Strategy switching in the Japanese stock market

This paper discusses the expectation formation process of Japanese stock market professionals and how their expectations are related to larger fluctuations of the TOPIX price than those of economic fundamentals. By utilizing a monthly forecast survey dataset on the TOPIX distributed by QUICK Corporation, we sort forecasters into buy-side and sell-side professionals. We first demonstrate that the buy-side and sell-side professionals use both fundamental and technical trading strategies throughout their expectation formation processes and that they switch between fundamental and technical trading strategies over time. We then empirically show that strategy switching is key in understanding the persistent deviation of the TOPIX from the fundamentals

Belief changes and expectation heterogeneity in buy-and sell‐side professionals in the Japanese stock market

We document the determinants of the expectation heterogeneity of stock price forecasters on the TOPIX. Monthly panel data surveyed by QUICK Corporation in the Nikkei Group is utilized in the process. We examine the determinants of expectation heterogeneity by categorizing　our sample into buy-side and sell-side professionals，and demonstrate that expectation heterogeneity arises as a result of the co-existence of different types ofprofessionals within the same market. We show that the buy-side and the sell-side professionals，who have different business goals，differentiate the information contents as well as their interpretations of the same information in their forecasts，contributing to the expectation heterogeneity. In addition, we investigate the interactive expectations formulation of buy-side and sell-side professionals. We find that buy-side professionals incorporate the sell side’s ideas regarding the future stock prices into their own forecasts，although they exclusively refer to their own ideas when relating foreign exchange rates to the future stock prices. Meanwhile, sell-side professionals tend to utilize buy-side professionals\u27 ideas about future prices in order to improve their research and ingratiate themselves to their clients,i.e.,the buy-side professionals. We demonstrate that this interactive expectations formulation also contributes to the generation of the expectation heterogeneity

The relationship between the expressions of the cell adhesion molecule CD44H, CD44v3, and CD44v6 and metastases in gastric cancer

Expression of CD44 variants in some tissues appears to relate to tumor progression, and particularly to the metastatic potential of some cancers. The aim of this study was to clarify the relation between the expression of CD44 splice variants and tumor metastasis by using CD44v-specific gastric cancer monoclonal antibodies. A total of 110 patients with primary gastric cancer were studied. Histological samples of 70 of the 110 (63.6%) were stained with three monoclonal antibodies directed against the CD44H and CD44 variants (CD44v3, CD44v6) in gastric cancer. The incidence of lymph node metastasis was higher in the CD44H strongerexpression group than in the weaker expression group. No significant correlation could be found between CD44H, CD44V3, or CD44v6 expression and liver metastasis or histological types (differentiated vs.undifferentiated) . Lymph node metastasis correlated with CH44H rather than CD44v3 or CD44v6. These results suggested that CD44H might be a useful marker for lymph node metastasis in resected gas-tric cancer. The 5-year survival rate was 57.3% in the group positively ex-pressing CD44 and 52.4% in the group with negative expression of CD44. Concerning prognosis, we found here that the expression of CD44 is not sig-nificantly associated with increased mortality. Further study of the expression of specific isoforms may help elucidate in more detail the mechanisms of these findings

Low intensity pulsed ultrasound exposure increases prostaglandin E_2 release in human dermal fibroblasts

Though ultrasound is applied to the treatment of pressure ulcers, there was little evidence of benefit associated with the use of it in the treatment of pressure ulcers. Therefore, in order to augment the therapeutic evidence of ultrasound exposure in wound healing, the effect of low intensity pulsed-ultrasound on the release of prostaglandin E_2 (PGE_2) in human dermal fibroblasts was investigated. Human dermal fibroblasts obtained from skin samples were exposed to a low intensity pulsed-ultrasound by specifically designed apparatus. An enzyme-linked immunosorbent assay determined the release of PGE_2 in the medium. A low intensity pulsed-ultrasound increases the PGE_2 release of dermal fibroblasts in a time-de-pendent fashion. PGE_2 release by 30 mW/cm^2 ultrasound exposure reached maximum 1.24-fold at 1 hour. In terms of the intensities of ultrasound, the weaker intensity of ultrasound was exposed, the more effect of PGE_2 release was observed. Finally, a specific inhibitor of cyclooxygenase-1, resveratrol partly reduced PGE_2 release of dermal fibroblasts by ultrasound exposure. Thus, our results identify the effect of low intensity pulsed ultrasound to explain the potential mechanism by which it may augment the healing of skin ulcer. Further studies are required to ascertain the functional relevance of the production of PGE_2 in angiogenesis, which is required for the tissue development and regeneration

Tumorigenicity, Motility and Liver Metastasis of Human Gastric Carcinoma Lines with High Metastatic Potential in the Liver of Nude Mice

