Further Reforms after the "BIG BANG": The Japanese Government Bond Market

This paper identifies key steps for further development of the JGB market in aligning its infrastructures with those of the U.S. and U.K. government securities markets. One major impediment to the JGB market development is commingled management of government assets and liabilities. Especially Fiscal Investment and Loan Program's inadvertent influence over monetary policy not only causes the cost of government-issued debt to increase but also creates serious impediments to the development of the JGB markets. Therefore, it is recommended that Ministry of Finance's involvement in the JGB market should be limited to issuer's function in the capacity of government debt manager and a "hands-off" policy be adopted by the Ministry of Finance to give all FILP agencies complete autonomy. Additional reform measures are recommended to create a more efficient and effective JGB market: (i) promote JGBs with non-resident investors; (ii) introduce the primary dealer system; (iii) adopt the uniform-price auction method; (iv) allow when-issued trading; (v) develop a truly American-style REPO market; and (vi) introduce STRIPS.

Automated Array Assembly Task In-depth Study of Silicon Wafer Surface Texturizing

Several aspects of silicon wafer surface texturizing were studied. A low cost cleaning method that utilizes recycled Freon in an ultrasonic vapor degreaser to remove organic and inorganic contaminants from the surface of silicon wafers as received from silicon suppliers was investigated. The use of clean dry air and high throughout wafer batch drying techniques was shown to lower the cost of wafer drying. A two stage texturizing process was examined for suitability in large scale production. Also, an in-depth gettering study with the two stage texturizing process was performed for the enhancement of solar cell efficiency, minimization of current versus voltage curve dispersion, and improvement in process reproducibility. The 10% efficiency improvement goal was exceeded for the near term implementation of flat plate photovoltaic cost reduction

A Note on Shareholder Oversight and the Regulatory Environment: The Japanese Banking Experience

During a period where Japanese banks operated under a less restrictive regulatory environment, 1986-88, we find positive relationships between bank risk and ownership concentration. This empirical evidence reveals shareholder activism by the largest shareholders. During the periods immediately before and immediately after this particular subperiod, which are characterized by stricter regulatory environments, we do not observe evidence of shareholder activism. Taken together, these results are consistent with the argument that restrictive regulation and shareholder oversight are substitutes for one another. Time-series results and bank performance results yield consistent evidence.Large shareholders, Japanese banks, bank risk, shareholder oversight

An Anatomy of the Magnet Effect: Evidence from the Korea Stock Exchange High-Frequency Data

We examine the existence and the forms of the magnet effect using transaction files and limit order book of the Korea Stock Exchange. A significant magnet effect exists in all five market microstructure variables (the rate of return, trading volume, volatility, order flow, and order type) when the limit hit becomes imminent. Specifically, investors place increasingly more orders, choose proportionally more market orders, and frequently reposition existing orders to advance transactions. We also find that: (i) a narrower price limit exhibits higher acceleration rates in all five variables compared to a wider price limit; and (ii) the upper limit hits draw heavier volumes of transactions, order submissions and market orders than the lower limit hits. We confirm that the magnet effect is a phenomenon unique only to markets with daily price limit systems.Price Limit, Magnet Effect, Rate of Return, Trading Volume, Volatility, Order Flow, Order Type, Price Trajectory, Korea Stock Exchange

Improved Parameters and New Lensed Features for Q0957+561 from WFPC2 Imaging

New HST WFPC2 observations of the lensed double QSO 0957+561 will allow improved constraints on the lens mass distribution and hence will improve the derived value of H$_0$. We first present improved optical positions and photometry for the known components of this lens. The optical separation between the A and B quasar images agrees with VLBI data at the 10 mas level, and the optical center of the primary lensing galaxy G1 coincides with the VLBI source G' to within 10 mas. The best previous model for this lens (Grogin and Narayan 1996) is excluded by these data and must be reevaluated. Several new resolved features are found within 10\arcsec of G1, including an apparent fold arc with two bright knots. Several other small galaxies are detected, including two which may be multiple images of each other. We present positions and crude photometry of these objects.Comment: 7 pages including 2 postscript figures, LaTeX, emulateapj style. Also available at http://www.astro.lsa.umich.edu:80/users/philf/www/papers/list.htm

Correlation between Subjective Nasal Patency and Intranasal Airflow Distribution

Objectives (1) Analyze the relationship between intranasal airflow distribution and subjective nasal patency in healthy and nasal airway obstruction (NAO) cohorts using computational fluid dynamics (CFD). (2) Determine whether intranasal airflow distribution is an important objective measure of airflow sensation that should be considered in future NAO virtual surgery planning. Study Design Cross-sectional. Setting Academic tertiary medical center and academic dental clinic. Subjects and Methods Three-dimensional models of nasal anatomy were created based on computed tomography scans of 15 patients with NAO and 15 healthy subjects and used to run CFD simulations of nasal airflow and mucosal cooling. Subjective nasal patency was quantified with a visual analog scale (VAS) and the Nasal Obstruction Symptom Evaluation (NOSE). Regional distribution of nasal airflow (inferior, middle, and superior) was quantified in coronal cross sections in the narrowest nasal cavity. The Pearson correlation coefficient was used to quantify the correlation between subjective scores and regional airflows. Results Healthy subjects had significantly higher middle airflow than patients with NAO. Subjective nasal patency had no correlation with inferior and superior airflows but a high correlation with middle airflow (|r| = 0.64 and |r| = 0.76 for VAS and NOSE, respectively). Anterior septal deviations tended to shift airflow inferiorly, reducing middle airflow and reducing mucosal cooling in some patients with NAO. Conclusion Reduced middle airflow correlates with the sensation of nasal obstruction, possibly due to a reduction in mucosal cooling in this region. Further research is needed to elucidate the role of intranasal airflow distribution in the sensation of nasal airflow