The hydrothermal processing of municipal-waste-plastics-derived fuel oil (kerosene fraction; Cl content = 62 ppm, N content = 1150 ppm) under sub- and supercritical conditions has been investigated so as to demonstrate the possible use of water and aqueous solutions of metal salts and hydroxides for the dechlorination and denitrogenation of the fuel oil. The hydrothermal processing was carried out in a small SUS316 stainless steel batch reactor under nitrogen atmosphere. Although the two reactions took place in water, they proceeded much more readily under basic conditions, especially in aqueous solutions of alkaline metal hydroxides. That is, the nitrogen content in the product oil decreased to 297 ppm upon processing with water for 15 min at 425 °C, whereas it decreased to 49 ppm when 0.10 mol/L NaOH was used instead of water at 375 °C. Under these hydrothermal conditions, the chlorine content in the product oil was always nearly 0 ppm. Organic acids such as benzoic acid and phthalic acid in the fuel oil could also be removed.

The objective of our paper is to clarify the factors that inhibit Japanese firms from being unlevered, focusing on the interactions between financial constraints and bank relationships. Through analysis of variance, logistic regressions, and sensitivity analyses, we conclude that financial constraints and bank shareholdings, which inhibit firms from being unlevered, are more powerful than the presence of foreign investors that encourage unleverage. Based on our panel data on 822 Japanese public firms, we find that among developed countries, Japan has the fewest unlevered firms, with less than 5%. Additionally, we observe reciprocal cross stock holdings between unlevered firms and their banks.

This article examines whether Japanese firms replicate the DeAngelo and DeAngelo (D&D) model, which assumes that firms achieve financial flexibility by increasing their debt capacity or paying out large dividends and exercise it when abnormal cash shortfalls occur. The article analyzes frequency distributions and means across three net cash outlay states (extreme deficits, deficits, and surplus) using 10‐year panel data on 1,555 Japanese firms. It also conducts Tobit regression analyses based on the dynamic features of financial flexibility postulated by D&D. The results reveal that Japanese public firms did not effectively utilize financial flexibility to raise external funds in times of financial need, particularly during the global financial crisis sparked by the Lehman Brothers collapse in 2008. This article therefore concludes that the D&D model does not fit the data. Further, the results imply that although Japanese public firms may have virtually no debt, their motive is not to achieve financial flexibility, but to maintain bank relationships through cross shareholding or the main bank system. This is the first study to directly test the D&D model, showing that it cannot be generalized, particularly in the case of Japan, where the relationships between firms and banks are strong. © 2016 Wiley Periodicals, Inc.