The Influence of Investor Sentiment on the Formation of Golden-cross and Dead-cross

Abstract The so-ealled "golden-cross" and "dead-cross" are said to be useful signals to forecast market trends. In this paper, we focus on the Japanese stock market where gold-crosses and dead-crosses are empirically considered as useful investment signals. First, we examined the usefulness of these signals by using historical Japanese stock price data. The results confirmed that these crosses were useful as confirmatory signals for forecasting market trends. The results also showed that the minimum length of period (days) of useful moving averages is shorter in the case of golden-cross than in that of dead-cross. Second, we tried to identify the underlying reasons for the usefulness of the crosses. Because a model, which assumed all investors were rational financial experts, failed to explain the usefulness of the crosses, we were able to assume that the crosses reflected investors' irrationality or behavioral bias: conservativeness and representativeness about trends (Tversky and Kahneman 1974). We then developed a model that incorporated this bias. Based on simulations using this model, we identified the mechanism with which those crosses closely relate to investors' irrationality or behavioral bias. The analysis also revealed investors' tendency that they were convinced by a bull trend more easily and quickly than by a bear trend. This finding is in line with what is generally observed as investors' bull-bias in the Japanese stock market

Can magnifying endoscopy with narrow band imaging be useful for low grade adenomas in preoperative biopsy specimens?

13301乙第2069号博士（医学）金沢大学博士論文要旨Abstract 要約Outline 以下に掲載：Gastric Cancer 15(2) pp.170-178 2012. Springer. 共著者：三輪 一博, 土山 寿志, 伊藤 錬磨, 中西 宏佳, 平野 桂, 稲垣 聡子, 富永 桂, 吉田 尚弘, 竹村 健一, 山田 真也, 金子 佳史, 片柳 和義, 車谷 宏, 岡田 俊英, 山岸 正

Variation of Rumen Bacterial Diversity in Steers after the Beginning of Grazing

Holstein heifers before or after puberty often are herded on public pastures in Japan. The herbage intake and rumen fermentation of grazing heifers that are not adapted for fresh herbage decreases due to a change of feed from stall-fed dried forage to fresh herbage. This limits their performance during the first several weeks on pasture. Thus, the feeding program such as supplementation before and after the beginning of grazing is important. An increase in ammonia concentration and a decline in fibre degradation in the rumen of a heifer (both of which occur simultaneously with low herbage intake and rumen fermentation) would be caused by the reduced capacity of various bacteria to produce peptides and degrade fibre (Oshio and Tahata 1981). This suggests that variation in rumen bacterial diversity plays an important role in herbage intake and rumen fermentation. However, less information is available on how bacterial diversity in heifers varies during the first few weeks of grazing. This information will provide the basis for designing nutritional management programs for heifers before and after the beginning of grazing. The objective of this study was to determine how herbage intake, digestibility, and rumen bacterial diversity vary in steers that have started grazing without adaptation for fresh herbage during the first 4 weeks after the beginning of grazing

Effect of Edge-Preserving Adaptive Image Filter on Low-Contrast Detectability in CT Systems: Application of ROC Analysis

Objective. For the multislice CT (MSCT) systems with a larger number of detector rows, it is essential to employ dose-reduction techniques. As reported in previous studies, edge-preserving adaptive image filters, which selectively eliminate only the noise elements that are increased when the radiation dose is reduced without affecting the sharpness of images, have been developed. In the present study, we employed receiver operating characteristic (ROC) analysis to assess the effects of the quantum denoising system (QDS), which is an edge-preserving adaptive filter that we have developed, on low-contrast resolution, and to evaluate to what degree the radiation dose can be reduced while maintaining acceptable low-contrast resolution. Materials and Methods. The low-contrast phantoms (Catphan 412) were scanned at various tube current settings, and ROC analysis was then performed for the groups of images obtained with/without the use of QDS at each tube current to determine whether or not a target could be identified. The tube current settings for which the area under the ROC curve (Az value) was approximately 0.7 were determined for both groups of images with/without the use of QDS. Then, the radiation dose reduction ratio when QDS was used was calculated by converting the determined tube current to the radiation dose. Results. The use of the QDS edge-preserving adaptive image filter allowed the radiation dose to be reduced by up to 38%. Conclusion. The QDS was found to be useful for reducing the radiation dose without affecting the low-contrast resolution in MSCT studies

Perforation of intramural gastric metastasis during preoperative chemotherapy in a patient with thoracic esophageal squamous cell carcinoma

AbstractIntroductionPerforation of intramural metastasis to the stomach (IMS) from esophageal cancer during chemotherapy has not been reported.Presentation of caseA 68-year-old male consulted our hospital due to appetite loss. He was diagnosed with advanced esophageal squamous cell carcinoma in the lower thoracic esophagus along with a large IMS in the upper stomach. The patient received preoperative chemotherapy of docetaxel, cisplatin, and 5-fluorouracil (DCF). During the second cycle of DCF, he had upper abdominal pain and was diagnosed with gastric perforation. Omental implantation repair for the perforation, peritoneal drainage, tube-gastrostomy, and tube-jejunostomy were performed.At 24 days after emergency surgery, he underwent thoracoscopic radical esophagectomy with total gastrectomy and reconstruction with colonic interposition. Pathological findings in the esophagus demonstrated complete replacement of the tumor by fibrosis. The gastric tumor was replaced by scar tissue with multinucleated giant cells along with a small amount of viable cancer cells. The patient was alive and healthy at 14 months after the radical operation, without tumor recurrence.DiscussionThe gastric perforation occurred due to rapid regression of the IMS which had involved the whole gastric wall before chemotherapy. Close monitoring to detect rapid tumor shrinkage during chemotherapy in patients with IMS may be warranted. A two-step operation was proposed to achieve safe curative treatment in patients with perforation of IMS during preoperative chemotherapy.ConclusionWe describe the first reported case of a patient with esophageal squamous cell carcinoma who showed perforation of IMS during preoperative chemotherapy

