Latter Half Of 1990s Research Articles

What Kind of Companies Are Withdrawing?

IntroductionStarting in latter half of 1990s, spread of internet provided significant opportunities to various businesses around world. Among these, financial businesses had a high level of user-friendliness because of their also being an agglomeration of information, and advances in information technology allowed them to make startling strides as internet businesses in Japan and elsewhere. The securities industry in particular, within a few short years of starting online transactions in earnest in 1999, saw growth that took companies from startups to their current sizes.However, as market quickly grew in this manner, starting in 2001 a series of companies announced their withdrawal from market. Firms numbered 67 in March of 2001, a high point, and this number shrank dramatically to 55 by September 2003. While some studies have investigated company success factors in regard to competition at inception of online securities industry (e.g., Applegate, Umezawa, Ladge, & Egawa, 2003; Takai, 2006) no research has focused on companies that have withdrawn from industry, nor factors in their doing so.The Ohlson O-score (Ohlson, 1980), Altman Z-score (Altman, 1968) and other bankruptcy forecasting metrics for distress are known to have a strong impact on withdrawal of companies at nascent stage of an industry (Daily, McDougall, Covin, & Dalton, 2002; Dowell, Shackell, & Stuart, 2011). In Japan as well, Ohlson O-score is thought to be an excellent fit (e.g., Inoue, 1999). However, of 77 companies that entered online securities business from 1996 to 2004, Ohlson O-score for predicting bankruptcy1 was calculated for 44 for which their securities reports were available, and as shown in Table 1, average value of Ohlson O-score for companies that withdrew from online securities business and those firms that survived in that business show no significant differences. In other words, companies did not withdraw because they were distressed. This paper identifies factors that caused withdrawal of companies from online securities industry even as industry was starting up.History of Industry and WithdrawalsThe history of online securities in Japan began with entry of Daiwa Securities into market in April 1996. In less than a year, major players Nikko Securities, Nomura Securities, and several other industry stalwarts had followed suit, with almost twenty companies becoming involved in online securities within two years.There was a series of deregulations known as Japan's Big Bang' at that time, dramatically changing competitive landscape in online securities industry. First, in December 1998 licensing system' for securities firms changed to a registration system'. This caused firms to utilize internet, use of which was becoming widespread, and a shift to an online securities business which made it possible for companies to enter industry even with relatively few investment resources. Many firms from overseas and other industries entered market in rapid succession (Takai, 2004, 2006).Second was full liberalization of stock commission fees in October 1999. Until that time, these fees were set by law, but with this change securities firms were free to set fees as they saw fit. The rule of competition that the only difference in securities firms is their size was fundamentally altered.The spread of internet coincided exactly with this time of change in systems. As a result, while there were 34 companies in online securities industry in September 1999, only six months later, in March 2000, that number had exploded to 51, peaking with one-fourth of Japanese securities firms entering this market. Companies competing therein made announcements on an almost daily basis, reducing fees and expanding product lineups, and providing a variety of new information services. …

Ion-Transfer Voltammetry of Drugs at the Oil|Water Interface and Evaluation of Their Artificial Membrane Permeability By Digital Simulation

