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      • KCI등재

        The Stock Listing and Business Value Estimation of Japan Post Holdings

        Hideki, Fujii,Masashi, Watanabe,Natsuko, Yokoyama 한국국제회계학회 2014 국제회계연구 Vol.0 No.57

        2012년 4월 27일 우정서비스 민영화와 관련 법의 부분적인 개정에 따라, 일본의 우정 그룹은 주식상장 계획을 발표했다. 이 계획의 주요한 핵심은, 정부가 100% 지배하고 있고 우정 그룹의 홀딩기업인 일본 우정 홀딩스(JPH)가 2015년 봄을 목표로 그 주식의 공매를 시작하는 것이고 주식의 판매대금은 2011년의 동일본 지진의 피해지역의 복구 기금으로 충당하는 것이다. 이 연구는 공시된 재무정보를 이용하여 JPH의 기업가치를 평가할 것이다. 이는 미래의 우정서비스의 개혁의 전제이며 특히 주식상장의 주요 쟁점이기도 하다. 따라서 본 연구에서는 잔여이익모델을 이용하여 민감도분석을 실행하였다. 본 연구의 결과는 PBR>1과 자본코스트가 4% 또는 5% 보다 작은 조건에서 JPH의 기업가치는 5.06조 에서 8.61조 엔(49.2십억에서 83.8십억 미국달러) 또는 5.81조에서 7.59조 엔(56.2십억 73.8십억 미국달러)의 범위에서 평가되었다. Following the enactment of the “Act for Partial Revision of the Postal Service Privatization Act and Others” on April 27, 2012, the Japan Post Group announced a stock listing plan. The main point of this plan is that Japan Post Holdings (JPH), a 100% government-owned holding company of the group, will start selling its shares, with a target period of autumn 2015 and that the proceeds from the sale of shares are supposed to be devoted to funding reconstruction in the area damaged by the Great East Japan Earthquake 2011. This paper seeks to estimate, based on published financial information, the business value of JPH, which is an important premise for the debate regarding future postal service reforms, and, the issue of the stock listing in particular. For this purpose, we use what is called the “residual income model,” in which the research takes on the nature of a sensitivity analysis. Our research results reveal that the business value of JPH can be estimated to be in the range of 5.06 to 8.61 trillion yen (49.2 to 83.8 billion US dollar), or 5.81 to 7.59 trillion yen (56.2 to 73.8 billion US dollar), and that to achieve a PBR > 1, capital cost must be less than 5% or 4%.

      • KCI등재
      • KCI등재

        Implantation of Liquid Nitrogen Frozen Tumor Tissue after Posterior Decompression and Stabilization for Metastatic Spinal Tumors

        Kazuya Shinmura,Hideki Murakami,Satoru Demura,Satoshi Kato,Katsuhito Yoshioka,Hiroyuki Hayashi,Noriaki Yokogawa,Takashi Igarashi,Moriyuki Fujii,Noritaka Yonezawa,Hiroyuki Tsuchiya 대한척추외과학회 2015 Asian Spine Journal Vol.9 No.6

        Study Design: A retrospective study. Purpose: To evaluate the immunity-enhancing effect of implantation of a liquid nitrogen-treated tumor. Overview of Literature: We have developed a new technique of implanting a tumor frozen in liquid nitrogen after posterior decompression and stabilization, with the aim of enhancing antitumor immunity in order to prolong the survival period of the patient. In the current study, the immunity-enhancing effect of this new technique has been evaluated. Methods: The subjects were 19 patients in whom we had earlier performed decompression and stabilization between April 2011 and September 2013. The 19 subjects were divided into two groups, namely a frozen autologous tumor tissue implantation group (n=15; “implantation group”), which consisted of patients, who underwent implantation with autologous tumor tissue frozen in liquid nitrogen, and a control group (n=4), which consisted of patients, who did not undergo autologous cancer transplantation. To evaluate the immunity-enhancing effect of the protocol, plasma cytokines (interferon [IFN]-γ and interleukin [IL]-12) were analyzed before surgery and a month after surgery. Results: The mean rate of increase in IFN-γ was significantly higher in the implantation group (p =0.03). Regarding IL-12, no significant difference was observed between the groups, although the implantation group exhibited increased levels of IL-12 (p =0.22). Conclusions: Decompression and stabilization combined with autologous frozen tumor cell implantation can enhance cancer immunity in metastatic spinal tumor patients. It is hypothesized that this procedure might prevent local recurrence and prolong survival period.

