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.

Cyclododecane as support material for clean and facile transfer of large-area few-layer graphene

The transfer of chemical vapor deposited graphene is a crucial process, which can affect the quality of the transferred films and compromise their application in devices. Finding a robust and intrinsically clean material capable of easing the transfer of graphene without interfering with its properties remains a challenge. We here propose the use of an organic compound, cyclododecane, as a transfer material. This material can be easily spin coated on graphene and assist the transfer, leaving no residues and requiring no further removal processes. The effectiveness of this transfer method for few-layer graphene on a large area was evaluated and confirmed by microscopy, Raman spectroscopy, x-ray photoemission spectroscopy, and four-point probe measurements. Schottky-barrier solar cells with few-layer graphene were fabricated on silicon wafers by using the cyclododecane transfer method and outperformed reference cells made by standard methods.

A Few Best Men

Like most of Stephan Elliott’s movies, A Few Best Men is difficult to discuss without focusing on the director himself. A wedding-gone-wrong comedy, A Few Best Men is Elliott’s first Australian feature film in seventeen years. After directing the low-budget crime-thriller Frauds (1993), Elliott achieved worldwide success as writer-director of the Oscar-winning road movie Adventures of Priscilla, Queen of the Desert (1994). A quirky and visually striking film about two drag-queens and a transsexual’s journey across the harsh Australian outback in a bus named Priscilla, the movie earned over US$70 million at the international box-office and became an instant Australian classic. Elliott’s career, however, self-destructed soon after...

Media Village Generates Hype, Few Results in Glasgow

Driven by a desire to redevelop derelict land, attract inward investments, and better exploit the commercial potential of local talent, public authorities in Glasgow are partnering with private developers to transform an abandoned industrial dockland into a riverside business cluster for the creative industries. It’s a strategy increasingly common in a number of other peripheral regions and it highlights the new role “creativity” plays in urban rejuvenation, social renewal, and economic development. At its core, the strategy also betrays a troubling policy shift away from certain democratic conceptions of culture to ones that are more attuned to economic considerations shaped by global influences.

Combined effect of double antireflection coating and reversible molecular doping on performance of few-layer graphene/n-silicon Schottky barrier solar cells

Few-layer graphene films were grown by chemical vapor deposition and transferred onto n-type crystalline silicon wafers to fabricate graphene/n-silicon Schottky barrier solar cells. In order to increase the power conversion efficiency of such cells the graphene films were doped with nitric acid vapor and an antireflection treatment was implemented to reduce the sunlight reflection on the top of the device. The doping process increased the work function of the graphene film and had a beneficial effect on its conductivity. The deposition of a double antireflection coating led to an external quantum efficiency up to 90% across the visible and near infrared region, the highest ever reported for this type of devices. The combined effect of graphene doping and antireflection treatment allowed to reach a power conversion efficiency of 8.5% exceeding the pristine (undoped and uncoated) device performance by a factor of 4. The optical properties of the antireflection coating were found to be not affected by the exposure to nitric acid vapor and to remain stable over time.

Hydrazine-hydrate intercalated halloysite under controlled-rate thermal analysis conditions

The thermal behaviour of halloysite fully expanded with hydrazine-hydrate has been investigated in nitrogen atmosphere under dynamic heating and at a constant, pre-set decomposition rate of 0.15 mg min-1. Under controlled-rate thermal analysis (CRTA) conditions it was possible to resolve the closely overlapping decomposition stages and to distinguish between adsorbed and bonded reagent. Three types of bonded reagent could be identified. The loosely bonded reagent amounting to 0.20 mol hydrazine-hydrate per mol inner surface hydroxyl is connected to the internal and external surfaces of the expanded mineral and is present as a space filler between the sheets of the delaminated mineral. The strongly bonded (intercalated) hydrazine-hydrate is connected to the kaolinite inner surface OH groups by the formation of hydrogen bonds. Based on the thermoanalytical results two different types of bonded reagent could be distinguished in the complex. Type 1 reagent (approx. 0.06 mol hydrazine-hydrate/mol inner surface OH) is liberated between 77 and 103°C. Type 2 reagent is lost between 103 and 227°C, corresponding to a quantity of 0.36 mol hydrazine/mol inner surface OH. When heating the complex to 77°C under CRTA conditions a new reflection appears in the XRD pattern with a d-value of 9.6 Å, in addition to the 10.2 Ĺ reflection. This new reflection disappears in contact with moist air and the complex re-expands to the original d-value of 10.2 Å in a few h. The appearance of the 9.6 Å reflection is interpreted as the expansion of kaolinite with hydrazine alone, while the 10.2 Å one is due to expansion with hydrazine-hydrate. FTIR (DRIFT) spectroscopic results showed that the treated mineral after intercalation/deintercalation and heat treatment to 300°C is slightly more ordered than the original (untreated) clay.

