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

Relationship between fine-mode AOD and precipitation on seasonal and interannual time scales

On seasonal and interannual time scales, weather is highly influential in aerosol variability. In this study, we investigate the relationship between fine-mode AOD (fAOD) and precipitation on these scales, in order to unravel the effect of wet weather on aerosol amount. We find with integrated satellite and ground observations that biomass burning related fAOD has a relatively greater seasonal variation than fossil fuel combustion related fAOD. It is also found that wet weather reduces biomass burning fAOD and increases fossil fuel combustion fAOD. Aerosol simulation models forced by reanalyses consistently simulate the biomass burning fAOD reduced during wet weather but only in the tropics and furthermore do not consistently increase fossil fuel combustion fAOD during wet conditions. The identified relationship between fAOD and precipitation in observations allows for seasonal predictability of fAOD, since average precipitation can be predicted a few to several months in advance due to the well-established predictability of El Niño-Southern Oscillation (ENSO). We reveal ENSO-covariant fAOD using a rotated component principal analysis of combined interannual variation of sea surface temperature, precipitation and fAOD. During the warm phase of ENSO, we find that fAOD increases over Indonesia and the eastern coastal area of China, and decreases over South Asia, the Amazon and the continental parts of China

Multi-model study of HTAP II on sulfur and nitrogen deposition

This study uses multi-model ensemble results of 11 models from the second phase of Task Force Hemispheric Transport of Air Pollution (HTAP II) to calculate the global sulfur (S) and nitrogen (N) deposition in 2010. Modeled wet deposition is evaluated with observation networks in North America, Europe and East Asia. The modeled results agree well with observations, with 76–83 % of stations being predicted within ±50 % of observations. The models underestimate SO42−, NO3− and NH4+ wet depositions in some European and East Asian stations but overestimate NO3− wet deposition in the eastern United States. Intercomparison with previous projects (PhotoComp, ACCMIP and HTAP I) shows that HTPA II has considerably improved the estimation of deposition at European and East Asian stations. Modeled dry deposition is generally higher than the inferential data calculated by observed concentration and modeled velocity in North America, but the inferential data have high uncertainty, too. The global S deposition is 84 Tg(S) in 2010, with 49 % in continental regions and 51 % in the ocean (19 % of which coastal). The global N deposition consists of 59 Tg(N) oxidized nitrogen (NOy) deposition and 64 Tg(N) reduced nitrogen (NHx) deposition in 2010. About 65 % of N is deposited in continental regions, and 35 % in the ocean (15 % of which coastal). The estimated outflow of pollution from land to ocean is about 4 Tg(S) for S deposition and 18 Tg(N) for N deposition. Comparing our results to the results in 2001 from HTAP I, we find that the global distributions of S and N deposition have changed considerably during the last 10 years. The global S deposition decreases 2 Tg(S) (3 %) from 2001 to 2010, with significant decreases in Europe (5 Tg(S) and 55 %), North America (3 Tg(S) and 29 %) and Russia (2 Tg(S) and 26 %), and increases in South Asia (2 Tg(S) and 42 %) and the Middle East (1 Tg(S) and 44 %). The global N deposition increases by 7 Tg(N) (6 %), mainly contributed by South Asia (5 Tg(N) and 39 %), East Asia (4 Tg(N) and 21 %) and Southeast Asia (2 Tg(N) and 21 %). The NHx deposition increases with no control policy on NH3 emission in North America. On the other hand, NOy deposition has started to dominate in East Asia (especially China) due to boosted NOx emission

Panel Date Analysis of Computer Software Assetts in the Banks of Japan : Estimation from the Financial Reports

本研究では、情報システム技術に関連した無形資産、すなわち「ソフトウェア及びシステム関連の資産」(以下、ソフトウェア資産と略す。)が銀行の金融市場での企業価値にどのような影響を与えるかについて、証券取引法第24条に基づく有価証券報告書をもとにパネルデータ分析を行った。その結果、従業員一人当たりのソフトウェア資産が1ポイント増加すれば金融市場での従業員一人当たりの企業価値が約19ポイント増加することがわかった