Metallurgical Characterization of Penetration Shape Change in Workpiece Vibration-Assisted Tandem-Pulsed Gas Metal Arc Welding

Tandem-pulsed gas metal arc welding (TP-GMAW) simultaneously uses two wire-electrodes to enhance the material deposition rate, leading to the generation of a finger-shaped penetration as one of the arcs penetrates deeper than the other. On the other hand, workpiece vibration is one of the techniques used to control the microstructure of weld metal and a heat-affected zone. It is incidentally found that a specific vibration condition changes the finger-shaped penetration into pan-bottom shaped penetration in the TP-GMAWeven though the vibration energy is much lower than the arc energy. Microstructure observation and elemental analysis are carried out for the welds fabricated without vibration and with three kinds of vibration modes, namely sine, random, and shock. The specific sine-mode vibration exhibits pan-bottom. The other modes of vibration in the same welding conditions exhibited invariable finger-shaped penetration. The Si atoms as a tracer distribute uniformly in the sine-mode. However, Si atoms segregate at the bottom of the finger-shaped weld metal with the random-mode and shock-mode workpiece vibrations. The weld pool shape change is prominent at a specific frequency. A resonance phenomenon between the droplet flow pattern and the molten material flow in the weld pool is likely to play a vital role in the change. © 2020 by the authors

ERO R1 in CL0939+4713 field - Evidence for an S0-like galaxy at z \sim 1.5

We present further observations of the extremely red object ERO J094258+4659.2, identified by \citet{iye00} as ERO R1 in their deep images of the cluster A851. We estimate its redshift independently by eight-band photometric redshift determination and cross-correlation of a new H-band spectrum with the optical spectra of local E/S0 galaxies, and conclude that it lies at $z \sim 1.5$. Although its colors are consistent both with an elliptical galaxy and an S0 galaxy at that redshift, its elongated shape and exponential luminosity profile suggest the presence of an evolved stellar disk component. We rule out the possibility that these properties are strongly influenced by gravitational lensing by the foreground cluster, and therefore conclude that this object is more likely to be an S0-like galaxy, rather than a lensed elliptical. The H-band spectrum does not show strong H$\alpha$ emission and the star formation rate therefore appears to be very modest. The presence of such a galaxy with an apparently relaxed disk of stars at this high redshift provides a new and strong constraint on theoretical models which aim to explain the formation and evolution of galaxies.Comment: 23 pages, 9 figures, Submitted to the Astrophysical Journa

Dynamics of rheumatoid joint

In the present communication the recent works done by the Rheumatism Research Group of Department of Orthopedic Surgery, Okayama University, are described. The principal findings may briefly be summarized as follows. 1. Pathohistological pictures of the synovial membrane are classified into six types. Among them, Fibrinoid type and Follicular-Fibrosis type are the representative ones of chronic rheumatoid arthritis. 2. For the evaluation of the systemic as well as the local activities in rheumatoid arthritis and for judging the therapeutic effect, some indices have been established. 3. Injection of steroid hormones into the local joints fails to give satisfactory results in advanced, chronic rheumatoid arthritis. In such instances the flushing of the joint with physiological saline solution is effective. 4. In the case of chronic rheumatoid arthritis where the inflammation of hand and phalangeal joints is marked, RA-test gives rapid and more intense reaction, and most of such cases are of Follicular-Fibrosis type. 5. When lymph follicles appearing in the synovial membrane are stained when methyl green pyronine, the arrangement of lymphoid cells and plasma cells becomes distinctly clear. By micro-autoradiographic observations it can be seen that ³H-thymindine injected into the joint cavity is mostly ingested by the lymphoid cells in lymph follicles. 6. In the observation by the fluorescent antibody method multinuclear leucocytes found in the joint fluid and in the peripheral blood react with 19S and 7S-gamma-globulins. 7. When the serum and the joint fluid of the patient with rheumatoid arthritis are fractionated, they separate into three peaks at 19S, 7S, and 4S. Both S. S. C. A.-test and L. F. T. tests reveal the peak at 19S. The serum of chronic hepatitis positive to RA-test and the serum of rheumatoid arthritis are found to react immunologically the same to anti-&#946;2 M globulin sheep serum. 8. When the reticulo-endothelial system of rat is blocked by 900,000 molecules of poly-vinyl-pyrroridon, the ability of antibody production is diminished. 9. Chemical synovectomy of injecting osmic acid is effective to FibrinoidCoating type. Its action mechanism lies in the complete cleaning of the surface of synovial membrane. 10. By radiating synovectomy with 193Au a fairly good result can be expected. 198Au is ingested by those cells in the surface layer of the synovial membrane and also by histiocytes in the synovial membrane. When 5 mc of 198Au are injected into the knee joint, a marked necrosis of the synovial membrane occurs. When 198Au is added to the ascites cells of rabbit during the tissue culture, in the concentration of over 14 &#956;C degeneration of these cells can be recognized. 11. From the examination results of prognosis on those 25 cases with 41 rheumatoid knee joints after surgical synovectomy, it is considered that this method is indicated for Follicular-Fibrosis type. Ones with rheumatoid knee joint of Fibrinoid-Coating type gold sol treatment should be resorted to. In the cases of hand joints, surgical synovectemy is to be recommended at a relatively early stage.</p