1
 Japan's Daiwa Securities Co. named Masahiro Dozen president.
5002
span

2
 Mr. Dozen succeeds Sadakane Doi, 
5001
span

3
who will become vice chairman.
2
elaboration-additional-e

4
 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm.
5003
List

5
 In Japanese firms, the president usually is in charge of day-to-day operations, 
5004
Comparison

6
while the chairman's role is more a ceremonial one.
5004
Comparison

7
 The title of chief executive officer isn't used.
5004
elaboration-additional

8
 While people within Daiwa, particularly internationalists, expected 
9
attribution

9
that Mr. Dozen, 52, would eventually become Daiwa's president,
5007
span

10
 the speed of his promotion surprised many.
5008
span

11
 It was only earlier this year that the jovial, easygoing executive 
5009
span

12
-- he likes to joke with Americans about how his name is synonymous with twelve -- 
11
elaboration-additional-e

13
was appointed deputy president.
5010
Same-Unit

14
 Mr. Dozen is taking over the reins of a securities company 
5014
span

15
that does very well in its domestic market 
5015
Contrast

16
but that is still seeking to realize its potential in global investment banking and securities dealing.
5015
Contrast

17
 Daiwa is one of the world's largest securities firms.
5024
span

18
 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen 
5016
span

19
($5.64 billion).
18
restatement-e

20
 For the six months 
5017
span

21
ended Sept. 30, 
20
elaboration-object-attribute-e

22
Daiwa reported unconsolidated 
5019
span

23
(parent company) 
22
restatement-e

24
net income of 79.03 billion yen 
5020
span

25
($556.5 million) 
24
restatement-e

26
on revenue of 332.38 billion yen 
5021
span

27
($2.34 billion).
26
restatement-e

28
 Both figures were record highs.
5018
comment

29
 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa 
5026
span

30
to make its international operations more profitable 
5027
Temporal-Same-Time

31
while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, 
5027
Temporal-Same-Time

32
which should mean increased competition.
5026
evaluation-s

33
 All of Japan's so-called Big Four securities firms 
5031
span

34
-- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- 
33
elaboration-set-member-e

35
have suffered setbacks in their attempts 
5033
span

36
to break into foreign markets.
35
elaboration-object-attribute-e

37
 While they have moved to the fore 
5034
span

38
in underwriting fixed-income securities in the Eurobond market 
5035
span

39
-- mostly for Japanese firms -- 
38
elaboration-additional-e

40
they have been only marginally profitable, if at all, in the U.S.
5037
span

41
 American institutional investors have never had a large appetite for Japanese equities.
5041
List

42
 And 
5040
Same-Unit

43
while the Japanese have stepped up their purchases of U.S. shares in the past several months, 
44
antithesis-e

44
they have shown themselves in the past to be fickle investors.
5100
span

45
 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors 
5045
span

46
that have prevented them from building strong links to U.S. corporations and institutional investors.
45
elaboration-object-attribute-e

47
 Mr. Dozen knows these problems firsthand.
5070
span

48
 When he arrived in the U.S. in 1969 
5047
span

49
-- the start of an eight-year tour -- 
48
elaboration-additional-e

50
he tried selling Japanese yen-denominated bonds to U.S. investors.
5048
span

51
 He made desperate efforts, 
5101
span

52
using the yellow pages from beginning to end, 
51
manner

53
said Koji Yoneyama, president of Daiwa's U.S. unit. 
5049
attribution

54
But not a single piece of paper was sold.
5052
Contrast

55
 By his own account, Mr. Dozen didn't do much better with U.S. bonds.
5056
span

56
 In an interview a few months ago, he recalled 
5054
attribution

57
how after some training at Salomon Brothers Inc., he successfully bid for the opportunity 
5054
span

58
to sell portions of 20 U.S. corporate bond issues.
57
elaboration-object-attribute-e

59
 But he couldn't sell any.
5055
span

60
 Japanese stock salesmen selling American bonds?
5059
span

61
 Maybe it's crazy, 
5058
span

62
he said.
61
attribution

63
 Mr. Dozen even related the indignity 
5061
span

64
suffered 
5064
span

65
when he and two colleagues went on an overnight fishing expedition off the New Jersey shore 
5062
Temporal-Same-Time

66
and caught nothing. 
5062
Temporal-Same-Time

67
Upon returning to New York, 
68
temporal-same-time

68
Exhausted, I got into a taxicab, 
5065
span

69
and the woman driver said: 
70
attribution

70
`Americans make better fishermen, ' 
5066
span

71
he recalled.
5067
attribution

72
 Undaunted, Mr. Dozen said 
73
attribution

73
that Daiwa's goal is to build a high-technology oriented international organization with maybe some Japanese flavor to it.
5071
span

