論文 - 吉野　直行

INTRODUCTION: WAYS TO ACHIEVE GREEN ECONOMIC RECOVERY AND MITIGATE GREENHOUSE GASES IN THE POST-COVID-19 ERA

Taghizadeh-Hesary Farhad, Yoshino Naoyuki, Mohsin Muhammad, Mirza Nawazish

CLIMATE CHANGE ECONOMICS （WORLD SCIENTIFIC PUBL CO PTE LTD）  13 （ 03 ）  2022年05月

共著,  ISSN  2010-0078

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Observation of the bands with $d_{xy}$ orbital character near the Fermi level in NdFeAs$_{1-x}$P$_{x}$O$_{0.9}$F$_{0.1}$ using angle-resolved photoemission spectroscopy

Z. H. Tin, T. Adachi, A. Takemori, K. Yoshino, N. Katayama, S. Miyasaka, S. Ideta, K. Tanaka, S. Tajima

2022年05月

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We studied the band structure of NdFeAs$_{1-x}$P$_{x}$O$_{0.9}$F$_{0.1}$ ($x$ = 0, 0.2, 0.4 and 0.6) using angle-resolved photoemission spectroscopy (ARPES) measurements. Two of the hole bands, $α_1$ $(d_{xz})$ and $α_3$ $(d_{z^2})$, were observed at the Brillouin zone center in the $P$-polarized light configuration, while the other two hole bands, $α_2$ $(d_{yz})$ and $γ$ $(d_{xy})$, were observed in the $S$-polarized alternative. The observed $γ$ band shifts downwards as $x$ increases, which is consistent with the theoretical prediction for the change in bond angle of As/P-Fe-As/P. Furthermore, a small amount of the $d_{xy}$ orbital component was observed at the same binding energy as that of the top of the $α_1$ band, thus indicating the band reconstruction of the originally degenerate $α_1$ and $α_2$ $(d_{xz}/d_{yz})$ bands by the unoccupied $d_{xy}$ band. The change in the energy level of the $α_1$ band top with $d_{xy}$ orbital character is accompanied by a $T_{c}$ upturn at $0.2 < x < 0.4$. The $T_{c}$ continues to increase as the $α_1$ band shifts downward, crossing the Fermi level. The incipient band with the $d_{xy}$ orbital character on its top could be an important ingredient for high $T_{c}$ 1111-type iron-based superconductors.

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Nonlinear tail dependence between the housing and energy markets

Stenvall D., Hedström A., Yoshino N., Uddin G.S., Taghizadeh-Hesary F.

Energy Economics （Energy Economics）  106 2022年02月

研究論文（学術雑誌）, 共著,  ISSN  01409883

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This paper examines the quantile dependence between energy commodities (oil, coal, and natural gas) and the real housing returns of the nine US census divisions for the period 1991–2019. In contrast to the literature on the association between oil and housing markets, we contribute by studying the effect of additional commodities on the housing market returns. We use a cross-quantilogram and quantile regression approach and find regional variation in the impact of energy commodities on housing returns. The effect within the same region varies over the quantile distributions. In general, we observe that all energy commodities are negatively associated with real housing returns. Significant correlations are found more often when the oil and housing returns are in similar quantiles. Coal and natural gas show a stronger relationship with higher quantiles of housing returns. Further, the results for coal and natural gas remains relatively stable after controlling for macroeconomic variables.

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LEVERAGING ON ENERGY SECURITY TO ALLEVIATE POVERTY IN ASIAN ECONOMIES

Taghizadeh-Hesary Farhad, Zakari Abdulrasheed, Yoshino Naoyuki, Khan Irfan

SINGAPORE ECONOMIC REVIEW （Singapore Economic Review）  68 （ 04 ） 1063 - 1090 2022年01月

研究論文（学術雑誌）, 共著,  ISSN  0217-5908

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This study examines the role of energy security in poverty reduction in the 12 poorest Asian economies from 2000 to 2019. We postulated an energy security index using principal component analysis. We adopted the system generalized method of a moment technique to manage endogeneity and dynamism in the model. For robustness, we applied a panel-corrected standard error (PCSE). We found a negative relationship between energy security and poverty reduction, suggesting that energy security helps reduce poverty. We conclude that energy security promotes sustainable poverty alleviation and recommends feed-in tariffs, net metering, tax credits, and energy resource diversification away from fossil fuels.