Prediction of the absorption, distribution, metabolism, and excretion (ADME) of drugs is crucial in the initial step of drug development. For this purpose, quantitative structure–activity relationship (QSAR) studies have been extensively carried out. In the classical QSAR study, Hansch and Fujita claimed that there was a linear free energy relationship (LFER) between the biological activity and the partition coefficient (log⁡ P oct) between 1-octanol and water for compounds. Since then, log⁡ P oct has been extensively used, in QSAR studies, as the scale of hydrophobicity or membrane permeability of compounds. On the other hand, an electrochemical method with the polarized oil|water (O|W) interface as a simple biomembrane model has been used for the study of transfer processes of ionic drugs at the interface. This method, generally called “ion-transfer voltammetry” (ITV), was originated by Gavach et al. in 1968 and its measurement principles were established by Koryta et al. in the latter half of 1970s. Since then, several research groups have used this technique to determine the standard ion-transfer potential (ΔΦ°) for various ionic drugs at the O|W interface, and have found that the values of ΔΦ° gave good correlations with the pharmacological activities. In this study, we employed ITV to study the transfer of protonated or ionized amine drugs (e.g., desipramine, imipramine, labetalol, etc.) at the 1,2-dichloroethane (DCE)|W interface and then determined the ΔΦ° value as well as the distribution coefficient (log⁡ K D) for the neutral form of the amine drugs. It was found that there is a good LFER between the values of ΔΦ° and log⁡ K D that are the hydrophobicity scales of ionic and neutral forms of the amine drugs. However, these hydrophobicity scales did not show a good correlation to log⁡ P oct being conventionally used for QSAR studies. This seems to be due to the difference in the solvation environments of drug molecules in DCE and 1-octanol. The amine drugs studied have either none or different numbers of hydroxyl groups, therefore the amine drugs would be solvated in 1-octanol differently by forming one to three hydrogen bond(s) or not, whereas they form no hydrogen bond in DCE. Such an effect of hydrogen bonds was first suggested by Kontturi and Murtomäki [J. Pharm. Sci., 81, 970 (1992)]. In contrast to log⁡ P oct, the permeability coefficient (log⁡ P pampa) in the widely known parallel artificial membrane permeation assay (PAMPA) showed a clear and characteristic dependence on ΔΦ° (or log⁡ K D). This result suggested that the solvation environment in DCE would be more similar to that in the hydrocarbon region of lipid bilayers than in 1-octanol. Thus, it was shown that ΔΦ°, being easily determined by ion-transfer voltammetry, is a promising scale for predicting drug permeability through lipid membranes. In this study we also developed a digital simulation method for studying the permeation dynamics of drugs in PAMPA. Our method based on the finite-difference method was successfully used to reproduce the experimental dependence of log⁡ P pampa on the hydrophobicity of drug molecules. The leveling-off tendency of log⁡ P pampa for more hydrophobic ions could be explained by the change of the rate-determining step from the diffusion in the membrane to that in the unstirred water layer (UWL) on the donor-solution side of the membrane. It was also suggested that a strongly hydrophobic drug should be significantly retained in the membrane, so that the amount of the drug transported to the acceptor solution is lowered to a great extent. The pH dependence of log⁡ P pampa was also well simulated based on the so-called “pH partition hypothesis”. In conclusion, the developed simulation method is promising for theoretical prediction of the drug permeability across lipid membranes.

Dynamic Capability as Fashion

1. IntroductionThe question of how best to create an adaptive state with and organizations has been an important and fundamental theme in strategic and organizational theory (Andrews, 1971; Chandler, 1962; Miles & Snow, 1978). Research on dynamic capability1 (hereafter abbreviated as DC) emerged from latter half of 1990s to early 2000s as a study on how an organization gains and sustains advantage to overcome changes in operating environment2 (e.g., Dosi, Nelson, & Winter, 2000; Eisenhardt & Martin, 2000; Helfat, Finkelstein, Mitchell, Peteraf, Singh, Teece et al., 2007; Helfat & Peteraf, 2003; Teece, 2007; Teece, Pisano, & Shuen, 1997; Zollo & Winter, 2002). Teece et al. (1997) were famous for being quoted even while having only a working paper, which was subsequently published. They were followed by Eisenhardt and Martin (2000), and researchers3 such as Zollo and Winter (2002) studied routines and organizational learning focusing on keyword capability. These three influential papers cite following concepts that comprise DC: 1) level of environmental change; 2) organizational processes or routines; 3) resource configuration; 4) role of managers (for example, decision making with regard to resource investment and allocation); and 5) learning mechanisms. Later, many researchers adopted a resource-based view (RBV) and advanced their studies as being based on DC if they contained keywords change, competitive advantage, or capability though these papers did no more than provide descriptions of static resource states and related changes. By casually labeling research on RD Teece et al., 1997; Zollo & Winter, 2002) suggest fundamental concepts that were later cited in scores of papers.5Implementation of DC concepts as source of sustainable advantage: Teece et al. (1997)Teece et al. (1997) created and implemented DC concepts to explain why some companies can build advantage in rapidly changing environments. According to Teece et al. (1997), DC is the firm's ability of a company to build, and reconfigure internal and external competences to address rapidly changing environments (Teece et al., 1997, p. 516). DC is a firm-specific process, and reasons for it being source of sustainable advantage are as follows: 1) structure and processes of organizations themselves are idiosyncratic; 2) organizational processes are determined by companies' history (i.e., path dependency); and 3) resource configuration of an organization is heterogeneous. A company derives advantage from its organizational processes (both organizational and managerial). Organizational processes can be divided into three primary roles: coordination and integration, learning, and reconfiguration. The processes themselves are formed by current assets held by company and path company has taken to that point.6A focus on managerial capability: Eisenhardt and Martin (2000)Eisenhardt and Martin (2000) state that the firm's process that use resources-specifically processes to integrate, reconfigure, gain, and release resources-to match and even create market change. Dynamic capabilities thus are organizational and strategic routines by which firms achieve new resource configuration as markets emerge, collide, split, evolve, and die (Eisenhardt & Martin, 2000, p. …

