Taxes, Keiretsu Affiliation, and Income Shifting

This paper provides evidence that keiretsu group member firms are subject to lowereffective tax rates than independent firms in Japan. As one explanation for this phenomenon, wedevelop a hypothesis that keiretsu firms strategically shift financially reported income amongaffiliates in order to reduce overall effective tax rates. Empirical evidence supports this income-shifting hypothesis since the positive relationship between pretax return m firm value and marginaltax rate status is significantly mitigated by keiretsu membership. Further, it appears that keiretsuincome shifting activities intensify when Japanese firms face economic recession, contrastingconjecture of weakening strength of keiretsu affiliation during this period. We also find evidencesupporting the view that benefactors of shifted income are compensated via increased dividends

Bias adjustment of infrared-based rainfall estimation using Passive Microwave satellite rainfall data

This study explores using Passive Microwave (PMW) rainfall estimation for spatial and temporal adjustment of Precipitation Estimation from Remotely Sensed Information using Artificial Neural Networks-Cloud Classification System(PERSIANN-CCS). The PERSIANN-CCS algorithm collects information from infrared images to estimate rainfall. PERSIANN-CCS is one of the algorithms used in the IntegratedMultisatellite Retrievals for GPM (Global Precipitation Mission) estimation for the time period PMW rainfall estimations are limited or not available. Continued improvement of PERSIANN-CCS will support Integrated Multisatellite Retrievals for GPM for current as well as retrospective estimations of global precipitation. This study takes advantage of the high spatial and temporal resolution of GEO-based PERSIANN-CCS estimation and the more effective, but lower sample frequency, PMW estimation. The Probability Matching Method (PMM) was used to adjust the rainfall distribution of GEO-based PERSIANN-CCS toward that of PMW rainfall estimation. The results show that a significant improvement of global PERSIANN-CCS rainfall estimation is obtained

Development of a window correlation matching method for improved radar rainfall estimation

International audienceThe present study develops a method called window correlation matching method (WCMM) to reduce collocation and timing errors in matching pairs of radar measured reflectivity, Ze, and gauge measured rainfall intensity, R, for improving the accuracy of the estimation of Ze?R relationships. This method was compared with the traditional matching method (TMM), the probability matching method (PMM) and the window probability matching method (WPMM). The calibrated relationship Ze=18.05 R1.45 obtained from 7×7 km of space window and both present and 5 min previous time of radar observation for time window (S77T5) produces the best results for radar rainfall estimates for orographic rain over the Mae Chaem Watershed in the north of Thailand. The comparison shows that the Ze?R relationship obtained from WCMM provide more accuracy in radar rainfall estimates as compared with the other three methods. The Ze?R relationships estimated using TMM and PMM provide large overestimation and underestimation, respectively, of mean areal rainfall whereas WPMM slightly underestimated the mean areal rainfall. Based on the overall results, it can be concluded that WCMM can reduce collocation and timing errors in Ze?R pairs matching and improve the estimation of Ze?R relationships for radar rainfall. WCMM is therefore a promising method for improved radar-measured rainfall, which is an important input for hydrological and environmental modeling and water resources management

Effect of Transient Heat Transfer of a Condenser on a Cascade Heat Pump Performance

Transient heat transfer characteristics of a condenser of a cascade heat pump are investigated by comparing the experimental result and the prediction from a mathematical model. In the experiment part, the cascade heat pump consists of the low-temperature refrigeration cycle using R22 and the high-temperature heat pump cycle using R134a. The transient effect is presented by circulating water to receive the rejection heat from the condensing refrigerant of the cascade heat pump causing the rise of the hot water temperature. On the other hand, a mathematic model of the condensation heat consisting of the heat transfer models in the two-phase mixture region and the superheated vapor region is developed to compare the results. The effect of the hot water flow rate on the hot water temperature and the heat transfer rate is examined. The result indicates that the hot water temperature continuously increases with time. The condensation heat rapidly increases at the beginning and gradually increases with time. The result obtained from the model prediction of the condensation heat is similar to the experimental result except the initial and final period. The discrepancy between these two results is because of the transient behavior at beginning and the existent of the subcooled region

Assessment of flow changes from hydropower development and operations in Sekong, Sesan and Srepok Rivers of the Mekong Basin

The Mekong River supports unique biodiversity and provides food security for over sixty million people in the Indo-Burma region, but potential changes to natural flow patterns from hydropower development are a major risk to the wellbeing of this system. Of particular concern is the ongoing and future development of 42 dams in the transboundary Srepok, Sesan and Sekong (3S) Basin which contributes up to 20% of the Mekong's annual flows and provides critical ecosystem services to the downstream Tonle Sap Lake and the Mekong Delta. To assess the magnitude of potential changes, daily flows were simulated over 20 years using the HEC ResSim and SWAT models for a range of dam operations and development scenarios. A 63% increase in dry season flows and a 22% decrease in wet season flows at the outlet of the 3S Basin can result from the potential development of new dams in the main 3S Rivers under an operation scheme to maximize electricity production. Water level changes in the Mekong River from this scenario are comparable to changes induced by the current development of Chinese dams in the Upper Mekong Basin and are significantly higher than potential flow changes from the proposed 11 mainstream dams in the Lower Mekong Basin. Dams on the upper sub tributaries of the 3S Basin have very low impacts on seasonal flow regimes because most of those projects are run-of-river dams and have small reservoir storages. Impacts on hourly flow changes due to intra daily reservoir operations, sediment movement, water quality and ecology need further study. Strategic site selection and coordinated reservoir operations between countries are necessary to achieve an acceptable level of development in the basin and mitigate negative impacts to seasonal flow patterns which sustain downstream ecosystem productivity and livelihoods