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Greenness, mood, and portfolio allocation: A cross-country analysis

Mumtaz M.Z., Yoshino N.

Environmental Challenges （Environmental Challenges）  5 2021年12月

研究論文（学術雑誌）, 共著

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This study estimates the utility function, including the rate of return, riskiness, greenness, and mood across selected countries. We incorporate mood as investors’ sensitivity or momentum towards environmental issues. This study assumes that higher sensitivity of environmental issues compels the firms to follow green measures. We report that the proportion of investment is higher if the firms account for greenness measures. This study compares the results of five Asian economies and reports that Japanese and South Korean firms are following the greenness measures. However, the firms locating in developing countries are far behind in implementing greenness measures. Our regression results also suggest that greenness and mood x greenness positively influence stock returns.

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Power purchase agreements with incremental tariffs in local currency: An innovative green finance tool

Taghizadeh-Hesary F., Yoshino N., Rasoulinezhad E., Rimaud C.

Global Finance Journal （Global Finance Journal）  50 2021年11月

研究論文（学術雑誌）, 共著,  ISSN  10440283

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Investment volume in green projects, specifically in the green electricity market, suffers from limitations such as inadequate long-term financing, various risks, and a low rate of return on investment. Renewable energy power purchase agreements (PPAs), as a direct legal contract between a power provider and a power buyer, are one of the most popular instruments to increase investment. In this study, we model an adjusted PPA in the local currency framework to lower exchange rate risk and incremental tariffs by having the government pay part of the spillover tax revenues to the PPA, leading to a higher return on investment. The major conclusion of this study is that the use of tax revenue through the spillover effect of green electricity supply is a suitable source of financing for PPAs. As one policy implication, we recommend that developing countries allocate 50% of the tax revenue originating from power supply and adopt incremental PPAs to encourage private investment in green projects.

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Determinants of the Russia and Asia–Pacific energy trade

Taghizadeh-Hesary F., Rasoulinezhad E., Yoshino N., Sarker T., Mirza N.

Energy Strategy Reviews （Energy Strategy Reviews）  38 2021年11月

研究論文（学術雑誌）, 共著,  ISSN  2211467X

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Asia remained the largest energy consumer in 2020. The Russian Federation hopes to gain a greater share of the Asian energy market. This study examined the Russian Federation–Asia and Pacific energy trade patterns using gravity trade theory and GMM panel estimation for 17 selected Asia and Pacific economies. We found that the Russian Federation's energy exports to the Asia–Pacific region (APR) followed the Linder hypothesis, and economic growth positively influenced Russian energy exports in the region. Furthermore, The results indicated that the sanctions against Russia since 2014 stimulated an increase in Russian energy exports to the APR. To improve the region's energy security, we recommend developing an energy trading hub in the APR to increase regional pricing power.

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Greenness index: IPO performance and portfolio allocation

Mumtaz M.Z., Yoshino N.

Research in International Business and Finance （Research in International Business and Finance）  57 2021年10月

研究論文（学術雑誌）, 共著,  ISSN  02755319

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This study examines how the greenness of the firm affects the short- and long-term performance of IPOs. To measure the greenness of the firm, we develop the Greenness Index based on the emissions produced. We find that the greenness of the firms operating in services and financial sectors is higher than in other sectors. To examine the short- and long-run performance of IPOs, we classify our sample into high and low green firms. In the short-run, high green firms obtain a lower return than low green firms. However, high green firms perform better than low green firms in the long-run. This study also determines the factors that cause short- and long-run performance, and the results suggest that the firm's greenness negatively influences initial returns and underperformance of IPOs. Finally, we develop a theoretical model in terms of the portfolio's allocation and assert that investors participate in high-green firms to optimize their portfolio.