«Невозможное триединство» в эпоху финансовой глобализации

From the latter half of 1980s, an extensive shift in internationalization of financial sector started in the world economy. At that time, many financial operations lost touch with their original facility and began to run wild, far advancing the development of national and world commodity and services markets. The fundamental reason for such advance lies in the fact that the international capital migration allows its owners to increase revenues much easier and faster than the international trade. The rapid development of electronic telecommunications facility, which helps in performing financial operations in real-time mode and regardless of distance, plays in favor. That's why globalization in this sphere occurs much more actively than in the production of goods and services. In the estimation of experts, daily transactions on world currency, loan and financial markets 50 times exceed world goods trade dealings in costs.

(Changing Pattern and Relation with Technological Level of the Korean and Japanese Export Competitiveness)

Korean Abstract: 본 연구에서는 1990년대 이후 최근에 이르기까지 한국과 일본의 수출경쟁력을 분석하였다. 기존연구와 달리 단순히 수출경쟁력의 추이나 업종별 비교에 그치지 않고 소속분면과 이동방향의 새로운 방법론에 의해 변화유형을 입체적으로 파악하였다. 또한 48개의 부문들을 몇 개의 기술수준으로 나누고 각 기술수준별로 수출경쟁력의 변화가 어떠한 분포를 보이는지 분석하였다.현시비교우위와 무역특화지수의 지표에 있어서 수출경쟁력에 상당한 변화가 일어나고 있는 것으로 나타났다. 일본의 수출경쟁력은 지속적으로 저하하고 있는 반면 한국의 경쟁력은 급속히 높아지고 있다. 특히 한ㆍ일 간 수출경쟁력의 격차는 2000년대 중반을 전후하여 크게 줄어든 상태를 보였는데, 수출경쟁력의 격차 축소는 1990년대 후반과 2000년대 전반에 변화의 기반이 마련되었다. 수출경쟁력의 변화는 기술수준별로 서로 다른 추이를 보이고 있다. 고기술이나 중기술 분야에서 한국의 수출경쟁력이 더 많은 빈도로 상승한 것으로 집계되었다. 고기술과 중 기술의 경우 한국이, 저기술의 경우 일본이 수출경쟁력 상승추세를 보이고 있다. 1990년대 후반 이후 한ㆍ일 간 수출경쟁력의 격차는 급속히 축소되고 있으며, 주로 기술수준이 높은 분야에서 격차 축소가 이루어지고 있다. English Abstract: The purpose of this paper is to explore empirically whether export competitiveness of Korea and Japan has changed since 1990s. Unlike existing literature, we tried to grasp changing patterns of export competitiveness by new methodology such as belonging quadrant and moving direction, rather than simply showing its trend or comparison classified by industry. And we categorized 48 sectors into some technological levels, then analyzed how the change of export competitiveness is distributed by each technological level. When seeing ‘revealed comparative advantage’ and ‘trade specification index’, we found considerable changes in export competitiveness. Competitiveness of Korea has rapidly improved while that of Japan has been continuously decreasing. Especially the gap of competitiveness between Korea and Japan has largely reduced around the midterm of 2000s. Shrinking of the gap in export competitiveness has begun from the latter half of 1990s and first half of 2000s. Change of export competitiveness shows different trend by technology level. Korea has gained more competitiveness than Japan in high and middle level of technology. Korea shows upward tendency of competitiveness in mid and high technology, while Japan in low technology. Competitiveness gap between Korea and Japan is rapidly decreasing since the late 1990s, and curtailment of the gap is mainly happening in the high level of technological capabilities