      • KCI등재

        Prognosis of biopsy-confirmed metabolic dysfunction- associated steatotic liver disease: A sub-analysis of the CLIONE study

        Michihiro Iwaki,Hideki Fujii,Hideki Hayashi,Hidenori Toyoda,Satoshi Oeda,Hideyuki Hyogo,Miwa Kawanaka,Asahiro Morishita,Kensuke Munekage,Kazuhito Kawata,Tsubasa Tsutsumi,Koji Sawada,Tatsuji Maeshiro,H 대한간학회 2024 Clinical and Molecular Hepatology(대한간학회지) Vol.30 No.2

        Background/Aims: Metabolic dysfunction-associated steatotic liver disease (MASLD) was recently proposed as an alternative disease concept to nonalcoholic fatty liver disease (NAFLD). We aimed to investigate the prognosis of patients with biopsy-confirmed MASLD using data from a multicenter study. Methods: This was a sub-analysis of the Clinical Outcome Nonalcoholic Fatty Liver Disease (CLIONE) study that included 1,398 patients with NAFLD. Liver biopsy specimens were pathologically diagnosed and histologically scored using the NASH Clinical Research Network system, the FLIP algorithm, and the SAF score. Patients who met at least one cardiometabolic criterion were diagnosed with MASLD. Results: Approximately 99% of cases (n=1,381) were classified as MASLD. Patients with no cardiometabolic risk (n=17) had a significantly lower BMI than patients with MASLD (20.9 kg/m2 vs. 28.0 kg/m2, P<0.001), in addition to significantly lower levels of inflammation, ballooning, NAFLD activity score, and fibrosis stage based on liver histology. These 17 patients had a median follow-up of 5.9 years, equivalent to 115 person-years, with no deaths, liver-related events, cardiovascular events, or extrahepatic cancers. The results showed that the prognosis for pure MASLD was similar to that for the original CLIONE cohort, with 47 deaths and one patient who underwent orthotopic liver transplantation. The leading cause of death was extrahepatic cancer (n=10), while the leading causes of liver-related death were liver failure (n=9), hepatocellular carcinoma (n=8), and cholangiocarcinoma (n=4). Conclusions: Approximately 99% of NAFLD cases were considered MASLD based on the 2023 liver disease nomenclature. The NAFLD-only group, which is not encompassed by MASLD, had a relatively mild histopathologic severity and a favorable prognosis. Consequently, the prognosis of MASLD is similar to that previously reported for NAFLD.

      • KCI등재

        Invasiveness Reduction of Recent Total En Bloc Spondylectomy: Assessment of the Learning Curve

        Takayoshi Ishii,Hideki Murakami,Satoru Demura,Satoshi Kato,Katsuhito Yoshioka,Moriyuki Fujii,Takashi Igarashi,Hiroyuki Tsuchiya 대한척추외과학회 2016 Asian Spine Journal Vol.10 No.3

        Study Design: Case-control study. Purpose: To evaluate the surgical magnitude and learning curve of “second-generation” total en bloc spondylectomy (TES). Overview of Literature: In June 2010, we developed second-generation TES combined with tumor-induced cryoimmunology, which does not require autograft harvesting. Methods: TES was performed in 63 patients between June 2010 and September 2013. Three groups of patients were evaluated: 20 undergoing surgery in the first year of development of second-generation TES (group I), 20 in the second year (group II), and 23 in the third year (group III). Patient backgrounds showed no remarkable differences. Operating time, intraoperative blood loss, blood transfusion, and postoperative C-reactive protein and creatine phosphokinase were compared among the groups. Results: Mean±standard deviation operating time was 486±130 minutes in group I, 441±85 minutes in group II, and 396±75 minutes in group III. The time was significantly shorter in group III than in group I (p <0.05). Intraoperative blood loss was 901±646 mL in group I, 433±177 mL in group II, and 411±167 mL in group III. Blood loss was significantly lower in groups II and III than in group I (p <0.01). Transfusion was not required in 20 of 23 patients in group III, and mean C-reactive protein levels on postoperative day 3 were significantly lower in this group than in group I (6.12 mg/L vs. 10.07 mg/L; p <0.05). Postoperative creatine phosphokinase levels did not differ among the groups. Conclusions: TES is associated with a significant learning curve. Thus, second-generation TES can no longer be considered highly invasive.