Sexual selection in a tropical fruit fly : role of a plant derived chemical in mate choice

The specific mechanisms by which selective pressures affect individuals are often difficult to resolve. In tephritid fruit flies, males respond strongly and positively to certain plant derived chemicals. Sexual selection by female choice has been hypothesized as the mechanism driving this behaviour in certain species, as females preferentially mate with males that have fed on these chemicals. This hypothesis is, to date, based on studies of only very few species and its generality is largely untested. We tested the hypothesis on different spatial scales (small cage and seminatural field-cage) using the monophagous fruit fly, Bactrocera cacuminata. This species is known to respond to methyl eugenol (ME), a chemical found in many plant species and one upon which previous studies have focused. Contrary to expectation, no obvious female choice was apparent in selecting ME-fed males over unfed males as measured by the number of matings achieved over time, copulation duration, or time of copulation initiation. However, the number of matings achieved by ME-fed males was significantly greater than unfed males 16 and 32 days after exposure to ME in small cages (but not in a field-cage). This delayed advantage suggests that ME may not influence the pheromone system of B. cacuminata but may have other consequences, acting on some other fitness consequence (e.g., enhancement of physiology or survival) of male exposure to these chemicals. We discuss the ecological and evolutionary implications of our findings to explore alternate hypotheses to explain the patterns of response of dacine fruit flies to specific plant-derived chemicals.

Influence of host plant structure and microclimate on the abundance and behaviour of Tephritid fly

Microclimate and host plant architecture significantly influence the abundance and behavior of insects. However, most research in this field has focused at the invertebrate assemblage level, with few studies at the single-species level. Using wild Solanum mauritianum plants, we evaluated the influence of plant structure (number of leaves and branches and height of plant) and microclimate (temperature, relative humidity, and light intensity) on the abundance and behavior of a single insect species, the monophagous tephritid fly Bactrocera cacuminata (Hering). Abundance and oviposition behavior were signficantly influenced by the host structure (density of foliage) and associated microclimate. Resting behavior of both sexes was influenced positively by foliage density, while temperature positively influenced the numbers of resting females. The number of ovipositing females was positively influenced by temperature and negatively by relative humidity. Feeding behavior was rare on the host plant, as was mating. The relatively low explanatory power of the measured variables suggests that, in addition to host plant architecture and associated microclimate, other cues (e.g., olfactory or visual) could affect visitation and use of the larval host plant by adult fruit flies. For 12 plants observed at dusk (the time of fly mating), mating pairs were observed on only one tree. Principal component analyses of the plant and microclimate factors associated with these plants revealed that the plant on which mating was observed had specific characteristics (intermediate light intensity, greater height, and greater quantity of fruit) that may have influenced its selection as a mating site.

Task profiling : A task-Based approach to measuring the integration of ICT in the classroom

The measurement of ICT (information and communication technology) integration is emerging as an area of research interest with such systems as Education Queensland including it in their recently released list of research priorities. Studies to trial differing integration measurement instruments have taken place within Australia in the last few years, particularly Western Australia (Trinidad, Clarkson, & Newhouse, 2004; Trinidad, Newhouse & Clarkson, 2005), Tasmania (Fitzallen 2005) and Queensland (Finger, Proctor, & Watson, 2005). This paper will add to these investigations by describing an alternate and original methodological approach which was trialled in a small-scale pilot study conducted jointly by Queensland Catholic Education Commission (QCEC) and the Centre of Learning Innovation, Queensland University of Technology (QUT) in late 2005. The methodology described is based on tasks which, through a process of profiling, can be seen to be artefacts which embody the internal and external factors enabling and constraining ICT integration.