Changing Pattern and Relation with Technological Level of the Korean and Japanese Export Competitiveness

The purpose of this paper is to explore empirically whether export competitiveness of Korea and Japan has changed since 1990s. Unlike existing literature, we tried to grasp changing patterns of export competitiveness by new methodology such as belonging quadrant and moving direction, rather than simply showing its trend or comparison classified by industry. And we categorized 48 sectors into some technological levelsThe purpose of this paper is to explore empirically whether export competitiveness of Korea and Japan has changed since 1990s. Unlike existing literature, we tried to grasp changing patterns of export competitiveness by new methodology such as belonging quadrant and moving direction, rather than simply showing its trend or comparison classified by industry. And we categorized 48 sectors into some technological levels, then analyzed how the change of export competitiveness is distributed by each technological level. When seeing ‘revealed comparative advantage’ and ‘trade specification index’, we found considerable changes in export competitiveness. Competitiveness of Korea has rapidly improved while that of Japan has been continuously decreasing. Especially the gap of competitiveness between Korea and Japan has largely reduced around the midterm of 2000s. Shrinking of the gap in export competitiveness has begun from the latter half of 1990s and first half of 2000s. Change of export competitiveness shows different trend by technology level. Korea has gained more competitiveness than Japan in high and middle level of technology. Korea shows upward tendency of competitiveness in mid and high technology, while Japan in low technology. Competitiveness gap between Korea and Japan is rapidly decreasing since the late 1990s, and curtailment of the gap is mainly happening in the high level of technological capabilities.

中国における近年の都市住宅のパターン分析評価

The purpose of this study was to analyse the actual condition of urban housing supply and demand in China, to evaluate the characteristics of Chinese house plan types, and to know how the direction of development of Chinese house plan types move forward. This study was a case study in Shenyang city. The result as follows; (1) The basis of the china's housing market already had been completed in the latter half of 1990s. The urban house was widely purchased by people from the high income group to the low income group. (2) The urban house in China had the rational plan types which could gradually compose the public territory and the private territory. (3) According to the patterns analysis, the plan types of houses that have their direction of development could be closely described.

COMMENT: WHAT CAUSED FIXED INVESTMENT TO STAGNATE DURING THE 1990S IN JAPAN? EVIDENCE FROM PANEL DATA OF LISTED COMPANIES

The investment-saving balance of the Japanese non-financial corporate sector persistently declined over the 1990s. In 1990, on the eve of the collapse in land prices, investment exceeded savings by 53 trillion, 226 billion yen reflecting lively investment activities, but in 1998 savings exceeded investment by 20 trillion, 248 billion yen. A financial surplus in the corporate sector casts doubt on the importance of the availability of internal funds in a fixed investment decision. This paper is a serious look at this issue and is based on a panel data set of Japanese listed firms and sheds new light on the role of cash flows in investment decision. This paper shows that the role of cash flow, or more broadly liquidity, changed in the course of the 1990s from mitigation of current liquidity constraints to preparation for future liquidity constraints. The paper finds that positive cash flow sensitivity can be seen as evidence of liquidity constraints for the first half of the 1990s, but it is an indicator for poor preparation for future liquidity constraints in the latter half of the 1990s. This hints at the importance of precautionary savings in the corporate sector in this period. Increasing uncertainty caused by the banking crisis in the late 1990s prompted firms to accumulate liquidity assets that served as a buffer against future liquidity shocks. The paper further shows that lack of profitable investment opportunities, represented by low Tobin’s q, can explain the stagnancy of fixed investment in the 1990s. This paper is an important contribution to understanding the mechanism of the stagnancy of Japanese corporate fixed investment in the 1990s. My comments are concerned with three points. One is the usefulness of information on firm attributes when the whole sample is divided into subgroups in estimating investment functions. Another is on the interpretation of estimation results. If the firms are not liquidity constrained in the latter half of 1990s, they are then unconstrained in investment decisions? The last point is on the importance of bank health in the latter half of the 1990s. A fresh interpretation of the results found in the paper by Hori, Saito and Ando (2006) is possible when issues related to bank health are considered.