74
 He said 
75
attribution

75
that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions.
5072
span

76
 Mr. Dozen said 
77
attribution

77
Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 
5075
span

78
 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959.
5077
Sequence

79
 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors.
5077
Sequence

80
 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations.
5084
span

81
 He was constantly picking up new things 
5078
span

82
to fill out his experience; 
81
purpose

83
he is very well-balanced, 
5078
comment

84
said Takuro Isoda, chairman of Daiwa's U.S. unit in New York.
5079
attribution

85
 But it Mr. Dozen's experience as a salesman 
5081
span

86
that enabled him to gain the political support 
5082
span

87
-- particularly from the retail sales force -- 
86
elaboration-general-specific-e

88
to accede to the presidency.
5082
elaboration-object-attribute-e

89
 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 
5087
List

90
And anybody 
5085
span

91
who lacked the backing of the retail sales force 
90
elaboration-object-attribute-e

92
would be fragile, 
5086
Same-Unit

93
said a Daiwa executive.
5087
attribution

94
 If Mr. Dozen has a weakness, 
5102
span

95
it may be his golf game. 
94
elaboration-general-specific

96
He digs in the sand 
5095
span

97
instead of hitting the ball,
96
antithesis-e

98
 like a farmer, 
5096
Same-Unit

99
said Mr. Yoneyama.
5097
attribution

5001
span
1
circumstance

5002
span
5003
List

5003
multinuc
5006
span

5004
multinuc
5005
span

5005
span
5003
background

5006
span
5013
span

5007
span
10
antithesis

5008
span
5012
span

5009
span
5010
Same-Unit

5010
multinuc
5008
explanation-argumentative

5011
span



5012
span
5006
elaboration-additional

5013
span
5030
span

5014
span
5025
span

5015
multinuc
14
elaboration-object-attribute-e

5016
span
5023
List

5017
span
5018
Same-Unit

5018
multinuc
5022
span

5019
span
5018
Same-Unit

5020
span
5018
Same-Unit

5021
span
5018
Same-Unit

5022
span
5023
List

5023
multinuc
17
evidence

5024
span
5014
evaluation-s

5025
span
5029
span

5026
span
5028
span

5027
multinuc
29
elaboration-object-attribute-e

5028
span
5025
interpretation-s

5029
span
5091
span

5030
span
5093
span

5031
span
5032
Same-Unit

5032
multinuc
5044
span

5033
span
5032
Same-Unit

5034
span
5037
antithesis

5035
span
37
manner

5036
span



5037
span
5042
span

5038
span



5039
span



5040
multinuc
5041
List

5041
multinuc
5046
Temporal-Same-Time

5042
span
5032
example

5043
span



5044
span
5092
span

5045
span
5046
Temporal-Same-Time

5046
multinuc
40
explanation-argumentative

5047
span
50
circumstance

5048
span
5050
span

5049
span
5051
span

5050
span
5052
Contrast

5051
span
5048
means

5052
multinuc
5060
List

5053
span
59
circumstance

5054
span
5053
span

5055
span
55
evidence

5056
span
5057
span

5057
span
5060
List

5058
span
60
comment

5059
span
5056
rhetorical-question

5060
multinuc
47
evidence

5061
span
5069
span

5062
multinuc
64
temporal-same-time

5063
span



5064
span
63
elaboration-object-attribute-e

5065
span
5066
circumstance

5066
span
5067
span

5067
span
5068
span

5068
span
5061
elaboration-additional

5069
span
5060
List

5070
span
5074
Problem-Solution

5071
span
5073
span

5072
span
5071
enablement

5073
span
5076
span

5074
multinuc
5044
elaboration-additional

5075
span
5073
evaluation-s

5076
span
5074
Problem-Solution

5077
multinuc
5099
span

5078
span
5079
span

5079
span
5080
span

5080
span
80
restatement

5081
span
5089
span

5082
span
5083
span

5083
span
85
elaboration-object-attribute-e

5084
span
5089
antithesis

5085
span
5086
Same-Unit

5086
multinuc
5087
List

5087
multinuc
5088
span

5088
span
5081
explanation-argumentative

5089
span
5090
span

5090
span
5077
Sequence

5091
span
5013
elaboration-additional

5092
span
5029
elaboration-additional

5093
span



5094
span



5095
span
5096
Same-Unit

5096
multinuc
5102
explanation-argumentative

5097
span
5098
span

5098
span
5077
evaluation-s

5099
span
5030
background

5100
span
5040
Same-Unit

5101
span
5049
span

5102
span
5097
span

