The influence of financial risk tolerance and risk perception on individual investment decision-making in a financial advice context

The aim of this thesis is to examine how risk tolerance and risk perception, two important but often misunderstood constructs, jointly influence client investment decisions in a financial advice context. By distinguishing the roles of these two risk constructs in client decision-making, in this thesis a new direction in studying financial/investment risks is provided while practice and regulation in the financial services industry is potentially informed. Based on the literature relating to risks and individual decision-making, a theoretical framework is developed and relevant hypotheses are tested in two studies with financial adviser clients in Australia. Results reveal that financial risk tolerance influences asset allocation both directly and indirectly through risk perception. The intervening role of risk perception suggests that risk tolerance affects how clients perceive the riskiness of an investment product which influences client decision-making.

Potential climate effect on Japanese rice productivity

Adaptation to climate change has become an important policy question in recent years. Agriculture is an economic activity that is most sensitive to climate change. We evaluate the dynamic effects of productivity change and individual efforts to adapt to climate change. Adaptation actions in agriculture are evaluated to determine how the climate affects production efficiency. In this paper, we use the bi-directional distance function method to measure Japanese rice production loss due to climate. We find that (1) accumulated precipitation has the greatest effect on rice production efficiency and (2) the climate effect on rice production efficiency decreases over time. Our results empirically support the benefit of the adaptation approach.

The Steering Clear First Offender Drink Driving Program

This program is a research based, guided intervention program, designed for first time drink driving offenders which provides them with information and strategies to avoid drink driving in the future. It is an innovative program with the ability to tailor specific information to different individuals based on their level of risk of reoffending and help them develop their own plan to prevent them from drink driving. It aims to teach offenders the skills to implement their own plan when they determine they are at risk of future drink driving. The program provides information about: What a standard drink is and how blood alcohol content (BAC) is determined; How alcohol affects the body, reaction time, and decision making; The consequences of drink driving and what happens after a second offence; How to deal with risky drink driving situations in the future; How to build a personalised plan to avoid drink driving in the future, and; Levels of alcohol consumption and its impact on daily life. It also includes access to a mobile friendly web app that can be used anytime after completing the program. This is tool that will aid offenders in tracking their drinks and build on plans to prevent future drink driving.

Extending genetic linkage analysis to diffusion tensor images to map single gene effects on brain fiber architecture

We extended genetic linkage analysis - an analysis widely used in quantitative genetics - to 3D images to analyze single gene effects on brain fiber architecture. We collected 4 Tesla diffusion tensor images (DTI) and genotype data from 258 healthy adult twins and their non-twin siblings. After high-dimensional fluid registration, at each voxel we estimated the genetic linkage between the single nucleotide polymorphism (SNP), Val66Met (dbSNP number rs6265), of the BDNF gene (brain-derived neurotrophic factor) with fractional anisotropy (FA) derived from each subject's DTI scan, by fitting structural equation models (SEM) from quantitative genetics. We also examined how image filtering affects the effect sizes for genetic linkage by examining how the overall significance of voxelwise effects varied with respect to full width at half maximum (FWHM) of the Gaussian smoothing applied to the FA images. Raw FA maps with no smoothing yielded the greatest sensitivity to detect gene effects, when corrected for multiple comparisons using the false discovery rate (FDR) procedure. The BDNF polymorphism significantly contributed to the variation in FA in the posterior cingulate gyrus, where it accounted for around 90-95% of the total variance in FA. Our study generated the first maps to visualize the effect of the BDNF gene on brain fiber integrity, suggesting that common genetic variants may strongly determine white matter integrity.