THE IMPACT OF NEW ACCOUNTING STANDARDS ON JAPANESE COMPANIES

Abstract. As a result of a series of reforms initiated in the latter half of 1990s, accounting standards in Japan have become virtually equivalent to international accounting standards. The impact of the accounting reform on Japanese firms has been significant. This paper reviews the so‐called ‘Accounting Big Bang’ and assesses its impact on Japanese firms. It concludes that Japanese firms are now required to place greater emphasis than previously on an improvement in the return on their assets and on an enhancement in the values of their stock market shares.

東海の推定固着域における1990年代後半の地震活動変化

東海の推定固着域における1990年代後半の地震活動変化

オオミズナギドリによるクロコシジロウミツバメの巣穴破壊を防ぐ，金網を用いた営巣地保全に向けての試み

The Madeiran Storm-petrel Oceanodroma castro is a threatened seabird breeding on the Hide-shima (39°40'N, 142°00'E), Iwate Prefecture, in northern Japan. This small island is the only known large colony in Japan for this species. In the latter half of 1980s, nesting burrows of Madeiran Storm-petrels were confirmed to have been decreasing owing to the interspecific competition for nesting burrows between larger Streaked Shearwaters Calonectris leucomeras and this smaller species. We used small wire mesh nets at the nesting ground in order to exclude larger species from Madeiran storm petrel burrows in 1990. Results suggest that nest numbers of Madeiran Petrels have been gradually increasing in the experimental area.

都市近郊水田地帯における離農構造

The purpose of this paper is to analyse the structure of farming abandonment in paddy field areas in the suburbs since the latter half of 1980s focusing on the labor market, work structure, family structure, and landownership structure. The conclusions are that: 1) Class fluctuations have become sharp since 1990s through a land market and contract farmings. As a result, farm land and farm production is being concentrated in the hands of a small number of scale expanding farmers. 2) A change in the labor market is behind the sharp class fluctuation. The labor market in Ryugasaki is in the process of transition from Tohoku type to Kinki type. The Tohoku type is one in which the labor market has many low wage labors, while the Kinki type is one in which the labor market does not have low wage labor. There are both low wage labor groups and high wage labor groups in the male members which were born since 1945 in this area. 3) There are the largest number of households abandoning farming in the group of farm households that includes the male members born from 1945 to 1954 (Group A). The number of households abandoning in the group of farm households that includes the male members born from 1955 to 1964 (Group B) are less than Goup A. This seems to be because of the fact that although the parents of Group A are in the process of retiring from farming, the parents of Group B, which includes the male members born from 1926 to 1934, have been continuing to farm by contracting out the main work on their farms to other farmers. The number of households abandoning farming in the group of farm households (Group C) that includes the male members born from 1935 to 1944 are few. This is for the reason that this generation must continue to farm because the wages available in the labor market which it is belong to are low.

Whither Cuban Socialism?

