Developments in Land Prices and Bank Lending in Interwar Japan: Effects of the Real Estate Finance Problem on the Banking Industry

This paper investigates the relationship between fluctuations in asset prices and the real economic activity in interwar Japan, focusing on the effects of land price movements on the volume of bank lending. When what is called the "real estate finance problem" arose in the 1920s and the beginning of the 1930s, falling land prices may have affected bank lending, possibly due to the reduced collateral value of real estate held by borrowers and the reduced risk-taking capacity of the banking industry caused by impaired equity capital. Fluctuations in land prices and changes in the volume of lending made by ordinary and savings banks show similar developments, and regression analyses including panel data analyses at the prefectural level have indicated a significant relationship between land prices and bank lending. With respect to the equity capital of banking industry, consideration has been given to the scale of losses in real estate collateral loans caused by falling land prices, based on data from the Nihon Kangyo Bank.

Part-Paid Stock, Corporate Finance, and Investment: Economic Consequences of the Part-Paid Stock System and Supplementary Installments in the Early 1930s of Japan

Under Japanfs prewar capital stock system of joint-stock companies, rather than paying the full face value of a share in one lump sum, shareholders paid for stocks in multiple installments. This system was transplanted from industrialized Western nations during the Meiji Era to make it easier for investors to buy company shares and to promote capital concentrations. Company directors determined the amount of supplementary installments on part-paid stocks and when these installments were paid. The Commercial Code and Corporate articles of association specified sanctions for nonpayment, giving companies the backing needed to call in supplementary installments. Supplementary installments functioned as a last resort for corporate fund-raising in times of financial distress and played a role in corporate cash management and investment. Studies of historical documents such as financial statements and company histories show that in the early 1930s of the Great Depression, in a time of tight financial markets, many companies raised funds through supplementary installments, applying these funds to make investments and repay debts. As part of our study, we construct a new corporate financial data set with data on supplementary installments encompassing 174 firms, based on the Mitsubishi Economic Research Institutefs Honpo Jigyo-Seiseki Bunseki (Performance analysis of Japanese companies) and Toyo Keizaifs Kabushiki Gaisha Nenkan ( Company Year Book) and estimate cross-sectional investment functions for the fiscal year of 1932. Regression results suggest that while corporate investments were subject to liquidity and debt constraints, supplementary installments stabilized corporate cash management and promoted corporate investment activities.part-paid stock, joint-stock company, corporate finance, investment, financial system, interwar period, Great Depression

High efficacy of third generation EGFR inhibitor AZD9291 in a leptomeningeal carcinomatosis model with EGFR-mutant lung cancer cells

Leptomeningeal carcinomatosis (LMC) remarkably decreases the quality of life of EGFR-mutant lung cancer patients. In contrast to the lesions outside the central nervous system (CNS), molecular mechanisms of EGFR tyrosine kinase inhibitor (TKI) resistance in CNS lesions including LMC are largely unknown. In this study, we established an in vivo imaging model for LMC with EGFR mutant lung cancer cell lines harboring an exon 19 deletion in EGFR and evaluated the effect of first generation EGFR-TKIs, erlotinib, second generation afatinib, and third generation AZD9291. In PC-9/ffluc model, erlotinib treatment slowed the development of LMC. Importantly, treatment with afatinib or AZD9291 apparently delayed the development of LMC. Moreover, treatment with a higher dose of AZD9291, also associated with inhibited phosphorylation of EGFR downstream molecule S6, regressed LMC refractory to the aforementioned EGFR-TKI treatments. These observations suggest that the third generation EGFR-TKI AZD9291 may be an effective treatment for first or second generation EGFR-TKI resistant LMC caused by EGFR-mutant lung cancer

The low expression of miR-451 predicts a worse prognosis in non-small cell lung cancer cases

