however design coordination is viewed as a principal requirement for its successful implementation. That is, design co-ordination is proposed as being the key to a mechanism that is able to maximise and realise any potential opportunity of concurrency. Thus, an agentoriented approach to co-ordination is presented, which incorporates various types of agents responsible for managing their respective activities. The co-ordinated approach, which is implemented within the Design Co-ordination System, includes features such as resource management and monitoring, dynamic scheduling, activity direction, task enactment, and information management. An application of the Design Co-ordination System, in conjunction with a robust concept exploration tool, shows that the computational design analysis involved in evaluating many design concepts can be performed more efficiently through a co-ordinated approach

Evaluation of an enzyme immunoassay for hepatitis C virus antibody detection using a recombinant protein derived from the core region of hepatitis C virus genome

This study was undertaken to evaluate an enzyme immunoassay (EIA) for hepatitis C virus antibody detection (anti-HCV), using just one antigen. Anti-HCV EIA was designed to detect anti-HCV IgG using on the solid-phase a recombinant C22 antigen localized at the N-terminal end of the core region of HCV genome, produced by BioMérieux. The serum samples diluted in phosphate buffer saline were added to wells coated with the C22, and incubated. After washings, the wells were loaded with conjugated anti-IgG, and read in a microtiter plate reader (492 nm). Serum samples of 145 patients were divided in two groups: a control group of 39 patients with non-C hepatitis (10 acute hepatitis A, 10 acute hepatitis B, 9 chronic hepatitis B, and 10 autoimmune hepatitis) and a study group consisting of 106 patients with chronic HCV hepatitis. In the study group all patients had anti-HCV detected by a commercially available EIA (Abbott®), specific for HCV structural and nonstructural polypeptides, alanine aminotransferase elevation or positive serum HCV-RNA detected by nested-PCR. They also had a liver biopsy compatible with chronic hepatitis. The test was positive in 101 of the 106 (95%) sera from patients in the study group and negative in 38 of the 39 (97%) sera from those in the control group, showing an accuracy of 96%. According to these results, our EIA could be used to detect anti-HCV in the serum of patients infected with hepatitis C virus.Universidade Federal de São Paulo (UNIFESP) Escola Paulista de MedicinaInstituto BioMérieuxUNIFESP, EPMSciEL

Experiments performed with bubbly flow in vertical pipes at different flow conditions covering the transition region: Simulation by coupling Eulerian, Lagrangian and 3D random walks models

[EN] Two phase flow experiments with different superficial velocities of gas and water were performed in a vertical upward isothermal cocurrent air-water flow column with conditions ranging from bubbly flow, with very low void fraction, to transition flow with some cap and slug bubbles and void fractions around 25%. The superficial velocities of the liquid and the gas phases were varied from 0.5 to 3 m/s and from 0 to 0.6 m/s, respectively. Also to check the effect of changing the surface tension on the previous experiments small amounts of 1-butanol were added to the water. These amounts range from 9 to 75 ppm and change the surface tension. This study is interesting because in real cases the surface tension of the water diminishes with temperature, and with this kind of experiments we can study indirectly the effect of changing the temperature on the void fraction distribution. The following axial and radial distributions were measured in all these experiments: void fraction, interfacial area concentration, interfacial velocity, Sauter mean diameter and turbulence intensity. The range of values of the gas superficial velocities in these experiments covered the range from bubbly flow to the transition to cap/slug flow. Also with transition flow conditions we distinguish two groups of bubbles in the experiments, the small spherical bubbles and the cap/slug bubbles. Special interest was devoted to the transition region from bubbly to cap/slug flow; the goal was to understand the physical phenomena that take place during this transition A set of numerical simulations of some of these experiments for bubbly flow conditions has been performed by coupling a Lagrangian code, that tracks the three dimensional motion of the individual bubbles in cylindrical coordinates inside the field of the carrier liquid, to an Eulerian model that computes the magnitudes of continuous phase and to a 3D random walk model that takes on account the fluctuation in the velocity field of the carrier fluid that are seen by the bubbles due to turbulence fluctuations. Also we have included in the model the deformation that suffers the bubble when it touches the wall and it is compressed by the forces that pushes it toward the wall, provoking that the bubble rebound like a ball.The authors of this paper are indebted to the National Plan of I+D by the support of the coordinated projects REMOD-ERN ENE2010-21368-C02-01/CON and ENE2010-21368-C02-02/CON to perform the experiments.Muñoz-Cobo, JL.; Chiva, S.; Ali Abdelaziz Essa, M.; Mendez, S. (2012). Experiments performed with bubbly flow in vertical pipes at different flow conditions covering the transition region: Simulation by coupling Eulerian, Lagrangian and 3D random walks models. Archives of Thermodynamics. 33(1):3-39. https://doi.org/10.2478/v10173-012-0001-4S33933