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A Database of Quantum Codes

Nuh Aydin, Peihan Liu, Bryan Yoshino

2021年08月

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Quantum error correcting codes (QECC) is becoming an increasingly important branch of coding theory. For classical block codes, a \href{codetables.de} {comprehensive database of best known codes} exists which is available online at \cite{codetables}. The same database contains data on best known quantum codes as well, but only for the binary field. There has been an increased interest in quantum codes over larger fields with many papers reporting such codes in the literature. However, to the best of our knowledge, there is no database of best known quantum codes for most fields. We established a new database of QECC that includes codes over $\mathbb{F}_{q^2}$ for $q\leq 29$. We also present several methods of constructing quantum codes from classical codes based on the CSS construction. We have found dozens of new quantum codes that improve the previously known parameters and also hundreds new quantum codes that did not exist in the literature.

Introduction: Investment in startups and small business financing

Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Chul Ju Kim, Peter J. Morgan, Daehee Yoon

Investment In Startups And Small Business Financing    ix - xvii 2021年08月

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Analyzing the factors influencing the demand and supply of solar modules in Japan – Does financing matter

Taghizadeh-Hesary F., Yoshino N., Inagaki Y., Morgan P.J.

International Review of Economics and Finance （International Review of Economics and Finance）  74   1 - 12 2021年07月

研究論文（学術雑誌）, 共著,  ISSN  10590560

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This paper analyzes the influence of certain factors on the demand and supply of solar modules by employing the fully modified ordinary least squares method using Japanese data. Our regression analysis shows that interest rates and money supply (M2) significantly impact the solar photovoltaic module supply, indicating that lower interest rates and more funding channels for the renewable energy sector will increase solar photovoltaic module production. Based on this finding, the paper concludes that, for Japan to increase its energy self-sufficiency rate, the Government of Japan should implement green financing policies, providing renewable energy business owners with a wider variety of funding channels with lower interest rates, and ultimately invigorating investments in solar photovoltaic installation.

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Polycyclic Codes Associated with Trinomials: Good Codes and Open Questions

Nuh Aydin, Peihan Liu, Bryan Yoshino

2021年06月

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Polycyclic codes are a generalization of cyclic and constacyclic codes. Even though they have been known since 1972 and received some attention more recently, there have not been many studies on polycyclic codes. This paper presents an in-depth investigation of polycyclic codes associated with trinomials. Our results include a number of facts about trinomials, some properties of polycyclic codes, and many new quantum codes derived from polycyclic codes. We also state several conjectures about polynomials and polycyclic codes. Hence, we show useful features of polycyclic codes and present some open problems related to them.

Economic Impacts of Carbon Tax in a General Equilibrium Framework: Empirical Study of Japan

Yoshino N., Rasoulinezhad E., Taghizadeh-Hesary F.

Journal of Environmental Assessment Policy and Management （Journal of Environmental Assessment Policy and Management）  23 （ 1-2 ）  2021年06月

共著,  ISSN  14643332

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This study tries to find new insights of implementations of carbon tax policy as a suitable way to reach the long-term zero-carbon plan. This paper explores how carbon tax can affect the macroeconomy in Japan through the structural vector autoregression (S-VAR) technique conducted for the quarterly data throughout 2005-2020. A theoretical general equilibrium model backs the empirical analysis. The major findings reveal that any increase in energy price from the carbon tax will lead to an increase in interest rate, exchange rate, and consumer price index while there is a negative relationship between energy price increase from carbon tax and real gross domestic product (GDP) in Japan. Carbon Policy Refolution (Reform+Evolution), refunding carbon tax revenues, and adaptation of long-term policy of net zero GHG emissions by 2050 with the current situation of Japan's power sectors are the major practical policies of this study.

