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.

GPX - Gardens Point XML Information Retrieval at INEX 2004

Traditional information retrieval (IR) systems respond to user queries with ranked lists of relevant documents. The separation of content and structure in XML documents allows individual XML elements to be selected in isolation. Thus, users expect XML-IR systems to return highly relevant results that are more precise than entire documents. In this paper we describe the implementation of a search engine for XML document collections. The system is keyword based and is built upon an XML inverted file system. We describe the approach that was adopted to meet the requirements of Content Only (CO) and Vague Content and Structure (VCAS) queries in INEX 2004.

A multiliteracies project in the middle school : Parents as coteachers

This paper examines the experiences of one middle years’ English and Studies of Society and Environment (SoSE) teacher who adopted a multiliteracies project-based orientation to a unit on War and Refugees. It details the multiliteracies teaching and learning cycle, which is based on four non-hierarchical, pedagogical orientations: situated practice, overt instruction, critical framing and transformed practice (New London Group, 2000; Kalantzis & Cope, 2005a). Following the work of Kalantzis and Cope (2005a), it draws out the knowledge processes exacted in each of these four phases: experiencing the known and the new; conceptualising by naming and theorising; analysing functionally and critically; and, applying appropriately and creatively. Two parents were invited to enter the study as coteachers with the teacher and researcher. Using Bourdieu’s (1992) construct of capital, the findings report on how the multiliteracies approach enabled them to engage in school-based literacy practices differently than they had done previously in classrooms. An unexpected finding concerns the teacher’s altered view about how his role and status were perceived by the parents.

At breaking point? Challenges for Australian film policy through the lens of genre (horror) films

Cultural policy settings attempting to foster the growth and development of the Australian feature film industry in era of globalisation are coming under increasing pressure. Global forces and emerging production and distribution models are challenging the “narrowness” of cultural policy – mandating a particular film culture, circumscribing certain notions of value and limiting the variety of films produced through cultural policy driven subvention models. Australian horror film production is an important case study. Horror films are a production strategy well suited to the financial limitations of the Australian film industry with competitive advantages for producers against international competitors. However, emerging within a “national” cinema driven by public subsidy and social/cultural objectives, horror films – internationally oriented with a low-culture status – have been severely marginalised within public funding environments. This paper introduces Australian horror film production, and examines the limitations of cultural policy, and the impacts of these questions for the Producer Offset.

From mass communication to mass conversation : why 1984 wasn't like 1984

Marketers and commercial media alike are confronted by shifts in the social relations of media production and consumption in the global services economy, including the challenge of capturing, managing and commercialising media-user productivity. This trajectory of change in media cultures and economies is described here as ‘mass conversation’. Two media texts and a new media object provide a starting point for charting the ascendance and social impact of mass conversation. Apple’s 1984 television commercial, which launched the Macintosh computer, inverted George Orwell’s dystopian vision of the social consequences of panoptic communications systems. It invoked a revolutionary rhetoric to anticipate the social consequences of a new type of interactivity since theorised as ‘intercreativity’. This television commercial is contrasted with another used in Nike’s 2006 launch of its Nike+ (Apple iPod) system. The Nike+ online brand community is also used to consider how a multiplatform brand channel is seeking to manage the changing norms and practices of consumption and end-user agency. This analysis shows that intercreativity modifies the operations of ‘Big Brother’ but serves the more mundane than revolutionary purpose of generating commercial value from the affective labour of end-users.