Salmonella enterica Typhimurium FljBA operon Sstability: implications regarding the origin of Salmonella enterica I 4,[5],12:i:-

FAPESP - FUNDAÇÃO DE AMPARO À PESQUISA DO ESTADO DE SÃO PAULOCNPQ - CONSELHO NACIONAL DE DESENVOLVIMENTO CIENTÍFICO E TECNOLÓGICOCAPES - COORDENAÇÃO DE APERFEIÇOAMENTO DE PESSOAL DE NÍVEL SUPERIORSalmonella enterica subsp enterica serovar 4,5,12:i:- has been responsible for many recent Salmonella outbreaks worldwide. Several studies indicate that this serovar originated from S. enterica subsp enterica serovar Typhimurium, by the loss of the flagellar phase II gene (fljB) and adjacent sequences. However, at least two different clones of S. enterica 4,5,12:i:- exist that differs in the molecular events responsible for fljB deletion. The aim of this study was to test the stability of the fljBA operon responsible for the flagellar phase variation under different growth conditions in order to verify if its deletion is a frequent event that could explain the origin and dissemination of this serovar. In fact, coding sequences for transposons are present near this operon and in some strains, such as S. enterica Typhimurium LT2, the Fels-2 prophage gene is inserted near this operon. The presence of mobile DNA could confer instability to this region. In order to examine this, the cat (chloramphenicol acetyltransferase) gene was inserted adjacent to the fljBA operon so that deletions involving this genomic region could be identified. After growing S. enterica chloramphenicol-resistant strains under different conditions, more than 104 colonies were tested for the loss of chloramphenicol resistance. However, none of the colonies were sensitive to chloramphenicol. These data suggest that the origin of S. enterica serovar 4,5,12:i:- from Typhimurium by fljBA deletion is not a frequent event. The origin and dissemination of 4,5,12:i:- raise several questions about the role of flagellar phase variation in virulence.Salmonella enterica subsp enterica serovar 4,5,12:i:- has been responsible for many recent Salmonella outbreaks worldwide. Several studies indicate that this serovar originated from S. enterica subsp enterica serovar Typhimurium, by the loss of the flagel1441905719065FAPESP - FUNDAÇÃO DE AMPARO À PESQUISA DO ESTADO DE SÃO PAULOCNPQ - CONSELHO NACIONAL DE DESENVOLVIMENTO CIENTÍFICO E TECNOLÓGICOCAPES - COORDENAÇÃO DE APERFEIÇOAMENTO DE PESSOAL DE NÍVEL SUPERIORFAPESP - FUNDAÇÃO DE AMPARO À PESQUISA DO ESTADO DE SÃO PAULOCNPQ - CONSELHO NACIONAL DE DESENVOLVIMENTO CIENTÍFICO E TECNOLÓGICOCAPES - COORDENAÇÃO DE APERFEIÇOAMENTO DE PESSOAL DE NÍVEL SUPERIOR2009/15956-7; 2012/10608-3; 2012/05382-6; 2014/11280-7; 2013/11880-1308955/2012-9; 141629/2012-601P-04520-201

The existence problem for dynamics of dissipative systems in quantum probability

Motivated by existence problems for dissipative systems arising naturally in lattice models from quantum statistical mechanics, we consider the following $C^{\ast}$-algebraic setting: A given hermitian dissipative mapping $\delta$ is densely defined in a unital $C^{\ast}$-algebra $\mathfrak{A}$. The identity element in ${\frak A}$ is also in the domain of $\delta$. Completely dissipative maps $\delta$ are defined by the requirement that the induced maps, $(a_{ij})\to (\delta (a_{ij}))$, are dissipative on the $n$ by $n$ complex matrices over ${\frak A}$ for all $n$. We establish the existence of different types of maximal extensions of completely dissipative maps. If the enveloping von Neumann algebra of ${\frak A}$ is injective, we show the existence of an extension of $\delta$ which is the infinitesimal generator of a quantum dynamical semigroup of completely positive maps in the von Neumann algebra. If $\delta$ is a given well-behaved *-derivation, then we show that each of the maps $\delta$ and $-\delta$ is completely dissipative.Comment: 24 pages, LaTeX/REVTeX v. 4.0, submitted to J. Math. Phys.; PACS 02., 02.10.Hh, 02.30.Tb, 03.65.-w, 05.30.-

"Banks' Monitoring and Profitability of Borrowing Firms"(in Japanese)

We constructed measures representing the magnitude of Japanese banks' monitoring activities and tested two competing hypotheses about nature of banks' monitoring, (1) the monitoring improved profitability of borrowing firms and (2) it simply "screened" out unprofitable firms, by using the data of all Japanese corporations listed in the Tokyo Stock Exchange between 1986 and 1997. The result was inconsistent with the profitability-improving hypothesis of banks' active involvement in borrowing firms, and strongly suggested the banks' passive role as a screening device.