Destination Positioning Slogans - Analysis of Themes used by New Zealand Regional Tourism Organisations

A significant gap in the tourism and travel literature exists in the area of tourism destination branding. Although brands have been used as sources of differentiation in consumer goods markets for over a century, academic research attention towards destination branding has only been reported since the late 1990s. Three important components of the brand construct are brand identity, brand position and brand image. While interest in applications of brand theory to practise in tourism is increasing, there is a paucity of published research in the literature to guide destination marketing organisations (DMOs). In particular there have been few reported analyses of destination brand positioning slogans. The focus of this paper is on destination brand position slogans, which represent the interface between brand identity and brand image. Part of a wider investigation of DMO slogans worldwide, and in keeping with the conference location, the paper focuses on analysis of slogans used by New Zealand RTOs. The slogans are examined in terms of the extent to which they have been limited to ephemeral indifference. In other words, have they stood the test of time and do they effectively differentiate through a meaningful proposition? Analysis of the slogans indicates very few could be characterised as memorably distinctive. This reflects the complexity involved in capturing the essence of a multi-attributed destination in a succinct and focused positioning slogan, in a way that is both meaningful to the target audience and effectively differentiates the destination from competitors offering the same benefits.

Identifying the knowledge management structures in enterprise systems projects

Enterprise System (ES) implementation and management are knowledge intensive tasks that inevitably draw upon the experience of a wide range of people with diverse knowledge capabilities. Knowledge Management (KM) has been identified as a critical success factor in ES projects. Despite the recognized importance of managing knowledge for ES benefits realization, systematic attempts to conceptualize KM-structures have been few. Where the adequacy of KM-structures is assessed, the process and measures are typically idiosyncratic and lack credibility. Using the ‘KM-process’, itself based in sociology of knowledge, this paper conceptualizes four main constructs to measure the adequacy of KM-structures. The SEM model is tested using 310 responses gathered from 27 ES installations that had implemented SAP R/3. The findings reveal six constructs for KM-structure. Furthermore, the paper demonstrates the application of KM-structures in the context of ES using the Adaptive Structuration Theory. The results demonstrate that having adequate KM-structures in place, while necessary, is not sufficient. These rules and resources must be appropriated to have greater positive influence on the Enterprise System. Furthermore, the study provides empirical support for knowledge-based theory by illustrating the importance of knowledge use/re-use (vs. knowledge creation) as the most important driver in the process of KM.

Occupant health and productivity : an Australian perspective

The issue of whether improved building services such as air quality, provision of daylight, thermal comfort etc, have a positive impact on the health and productivity of building occupants is still an open question. There is significant anecdotal evidence supporting the notion that health and productivity of building occupants can be improved by improving the quality of the indoor environment, but there are actually few published quantitative studies to substantiate this contention. This paper reports on a comprehensive review of the worldwide literature which relates health of building occupants with the different aspects of the indoor environment which are believed to impact of these issues, with a particular focus on studies in Australia, The paper analyses the existing research and identifies the key deficiencies in our existing understanding of this problem. The key focus of this research is office and school buildings, but the scope of the literature surveyed includes all commercial buildings, including industrial buildings. There is a notable absence of detailed studies on this link in Australian buildings, although there are studies on thermal comfort, and a number of studies on indoor air quality in Australia, which do not make the connection to health and productivity. Many international studies have focused on improved lighting, and in particular the provision of daylight in buildings, but again there are few studies in Australia which focus in this area.

Towards a Business Process Management Maturity Model

Business Process Management (BPM) has been identified as the number one business priority by a recent Gartner study (Gartner, 2005). However, BPM has a plethora of facets as its origins are in Business Process Reengineering, Process Innovation, Process Modelling, and Workflow Management to name a few. Organisations increasingly recognize the requirement for an increased process orientation and require appropriate comprehensive frameworks, which help to scope and evaluate their BPM initiative. This research project aims toward the development of a holistic and widely accepted BPM maturity model, which facilitates the assessment of BPM capabilities. This paper provides an overview about the current model with a focus on the actual model development utilizing a series of Delphi studies. The development process includes separate studies that focus on further defining and expanding the six core factors within the model, i.e. strategic alignment, governance, method, Information Technology, people and culture.

Security of Two-Party Identity-Based Key Agreement

Identity-based cryptography has become extremely fashionable in the last few years. As a consequence many proposals for identity-based key establishment have emerged, the majority in the two party case. We survey the currently proposed protocols of this type, examining their security and efficiency. Problems with some published protocols are noted.