Do Firms Benefit from Multiple Banking Relationships?: Evidence from Small and Medium-Sized Firms in Japan

This paper examines empirically the effects of multiple banking relationships on the cost and availability of credit. The analysis is based on an unbalanced panel data set for Japanese small and medium-sized firms over the period 2000-2002. The Hausman-Taylor estimator is used to allow for possible correlation between unobservable heterogeneity among firms and multiple banking relationships. The results suggest that the cost of credit is positively correlated with the number of banking relationships when the endogeneity of the banking relationships is considered. Multiple banking relationships have a positive effect on the availability of credit for financially constrained firms.

Large deviations for the posterior distributions under conjugate prior distributions

This paper takes up three parametric cases－the normal, Poisson, exponentialcases－in order to study a large deviation upper bound forsome posterior probabilitiy of the unknown parameter when in eachcase the prior distribution is assumed to be in a conjugate family. Theupper bound will be given explicitly in each case.田口信夫、高倉泰夫、森永春乃先生 定年退職記念

Asymptotic normality for sums along data-dependent sampling schemes

Let X_={X_,t^1∈N},..., X_={X_, t^d∈N} be independent sequences of i.i.d. real-valued random variables and let S_t=S_+…+S_ where t=(t^1,...,t^d) and S_=Σ_?t^i-μ_i)/σ_i), i=1,...,d. A sequential sampling plan determines the way of taking one observation from one of the processes X_,...,X_, according to the previous sampled data. We show that the random sum of observations under any sequential sampling scheme is asymptotically normal. An easy application of the normality yields the classical result of sequential interval estimation of means of two polulations

Large Deviation Principles for Posterior Distributions of the Normal Parameters

Suppose that X1,X2,... are conditionally i.i.d. random variables withdistribution Pθ given ＝θ，where is an unknown parameter. If Pθis a normal distribution with mean θ and known variance σ2, and if theprior of is chosen from the conjugate family N(μ,v2) or proportionalto the Lebesgue measure, then it follows that the posterior distributionsgiven X1,...,Xn obey a large deviation principle with a rate function. IfPθ is a normal distribution with known mean and unknown precision θ,and if as a prior we choose the gamma distribution with parameters αand β or the improper distribution (1/θ)dθ，the Jeffereys\u27 prior, thenthe posterior distributions of given X1,...,Xn are shown to satisfy alarge deviation principle. The G artner-Ellis theorem plays the key roleto prove these large deviation principles for the posterior distributions

The Conditional Strong Law of Large Numbers in Separable Banach Spaces

Let X be a separable Banach space. Suppose that X1, X2,... are X valued random variables that are conditionally independent and identically distributed given a sub-σ-algebra. We show that, conditionalon the sub-σ-algebra, n－1Σni＝1 Xi converges to the conditional expectation of X1 a.s.吉田省三教授定年退職記念号In Honour of Prof. Shozo Yoshid

First photosensitized enantiodifferentiating isomerization by optically active sensitizer immobilized in zeolite supercages

Enantiodifferentiating photoisomerization of (Z)-cyclooctene sensitized by (R)- or (S)-1-methylheptyl benzoate immobilized in zeolite supercages afforded the respective enantiomer pair, (—)- and (+)-(E)-isomer (1E) in 5% enantiomeric excess, whilst racemic 1E was obtained upon homogeneous-phase photosensitization with the same antipodal sensitizer pair, thus demonstrating for the first time that chirally modified zeolites not only serve as supramolecular photosensitizing media but also enhance the original enantiodifferentiating ability of chiral photosensitizer

Effects of Bisphenol-A and Other Endocrine Disruptors Compared With Abnormalities of Schizophrenia: An Endocrine-Disruption Theory of Schizophrenia

In recent years, numerous substances have been identified as so-called “endocrine disruptors” because exposure to them results in disruption of normal endocrine function with possible adverse health outcomes. The pathologic and behavioral abnormalities attributed to exposure to endocrine disruptors like bisphenol-A (BPA) have been studied in animals. Mental conditions ranging from cognitive impairment to autism have been linked to BPA exposure by more than one investigation. Concurrent with these developments in BPA research, schizophrenia research has continued to find evidence of possible endocrine or neuroendocrine involvement in the disease. Sufficient information now exists for a comparison of the neurotoxicological and behavioral pathology associated with exposure to BPA and other endocrine disruptors to the abnormalities observed in schizophrenia. This review summarizes these findings and proposes a theory of endocrine disruption, like that observed from BPA exposure, as a pathway of schizophrenia pathogenesis. The review shows similarities exist between the effects of exposure to BPA and other related chemicals with schizophrenia. These similarities can be observed in 11 broad categories of abnormality: physical development, brain anatomy, cellular anatomy, hormone function, neurotransmitters and receptors, proteins and factors, processes and substances, immunology, sexual development, social behaviors or physiological responses, and other behaviors. Some of these similarities are sexually dimorphic and support theories that sexual dimorphisms may be important to schizophrenia pathogenesis. Research recommendations for further elaboration of the theory are proposed