BDNF gene effects on brain circuitry replicated in 455 twins

Brain-derived neurotrophic factor (BDNF) plays a key role in learning and memory, but its effects on the fiber architecture of the living brain are unknown. We genotyped 455 healthy adult twins and their non-twin siblings (188 males/267 females; age: 23.7 ± 2.1. years, mean ± SD) and scanned them with high angular resolution diffusion tensor imaging (DTI), to assess how the BDNF Val66Met polymorphism affects white matter microstructure. By applying genetic association analysis to every 3D point in the brain images, we found that the Val-BDNF genetic variant was associated with lower white matter integrity in the splenium of the corpus callosum, left optic radiation, inferior fronto-occipital fasciculus, and superior corona radiata. Normal BDNF variation influenced the association between subjects' performance intellectual ability (as measured by Object Assembly subtest) and fiber integrity (as measured by fractional anisotropy; FA) in the callosal splenium, and pons. BDNF gene may affect the intellectual performance by modulating the white matter development. This combination of genetic association analysis and large-scale diffusion imaging directly relates a specific gene to the fiber microstructure of the living brain and to human intelligence.

Brain structure in healthy adults is related to serum transferrin and the H63D polymorphism in the HFE gene

Control of iron homeostasis is essential for healthy central nervous system function: iron deficiency is associated with cognitive impairment, yet iron overload is thought to promote neurodegenerative diseases. Specific genetic markers have been previously identified that influence levels of transferrin, the protein that transports iron throughout the body, in the blood and brain. Here, we discovered that transferrin levels are related to detectable differences in the macro- and microstructure of the living brain. We collected brain MRI scans from 615 healthy young adult twins and siblings, of whom 574 were also scanned with diffusion tensor imaging at 4 Tesla. Fiber integrity was assessed by using the diffusion tensor imaging-based measure of fractional anisotropy. In bivariate genetic models based on monozygotic and dizygotic twins, we discovered that partially overlapping additive genetic factors influenced transferrin levels and brain microstructure. We also examined common variants in genes associated with transferrin levels, TF and HFE, and found that a commonly carried polymorphism (H63D at rs1799945) in the hemochromatotic HFE gene was associated with white matter fiber integrity. This gene has a well documented association with iron overload. Our statistical maps reveal previously unknown influences of the same gene on brain microstructure and transferrin levels. This discovery may shed light on the neural mechanisms by which iron affects cognition, neurodevelopment, and neurodegeneration.

Brain network efficiency and topology depend on the fiber tracking method: 11 tractography algorithms compared in 536 subjects

As connectivity analyses become more popular, claims are often made about how the brain's anatomical networks depend on age, sex, or disease. It is unclear how results depend on tractography methods used to compute fiber networks. We applied 11 tractography methods to high angular resolution diffusion images of the brain (4-Tesla 105-gradient HARDI) from 536 healthy young adults. We parcellated 70 cortical regions, yielding 70×70 connectivity matrices, encoding fiber density. We computed popular graph theory metrics, including network efficiency, and characteristic path lengths. Both metrics were robust to the number of spherical harmonics used to model diffusion (4th-8th order). Age effects were detected only for networks computed with the probabilistic Hough transform method, which excludes smaller fibers. Sex and total brain volume affected networks measured with deterministic, tensor-based fiber tracking but not with the Hough method. Each tractography method includes different fibers, which affects inferences made about the reconstructed networks.

Are we getting accurate measurements of Ksat for sodic clay soils?

In this paper we discuss the use of a series of column experiments to improve understanding of the effect irrigation water chemistry (saline solutions) has on measurements of saturated hydraulic conductivity (Ksat) of a sodic clay soil. We highlight in particular the use of extended leaching periods to determine whether the duration of leaching affects the results. In the experiments, mixed cation solutions of two different salinity levels, 50 meq/L and 100 meq/L, were applied under constant head to columns of a repacked sodic clay soil using three replicates for each treatment. The maximum Ksat measured during leaching with the 100 meq/L solution was approximately double the maximum Ksat measured during leaching with the 50 meq/L solution. Measured flow rates were found to increase rapidly after flow commenced then decrease gradually until flow rates became stable. The final, stable flow rate was roughly 80% less than the maximum flow rate measured. Reasons for these changes in saturated hydraulic conductivity are discussed. The key finding from these experiments is that long term leaching, involving significantly more pore volumes than is commonly reported in the literature, is required to obtain a ‘stable’ Ksat. We recommend that further studies be carried out to (1) determine whether similar behaviour in Ksat occurs in a wide range of sodic clay soils and (2) to help build a better understanding of the causes and implications of the observed behaviour in Ksat.