Given overwhelming global dominance of neoliberalism and capitalism today, Cuba is almost alone in providing an alternative socialist political, social, and economic path to development. This path has undergone huge changes over past four decades, and since breakup of Soviet bloc in early 1990s Cuban socialism has suffered greatly and has had to respond in unforeseen ways. Though changed fundamentally, Cuban Revolution has not only managed to survive, surprising critics and supporters alike, but in latter half of 1990s developed further, despite intensification of U.S. economic blockade of country. The political and economic transformation of Cuba and intensely hostile environment in which it has had to operate make it a fascinating subject for analysis. Twenty years ago Carmelo Mesa-Lago stated that the Cuban Revolution continues to polarise opinion, being a source of uncritical admiration, passionate criticism, and intriguing curiosity (1981: 1). This remains case today. This article adopts a political economy perspective, bringing together main ideological forces and changing political/institutional frameworks with key economic changes that have taken place during course of Revolution. Discussion is given to various stages of development of Cuban Revolution, with particular emphasis on recent economic reforms and their implications for future socialist development. A number of important issues are examined, including changing nature of Cuban socialism, implications of tying Cuba's economic development to Soviet bloc,

Heavy Reliance on the Indirect Financing as Sources of Funds for Business Firms in Japan: As a Comparison for Indonesian Financial Crisis

The purpose of this article is to study the implication of financial liberalization to the heavy reliance of firms to the indirect finance in Japanese experience. In order to analyze the goal of this article, we start to examine the causes of the main bank system in Japan before and the pre-war period. Then, this article discusses the impacts of financial liberalization to the to the heavy reliance on the indirect-financing for business firms in the light with Japan’s financial market, particularly the main bank system. Finally, this article also discusses the implication of loose relationship of big firms and major banks (main bank system) to the recent financial condition in starting from the early of 1990s until now. This article discovered that financial liberalization, which started at the latter half of 1970s, has shaken the foundation of the main bank system. The major firms started to less dependent on the major banks and they issued the securities in domestic and international market. As a consequence, the SMBS still depend on the banks as their source of indirect financing. However, the competitiveness in the SMBS market turned to erode the bank profits that induced them to enter the risk activities, such as real estate. In addition, the bubble burst economy also triggered the boom in real estate. Naturally, as a nature of risk asset, loan to the real estate became the potential of bad loans that also was exacerbated the bubble burst in economy. Then, the financial crisis has revealed in 1990s.

The Effects of Overseas Production on Domestic Productivity

We estimate the impacts of overseas production of Japanese manufacturing firms on the domestic productivity (Total Factor Productivity).In this analysis, we use two approaches. First, using aggregated survey data, we estimate TFP of Japanese head offices and the whole Japanese manufacturing firms. And estimate the rate of return of domestic R&D Investments on those TFP separately. Secondly, using macro data of Japanese electric machinery industry, we decompose the TFP growth into three factors, namely (1) shift in cost function, (2) effect of overseas production in Asia and (3) effect of overseas production in North America based on the estimates of trans-log type macro price function.We found that the overseas production in Asia after the latter half of 1980s improved the domestic productivity of electric machinery industry. However the overseas production in North America did not contribute to the productivity growth of electric machinery industry.

Japan’s Troubled Economy: The Impact on East Asia

This article reviews several aspects of Japanese economic troubles today: lingering stagnation, financial vulnerabilities, weak corporate governance, fiscal deficits, aging population, policy measures, and political leadership. Then the paper looks back in to three policy mistakes of the latter half of 1980s as a turning point. After a brief consideration of the Japanese- Asian development model, the paper studies some transmission channels of Japanese troubles to neighboring economies and examines regional financial cooperation and development strategy.

戦後日本の階層と階層意識

A history of postwar Japan in the aspect of social stratification or social inequality is presented by the data from the National Survey of Social Stratificaion and Social Mobility, called as “the SSM survey” in Japan, conducted in 1955, 1965, 1975, 1985, and 1995. Just after the defeat of World War II in 1945, nearly about 50% of Japanese workers were engaged in farming and kindred occupations such as fishing and forestry. However, in the following 50 years, Japanese society has accomplished industrialization and already arrived at post-industrial stage. Also, the “affluent” society was realized through the high economic growth in 1960s and 1970s. Changes in inequality in possession of social resources and opportunities and in class consciousness from 1955 to 1995 are examined. Contrary to the self-image by the people, Japanese society did not become equal at least in economic or social spheres. There appears tendency toward expansion of inequality and immobility of social stratification since latter half of 1970s.However, class consciousness did not show corresponding change. Regarding those inequality and class consicousness, two turning points of Japanese society may be pointed out. One is the time of “the oil crisis” in 1973-74, and the other is the latter half of 1980s and 1990s, the period of low or stable economic growth. Changes at those turning points and their meanings are presented.

