Why do so few hold stocks : theory and evidence

This study develops a life-cycle model where investors make investment decisions in a realistic environment. Model results show that personal illiquid projects (housing and children), fixed costs (once-off/per-period participation costs plus variable/fixed transaction costs) and endogenous risky human capital (with permanent, transitory and disastrous shocks) together are able to address both the non-participation puzzle and the age-effects puzzle. Empirical implications of the model are examined using Heckman’s two-step method with the latest five Surveys of Consumer Finance (SCF). Regression results show that liquidity, informational cost and human capital are indeed the major determinants of participation and asset allocation decisions at different stages of an investor’s life.

Party 25

Party 25 involved the conception and public launch of a radically new form of political party during that year’s Australian general election. The entire project was also intentioned as a conceptual artwork. Party 25 avoided conventional party-political approaches and was neither a protest group nor an advocacy organisation, but rather a new form of political association that confronted what we understood as the debilitating limits and impotence of contemporary parliamentary democracies in transitioning our societies towards ecological sustainability.----- Party 25 was based on responding to one fundamental question which all of its policies served - “how does humanity get to the 25th century?” By basing itself on a dramatically long-term approach uncommon within conventional politics it raised the proposition that humanity does not have an assured future. Party25 therefore shaped its agendas around the idea that any future now lies in human hands and so how humanity treats the ecologies on which it depends innately determines the quality of the inseparable relationship between its being, and the being of the biophysical world.----- The project was conceived through a number of discussion papers, workshops and creative works and was launched publicly at the Judith Wright Centre Brisbane accompanied by a full length showing of evocative imagery, text and sound, a series of speeches and the launch of a succinct web presence. Through the website and this party launch a community of interested participants and creative practitioners was sought who then would form the basis of a nascent community of change.

Socialising across channels : group multichannel communication

People increasingly communicate over multiple channels, such as SMS, email and IM. Choosing the channel for interaction is typically a considered action and shapes the message itself. In order to explore how people make sense of communication mediums and more generally, social group behaviour, we developed a multichannel communication prototype. Preliminary results indicate that multichannel communication was considered very useful in the group context even considering the increased quantity of messages while it was little used for person-to-person interaction.

Crop

Solo exhibition of sculptural works that use the portrait bust as a vehicle for problematising notions of subjectivity, authority and representation. The exhibition comprised three life-sized figurative busts, each portraits of the artist, sparsely positioned throughout the gallery space to convey a sense of isolation and abandonment. By emphasising the fragmented nature of the bust format by removal of all supports (ie. Socle, plinth or alcove) the works sought to address the vulnerability that frmes this apparently authoritative Enlightenment portrait format. In so doing the exhibition aimed to offer, by example, a new way of seeing and interpreting the portrait bust in history. The exhibition was exhibited at the Institute of Modern Art (Brisbane) and the Perth Institute of Contemporary Arts. Works fro the exhibition were included in group shows at Linden Centre for Contemporary Arts, Ballarat Fine Art Gallery. Work from the exhibition was purchased for the collection of MONA, Hobart.The exhibition received favourable reviews in Eyeline, Art and Australia and Machine magazines.