Changes in Corporate Restructuring Processes in Japan, 1981-2007

We analyze a large database collected from newspaper articles that report on major episodes of corporate restructuring in Japan between 1981 and 2007. By linking this database with financial data on public firms, we identify changes in the likelihood that a distressed undergoes restructuring, as well as in some measures adopted during restructuring. We find that the way distressed Japanese firms are restructured has changed during this period. The likelihood that a large distressed firm with high levels of debt undergoes restructuring has declined. Those firms that undergo restructuring continue to adopt more aggressive measures in terms of layoffs and cutbacks than other distressed firms, suggesting that "restructuring", when it happens, involves real adjustments. Banks continue to be important for firms with a clearly identified main bank, and the main bank is more likely to push for more drastic reductions in debt and bank loans than other entities leading a restructuring event

Theory of Macroscopic Quantum Tunneling and Dissipation in High-Tc Josephson Junctions

We have investigated macroscopic quantum tunneling (MQT) in in-plane high-Tc superconductor Josephson junctions and the influence of the nodal-quasiparticle and the zero energy bound states (ZES) on MQT. We have shown that the presence of the ZES at the interface between the insulator and the superconductor leads to strong Ohmic quasiparticle dissipation. Therefore, the MQT rate is noticeably suppressed in comparison with the c-axis junctions in which ZES are completely absent.Comment: 4 pages. 1 figur

ヒト肝細胞癌においてherpesvirus entry mediatorの発現がもたらす影響

BACKGROUND: Herpes virus entry mediator (HVEM), also known as tumour necrosis factor receptor (TNFR) superfamily 14, regulates a variety of physiological and pathological responses in both innate and acquired immunity. Although HVEM is also suggested to be a critical regulator in tumours, actual roles in human cancer are largely unknown. This study aimed to clarify clinical importance of HVEM in human hepatocellular carcinoma (HCC). PATIENTS AND METHODS: We studied HVEM expression in 150 HCC patients to explore its clinical relevance, and we examined tumour infiltrating T cells and local immune status of them. RESULTS: HVEM was expressed in HCC cells, while no or only limited expression was observed in normal tissues in the liver. Tumour HVEM expression was significantly correlated with age, serum protein induced by vitamin K absence or antagonist-II (PIVKA-II) level, vascular invasion and tumour node metastasis (TNM) stage. Furthermore, tumour HVEM expression significantly correlated with postoperative recurrence and survival. Importantly, multivariate analysis indicated that the HVEM status had an independent prognostic value. Furthermore, HVEM status was inversely correlated with tumour-infiltrating CD4(+), CD8(+) and CD45RO(+) lymphocytes. In addition, it was also associated with reduced expression of perforin, granzyme B and interferon-γ (IFN-γ). Taken together, tumour-expressing HVEM plays a functionally important role in HCC. CONCLUSION: Tumour-expressing HVEM plays a critical role in human HCC, possibly through regulating immune evasion. Therefore, targeting HVEM may be a novel promising therapeutic strategy for HCC.博士（医学）・乙第1359号・平成27年5月28日Copyright © 2014 Elsevier Ltd