Recent Circumstances of Standards for Indoor Air Environment.

Since the end of 1960s, with an increase in the economic growth, a large amount of chemical products made from fossil fuel have been used. In addition to the development and the modification of the products for building materials containing many kinds of hazardous chemicals, the techniques for the airtight construction of houses have been remarkably developed. In the latter half of 1970s, among people living in U.S.A. and northern Europe a new syndrome with headache, dizziness, and eye irritation, etc., which was later called as a sick building syndrome (SBS), has emerged. This syndrome was found to be caused by concentrated multiple pollutants such as volatile organic compounds (VOCs) and allergens from fungi and ticks in high airtight rooms with lower ventilation. Recently, the number of patients suffering from biological allergens and VOCs tends to increase. But in Japan the standard values we have in the law on the sanitary management for buildings are limited to those for such three materials as carbon dioxide (CO2), carbon monoxide (CO) and suspended particulate matter (SPM). Therefore, we describe in this report the necessity of the establishment of a new law on the indoor environmental standards for the prevention of our health against some kinds of indoor pollutants such as VOCs in cluding formaldehyde, nitrogen dioxide (NO2), ozone (O3) and asbestos produced not only in offices and working places but also in houses.

Changes in Farm Household Forest Owners and Forest Management on the Strata of Farm Organization and Management in the Latter Half of 1980s(Voluntary Papers)

Changes in Farm Household Forest Owners and Forest Management on the Strata of Farm Organization and Management in the Latter Half of 1980s(Voluntary Papers)

Development of L-threo-DOPS, a norepinephrine precursor amino acid

threo-Dihydroxyphenylserine (DOPS) is a synthetic amino acid which can be decarboxylated by L-aromatic amino acid decarboxylase to yield natural form of norepinephrine (l-NE), a principal neurotransmitter in both central and peripheral (sympathetic) nervous systems. Like L-Dopa as an agent for dopamine precursor therapy, DOPS was expected to have a potential as an agent for NE precursor therapy. Previous studies carried out by several groups in early 1970s, however, reached a negative conclusion that threo-DOPS was not an effective precursor of NE in the brain because of its low NE-increasing activity and weak pharmacological action. Since the latter half of 1970s, on the contrary, three Japanese research groups have successfully shown the possibility of DOPS as a useful NE-precursor. That is, Tanaka (Kobe Univ.) showed that L-threo-DOPS is the real l-NE precursor among four DOPS-enantiomers, and that it has several pharmacological activities such as a slow-onset and long-lasting pressor effect, an inhibitory effect on harmaline-induced tremor and so on. Hayashi and Suzuki (Osaka Univ.) found through the mobility study on familial amyloid polyneuropatchy (FAP) that the progress of the disease develops NE-deficiency (NE-D), that severe orthostatic hypotention in FAP might be due to NE-D, and that L-DOPS has favorable effects on this symptom. Narabayashi (Juntendo Univ.) found that NE-D develops in patients with advanced Parkinson's disease (PD), that a freezing phenomenon in these patients might be associated with NE-D, and that L-DOPS improves the phenomenon. Based on these findings, the development of L-DOPS for registration had been undertaken by Sumitomo Pharmaceuticals Co., and an approval was given to it in 1989 as an agent for the treatment orthostatic hypotention in FAP or Shy-Drager syndrome and freezing phenomenon in PD. Preclinical and clinical studies done in the R&D confirmed that L-DOPS markedly restored NE-D and improved related-syndrome in the NE-deficient animals/patients, and that its actions were slow-onset, long-lasting and gentle. The R & D of L-DOPS described in this paper includes studies on industrial production, efficacy pharmacology (mode of action), metabolism and clinical trial of this agent.