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Linear Regression by Quantum Amplitude Estimation and its Extension to Convex Optimization

Kazuya Kaneko, Koichi Miyamoto, Naoyuki Takeda, Kazuyoshi Yoshino

Phys. Rev. A 104, 022430 (2021) 2021年05月

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Linear regression is a basic and widely-used methodology in data analysis. It is known that some quantum algorithms efficiently perform least squares linear regression of an exponentially large data set. However, if we obtain values of the regression coefficients as classical data, the complexity of the existing quantum algorithms can be larger than the classical method. This is because it depends strongly on the tolerance error $ε$: the best one among the existing proposals is $O(ε^{-2})$. In this paper, we propose the new quantum algorithm for linear regression, which has the complexity of $O(ε^{-1})$ and keeps the logarithmic dependence on the number of data points $N_D$. In this method, we overcome bottleneck parts in the calculation, which take the form of the sum over data points and therefore have the complexity proportional to $N_D$, using quantum amplitude estimation, and other parts classically. Additionally, we generalize our method to some class of convex optimization problems.

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Analyzing the characteristics of green bond markets to facilitate green finance in the post-covid-19 world

Taghizadeh-Hesary F., Yoshino N., Phoumin H.

Sustainability (Switzerland) （Sustainability (Switzerland)）  13 （ 10 ）  2021年05月

研究論文（学術雑誌）, 共著

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The COVID-19 pandemic and the global recessions have reduced the investments in green projects globally that would endanger the achievement of the climate-related goals. Therefore, the post-COVID-19 world needs to adopt the green financial system by introducing new financial instruments. In this regard, green bonds—a type of debt instrument aiming to finance sustainable infrastructure projects—are growing in popularity. While the literature does not contest their effectiveness in fighting climate change, research highlights the high level of risks and low returns associated with this instrument. This study analyzes the green bond markets in different regions with a focus on Asia and the Pacific. It aims to fill the gap in the literature by conducting a comparative study of the characteristics, risks, and returns of green bonds based on the region. The study is based on theoretical background and empirical analysis using the data retrieved from Bloomberg New Energy Finance and the Climate Bonds Initiative. The empirical results are based on several econometrics tests using panel data analysis estimation methods, namely pooled ordinary least squares and generalized least squares random effects estimator. Our findings prove that green bonds in Asia tend to show higher returns but higher risks and higher heterogeneity. Generally, the Asian green bonds market is dominated by the banking sector, representing 60% of all issuance. Given that bonds issued by this sector tend to show lower returns than average, we recommend policies that could increase the rate of return of bonds issued by the banking sector through the use of tax spillover. In the era of post-COVID-19, diversification of issuers, with higher participation from the public sector and de-risking policies, could also be considered.

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Energy insecurity, renewable energy and economic growth

Taghizadeh-Hesary F., Chang Y., Yoshino N., Morgan P.J.

Singapore Economic Review （Singapore Economic Review）  66 （ 2 ） 313 - 322 2021年03月

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  02175908

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Energy security, a multidimensional concept that encompasses the notion of resource availability, accessibility, environmental acceptability and cost affordability, has been widely discussed. However, the same cannot be said about energy insecurity, a concept that may not necessarily mirror energy security, but also comprises the various consequences of energy unavailability. Energy insecurity mostly affects the poorest and can lead to deepened inequalities and poor health at the household level. One solution for tackling energy insecurity could be adoption of renewable energy. Power generated from renewable sources could help in mitigating energy price fluctuations and reduce health issues, as well as encourage stable economic growth. This special issue discusses the interaction between the three concepts through careful case studies and panel analysis and proposes various policy implications for energy policymakers. This introductory paper introduces the articles selected for this special issue.

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The energy-pollution-health nexus: A panel data analysis of low-and middle-income asian countries

Taghizadeh-Hesary F., Rasoulinezhad E., Yoshino N., Chang Y., Taghizadeh-Hesary F., Morgan P.J.