Incorporating process variability into stormwater quality modelling

Process variability in pollutant build-up and wash-off generates inherent uncertainty that affects the outcomes of stormwater quality models. Poor characterisation of process variability constrains the accurate accounting of the uncertainty associated with pollutant processes. This acts as a significant limitation to effective decision making in relation to stormwater pollution mitigation. The study undertaken developed three theoretical scenarios based on research findings that variations in particle size fractions <150µm and >150µm during pollutant build-up and wash-off primarily determine the variability associated with these processes. These scenarios, which combine pollutant build-up and wash-off processes that takes place on a continuous timeline, are able to explain process variability under different field conditions. Given the variability characteristics of a specific build-up or wash-off event, the theoretical scenarios help to infer the variability characteristics of the associated pollutant process that follows. Mathematical formulation of the theoretical scenarios enables the incorporation of variability characteristics of pollutant build-up and wash-off processes in stormwater quality models. The research study outcomes will contribute to the quantitative assessment of uncertainty as an integral part of the interpretation of stormwater quality modelling outcomes.

Academic stress, parental pressure, anxiety and mental health among Indian high school students

This work investigates the academic stress and mental health of Indian high school students and the associations between various psychosocial factors and academic stress. A total of190 students from grades 11 and 12 (mean age: 16.72 years) from three government-aided and three private schools in Kolkata India were surveyed in the study. Data collection involved using a specially designed structured questionnaire as well as the General Health Questionnaire. Nearly two-thirds (63.5%) of the students reported stress due to academic pressure – with no significant differences across gender, age, grade, and several other personal factors. About two-thirds (66%) of the students reported feeling pressure from their parents for better academic performance. The degree of parental pressure experienced differed significantly across the educational levels of the parents, mother’s occupation, number of private tutors, and academic performance. In particular, children of fathers possessing a lower education level (non-graduates) were found to be more likely to perceive pressure for better academic performance. About one-thirds (32.6%) of the students were symptomatic of psychiatric caseness and 81.6% reported examination-related anxiety. Academic stress was positively correlated with parental pressure and psychiatric problems, while examination-related anxiety also was positively related to psychiatric problems. Academic stress is a serious issue which affects nearly two thirds of senior high school students in Kolkata. Potential methods for combating the challenges of academic pressure are suggested.

National testing from an Australian perspective

Introduction This book examines a pressing educational issue: the global phenomenon of national testing in schooling and its vernacular development in Australia. The Australian National Assessment Program – Literacy and Numeracy (NAPLAN), introduced in 2008, involves annual census testing of students in Years 3, 5, 7 and 9 in nearly all Australian schools. In a variety of ways, NAPLAN affects the lives of Australia’s 3.5 million school students and their families, as well as more than 350,000 school staff and many other stakeholders in education. This book is organised in relation to a simple question: What are the effects of national testing for systems, schools and individuals? Of course, this simple question requires complex answers. The chapters in this edited collection consider issues relating to national testing policy, the construction of the test, usages of the testing data and various effects of testing in systems, schools and classrooms. Each chapter examines an aspect of national testing in Australia using evidence drawn from research. The final chapter by the editors of this collection provides a broader reflection on this phenomenon and situates developments in testing globally...

Mapping teacher-faces

This paper uses Deleuze and Guattari's concept of faciality to analyse the teacher's face. According to Deleuze and Guattari, the teacher-face is a special type of face because it is an 'overcoded' face produced in specific landscapes. This paper suggests four limit-faces for teacher faciality that actualise different mixes of signifiance and subjectification in a classroom in which individualisation and massifications are affected. Understanding these limit-faces suggests new ways to conceive the affects actualised in the classroom that are subjected to increasing levels of surveillance from education policy makers. Through this ‘partial mapping’ new possibilities emerge to “escape the face”.