Aerosol climatology over Japan site measured by ground-based sky radiometer

Aerosol and cloud optical properties are studied using data from ground-based and ship-borne sky radiometer measurements in the world. We are seeking in this data information on the aerosol optical characteristics with respect to their temporal and spatial variability and validation of Satellite and numerical models. The aerosol optical thickness has clear temporal and spatial variability at six sites in Japan. Comparisons between aerosol optical thickness at 0.5 μm retrieved with a sky radiometer and SPRINTAS at six Japan sites. Model of all sky AOT500 is good correlation. But, model of clear sky AOT500C is not good correlation. We will confirm the trends of aerosol climatology and help explain the reason.International Radiation Symposium: Radiation Processes in the Atmosphere and Ocean, IRS 2012; Berlin; Germany; 6 August 2012 ～ 10 August 201

Intercomparison of the cloud water phase among global climate models

Mixed‐phase clouds (clouds that consist of both cloud droplets and ice crystals) are frequently present in the Earth's atmosphere and influence the Earth's energy budget through their radiative properties, which are highly dependent on the cloud water phase. In this study, the phase partitioning of cloud water is compared among six global climate models (GCMs) and with Cloud and Aerosol Lidar with Orthogonal Polarization retrievals. It is found that the GCMs predict vastly different distributions of cloud phase for a given temperature, and none of them are capable of reproducing the spatial distribution or magnitude of the observed phase partitioning. While some GCMs produced liquid water paths comparable to satellite observations, they all failed to preserve sufficient liquid water at mixed‐phase cloud temperatures. Our results suggest that validating GCMs using only the vertically integrated water contents could lead to amplified differences in cloud radiative feedback. The sensitivity of the simulated cloud phase in GCMs to the choice of heterogeneous ice nucleation parameterization is also investigated. The response to a change in ice nucleation is quite different for each GCM, and the implementation of the same ice nucleation parameterization in all models does not reduce the spread in simulated phase among GCMs. The results suggest that processes subsequent to ice nucleation are at least as important in determining phase and should be the focus of future studies aimed at understanding and reducing differences among the models. Key Points Phase partitioning of cloud water in GCMs is investigated Cloud water phase in GCMs is compared to satellite observations Ice nucleation parameterization influence on cloud water phase is investigatedPeer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/106995/1/jgrd51239.pd

Evaluation of Cloud Microphysics in JMA-NHM Simulations Using Bin or Bulk Microphysical Schemes through Comparison with Cloud Radar Observations

Numerical weather prediction (NWP) simulations using the Japan Meteorological Agency NonhydrostaticModel (JMA-NHM) are conducted for three precipitation events observed by shipborne or spaceborneW-band cloud radars. Spectral bin and single-moment bulk cloud microphysics schemes are employed separatelyfor an intercomparative study. A radar product simulator that is compatible with both microphysicsschemes is developed to enable a direct comparison between simulation and observation with respect to theequivalent radar reflectivity factor Ze, Doppler velocity (DV), and path-integrated attenuation (PIA). Ingeneral, the bin model simulation shows better agreement with the observed data than the bulk modelsimulation. The correction of the terminal fall velocities of snowflakes using those of hail further improves theresult of the bin model simulation. The results indicate that there are substantial uncertainties in the masssizeand sizeterminal fall velocity relations of snowflakes or in the calculation of terminal fall velocity of snowaloft. For the bulk microphysics, the overestimation of Ze is observed as a result of a significant predominanceof snow over cloud ice due to substantial deposition growth directly to snow. The DV comparison shows thata correction for the fall velocity of hydrometeors considering a change of particle size should be introducedeven in single-moment bulk cloud microphysics

Asian and trans-Pacific dust: a multi-model and multi-remote sensing observation analysis

Dust is one of the dominant aerosol types over Asia and the North Pacific Ocean, but quantitative estimation of dust distribution and its contribution to the total regional aerosol load from observations is challenging due to the presence of significant anthropogenic and natural aerosols and the frequent influence of clouds over the region. This study presents the dust aerosol distributions over Asia and the North Pacific using simulations from five global models that participated in the AeroCom phase II model experiments, and from multiple satellite remote-sensing and ground-based measurements of total aerosol optical depth (AOD) and dust optical depth (DOD). We examine various aspects of aerosol and dust presence in our study domain: (1) the horizontal distribution, (2) the longitudinal gradient during trans-Pacific transport, (3) seasonal variations, (4) vertical profiles, and (5) model-simulated dust life cycles. This study reveals that the diversity of DOD is mostly driven by the diversity of the dust source followed by residence time and mass extinction efficiency