Why some Distressed Firms Have Low Expected Returns. ( Revised in September. 2007 )

In recent years, empirical researchers show that firms with higher credit risk have much smaller average stock returns. This finding is opposite to the risk-reward principle and is often attributed to mispricing and market anomalies. We investigate how credit risk and expected stock return are determined in a model with production, capital structure and aggregate uncertainty. We show that, contrary to the conventional wisdom, a firm with higher credit risk can have less risky stock than the one with lower credit risk.

"A Structural Approach without Path Dependency"(in Japanese)

This paper proposes a structural model to price credit risk of firms with short-term and long -term debts. In Ikeda, Kobayashi, and Takahashi (2005), since it assumed that the short-term debt is refunded by issuing a new short-term debt only, the future face value of the short-term debt depends on the path of asset value, which makes analysis very complicated. In order to avoid the problem, we build a new model without path dependency by assuming the future face values of short term debts to be fixed. Furthermore, by the@ improvement of the model, we show that the model can apply to the pricing of credit derivatives, and present the example of the pricing of a convertible bond.

Closed-form Solution of Bond Prices with Postponement of Redemption

This paper shows the analytical solution of a bond price with postponement of redemption by considering the special case of Ikeda and Kobayashi (2007). We can derive the solution by solving a Wiener-Hopf type integral equation, and such derivation does not have an example in others. Therefore the further development will be expected in various financial analyses.

A Structural Approach without Path Dependency

This paper proposes a structural model to price credit risk of firms with short-term and long -term debts. In Ikeda, Kobayashi, and Takahashi (2005), since it assumed that the short-term debt is refunded by issuing a new short-term debt only, the future face value of the short-term debt depends on the path of asset value, which makes analysis very complicated. In order to avoid the problem, we build a new model without path dependency by assuming the future face values of short term debts to be fixed. Furthermore, by the improvement of the model, we show that the model can apply to the pricing of credit derivatives, and present the example of the pricing of a convertible bond.

μ-η2:η2-Peroxido-bis­[nitratodioxido­bis(pyrrolidin-2-one)uranium(VI)]

In the crystal structure of the title compound, [U2(NO3)2O4(O2)(C4H7NO)4], two UO2 2+ ions are connected by a μ-η2:η2-O2 unit. The O2 unit shows ‘side-on’ coordination to both U atoms. An inversion center is located at the midpoint of the O—O bond in the O2 unit, affording a centrosymmetrically expanded dimeric structure. The U—O(axial) bond lengths are 1.777 (4) Å and 1.784 (4) Å, indicating that the oxidation state of U is exclusively 6+, i.e., UO2 2+. Furthermore, the O—O distance is 1.492 (8) Å, which is typical of peroxide, O2 2–. The U atom is eight-coordinated in a hexa­gonal-bipyramidal geometry. The coordinating atoms of the nitrate and pyrrolidine-2-one ligands and the μ-η2:η2-O2 2– unit are located in the equatorial plane and form an irregular hexa­gon. An inter­molecular hydrogen bond is found between N—H of the pyrrolidine-2-one ligand and the coordinating O of the same ligand in a neighboring complex. A second inter­molecular hydrogen bond is found between the N—H of the other pyrrolidine-2-one ligand and one of the uranyl oxido atoms

Modeling Credit Risk: A Structural Approach with Long-term and Short-term Debts

This paper proposes a structural model to price credit risk of firms with short-term and long-term debts. This enables one to distinguish between default probabilities in the short run and in the long run, and to identify how the composition of debts affects credit risk. We endogenize the banks' decision to bankrupt or save firms in insolvency, and analyze the influence of the governance structure on credit risk valuation.

A novel multicolor immunofluorescence method using heat treatment.

We describe a novel method for immunofluorescent detection of multiple antigens in a single paraffin-embedded tissue section. We hypothesized that if fluorescent dyes are resistant to heat treatment, then thermal inactivation of immunoglobulins during antigen detection procedures might make it possible to use multicolor immunofluorescence detection even if the primary antibodies are from the same species. We found that several fluorescent dyes, including fluorescein isothiocyanate (FITC), Cy3 and Cy5, were resistant to heating at 90 degrees Celsius for 15 min, whereas the antigenicities of the primary antibodies were lost completely. This novel method, which uses heat treatment between staining steps, has great advantages for multicolor immunofluorescence because unlabeled primary antibodies from the same species can be used. Therefore, by using this method not only 3 unlabeled mouse monoclonal antibodies but also 3 unlabeled rabbit antisera can be used as primary antibodies for multicolor immunofluorescence.</p

Reliability and validity of the short version of the Dental Anxiety Inventory (S-DAI) in a Japanese population

Aim: The aim of this study was to establish the reliability and validity of the Japanese version of the short version of the Dental Anxiety Inventory (S-DAI).Methods: The Japanese translated versions of the S-DAI and Dental Fear Survey (DFS) were administered to patients and attendants who were visiting a general dental office.Results: One hundred and sixty-seven participants (response rate = 90.3%) filled out two questionnaires assessing dental anxiety (The Japanese S-DAI and DFS). Cronbach’s α for the reliability of the Japanese S-DAI in the present sample was 0.908. In the Japanese S-DAI, factor analysis revealed one factor with an eigenvalue >1. The Japanese S-DAI correlated with the DFS (r=0.812, p<0.001).Conclusions: The Japanese version of the S-DAI appears reliable and demonstrates cross-cultural validity. It may be a valuable tool for quantifying dental fear in Japanese populations