Ownership Structure, Investment Behavior and Firm Performance in Japanese Manufacturing Industries

Using data spanning the 1996-1998 fiscal years of 247 of Japan's largest manufacturers, we empirically evaluate the extent to which a firm's investment behavior and financial performance is influenced by its ownership structure. To do so, we examine six distinct categories of Japanese shareholders: foreign investors, investment funds, pen sion funds, banks and insurance companies, affiliated companies and insiders. Our findings strongly indicate that the relationship between the equity stakes of a particular category of investor and a firm's financial performance and investment behavior is highly idiosyncratic. Such a result emphasizes the importance of making finely grained and contextually relevant distinctions when modeling and evaluating corporate governance relations.corporate governance;performance;Japan;investment behaviour;ownership

Measurement of the Width Difference of B_d Mesons

We estimate \Delta Gamma_d/\Gamma_d, including 1/m_b contributions and part of the next-to-leading order QCD corrections, and find it to be around 0.3%. We show the methods to measure \Delta Gamma_d/\Gamma_d by using at least two different final states on the untagged B_d decay. The nonzero width difference can also be used to identify new physics effects and to resolve a twofold discrete ambiguity in the B_d-\bar{B}_d mixing phase. With the high statistics and accurate time resolution of the upcoming LHC experiment, the measurement of \Delta Gamma_d seems to be possible. This measurement would be important for an accurate measurement of \sin2\phi_1 at the LHC. We also derive an upper bound on the value of \Delta Gamma_d/\Gamma_d in the presence of new physics.Comment: 3 pages, LaTeX, Presented at the 5th KEK Topical Conference(KEKTC5

Why is the condensed phase of DNA preferred at higher temperature? DNA compaction in the presence of a multivalent cation

Upon the addition of multivalent cations, a giant DNA chain exhibits a large discrete transition from an elongated coil into a folded compact state. We performed single-chain observation of long DNAs in the presence of a tetravalent cation (spermine), at various temperatures and monovalent salt concentrations. We confirmed that the compact state is preferred at higher temperatures and at lower monovalent salt concentrations. This result is interpreted in terms of an increase in the net translational entropy of small ions due to ionic exchange between higher and lower valence ions.Comment: 4pages,3figure

A steering law for a roof-type configuration for a single-gimbal control moment gyro system

Single-Gimbal Control Moment Gyro (SGCMG) systems have been investigated for attitude control of the Large Space Telescope (LST) and the High Energy Astronomy Observatory (HEAO). However, various proposed steering laws for the SGCMG systems thus far have some defects because of singular states of the system. In this report, a steering law for a roof-type SGCMG system is proposed which is based on a new momentum distribution scheme that makes all the singular states unstable. This momentum distribution scheme is formulated by a treatment of the system as a sampled-data system. From analytical considerations, it is shown that this steering law gives control performance which is satisfactory for practical applications. Results of the preliminary computer simulation entirely support this premise

Exploring Galaxy Evolution from Infrared Number Counts and Cosmic Infrared Background

Recently reported infrared (IR) galaxy number counts and cosmic infrared background (CIRB) all suggest that galaxies have experienced a strong evolution sometime in their lifetime. We statistically estimate the galaxy evolution history from these data. We find that an order of magnitude increase of the far-infrared (FIR) luminosity at redshift z = 0.5 - 1.0 is necessary to reproduce the very high CIRB intensity at 140 um reported by Hauser et al. (1998). z \sim 0.75 and decreases to, even at most, a factor of 10 toward z \sim 5, though many variants are allowed within these constraints. This evolution history also satisfies the constraints from the galaxy number counts obtained by IRAS, ISO and, roughly, SCUBA. The rapid evolution of the comoving IR luminosity density required from the CIRB well reproduces the very steep slope of galaxy number counts obtained by ISO. We also estimate the cosmic star formation history (SFH) from the obtained FIR luminosity density, considering the effect of the metal enrichment in galaxies. The derived SFH increases steeply with redshift in 0 0.75. This is consistent with the SFH estimated from the reported ultraviolet luminosity density. In addition, we present the performance of the Japanese ASTRO-F FIR galaxy survey. We show the expected number counts in the survey. We also evaluate how large a sky area is necessary to derive a secure information of galaxy evolution up to z \sim 1 from the survey, and find that at least 50 - 300 deg^2 is required.Comment: 18 pages LaTeX, PASJ in press. Abstract abridge