Return Premium of Financial Distress and Negative Book Value: Emerging Market Case

KAKINUMA, Yosuke Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.8

The purpose of this paper is to examine a financial distress premium in the emerging market. A risk-return trade-off of negative book equity (NBE) and distress firms is empirically analyzed using data from the Stock Exchange of Thailand. This research employs Ohlson's (1980) bankruptcy model as a measurement of distress risk. The results indicate that distress firms outperform solvent firms in the Thai market and deny distress anomaly often found in the developed market. Fama-Frech (1993) three-factor model and Carhart (1997) four-factor model verify the existence of a distress premium in the Thai capital market. Risk-seeking investors demand greater compensation for bearing risks of distress firms' going concern. This paper provides fresh evidence that default risk is a significant explanatory factor in pricing stocks in the emerging market. Also, this study sheds light on the role of NBE firms in asset pricing. Most studies eliminate NBE firms from their sample. However, NBE firms yield superior average cross-sectional returns, albeit with higher volatility. Investors are rewarded with distress risks associated with NBE firms. The outperformance of NBE firms is statistically significant when compared to the overall market. The NBE premium disappears when factoring size, value, and momentum in time-series analysis.

주택설비에서의 BIM 활용 검토

?沼整三(Kakinuma Seijou),김종훈(번역자) 대한설비공학회 2021 설비저널 Vol.50 No.11

Improved Protein Pharmaceuticals Engineered by Gene Manipulation and Cell Fusion

Atsushi Kakinuma 한국미생물생명공학회(구 한국산업미생물학회) 1989 새로운 산업미생물과 신물질 탐색 Vol.- No.-

Ingestion of mushroom chitosan ameliorates genetic lipidosis

Fumio Eguchi,Akiko Kakinuma,Hiroaki Yoshimoto 한국버섯학회 2010 한국버섯학회 국제학술대회 Vol.6 No.-

Poster Session 1 : Genomics and Bioinformatics Proteomics Chemical Genetics / Genomics ; Antiangiogenic activity of macrolactam polyketide, vicenistatin and its derivatives

( Ki Suk Jeon ),( Katsumi Kakinuma ),( Ho Jeong Kwon ) 한국생화학분자생물학회 (구 한국생화학회) 2004 생화학분자생물학회 춘계학술발표논문집 Vol.2004 No.-

Ingestion of mushroom chitosan ameliorates genetic lipidosis

Fumio Eguchi,Akiko Kakinuma,Hiroaki Yoshimoto 한국버섯학회 2010 한국버섯학회지 Vol.8 No.4

[Introduction] Mushroom constituents have been found to be highly effective in the prevention and treatment of lifestyle diseases such as lipidosis, high blood pressure, and diabetes, which are closely linked to eating habits, and several varieties of functional foods have been developed from these constituents. As a result, doctors of Western medicine in particular, who in the past have been dismissive of herbal or Oriental medicine, are now tending to take a more proactive stance toward adopting the better aspects of alternative, complementary or traditional medicine. Natural remedies and folk medicines have been incorporated into the treatment of cancer, for example, and in the same way it has become common to incorporate mushrooms into treatment regimes before and after surgical interventions and alongside therapies such as chemotherapy, radiation therapy, and hormone therapy. Mushroom chitosan, which is investigated in this study, is a novel functional ingredient made from the mushroom Flammulina velutipes (Curt.:Fr.) Sing., which is the most common edible mushroom to be artificially cultivated in Japan and has long been part of the Japanese diet. Unlike chitosans of crustacean origin, mushroom chitosan is rich in the main structural component β-glucan, and this dietary fiber is expected to have positive functions within the body. In particular, there are hopes that mushroom chitosan will inhibit cholesterol and fat absorption in the small intestine, and suppress total cholesterol and neutral fat levels in the serum. Previous human trials have confirmed the anti-metabolic syndrome efficacy of supplements containing mushroom chitosan. Here we report the ameliorative effects of mushroom chitosan in an animal model of genetic obesity and lipidosis. [Methods] Mushroom chitosan (RSK2, Ricom Corporation) was administered at different doses to Crj:(ZUC)-fa/fa rats an animal model of obesity and hyperlipidemia continuously for 10 weeks. The rats were kept at a temperature of 22±1ºC and humidity of 60±10%, and illuminated with fluorescent lamps for 12 h/day (07:00~19:00). Body weight, food consumption, body condition, and hematological and blood biochemical blood parameters were measured, and pathological examination (pathological analysis of hepatic lipid droplets) was performed using HE staining. [Results and discussion] Mushroom chitosan (RSK2) showed high efficacy in suppressing weight gain in Crj:(ZUC)-fa/fa rats presenting obesity due to genetic lipidosis. The smallest effective dose was 3 mg/kg. In addition, values for neutral fat, β-lipoproteins and total lipid due to ingestion improved to the normal values. Moreover, the pathological study of the liver revealed a decrease in lipid droplets appearing in the central zone of the hepatic lobule and a decrease in fat deposition in the liver in the group that ingested mushroom chitosan. The results also suggested that serum lipid levels were improved through egestion of excess fat with the feces. Mushroom chitosan (RSK2) was shown to be effective in controlling increase in serum lipids as it has lipase-inhibiting activity, and was shown to control fat deposition in internal organs through egestion of excess blood lipids with the feces. Mushroom chitosan is thus a functional food that is effective in preventing and treating contemporary lifestyle diseases.

