"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.

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.

Meteor radiant mapping with MU radar

The radiant point mapping of meteor showers with the MU radar by using a modified mapping method originally proposed by Morton and Jones (1982) was carried out. The modification is that each meteor echo was weighted by using the beam pattern of the radar system. A preliminary result of the radiant point mapping of the Geminids meteor shower in 1989 is presented

A preliminary report on noble gases in the Kobe (CK) meteorite: A carbonaceous chondrite fell in Kobe City, Japan

We have investigated elemental and isotopic compositions of noble gases in the newly-fallen CK chondrite, Kobe. The relatively low concentrations of primordial heavy noble gases (Kr and Xe) and the relatively high ^Xe/^Xe ratio (6.51±0.02) are similar to those found in previous studies of CK chondrites. The calculated cosmic-ray exposure age based on cosmogenic ^Ne is 41Ma, and the K-Ar age is 2.1Ga. Based on calculated exposure ages and gas retention ages of Kobe and some other CK chondrites, it is likely that they have partially lost both radiogenic and cosmogenic He by solar heating during the time of exposure. Based on the ^Ar retention age, we interpret that Kobe may also have experienced thermal events, possibly related to impacts about 2 billion years age

Development of homogeneous and high-performance REBCO bulks with flexibility in shapes by the single-direction melt growth (SDMG) method

We have developed a single-direction melt growth method in which REBCO melt-textured bulks grow only vertically from a seed plate utilizing the difference in peritectic temperatures of REBCO. Entirely c-grown YBCO, DyBCO and GdBCO bulks with various sizes and shapes were successfully fabricated with high reproducibility. Disk-shaped bulks showed high trapped fields with almost concentric field distributions, reflecting homogeneous and boundaryless bulky crystal. In particular, a YBCO bulk with a 32 mm diameter trapped a high field more than 1 T at 77 K. Furthermore, rectangular and joined hexagonal REBCO bulks were successfully fabricated, showing designed field-trapping distributions reflecting their shapes through well-connected superconducting joints among bulks.Comment: 8 pages, 6 figures, 2 table

Mechanism of stabilization and magnetization of impurity-doped zigzag graphene nanoribbons

Doping is an efficient way to modify the electronic structure of graphene. Although there have been a considerable number of studies on the electronic structure of impurity-doped graphene, every study has suggested a different interpretation of the appearance of impurity levels of dopants located near the so-called zigzag edge of graphene nanoribbons (GNRs). Here, we propose a charge transfer model that satisfactorily explains the change in electronic structure upon N(B) doping of zigzag GNR (ZGNR). The structural stability and electronic structure of the doped ZGNR have been investigated using first-principles calculations based on the density functional theory. The formation energy of doping increases as a function of the distance between the N(B) atom and the zigzag edge, and two tendencies are observed depending on whether the dopant is an odd or even number of sites away from the zigzag edge. Such peculiar behavior of the formation energy can be successfully explained by charge transfer between the so-called edge state localized at the edge and the 2p-state of the dopant. Such an electron (hole) transfer leads to the compensation (disappearance) of the local spin-magnetic moment at one side of the ZGNR, manifesting in the ferromagnetic ground state of ZGNR

Crystal Chemistry and Magnetic Properties of Manganese Zinc Alloy "YMn2Zn20" Comprising a Mn Pyrochlore Lattice

The chemical composition, crystal structure, and magnetic properties of a manganese zinc alloy with an ideal composition of YMn2Zn20, which comprises a pyrochlore lattice made of Mn atoms, are reported. The compound is stable only when In or Al is partially substituted for Zn. We have determined the actual chemical formula as YMn2+dZn20-x-dMx, with M = In or Al, and have identified the characteristic preferences with which the incorporated M and excess Mn atoms occupy the three crystallographic sites for Zn atoms. The Mn atoms in the pyrochlore lattice possess small magnetic moments that interact with each other antiferromagnetically but exhibit no long-range order above 0.4 K, probably owing to the geometrical frustration of the pyrochlore lattice. As a result, the effective mass of the conduction electrons is considerably enhanced, as observed in the related pyrochlore-lattice compounds (Y,Sc)Mn2 and LiV2O4. However, the presence of excess Mn atoms with large localized magnetic moments comparable to spin 5/2 tends to mask the inherent magnetism of the pyrochlore Mn atoms. It is suggested that "YMn2Zn18In2" with neither excess Mn atoms nor site disorder would be an ideal compound for further study.Comment: 19 pages, 18 figures, accepted for publication in J. Solid State Che

Efficient organic solar cells by penetration of conjugated polymers into perylene pigments

金沢大学理工研究域物質化学系We report here efficient air-stable p-n heterojunction organic solar cells with a structure consisting of an n-type insoluble perylene pigment penetrated by a p-type-conjugated polymer, where the interfacial area for photocurrent generation increases. The solar cells are easily produced by infiltrating a soluble-conjugated polymer intentionally into an opening among insoluble microcrystalline perylene layer under a saturated chloroform vapor. This approach can be regarded as an alternative convenient way to achieve bulk heterojunction solar cells. The cell performance is further enhanced by inserting an additional layer between the electrode and the photoactive layer to confine exciton in the photoactive layer. The overall attempt to improve the cell performance, so far, results in maximum quantum efficiency up to 45% under illumination of 485-nm monochromatic light and power conversion efficiency up to 1.9% under a simulated solar light (AM1.5) with a 100 mW cm-2 intensity. The approach is promising to achieve practical efficiency because tuning the opening size can further widen the photoactive area. © 2004 American Institute of Physics