The dynamic impacts of M&A on employment in Japan

This paper provides empirical evidence on the dynamic effects of merger and acquisition (M&A) on employment in Japan. The main contributions to the gaps in existing literature are: targeting employment effects of M&A, examining them by the deal type (merger and acquisition) and by the sector (manufacturing and non-manufacturing), tracing the effects in the long term, using large dataset with 9,880 sample firms and 2,530 M&A cases for the period from 1995 to 2008, and focusing on the case of Japan. Our main findings are: the “acquisition” with the key role of “extension and growth” proved to have positive effects in the dynamic terms on target firms’ employment, mainly in manufacturing sector with high labor productivity. On the other hand, the “merger” with key function of “consolidation” turned out to have negative impacts dynamically on post-merger firms’ employment, mainly in non-manufacturing sector with low labor productivity. The strategic implication might to be that the different employment responses to M&A events between manufacturing and non-manufacturing reflect the difference in labor productivity between them, i.e. the dual structure of Japanese economy.     

Sleep quality and stress in women with pregnancy-induced hypertension and gestational diabetes mellitus

BackgroundPregnant women with complications including pregnancy-induced hypertension (PIH) and gestational diabetes mellitus (GDM) often experience disrupted sleep patterns because of activation of the sympathetic nervous system. These pathologies are aggravated by sympathetic nervous system activation and may be related to stress. The present study aimed to clarify the characteristics of and changes in sleep quality and stress in pregnant women with PIH and GDM during the second and third trimesters.MethodsWe enrolled 56 women in their second or third trimesters who were diagnosed with PIH or GDM. Participants completed questionnaires, including the Pittsburgh Sleep Quality Index (PSQI) and the Perceived Stress Scale (PSS). Secretory immunoglobulin A (SlgA) concentrations were measured as a biological indicator of stress.ResultsPSS scores and subjective stress parameters were significantly higher than those reported from previous studies of healthy pregnant women (15.2 points and 15.1 points for the second and third trimesters, respectively).Mean one-day values for SIgA were 168.3 and 205.7 μg/mL for the second and third trimesters, respectively. During the second and third trimesters, SIgA scores were higher than those reported for healthy pregnant women in previous studies. The PSQI component scores sleep disturbance (C5) and sleep duration (C3) in follow up case were significantly higher in the third trimester than in the second trimester.DiscussionThis investigation suggests that pregnant women with PIH and GDM experience higher stress levels than do non-pregnant women and healthy pregnant women. Further, our results indicate that sleep quality worsens during the third trimester compared with the second trimester.     

Life Environmentalism: A Model Developed under Environmental Degradation

The life environmentalism model, which emphasizes the lives and livelihoods of local communities, was developed in Japan on the basis of intensive field research in the Lake Biwa district. There were two opposing schools of thought when the model was created in 1984. One school recognized the benefits of untouched nature, relied on ecology as a science and was supported by ecological movements. We label this model natural environmentalism (the eco-system model). The other school of thought maintained that the development of modern technology could resolve environmental problems and was strongly supported by the administrators of the Lake Biwa district. We have called this modern technocentrism. After critiquing both ideas we propose a life environmentalism model, which focuses on matters of ownership, community organization and residents' consciousness using the concepts of common possession, iibun (group views) and life consciousness. The model is effective in densely populated countries such as Japan and China but it may not be useful in areas with a low population density. The differences between the basic ideas of this model and the other two models, especially the eco-system model, may provide hints on suitable ways to preserve the environment.     

The challenge of keeping Japanese older people economically active

Japanese society faces serious problems due to population ageing. Both the number and percentage of people aged 65 years old and over are increasing. The ratio of those aged 65+ was 17.3 per cent in 2000, but the estimate of the National Institute of Population and Social Security Research is that the ratio will become 28.7 per cent in 2025 and will reach 40 per cent in 2050. This article consists of four sections. In the first the characteristics of issues associated with population ageing in Japan are discussed. The actual situations of employment and lives of older workers are introduced. The second section analyses government policies to address the ageing of the population. The Japanese government is trying to address the issue through encouraging older people to work longer. The promotion of efforts to extend longer working lives is discussed. In the third section a rehiring system and two cases of Japanese firms are described. Those enterprises are effectively employing older workers. Their experiences would be interesting for those planning to hire older workers. The last section discusses how to resolve challenges associated with population ageing. It is shown that continuous training is one of the most important ways of keeping older people productive.     

Statistical estimation errors of VaR under ARCH returns

In this paper we discuss some problems of existing methods for calculating the Value-at-Risk (VaR) in ARCH setting. It should be noted that the commonly used approaches often confuse the true innovations with the empirical residuals, i.e., estimation errors for unknown ARCH parameters are ignored. We adjust this by using the asymptotics of the residual empirical process, and propose a feasible VaR which, according to the spirit of VaR, keeps the assets away from a specified risk with high confidence level. Its meaningfulness in comparison with the usual VaR will be illustrated clearly by numerical studies.     

Sleep disturbance as a clinical sign for severe hypogonadism: efficacy of testosterone replacement therapy on sleep disturbance among hypogonadal men without obstructive sleep apnea

Objective: The present subanalysis of the EARTH study investigates the effects of one year testosterone replacement therapy (TRT) on sleep disturbance among hypogonadal men without obstructive sleep apnea.

