Fermions on Colliding Branes

We study the behaviour of five-dimensional fermions localized on branes, which we describe by domain walls, when two parallel branes collide in a five-dimensional Minkowski background spacetime. We find that most fermions are localized on both branes as a whole even after collision. However, how much fermions are localized on which brane depends sensitively on the incident velocity and the coupling constants unless the fermions exist on both branes.Comment: 8 pages 7 figure

"Why Did "Zombie" Firms Recover in Japan?"

The Japanese economy experienced prolonged recessions during the 1990s. Previous studies suggest that evergreen lending to troubled firms known as "zombie firms" distorted market discipline in terms of stabilizing the Japanese economy and caused significant delays in the economy's recovery. However, the eventual bankruptcy of zombies was rare. In fact, a majority of the "zombie" firms substantially recovered during the first half of the 2000s. The purpose of this paper is to investigate why zombie firms recovered in Japan. We first extend the method of Caballero, Hoshi, and Kashyap (2008) and identify zombies from among the listed firms. Subsequently, we investigate the nature of corporate restructuring that was effective in reviving zombie firms. Our multinomial logistic regressions suggest that reducing the employee strength of zombie firms and selling its fixed assets were beneficial in facilitating their recovery. However, corporate restructuring without accounting transparency or by discouraging incentives for managers was ineffective. In addition, corporate restructuring lacked effectiveness in the absence of favorable macroeconomic environment as well as substantial external financial support.