The Value of Financial Planning Advice: Process and Outcome Effects on Consumer Well-being [Time 1 and 2 Survey Summary Results]

While anecdotal evidence indicates financial advice affects consumers’ financial well-being, this research project is motivated by the absence of empirically-grounded research relating to the extent to which, and, importantly, how, financial planning advice contributes to broader client well-being. Accordingly, the aim of this project is to establish how the quality of financial planning advice can be optimised to add value, not only to clients’ financial situation, but also to broader aspects of their well-being. This broader construct of well-being captures a range of process and outcome factors that map to concepts of security, control, choice, mastery, and life satisfaction (Irving, 2012; Gallery, Gallery, Irving & Newton, 2011; Irving, Gallery, and Gallery, 2009). Financial planning is commonly purported to confer not only tangible benefits, but also intangible benefits, such as increased security and peace of mind that are considered as important, if not more important, than material outcomes. Such claims are intuitively appealing; however, little empirical evidence exists for the notion that engaging with a financial planner or adviser promotes peace of mind, feelings of security, and expands choices and possibilities. Nor is there evidence signalling what mechanisms might underpin such client benefits. In addressing this issue, we examine the financial planning advice (including financial product advice) provided to retail clients, and consider the short- and longer-term impacts on clients’ financial satisfaction and broader well-being. To this end, we examine both process (e.g., how financial planning advice is given) and outcome (e.g., financial situation) effects.

Electrochemical restructuring of copper surfaces using organic additives and its effect on the electrocatalytic reduction of nitrate ions

This work describes the fabrication of nanostructured copper electrodes using a simple potential cycling protocol that involves oxidation and reduction of the surface in an alkaline solution. It was found that the inclusion of additives, such as benzyl alcohol and phenylacetic acid, has a profound effect on the surface oxidation process and the subsequent reduction of these oxides. This results in not only a morphology change, but also affects the electrocatalytic performance of the electrode for the reduction of nitrate ions. In all cases, the electrocatalytic performance of the restructured electrodes was significantly enhanced compared with the unmodified electrode. The most promising material was formed when phenylacetic acid was used as the additive. In addition, the reduction of residual oxides on the surface after the modification procedure to expose freshly active reaction sites on the surface before nitrate reduction was found to be a significant factor in dictating the overall electrocatalytic activity. It is envisaged that this approach offers an interesting way to fabricate other nanostructured electrode surfaces.

The role of marketing in today's enterprises

Purpose The purpose of this paper is to explore the role of marketing in today's enterprises and examines the antecedents of the marketing department's influence and its relationship with market orientation and firm performance. Design/methodology/approach Data were collected from the West (i.e. the USA and Europe) and the East (i.e. Asia). Partial least squares (PLS) was used to estimate structural models. Findings The findings support the idea that a strong and influential marketing department contributes positively to firm performance. This finding holds for Western and Asian, and for small/medium and large firms alike. Second, the marketing department's influence in a firm depends more on its responsibilities and resources, and less on internal contingency factors (i.e. a firm's competitive strategy or institutional attributes). Third, a marketing department's influence in the West affects firm performance both directly and indirectly (via market orientation). In contrast, this relationship is fully mediated among Eastern firms. Fourth, low-cost strategies enhance the influence of a firm's marketing department in the East, but not in the West. Research limitations/implications The paper assumes explicitly that a marketing department's influence is an antecedent of its market orientation. While the paper finds support for this link, the paper did not test for dual causality between the constructs. Originality/value Countering the frequent claim in anecdotal and journalistic work that the role of the marketing department diminishes, the findings show that across different geographic regions and firm sizes, strong marketing departments improve firm performance (especially in the marketing-savvy West), and that they should continue to play an important role in firms.