To analyze the human gastric carcinoma metastasis to the liver, a human gastric carcinoma line, AZ521 was injected into the spleens of nude mice. Cells from the few liver metastatic foci of injected AZ521 were expanded in vitro and subsequently injected into the spleens of nude mice. By repeating these proce-dures five times, we were able to obtain a cell line, designated AZ-H5c, with high metastatic potential in nude mice. It was observed that animals had liver metastasis in 10 of 12 (83%) cases injected with AZ-H5c, whereas only 14% with parental AZ521. The growth activity in vivo of AZ-H5c cells is much more rapid than that of AZ521 cells, but its growth activity in vitro is slower. The mortile activity in vitro of AZ-H5c is stronger than that of AZ521. These results suggest that our model can provide a new approach to basic and clinical studies of cancer metastasis

Comparison of Targeted vs Random Biopsies for Surveillance of Ulcerative Colitis-Associated Colorectal Cancer

Background & AimsA random biopsy is recommended for surveillance of ulcerative colitis (UC)-associated colorectal cancer. However, a targeted biopsy might be more effective. We conducted a randomized controlled trial to compare rates of neoplasia detection by targeted vs random biopsies in patients with UC.MethodsWe performed a study of 246 patients with UC for 7 years or more, seen at 52 institutions in Japan from October 1, 2008 through December 31, 2010. Patients were randomly assigned to the random group (4 random biopsies collected every 10 cm in addition to targeted biopsies, n = 122) or the target group (biopsies collected from locations of suspected neoplasia, n = 124). The primary end point was the number of neoplastic lesions detected in a single surveillance colonoscopy. We estimated the ratio and difference in the mean number of neoplastic lesions between the groups. We also evaluated the non-inferiority between the groups as an exploratory study. A non-inferiority margin of 0.65 (0.13 of 0.20) was considered for the ratio of the mean number of neoplastic lesions between groups.ResultsThe mean number of biopsies found to contain neoplastic tissue per colonoscopy was 0.211 (24 of 114) in the target group and 0.168 (18 of 107) in the random group (ratio of 1.251; 95% confidence interval, 0.679–2.306). The lower limit was above the non-inferiority margin of 0.65. Neoplasias were detected in 11.4% of patients in the target group and 9.3% of patients in the random group (P = .617). Larger numbers of biopsy samples per colonoscopy were collected in the random group (34.8 vs 3.1 in the target group; P < .001), and the total examination time was longer (41.7 vs 26.6 minutes in the target group; P < .001). In the random group, all neoplastic tissues found in random biopsies were collected from areas of the mucosa with a history or presence of inflammation.ConclusionsIn a randomized controlled trial, we found that targeted and random biopsies detect similar proportions of neoplasias. However, a targeted biopsy appears to be a more cost-effective method. Random biopsies from areas without any signs of present or past inflammation were not found to contain neoplastic tissues. Clinical Trial Registry: UMIN000001608

Endogenous CGRP protects against neointimal hyperplasia following wire-induced vascular injury

信州大学博士（医学）・学位論文・平成25年3月31日授与（甲第942号）・楊 磊Neointimal hyperplasia is the primary lesion underlying atherosclerosis and restenosis after percutaneous coronary intervention. Calcitonin gene-related peptide (CGRP) is produced by alternative splicing of the primary transcript of the calcitonin/CGRP gene. Originally identified as a strongly vasodilatory neuropeptide, CGRP is now known to be a pleiotropic peptide widely distributed in various organs and tissues. Our aim was to investigate the possibility that CGRP acts as an endogenous vasoprotective molecule. We compared the effect of CGRP deficiency on neointimal formation after wire-induced vascular injury in wild-type and CGRP knockout (CGRP-/-) mice. We found that neointimal formation after vascular injury was markedly enhanced in CGRP-/- mice, which also showed a higher degree of oxidative stress, as indicated by reduced expression of nitric oxide synthase, increased expression of p47phox, and elevated levels of 4HNE, as well as greater infiltration of macrophages. In addition, CGRP-deficiency led to increased vascular smooth muscle cell (VSMC) proliferation within the neointima. By contrast, bone marrow-derived cells had little or no effect on neointimal formation in CGRP-/- mice. In vitro analysis showed that CGRP-treatment suppressed VSMC proliferation, migration, and ERK1/2 activity. These results clearly demonstrate that endogenous CGRP suppresses the oxidative stress and VSMC proliferation induced by vascular injury. As a vasoprotective molecule, CGRP could be an important therapeutic target in cardiovascular disease. (C) 2013 Elsevier Ltd. All rights reserved.ArticleJOURNAL OF MOLECULAR AND CELLULAR CARDIOLOGY. 59(0):55-66 (2013)journal articl