Risk-Sharing Externalities and Its Implications for Equity Premium in an Infinite-Horizon Economy

This paper examines asset prices when risk-sharing externalities are incorporated into an infinite-horizon model where consumers are exposed to the endogenous income risks. It is shown that there exist multiple types of equilibria depending on the degree of market participation. Under incomplete participation, income risks cannot be fully diversified as they induce higher precautionary savings, which are conducive in turn to higher asset prices. However, the exposure to additional dividend risks can lead at the same time to a lower demand for risky assets. The aggregate effect is an increase in the equity risk premium and a decrease in the risk-free rate. Thus, the evidence suggests that the equity premium and risk-free rate puzzles can be partly explained by infinite-horizon models with incomplete market participation.Risk-sharing externalities, endogenous income risks, incomplete market participation, asset prices

Inter-meson Potentials in Dual Ginzburg-Landau Theory

We calculate inter-meson potentials numerically by solving classical equations of motion derived from Dual Ginzburg-Landau (DGL) Theory. Inter-meson potentials in DGL theory are shown to be similar to those of the string-flip model and well reproduce behaviors of the short-range interaction at the classical level. We also compare our results with those from lattice QCD Monte carlo calculations.Comment: 18 pages, latex, 8 figure

Gold(I)-Catalyzed Cascade Cyclization Reactions of Allenynes for the Synthesis of Fused Cyclopropanes and Acenaphthenes

A gold‐catalyzed reaction of phenylene‐tethered allenynes with benzofurans gave 1‐(naphth‐1‐yl)cyclopropa[b]benzofuran derivatives, whereas the reaction of 1‐allenyl‐2‐ethynyl‐3‐methylbenzene derivatives in the absence of benzofurans gave acenaphthenes in good yields. These results can be rationalized by nucleophilic attack of the alkyne moiety on an activated allene to form a vinyl cation intermediate

Magnetization dependent current rectification in (Ga,Mn)As magnetic tunnel junctions

We have found that the current rectification effect in triple layer (double barrier) (Ga,Mn)As magnetic tunnel junctions strongly depends on the magnetization alignment. The direction as well as the amplitude of the rectification changes with the alignment, which can be switched by bi-directional spin-injection with very small threshold currents. A possible origin of the rectification is energy dependence of the density of states around the Fermi level. Tunneling density of states in (Ga,Mn)As shows characteristic dip around zero-bias indicating formation of correlation gap, the asymmetry of which would be a potential source of the energy dependent density of states

Synthesis of IB-01212 by multiple N-methylations of peptide bonds.

There are many natural peptides with multiple N-methylamino acids that exhibit potent attractive biological activities. N-methylation of a peptide bond(s) is also one of the standard approaches in medicinal chemistry of bioactive peptides, to improve the potency and physicochemical properties, especially membrane permeability. In this study, we investigated a facile synthesis process of N-methylated peptides via simultaneous N-methylation of several peptide bonds in the presence of peptide bonds that were not to be methylated. As a model study, we investigated the synthesis of the antiproliferative depsipeptide, IB-01212. We used a pseudoproline to protect the non-methylated peptide bond during a simultaneous N-methylation with MeI-Ag[2]O. Using further manipulations including a dimerization/cyclization process, IB-01212 and its derivatives were successfully synthesized. A preliminary structure-activity relationship study demonstrated that the symmetric structure contributed to the potent cytotoxic activity of IB-01212

Gold(I)-Catalyzed Cascade Cyclization of Anilines with Diynes: Controllable Formation of Eight-Membered Ring-Fused Indoles and Propellane-Type Indolines

Heterocycle-fused indoles or indolines are distributed widely in a variety of natural products, bioactive agents, and pharmaceuticals. Herein, we describe the development of gold-catalyzed cascade reactions of anilines with diynes to form eight-membered ring-fused indoles and propellane-type indolines, both of which proceed through an intramolecular 5-endo-dig hydroamination followed by an 8-endo-dig cycloisomerization. Controllable formation of eight-membered ring-fused indoles and propellane-type indolines was achieved through selection of the ligands and/or solvents. Protic solvents such as alcohols or IPr ligand favored the formation of eight-membered ring-fused indoles, whereas the use of Buchwald’s type ligands and/or nonpolar solvents gave propellane-type indoline predominantly. This reaction provides rapid access to two types of fused nitrogen heterocycles from simple aniline derivatives

Incident-Angle-Dependent Extraordinary Transmission of the Terahertz Bull’s-Eye Structure

The bull’s-eye structure in the terahertz (THz) frequency region has ample applications owing to its ability to focus free-propagating waves into subwavelength apertures, resulting in enhanced transmission, that is, extraordinary transmission. However, its coupling properties have been primarily discussed in terms of the normal plane-wave incidence to the structure. In this study, we investigate the multiple resonances in extraordinary transmission with normal and oblique incident waves. The experiment using a widely tunable and high-power THz wave source revealed two types of resonances. The main resonance split depends on the incident angle, and the other corresponds to the side lobe of the main resonances. The results are explained by a simple analytical model using a finite number of scattering media. The analysis is supported by the full-wave simulation using the finite-element method, which agrees with the experimental results. The coupling mechanisms will be applicable to design devices, such as THz biosensing devices or THz antennas for rapid communication systems

PURIFICATION AND PROPERTIES OF AN AZO-REDUCTASE FROM BACILLUS SP.

Joint Research on Environmental Science and Technology for the Eart