Singapore Economic Review （Singapore Economic Review）  66 （ 2 ） 435 - 455 2021年03月

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  02175908

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Increased consumption of nonrenewable energy sources may lead to more air pollution, resulting in negative health impacts in a society. The main purpose of this study is to investigate the relationship between fossil fuel energy consumption and health issues using generalized method of moments estimation technique for data from 18 Asian countries (both low-and middle-income) over the period 1991-2018. The findings demonstrate that fossil fuel energy consumption increases the risk of lung and respiratory diseases. In addition, the results demonstrate the significant effect of CO 2 emissions and fossil fuel consumption on undernourishment and death rates. Furthermore, we find that increases in the gross domestic product per capita and healthcare expenditure may help reduce undernourishment and death ratio. The conclusion recommends that diversification of energy in low-and middle-income countries from too much reliance on fossil fuels to more renewable energy sources can improve energy insecurity, at the same time reduce greenhouse gas emissions and minimize the negative impacts on human health.

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Quality infrastructure and natural disaster resiliency: A panel analysis of Asia and the Pacific

Taghizadeh-Hesary F., Sarker T., Yoshino N., Mortha A., Vo X.V.

Economic Analysis and Policy （Economic Analysis and Policy）  69   394 - 406 2021年03月

研究論文（学術雑誌）, 共著,  ISSN  03135926

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In this study, we assess the impact of quality infrastructure, development, and corruption on damage caused by a natural disaster using panel data from 14 Asia and the Pacific countries for 2007–2017. Employing the generalized method of moments and vector error correction model, this study's main contribution to the literature lies in the quantification of the role of quality infrastructure in disaster impact mitigation. The empirical results prove that even if disaster intensity remains the most important factor in explaining damage, this effect is short-lived. At the same time, quality infrastructure significantly reduces damage in the long-term and is the variable with the largest magnitude. A higher level of development indicators, measured by gross domestic product per capita, and control of corruption, are also shown to reduce damage linked to natural disasters. Our study suggests that improving the quality of infrastructure can be effective in mitigating the impact of disasters. We also propose financial schemes such as public–private cooperation and innovative schemes to promote the construction of quality infrastructure.

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Optimal branching strategy, local financial development, and SMEs’ performance

Hossain M., Yoshino N., Taghizadeh-Hesary F.

Economic Modelling （Economic Modelling）  96   421 - 432 2021年03月

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  02649993

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This paper examines whether and to what extent development of the local-level financial sector improves SMEs’ performances. While only a handful of studies examines the relationship between local financial development and firm growth, no theoretical basis has been provided in those studies to understand transmission channels and instruments through which local financial development works in favor of firm growth. This paper attempts to fill that gap. In a theoretical framework, this paper shows that an optimal number of bank branches in an area works as an instrument of the transmission channel from financial development to growth, which helps reduce excess liquidity and increase SMEs’ access to bank credit by creating links between the demand and supply of liquidity. Banks default credit risk and cost of branch expansion determine the optimal number of branches in an area: a higher number of branches will reduce asymmetry of information about borrowers and monitoring costs, leading to lower default risks. Using new firm-level survey data of 1084 SME manufacturing firms from Bangladesh, our empirical analysis suggests that there is a threshold level of bank branches that can improve SME performance at the sub-district level. Our findings highlight the importance of potential returns to an optimal branching strategy of banks at the sub-national level that will lead to inclusive finance and growth within a country.

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The efficacy of a third-generation oncolytic herpes simplex viral therapy for an HPV-related uterine cervical cancer model.

Kagabu M, Yoshino N, Saito T, Miura Y, Takeshita R, Murakami K, Kawamura H, Baba T, Sugiyama T

International journal of clinical oncology 26 （ 3 ） 591 - 597 2021年03月

共著,  ISSN  1341-9625

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