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Inhibition of β2-Microglobulin Amyloid Fibril Formation by α2-Macroglobulin
Get PDFThis research was originally published in the Journal of Biological Chemistry. Daisaku Ozawa, Kazuhiro Hasegawa, Young-Ho Lee, Kazumasa Sakurai, Kotaro Yanagi, Tadakazu Ookoshi, Yuji Goto and Hironobu Naiki. Inhibition of β2-Microglobulin Amyloid Fibril Formation by α2-Macroglobulin. J. Biol. Chem. 2011; 286, 9668-9676. © the American Society for Biochemistry and Molecular Biolog
Generalized Hyperbolic Discounting, Borrowing Aversion, and Debt Holding
Get PDFOctober 2011, Revised October 2011Analysis of an original, broad, internet-based survey reveals that debt holding is related to three aspects oftime discounting: (i) present bias, measured by the degree of declining impatience in the generalizedhyperbolic discount function; (ii) borrowing aversion, captured by a sign effect - discounting future lossesat a lower rate than future gains; and (iii) impatience, measured by the overall discount rate. Present-biasedrespondents are classified as naïve if their answers reveal them to be time-inconsistent procrastinators, andclassified as sophisticated otherwise. Naïve respondents with more steeply declining impatience are morelikely to be debtors, and are likely to have larger amounts of debt, whereas sophisticates display onlyinsignificant positive association between declining impatience and debt holding. Responses indicative of asign effect are negatively associated with debt holding. The marginal effect on debt of such a sign effect islarger in magnitude than the effect of one standard deviation increases both in declining impatience and inimpatience. Survey responses indicative of high or declining impatience are associated with highdebt-to-income ratios, borrowing on credit cards, and the experiences of having borrowed unsecuredconsumer loans, of having engaged in debt-restructuring, or of having declared personal bankruptcy
Japan’s Intangible Capital and Valuation of Corporations in a Neoclassical Framework
Get PDFFebruary 2010, Revised October 2010, Secondly Revised November 2011This paper estimates the economic value in the 1980s and 1990s of corporate assets in Japan, including both tangible and intangible assets, based on the neoclassical framework of McGrattan and Prescott (2005). Our estimates use a new micro-data set that comprises the accounting statements of all listed, non-financial companies in Japan. We find that in 1981-86, a period that immediately preceded Japan’s so-called “bubble economy”, our assessed value of corporate productive assets, net of the value of corporate debt, is approximately equal to the actual stock market value of Japanese corporate equity. The finding differs from previous results based on studies of aggregate data sets or based on studies of micro data sets that neglected intangible capital. We also show that the Japanese ratio of the amount of intangible capital stock to the amount of tangible capital stock is comparable to the analogous ratios for the U.S. and U.K
Only the Final Outcome Matters : Persistent Effects of Efforts in Dynamic Moral Hazard
Get PDFJanuary 2010, Revised June 2010, Secondly revised May 2011We analyze a dynamic principal–agent problem in which the agent’s effort in each period has strong persistent effects. We show that a simple contract, where the reward depends only on the final outcome, is explained as the optimal contract derived in the principal’s optimization problem. The paper also discusses that the optimality of such a simple payment scheme crucially depends on the first-order stochastic dominance of the final outcome under various effort sequences
