Price Discovery of Credit Spreads for Japanese Mega-Banks: Subordinated Bond and CDS

This paper empirically investigates the determinants of credit spreads for Japanese mega-banks with emphasis on comparing subordinated CDS spreads with the subordinated bond spreads from the viewpoint of price discovery in both credit markets. The main findings are summarized as follows. First, subordinated CDS and subordinated bond spreads are significantly cointegrated for most banks, and price discovery measures suggest that the CDS spread plays a more dominant role in price discovery than the bond spread. Second, although both CDS and bond spreads significantly react to the Japanese sovereign CDS spread, only the CDS spread reacts significantly to other financial market variables including its own volatility and equity return. Third, both spreads are responsive to the changes in fundamental accounting variables such as the capital? asset ratio and the nonperforming loan ratio. These accounting variables are likely to constitute common factors that are behind the cointegration relationship. Last, significant volatility spillovers are detected from the CDS to bond spreads. This result implies that new information flows more in this direction.Subordinated Bond, Credit Default Swap, Japanese Banks, Price Discovery, Volatility Spillover, Bivariate GARCH

Determinants of Subordinated Debt Issuance by Japanese Regional Banks

This paper empirically investigates the determinants of subordinated debt issuance by Japanese regional banks during the period 2000-2005 using a probit model. The empirical results suggest the following: (i) Throughout the period, Japanese regional banks with a lower capital/asset ratio have a higher incentive to issue subordinated debts because they are counted as Tier 2 capital under the Basel Accord. (ii) During the period of instability in the Japanese banking system ( 2000-2003), investors tended to intensively use financial variables such as the non-performing loan ratio, ROA, and total deposits outstanding to screen good banks for their investments in the subordinated debts. (iii) During the period after the banking system regained stability (2004-2005), investors tended to pay less attention to the above variables due mainly to the mitigated default risk of these banks.

バイオマスセンサーを応用したピリドキシンの定量

東京水産大学食品生産学科東京水産大学食品生産学科マルハ株式会社中央研究所東京水産大学食品生産学科東京水産大学食品生産学

The New Type of Lectures on the Development of Science Teaching Plans and Materials Tried in the Department ofEducation

岡山大学教育学部の理科教育講座に所属する3年生を対象に,理科教材･授業案開発を指向した新しい講義を始めたのでその報告を行う｡本講義では,近隣の小,中学校や公民館,科学館等の協力も得て実践の場を確保し,開発した教材や授業案を実践することで生きた教材開発の訓練を行なうことを目指している｡教科内容学担当教員と教科教育学担当教員の協働を模索すると同時に,大学教員の教科内容の専門知識や技量を教材や授業案に有効に活用できる講義を意識した。This is a report of the new type of lectures on the development of teaching plans and teaching materials attempted in the science class for 3rd grade students in the Department of Education Okayama Universlty. The students practiced the development of teaching plans and teaching materials, and they conducted their activities not only at university but also at the neighboring schools, the public hall, the science museum etc. We expected the development of further collaboration in the academic staffs in the science education course, and the science abilities will be helpful for the development of teaching plans and teaching materials

Science Teaching to Develop Pupils' Scientific Viewpoints and Ways of Thinking : The Possibility for Instructing the 'Energy Conversion' in Elementary School Science

小学校中学年B区分の学習内容を相互に関連付けて考えるための視点として「エネルギー変換」を取り上げ、これをキーワードにした教材開発と授業設計を行った。岡山大学教育学部附属小学校の第4学年の児童を対象に研究授業を行い、児童の変容を学習の記録や授業前後のコンセプトマップの記述をもとに分析した。その結果、児童の中には、既習事項である「光」「熱」「電気」「力」とそれらがもたらす現象とを、相互に関連付けて考えようとする反応が見られるようになった。Attempts were made to correlate learning contents with each other in the physical science of elementary school science. The authors approached this subject from the energetic viewpoint. We developed some materials and disigned an instructon, based on the 'energy conversion.' One author conducted a science class to the fourth graders of elementary school attached to Okayama University. Then we made an analysis of the children's records of learning in class, and used a concept mapping. In this survey, it was found that some of the pupils tried to associate 'light', 'heat', 'electricity', and 'force' with some phenomena that were brought about from these concepts

The Lectures on the Development of Teaching Plans and Teaching Materials Tried in the Science Education Class in Master's Course, Okayama University

岡山大学大学院教育学研究科の理科教育専攻の講義として、教材開発・授業案開発をテーマとした新しい講義を試みたのでその報告を行う。本講義は、理科教育講座に所属する大学院生、理科教育講座の大学教員、附属学校の理科関係の教諭が三者協働で進めることが特徴である。課題設定、教材開発を含めた実践準備および実践を院生チームを組み遂行させ、さらに経験や専門性の異なる人材と論議を重ねて活動を進めることを通じ、将来、協働で学校現場の課題提案・解決を行うことのできる能力を養うことを目標とした。This is a report of the new type of lectures on the development of teaching plans and teaching materials attempted in the science class in the Master's Course, Okayama University. The lectures were conducted in collaboration of the graduate students and the academic staffs in the science education course, and the science teachers of the attached school of Okayama University. The graduate students were grouped into two teams of five or six people, assigned to decide on themes, prepare and practice the development of teaching plans and teaching materials. They conducted their activities discussing problems with people of different experience and specialty, thus developing the ability to jointly propose and solve problems at schools in future

Associations between the orexin (hypocretin) receptor 2 gene polymorphism Val308Ile and nicotine dependence in genome-wide and subsequent association studies

Impact of the HCRTR2 gene risk variant on schizotypal personality traits (mean ± SD). (DOC 54 kb