Methods: Sleep disturbance was defined as three or more points in question 4 of the aging males symptoms (AMS) questionnaire. All participants completed the AMS scale, International Prostatic Symptoms Score (IPSS), Sexual Health Inventory for Men (SHIM) and Short Form 36 (SF-36) health survey at baseline and after 12?months. Sexual symptoms were also evaluated based on three AMS subscores (Q15, 16 and 17).

Results: We identified 100 patients with sleep disturbance, of whom 48 (24 each in the TRT and control groups) were ultimately included for analysis. All SF-36 categories , AMS scale, IPSS and SHIM score subdomains were significantly worse in patients with sleep disturbance than in those without disturbance. Statistically significant differences in sleep disturbance, erectile symptoms, sexual desire and some domains of the SF-36 were observed between the TRT and control groups after 12?months.

Conclusion: Sleep disturbance may be one of the clinical signs for severe hypogonadism. Moreover, TRT improved sleep conditions, sexual function and quality of life among hypogonadal men with sleep disturbance.     

Effects of testosterone replacement therapy on hypogonadal men with osteopenia or osteoporosis: a subanalysis of a prospective randomized controlled study in Japan (EARTH study)

Objective: We investigated the effects of testosterone replacement therapy (TRT) on bone mineral density (BMD) among hypogonadal men with osteopenia/osteoporosis.

Methods: From our previous EARTH study population, 74 patients with a clinical diagnosis of osteopenia or osteoporosis and hypogonadism were included in this study, as the TRT (n?=?35) and control (n?=?34) groups. The TRT group was administered 250?mg of testosterone enanthate injection every 4 weeks for 12 months. The BMD, waist circumference, body mass index, body fat percentage, and muscle volume were measured at baseline and at 12 months. Blood biochemical data, including total cholesterol, triglycerides, HDL-cholesterol, hemoglobin A1c, and adiponectin values were also evaluated.

Results: At the 12-month visit, BMD significantly increased in both groups. However, comparisons on changes of parameter values from baseline to the 12-month visit between the TRT and control groups were significantly different in BMD (5.0?±?5.0 vs. 3.0?±?3.2; p?=?.0434) and in adiponectin value (?0.90?±?3.33 vs. 0.10?±?2.04; p?=?.0192). There were no significant changes in other parameters.

Conclusions: TRT for 12 months could improve BMD with a decrease in adiponectin levels among hypogonadal men with osteopenia/osteoporosis.     

Education and Social Mobility in Postwar Japan: Trends and Some Institutional Aspects

Abstract  This paper examines the trend in social mobility in postwar Japan, especially focusing on the mediating role of education. The data set is derived from the SSM (Social Stratification and Social Mobility) surveys. Applying log-linear models to the data of five periods, we analyze the trend of the relationship among origin, education, and destination. Occupations are classified according to type of job, and son's first job is used for the analysis. The result reveals that the unmediating transmission of position has declined, and education is becoming a more significant mediator between origin and destination. These changes proceed in the form of reduction in the random sphere of 'movers' as well as replacement of 'stayers' with 'movers'. However, the association between origin and destination has hardly changed for several decades. This stablity results from the inequality in educational resources available to families and the specificities, not universality, of relations surviving into the higher level of education.     

Impacts per unit weight in catch by two types of fisheries on a chub mackerel population

By using data on the age-specific annual fecundity and catches-at-age by each fishery in a chub mackerel (Scomber japonicus) population in the Pacific Ocean off Japan during 1970 to 1992, we evaluated the long-term fluctuation in impacts of two types of fisheries on the chub mackerel population. The purse-seine fishery consistently had a larger impact on the population than did the dip-net fishery, mainly because the catch by the former was much larger than that by the latter. To evaluate impact per unit weight in catch, we calculated the average reproductive value per unit weight over individuals caught by each fishery as an indicator of efficient use of bioresource. Because the proportion of immature fish caught by the purse-seine fishery was usually larger than that by the dip-net fishery, the impact per unit weight in catch by the purse-seine fishery was not always less than that by the dip-net fishery.     

Competition and evolutionary stability of plants in a spatially structured habitat

We modelled the population dynamics of two types of plants with limited dispersal living in a lattice structured habitat. Each site of the square lattice model was either occupied by an individual or vacant. Each individual reproduced to its neighbors. We derived a criterion for the invasion of a rare type into a population composed of a resident type based on a pair-approximation method, in which the dynamics of both average densities and the nearest neighbor correlations were considered. Based on this invasibility criterion, we showed that, when there is a tradeoff between birth and death rates, the evolutionarily stable type is the one that has the highest ratio of birth rate to mortality. If these types are different species, they form segregated spatial patterns in the lattice model in which intraspecific competitive interactions occur more frequently than interspecific interactions. However, stable coexistence is not possible in the lattice model contrary to results from completely mixed population models. This clearly shows that the casual conclusion, based on traditional well mixed population models, that different species can coexist if intraspecific competition is stronger than interspecific competition, does not hold for spatially structured population models.