Machinability Study of Single-Crystal Sapphire in a Ball- End Milling Process

Philipp Maas,민상기,Yuta Mizumoto,Yasuhiro Kakinuma 한국정밀공학회 2017 International Journal of Precision Engineering and Vol.18 No.1

Sapphire has received increasing attention as an engineering material even though its machinability is still an issue. In this study, the influence of the milling process parameters on the surface quality of single-crystal sapphire is investigated. Due to the hardness and brittleness of the sapphire substrate, crack initiation becomes the main concern with respect to up- and down-milling, feed rate, tool inclination angle and tool wear. With an inclined ball-end mill cutter in feed direction various cutting tests were performed to find optimal parameters for machining microchannel. It was observed that the feed rate and depth of cut are dominant factors for the surface quality. The tool inclination angle shows a parabolic relation to the quality of the machined surface. After tool wear events, such as peeling-off of the tool coating, an increased surface roughness is observed.

Study on Cutting Force and Tool Wear in Machining of Die Materials with Textured PCD Tools Under Ultrasonic Elliptical Vibration

Sangjin Maeng,Hiroaki Ito,Yasuhiro Kakinuma,Sangkee Min 한국정밀공학회 2023 International Journal of Precision Engineering and Vol.10 No.1

Machining of steel-based alloy (STAVAX) and tungsten carbide (WC) is very challenging due to their superior hardness. Severe wear in the machining of the die materials is the dominant problem. Texturing on the rake face of the tool and ultrasonic elliptical vibration cutting (UEVC) may resolve this issue and could prolong tool life. The patterns on the rake face of the tool entrap the chip and debris created in machining and prevent abrasion. During UEVC the flank face of the tool does not contact the workpiece and the rake face of the tool helps the chip evacuate from the machining area when the tool disengages with the workpiece. Thus, UEVC reduces cutting force and tool wear compared to conventional cutting. This paper investigates the cutting performance and tool wear in machining of the die materials with textured polycrystalline diamond (PCD) tools under UEVC. The linear patterns parallel or perpendicular to the chip flow are engraved on the rake face of the PCD tools with the focus ion beam (FIB) process. Orthogonal cutting experiments are carried out on ultra-precision machine tools with and without UEVC. Machining under UEVC remarkably reduces the cutting and thrust force and improves tool life. For machining of STAVAX with the textured PCD tool, the linear patterns alone do not improve the cutting, but they improve the cutting when they are combined with UEVC. In machining of WC, the linear pattern becomes effective by slightly decreasing the thrust force and friction coefficient when UEVC is not applied.

SYNTHESIS AND CHARACTERIZATION OF A HIGHLY CRYSTALLINE NOVEL MESOPOROUS C- AND N-CODOPED TiO2 NANOPHOTOCATALYST

SRINIVASAN ANANDAN,YASURO IKUMA,KATSUYOSHI KAKINUMA,KOICHI NIWA 성균관대학교(자연과학캠퍼스) 성균나노과학기술원 2008 NANO Vol.3 No.5

Here we report, for the first time, the synthesis of highly crystalline novel mesoporous carbon/nitrogen (C/N)-codoped TiO2 (MCNT) using ethylene diamine and carbon tetrachloride as the source for nitrogen and carbon, KIT-6 as the template, and titanium tetraisopropoxide as the TiO2 source. The obtained material has been unambiguously characterized by various sophisticated techniques. XRD and TEM analysis revealed that the MCNT material possesses highly crystalline 3D structure with a continuous network of mesoporous channels as well as structure corresponding to TiO2. UV-DRS analysis indicated that light absorption shifted to lower energy and stronger absorption in the visible light region. XPS revealed that C and N were doped effectively and C or N dopants might be present in the chemical environment of Ti–O–N or Ti–O–C. It has been found that the material is highly crystalline and possesses high surface area, pore volume and uniform pore size distribution. Owing to its textural characteristics, it could be useful for various applications, such as photocatalysis, fuel cells, bulky biomolecule adsorption and nanotechnology.

Development of Automatic Chatter Suppression System in Parallel Milling by Real-Time Spindle Speed Control with Observer-Based Chatter Monitoring

Shuntaro Yamato,Kenichi Nakanishi,Norikazu Suzuki,Yasuhiro Kakinuma 한국정밀공학회 2021 International Journal of Precision Engineering and Vol.22 No.2

To maximize the potential for high material removal rates in simultaneous processes such as parallel milling, developing strategies for successful chatter suppression/avoidance is an important concern for manufacturers. In this study, the effectiveness of the spindle speed difference method (SDM) for chatter suppression is discussed in a parallel end-milling process where a flexible workpiece is machined by two tools rotating in opposite direction. The process model is developed, considering that the dynamic variation due to the regenerative eff ect occurs on a plane perpendicular to the tool axis direction. Through the process simulations and the experiments, this study provides informative discussion for comprehending the process behavior. Additionally, a real-time active chatter suppression system with adaptive SDM, where the spindle speed difference is sequentially optimized during the process according to the tracked chatter frequency, is developed by integrating a chatter monitoring system based on sensorless cutting force estimation with sliding discrete Fourier transform. The results show that the developed real-time adaptive system of spindle speed suppresses chatter vibrations more effectively than non-adaptive SDM system; hence, the integrated system can contribute self-optimizing machining systems oriented to Industry 4.0.