"Long Term Loans and Investment in Japan: An Empirical Analysis Based on the Panel Data of Japanese Firms"

The purpose of this paper is to investigate whether that the policy-based allocation of long-term funds played an important role in promoting the high economic growth in post-war Japan. Using the panel data functions of Japanese firms, we estimate Tobinfs Q investment functions in two different sample periods | 1972-84 and 1985-96. In 1972-84, we find that the long-term loan ratio had an additional positive effect on investment. In particular, the result holds true regardless of the size of corporate cash flows or the type of corporate groupings. However, in 1985-96, we cannot find that a higher ratio of long-term loans increased the Japanese firmfs investment. The result indicates that the size of long-term loans had a great influence on the firmfs investment only before the financial liberalization in Japan.

The Role of Sonic Hedgehog Signaling in Osteoclastogenesis and Jaw Bone Destruction.

Sonic hedgehog (SHH) and its signaling have been identified in several human cancers, and increased levels of its expression appear to correlate with disease progression and metastasis. However, the role of SHH in bone destruction associated with oral squamous cell carcinomas is still unclear. In this study we analyzed SHH expression and the role played by SHH signaling in gingival carcinoma-induced jawbone destruction. From an analysis of surgically resected lower gingival squamous cell carcinoma mandible samples, we found that SHH was highly expressed in tumor cells that had invaded the bone matrix. On the other hand, the hedgehog receptor Patched and the signaling molecule Gli-2 were highly expressed in the osteoclasts and the progenitor cells. SHH stimulated osteoclast formation and pit formation in the presence of the receptor activator for nuclear factor-κB ligand (RANKL) in CD11b+ mouse bone marrow cells. SHH upregulated phosphorylation of ERK1/2 and p38 MAPK, NFATc1, tartrate-resistant acid phosphatase (TRAP), and Cathepsin K expression in RAW264.7 cells. Our results suggest that tumor-derived SHH stimulated the osteoclast formation and bone resorption in the tumor jawbone microenvironment

A novel PI3K inhibitor iMDK suppresses non-small cell lung Cancer cooperatively with A MEK inhibitor

The PI3K–AKT pathway is expected to be a therapeutic target for non-small cell lung cancer (NSCLC) treatment. We previously reported that a novel PI3K inhibitor iMDK suppressed NSCLC cells in vitro and in vivo without harming normal cells and mice. Unexpectedly, iMDK activated the MAPK pathway, including ERK, in the NSCLC cells. Since iMDK did not eradicate such NSCLC cells completely, it is possible that the activated MAPK pathway confers resistance to the NSCLC cells against cell death induced by iMDK. In the present study, we assessed whether suppressing of iMDK-mediated activation of the MAPK pathway would enhance anti-tumorigenic activity of iMDK. PD0325901, a MAPK inhibitor, suppressed the MAPK pathway induced by iMDK and cooperatively inhibited cell viability and colony formation of NSCLC cells by inducing apoptosis in vitro. HUVEC tube formation, representing angiogenic processes in vitro, was also cooperatively inhibited by the combinatorial treatment of iMDK and PD0325901. The combinatorial treatment of iMDK with PD0325901 cooperatively suppressed tumor growth and tumor-associated angiogenesis in a lung cancer xenograft model in vivo. Here, we demonstrate a novel treatment strategy using iMDK and PD0325901 to eradicate NSCLC

Long Term Loans and Investment in Japan : An Empirical Analysis Based on the Panel Data of Japanese Firms

The purpose of this paper is to investigate whether that the policy-based allocation of long-term funds played an important role in promoting the high economic growth in post-war Japan. Using the panel data functions of Japanese firms, we estimate Tobin’s Q investment functions in two different sample periods － 1972-84 and 1985-96. In 1972-84, we find that the long-term loan ratio had an additional positive effect on investment. In particular, the result holds true regardless of the size of corporate cash flows or the type of corporate groupings. However, in 1985-96, we cannot find that a higher ratio of long-term loans increased the Japanese firm’s investment. The result indicates that the size of long-term loans had a great influence on the firm’s investment only before the financial liberalization in Japan.A part of this paper titled "The Role of Long-term Funds for Economic Development: Empirical Evidence in Japan, Korea, and Taiwan" was subsequently published in J. Fan, J. Teranishi, and M. Hanazaki eds., Desiging Financial Systems in East Asia & Japan (Routledge), 2004, p. 47-83

Long Term Loans and Investment in Japan : An Empirical Analysis Based on the Panel Data of Japanese Firms

The purpose of this paper is to investigate whether that the policy-based allocation of long-term funds played an important role in promoting the high economic growth in post-war Japan. Using the panel data functions of Japanese firms, we estimate Tobin’s Q investment functions in two different sample periods － 1972-84 and 1985-96. In 1972-84, we find that the long-term loan ratio had an additional positive effect on investment. In particular, the result holds true regardless of the size of corporate cash flows or the type of corporate groupings. However, in 1985-96, we cannot find that a higher ratio of long-term loans increased the Japanese firm’s investment. The result indicates that the size of long-term loans had a great influence on the firm’s investment only before the financial liberalization in Japan.A part of this paper titled "The Role of Long-term Funds for Economic Development: Empirical Evidence in Japan, Korea, and Taiwan" was subsequently published in J. Fan, J. Teranishi, and M. Hanazaki eds., Desiging Financial Systems in East Asia & Japan (Routledge), 2004, p. 47-83.本文フィルはリンク先を参照のこ

The effect of loading direction on the dwell fatigue properties of Ti-6Al-4V forged bar with highly oriented texture

The purpose of this study was to improve our understanding of the effect of macro/micro texture on dwell fatigue properties. The Ti-6Al-4V forged bar with highly oriented texture and fine equiaxed microstructure was used. Dwell fatigue, cyclic fatigue and creep tests were conducted at room temperature by using specimens taken in the longitudinal (L) direction and the transverse (T) direction of the bar. The effects of loading direction on dwell fatigue life and fracture surface morphology were examined in detail. The dwell fatigue life in T direction was shorter than that in L direction. The fracture surface morphologies were characteristically varied by loading waveform, amplitude and directions. In the range of 93 - 95% of 0.2%PS, the characteristic large facets were observed in the T direction in dwell fatigue. Detailed analyses revealed that the large facet consists of multiple initiation facets and propagation facets. The propagation facet plane and crack propagation direction appeared to correspond to alpha (0001) . Furthermore, the relationship between strain rate and life time was compared to that for room temperature creep. The deviation from the Monkman-Grant relationship corresponded to the change of the fracture surface morphology