Purpose miR-451 is a tumor suppressive microRNA with several target genes, including Macrophage migration inhibitory factor (MIF). As little is known about the expression and clinicopathological significance of mir-451 in NSCLC, we performed a clinicopathological study of 370 NSCLC cases to clarify them. Cell biological experiments were also performed on NSCLC cell lines to confirm the tumor-suppressive role of miR-451 and whether or not MIF is targeted by miR-451. Methods We analyzed 370 NSCLC cases for the miR-451 expression by quantitative real-time polymerase chain reaction and the MIF expression by immunohistochemistry. Eighty-four background lung tissue samples were also evaluated for the miR-451 expression. The clinicopathological and genetic factors surveyed were the disease-free survival, smoking status, histological type, disease stage, EGFR gene mutations and ALK rearrangements. In 286 adenocarcinoma cases, the invasive status (adenocarcinoma in situ, minimally invasive adenocarcinoma and invasive adenocarcinoma) was also evaluated. Five NSCLC cell lines (H23, H441, H522, H1703, and H1975) were cultured and evaluated for their miR-451 and MIF expression. The cell lines with lower miR-451 and higher MIF expressions were then selected and transfected with miR-451-mimic to observe its effects on MIF expression, Akt and Erk status, cell proliferation, and cell migration. Results The miR-451 expression was down-regulated in cancer tissues compared with background lung tissues (P<0.0001). Factors such as advanced disease stage, positive pleural invasion and nodal status and being a smoker were significantly correlated with a lower expression of miR-451 (P<0.05 each), while EGFR gene mutations and ALK rearrangements were not. In adenocarcinoma, invasive and minimally invasive adenocarcinoma showed lower expression of miR-451 than adenocarcinoma in situ (P<0.0005, respectively). A survival analysis showed that a lower expression of miR-451 was an independent predictor of a poor prognosis for NSCLC (P<0.05). The MIF expression was inversely correlated with the miR-451 expression. Out of 5 NSCLC cell lines examined, H441 and H1975 showed higher MIF and lower miR-451 expressions. After the transfection of miR-451-mimic, the MIF expression and phosphorylated Akt expression of these cell lines was suppressed, as were cell proliferation and cell migration. Conclusion This clinicopathological study of 370 NSCLC cases and the cell biological studies of NSCLC cell lines clarified the tumor-suppressive role of miR-451 and its prognostic value. We also validated MIF as a target of miR-451 in NSCLC

Chemistry of Secondary Polyphenols Produced during Processing of Tea and Selected Foods

This review will discuss recent progress in the chemistry of secondary polyphenols produced during food processing. The production mechanism of the secondary polyphenols in black tea, whisky, cinnamon, and persimmon fruits will be introduced. In the process of black tea production, tea leaf catechins are enzymatically oxidized to yield a complex mixture of oxidation products, including theaflavins and thearubigins. Despite the importance of the beverage, most of the chemical constituents have not yet been confirmed due to the complexity of the mixture. However, the reaction mechanisms at the initial stages of catechin oxidation are explained by simple quinone–phenol coupling reactions. In vitro model experiments indicated the presence of interesting regio- and stereoselective reactions. Recent results on the reaction mechanisms will be introduced. During the aging of whisky in oak wood barrels, ellagitannins originating from oak wood are oxidized and react with ethanol to give characteristic secondary ellagitannins. The major part of the cinnamon procyanidins is polymerized by copolymerization with cinnamaldehyde. In addition, anthocyanidin structural units are generated in the polymer molecules by oxidation which accounts for the reddish coloration of the cinnamon extract. This reaction is related to the insolubilization of proanthocyanidins in persimmon fruits by condensation with acetaldehyde. In addition to oxidation, the reaction of polyphenols with aldehydes may be important in food processing

Reversible Potential Change of Ferrocenylthiol Monolayers Induced by Atomic Force Microscopy

Self-assembled monolayers (SAMs) of alkanethiol with a ferrocenyl group (ferrocenylthiol) are well known as electrochemically active ultrathin films. In this study, ferrocenylthiol SAMs were locally modified by applying DC bias voltages to the SAMs using atomic force microscopy (AFM) and the surface potential distributions of the modified areas were investigated by Kelvin probe force microscopy. A positive surface potential shift was detected in the negatively biased regions. In addition, a reversible surface potential change was successfully detected. The surface potential changes were discussed in terms of the electrochemical activity of the ferrocenyl groups