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The Japanese micropterigid moths are revised. Seventeen species in five genera are recognized from Japan, described or redescribed with the male and female genital figures. Of these, two genera, Issikiomartyria HASHIMOTO and Kurolkopteryx HASHIMOTO, and seven species, Issikiomartyria akemiae HASHIMOTO, Issikiomartylia plicata HASHIMOTO, Issihiomartyria distincta HASHIMOTO, Issihiomartyria bisegmentata HASHIMOTO, Kurokopteryx dolichocerata HASHIMOTO, Neomicropteryx hiwana HASHIMOTO, and Neomicropteryx redacta HASHIMOTO, are new to science. A new combination is given: Issikiomartyria nudata (Issuu). Biology and immature structures of the Japanese species are also described together with the keys to genera and to species provided on the basis of the adult characters. Phylogenetic relationships among the Northern Hemisphere genera are analyzed by the cladistic analysis using PAUP* (SWOFFORD, 2002) based on the morphological characters of adults. A monophyly of the Northern Hemisphere genera except for Micropterix is supported by nine apomorphies, but their immediate sister taxon remains unresolved.
Amage imajimai sp. nov., a new species of Ampharetidae (Annelida: Polychaeta) from Japanese waters
(2015)
A new polychaete species of the family Ampharetidae, Amage imajimai sp. nov., is described from deep waters of Sagami Bay, Japan. It is characterized by the possession of four pairs of branchiae, twelve thoracic uncinigers, eleven abdominal uncinigers, and the lack of thoracic notopodial cirri. The new species is named in honor of the renowned Japanese polychaetologist Minoru Imajima. An identification key for all Amage species from Japanese waters is provided.
We test the menu cost model of Ball and Mankiw (1994, 1995), which implies that the impact of price dispersion on inflation should differ between inflation and deflation episodes, using data for Japan and Hong Kong. We use a random cross-section sample split when calculating the moments of the distribution of price changes to mitigate the small-cross-sectionsample bias noted by Cecchetti and Bryan (1999). The parameter on the third moment is positive and significant in both countries during both the inflation and deflation periods, and the parameter on the second moment changes sign in the deflation period, as the theory predicts. Keywords: inflation, deflation, menu costs, Hong Kong, Japan JEL Numbers: E31
Diversity and distribution of adeonid bryozoans (Cheilostomata: Adeonidae) in Japanese waters
(2016)
Adeonid bryozoans construct antler-like erect colonies and are common in bryozoan assemblages along the Japanese Pacific coast. The taxonomy of Japanese adeonid species, however, has not been studied since their original descriptions more than 100 years ago. In the present study, adeonid specimens from historical collections and material recently collected along the Japanese coast are examined. Eight adeonid species in two genera were detected, of which Adeonella jahanai sp. nov., Adeonellopsis parvirostrum sp. nov., and Adeonellopsis toyoshioae sp. nov. are described as new species based on the branch width, size and morphology of frontal or suboral avicularia, shape and size of areolar pores, and size of the spiramen. Adeonellopsis arculifera (Canu & Bassler, 1929) is a new record for Japan. Lectotypes for Adeonellopsis japonica (Ortmann, 1890) and Adeonella sparassis (Ortmann, 1890) were selected among Ortmann’s syntypes. Most species of Adeonellopsis around Japan have a southern distribution from Sagami Bay to Okinawa, while A. japonica shows a more northern distribution from Kouchi to Otsuchi. In contrast, Adeonellopsis arculifera was collected only from southwestern Japan. A key to Japanese adeonid species is provided.
A widely recognized paper by Colin Mayer (1988) has led to a profound revision of academic thinking about financing patterns of corporations in different countries. Using flow-of-funds data instead of balance sheet data, Mayer and others who followed his lead found that internal financing is the dominant mode of financing in all countries, that financing patterns do not differ very much between countries and that those differences which still seem to exist are not at all consistent with the common conviction that financial systems can be classified as being either bank-based or capital market-based. This leads to a puzzle insofar as it calls into question the empirical foundation of the widely held belief that there is a correspondence between the financing patterns of corporations on the one side, and the structure of the financial sector and the prevailing corporate governance system in a given country on the other side. The present paper addresses this puzzle on a methodological and an empirical basis. It starts by comparing and analyzing various ways of measuring financial structure and financing patterns and by demonstrating that the surprising empirical results found by studies that relied on net flows are due to a hidden assumption. It then derives an alternative method of measuring financing patterns, which also uses flow-of-funds data, but avoids the questionable assumption. This measurement concept is then applied to patterns of corporate financing in Germany, Japan and the United States. The empirical results, which use an estimation technique for determining gross flows of funds in those cases in which empirical data are not available, are very much in line with the commonly held belief prior to Mayer’s influential contribution and indicate that the financial systems of the three countries do indeed differ from one another in a substantial way, and moreover in a way which is largely in line with the general view of the differences between the financial systems of the countries covered in the present paper.
A widely recognized paper by Colin Mayer (1988) has led to a profound revision of academic thinking about financing patterns of corporations in different countries. Using flow-of-funds data instead of balance sheet data, Mayer and others who followed his lead found that internal financing is the dominant mode of financing in all countries, that therefore financial patterns do not differ very much between countries and that those differences which still seem to exist are not at all consistent with the common conviction that financial systems can be classified as being either bank-based or capital market-based. This leads to a puzzle insofar as it calls into question the empirical foundation of the widely held belief that there is a correspondence between the financing patterns of corporations on the one side, and the structure of the financial sector and the prevailing corporate governance system in a given country on the other side. The present paper addresses this puzzle on a methodological and an empirical basis. It starts by demonstrating that the surprising empirical results found by Mayer et al. are due to a hidden assumption underlying their methodology. It then derives an alternative method of measuring financing patterns, which also uses flow-of-funds data, but avoids the questionable assumption. This measurement concept is then applied to patterns of corporate financing in Germany, Japan and the United States. The empirical results are very much in line with the commonly held belief prior to Mayer’s influential contribution and indicate that the financial systems of the three countries do indeed differ from one another in a substantial way.
Three species of the genus Pseudocandona Kaufmann, 1900 and one of the genus Undulacandona Smith, 2011, collected from freshwater habitats in Japan, are described. The Pseudocandona species, Pseudocandona becca sp. nov., Pseudocandona atmeta sp. nov. and Pseudocandona falcula sp. nov., all belong to the rostrata-group. Previous reports of Pseudocandona rostrata (Brady & Norman, 1889) and Pseudocandona sarsi (Hartwig, 1899) from Japan are reassessed and are subsequently synonymized with Pseudocandona tenuirostris Hiruta & Mawatari, 2013 and Pseudocandona falcula sp. nov. respectively. Undulacandona colymba sp. nov. is only the second to be described in this genus. Like the type species of the genus, it is a stygobiont, collected from groundwater in Shiga Prefecture. Additional records of Candona candida (O.F. Müller, 1776), are presented herein; so far, Japanese records of this species are restricted to the eastern part of Hokkaido.
The paper constructs a global monetary aggregate, namely the sum of the key monetary aggregates of the G5 economies (US, Euro area, Japan, UK, and Canada), and analyses its indicator properties for global output and inflation. Using a structural VAR approach we find that after a monetary policy shock output declines temporarily, with the downward effect reaching a peak within the second year, and the global monetary aggregate drops significantly. In addition, the price level rises permanently in response to a positive shock to the global liquidity aggregate. The similarity of our results with those found in country studies might supports the use of a global monetary aggregate as a summary measure of worldwide monetary trends. JEL Classification: E52, F01