Influence of the Consideration of Future Consequences on Financial Behavior: The Case of Japanese Individual Investors

We analyze the impact of the “consideration of future consequences” (CFC) on the amount of financial assets and the liabilities of individual investors by applying a Tobit model to data from a web-based survey. We find that impatient individuals with high CFC have fewer deposits and financial asset balances. We also examine the influence of the CFC-immediate (CFC-I) and CFC-future (CFC-F) sub-indicators often used in psychology as well as CFC on financial asset balances and liabilities. CFC-I show concern with immediate consequences and also an index related to ego depletion. We find that the higher the CFC-I, the lower the amount of deposits and financial asset balances. However, CFC-F is a sub-indicator designating lack of concern with future consequences; thus, the higher the CFC-F, the larger the debt

Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding

In this article, we investigate the determinants of risk asset holding ratio using micro data collected from a Web-based survey. The findings of the current study indicate that, (1) factors such as subjective excess return, overconfidence and time discount rate make positive effects on the ratio of any risk asset holding (factor such as informal information sources make a negative effect), but the effects of other factors in our model vary with the type of the risk assets. Especially, the information sources used in investments make different effects on each type of the risk assets. (2) Psychological factors such as overconfidence and time discount rate used in behavioral finance increase the ratio of the any risk asset holding

Mild decrease in heart rate during early phase of targeted temperature management following tachycardia on admission is associated with unfavorable neurological outcomes after severe traumatic brain injury: a post hoc analysis of a multicenter randomized controlled trial

Abstract Background The association between isolated admission heart rate (HR) and prognosis has been discussed, but not that between gross HR change and neurological outcome in patients with severe traumatic brain injury (TBI). In the acute phase of severe TBI, HR is influenced by several factors (e.g., pain, sympathetic activation, hypovolemia, fever, body temperature). Therefore, admission HR and gross HR change should be examined in patients with TBI treated with a well-designed protocol, such as was done in the Brain Hypothermia (B-HYPO) Study. Methods This was a post hoc analysis of the B-HYPO Study, which was conducted as a prospective, multicenter, randomized controlled trial in patients with severe TBI receiving mild therapeutic hypothermia (MTH; 32.0 °C–34.0 °C) or fever control (35.5 °C–37.0 °C) in Japan. Patients with MTH were examined, and HR change (%HR) in the early MTH phase was calculated as follows: [admission HR – HR at day 1]/admission HR × 100. Patients were divided into six groups, using admission HR (< 80, 80–99, ≤ 100) and median of %HR; i.e., group (Admission HR < 80 and %HR ≥ 18.6); group (Admission HR < 80 and %HR < 18.6); group (Admission HR 80–99 and %HR ≥ 18.6); group (Admission HR 80–99 and %HR < 18.6); group (Admission HR ≥100 and %HR ≥ 18.6); and group (Admission HR ≥100 and %HR < 18.6). The primary outcome was an adjusted predicted probability of unfavorable neurological outcome at 6 months after TBI according to Glasgow Outcome Scale score, which is a measure of functional recovery and defined as severe disability, persistent vegetative state, and death. Results Overall, 79 patients with MTH (52.7% of the original trial) were examined; among these, unfavorable neurological outcomes were observed in 53.2%. Among all the groups, group (Admission HR ≥100 and %HR < 18.6) exhibited the highest proportion of unfavorable outcomes, and 82.3% of patients had an adjusted predicted probability of unfavorable outcomes, whereas those in group (Admission HR < 80 and %HR ≥ 18.6) developed only 22.8% (p = 0.04). Conclusions Mild HR decrease during the early phase of targeted temperature management following tachycardia at admission can be associated with unfavorable neurological outcomes after severe TBI