      • Prevalence of NAFLD in Asia: A Systematic Review and Meta-Analysis of 195 Studies and 1,753,168 Subjects from 13 Countries

        ( Jie Li ),( Biyao Zou ),( Hideki Fujii ),( Yee Hui Yeo ),( Fanpu Ji ),( Dong Hyun Lee ),( Yuemin Feng ),( Xiaoyu Xie ),( Wanhua Ren ),( Qiang Zhu ),( Mindie H. Nguyen ) 대한간학회 2018 춘·추계 학술대회 (KASL) Vol.2018 No.1

        Aims: NAFLD is generally correlated with the obesity epidemic. Asia is a heterogeneous region with varying socioeconomic levels and obesity prevalence; therefore, our goal was to estimate the prevalence of NAFLD in Asia through a meta-analytic approach. Methods: PubMed and EMBASE databases were searched from 1989 to 2017 for relevant studies reporting NAFLD prevalence in Asia. All studies were reviewed by three independent investigators. We used random-effects models to provide point estimates with 95% confidence interval (CI) of prevalence. Publication bias was assessed by Egger weighted regression Methods. Results: From the 2700 titles and abstracts reviewed, 195 papers from 13 countries met the inclusion criteria and included 1,753,168 subjects. The overall pooled prevalence for NAFLD in Asia was 31% (95% CI: 29-32). Individual country prevalence was shown in Table 1. In countries with more than 3 studies, the lowest prevalence was seen in Japan (24%, 95% CI: 21-28) and the highest in Iran (36%, 95%CI 31-41). Notably, pooled prevalence from studies with sample <1,000 subjects was much higher (34%, 95% CI: 31-38, 45 studies, n=23,857) than estimate from larger studies (≥1,000 subjects) (30%, 95% CI: 28- 31, 150 studies, n=172,9311). By sub-regions within Asia (Table 2), there was significant regional differences (P<0.01) with the highest NAFLD prevalence seen in West Asia (33%, 95% CI: 28-39, 13 studies, n=32,142) and the lowest in Southeast Asia (24%, 95% CI: 15-33, 5 studies, n=3457). By country income levels, NAFLD prevalence was 30% (95% CI: 29-32, 89 studies, n=1,005,409) for high-income countries and 31% (95% CI: 29-33, 106 studies, n=747,759) for middle-income countries (P<0.63). Conclusions: Overall NAFLD prevalence in Asia is 31% similar to Western countries and by country-income levels within Asia but varies by some sub-regions or Asia with the highest prevalence in West Asia (33%).

      • KCI등재

        Reliability Comparison between “Distal Radius and Ulna” and “Simplified Tanner–Whitehouse III” Assessments for Patients with Adolescent Idiopathic Scoliosis

        Okuda Akinori,Shigematsu Hideki,Fujii Hiromasa,Iwata Eiichiro,Tanaka Masato,Morimoto Yasuhiko,Masuda Keisuke,Yamamoto Yusuke,Tanaka Yasuhito 대한척추외과학회 2020 Asian Spine Journal Vol.14 No.3

        Study Design: This is a retrospective clinical study.Purpose: In this study, we aim to evaluate the reliability of the distal radius and ulna assessment (DRU) and simplified Tanner-Whitehouse III classification (sTW3) in Japanese patients with adolescent idiopathic scoliosis (AIS).Overview of Literature: The greatest curvature of a scoliotic spine occurs at peak-height velocity (PHV), which is the time during which an individual’s height increases at the maximum rate. Diagnosing and appropriately treating AIS before PHV is the most effective way in order to prevent unnecessary deterioration of the scoliosis curve. Although it is difficult to detect scoliosis before PHV, DRU and sTW3, which involve evaluations using a left-hand radiograph, have been reported to be effective.Methods: We retrospectively evaluated 54 hands of 40 girls with AIS who visited Nara Medical University Hospital from 2000 to 2015 using previously collected radiographs. The examiners included a spine surgeon and a pediatric orthopedic surgeon, each with over 10 years of experience. The reliability of the DRU and sTW3 was evaluated using the kappa coefficient.Results: The left-hand radiographs of 40 female patients with AIS (mean age, 13.9±1.7 years; N=54 hands) were evaluated by two blinded examiners using the sTW3 and DRU methods. The highest inter-observer and intra-observer reliabilities (kappa, 0.64 and 0.62, respectively) for radius evaluation were determined. Radius evaluation by the DRU showed the highest agreement rate and smallest error between the inter- and intra-observer examinations.Conclusions: The DRU was the most reliable assessment tool, and it has the potential to be useful for precisely determining the stage of skeletal maturity in outpatient clinics.

      • KCI등재

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