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.

Irrational addicts and responsible pleasure seekers: Constructions of the drug user

Historically, drug use has been understood as a problem of epidemiology, psychiatry, physiology, and criminality requiring legal and medical governance. Consequently drug research tends to be underpinned by an imperative to better govern, and typically proposes policy interventions to prevent or solve drug problems. We argue that categories of ‘addictive’ and ‘recreational’ drug use are discursive forms of governance that are historically, politically and socially contingent. These constructions of the drug problem shape what drug users believe about themselves and how they enact these beliefs in their drug use practices. Based on qualitative interviews with young illicit drug users in Brisbane, Australia, this paper uses Michel Foucault’s concept of governmentality to provide insights into how the governance of illicit drugs intersects with self-governance to create a drug user self. We propose a reconceptualisation of illicit drug use that takes into account the contingencies and subjective factors that shape the drug experience. This allows for an understanding of the relationships between discourses, policies, and practices in constructions of illicit drug users.

Litigiousness in Japan: Land of the rising law suit?

For over two decades, Japanese politicians and bureaucrats have struggled to resurrect a lifeless economy. With the 1990s marred by crippling financial crisis, a spate of corporate insolvencies, ongoing scandals in Japan’s premier economic ministries, rising unemployment and low to negative growth, policy-makers responded with successive legislative reforms aimed at restructuring public administration and private governance of the economy. The Big Bang financial reforms, large-scale reform of Japanese corporate law, and a restructured bureaucracy are representative examples of this reform effort.

On the leakage resilience of secure channel establishment

Secure communication channels are typically constructed from an authenticated key exchange (AKE) protocol, which authenticates the communicating parties and establishes shared secret keys, and a secure data transmission layer, which uses the secret keys to encrypt data. We address the partial leakage of communicating parties' long-term secret keys due to various side-channel attacks, and the partial leakage of plaintext due to data compression. Both issues can negatively affect the security of channel establishment and data transmission. In this work, we advance the modelling of security for AKE protocols by considering more granular partial leakage of parties' long-term secrets. We present generic and concrete constructions of two-pass leakage-resilient key exchange protocols that are secure in the proposed security models. We also examine two techniques--heuristic separation of secrets and fixed-dictionary compression--for enabling compression while protecting high-value secrets.

Mathematical Aspects of Financial Markets with Frictions

Frictions are factors that hinder trading of securities in financial markets. Typical frictions include limited market depth, transaction costs, lack of infinite divisibility of securities, and taxes. Conventional models used in mathematical finance often gloss over these issues, which affect almost all financial markets, by arguing that the impact of frictions is negligible and, consequently, the frictionless models are valid approximations. This dissertation consists of three research papers, which are related to the study of the validity of such approximations in two distinct modeling problems. Models of price dynamics that are based on diffusion processes, i.e., continuous strong Markov processes, are widely used in the frictionless scenario. The first paper establishes that diffusion models can indeed be understood as approximations of price dynamics in markets with frictions. This is achieved by introducing an agent-based model of a financial market where finitely many agents trade a financial security, the price of which evolves according to price impacts generated by trades. It is shown that, if the number of agents is large, then under certain assumptions the price process of security, which is a pure-jump process, can be approximated by a one-dimensional diffusion process. In a slightly extended model, in which agents may exhibit herd behavior, the approximating diffusion model turns out to be a stochastic volatility model. Finally, it is shown that when agents' tendency to herd is strong, logarithmic returns in the approximating stochastic volatility model are heavy-tailed. The remaining papers are related to no-arbitrage criteria and superhedging in continuous-time option pricing models under small-transaction-cost asymptotics. Guasoni, Rásonyi, and Schachermayer have recently shown that, in such a setting, any financial security admits no arbitrage opportunities and there exist no feasible superhedging strategies for European call and put options written on it, as long as its price process is continuous and has the so-called conditional full support (CFS) property. Motivated by this result, CFS is established for certain stochastic integrals and a subclass of Brownian semistationary processes in the two papers. As a consequence, a wide range of possibly non-Markovian local and stochastic volatility models have the CFS property.

Sovereignty, surveillance and speeding: Considering the Panopticon as a method of policing

This paper argues that the Panopticon is an accurate model for and illustration of policing and security methods in the modern society. Initially, I overview the theoretical concept of the Panopticon as a structure of perceived universal surveillance which facilitates automatic obedience in its subjects as identified by the theorists Jeremy Bentham and Michel Foucault. The paper subsequently moves to identify how the Panopticon, despite being a theoretical construct, is nevertheless instantiated to an extent through the prevalence of security cameras as a means of sovereignly regulating human conduct; speeding is an ordinary example. It could even be contended that increasing surveillance according to the model of the Panopticon would reduce the frequency of offences. However, in the final analysis the paper considers that even if adopting an approach based on the Panopticon is a more effective method of policing, it is not necessarily a more desirable one.

Random security scheme selection for mobile transactions

Security in a mobile communication environment is always a matter for concern, even after deploying many security techniques at device, network, and application levels. The end-to-end security for mobile applications can be made robust by developing dynamic schemes at application level which makes use of the existing security techniques varying in terms of space, time, and attacks complexities. In this paper we present a security techniques selection scheme for mobile transactions, called the Transactions-Based Security Scheme (TBSS). The TBSS uses intelligence to study, and analyzes the security implications of transactions under execution based on certain criterion such as user behaviors, transaction sensitivity levels, and credibility factors computed over the previous transactions by the users, network vulnerability, and device characteristics. The TBSS identifies a suitable level of security techniques from the repository, which consists of symmetric, and asymmetric types of security algorithms arranged in three complexity levels, covering various encryption/decryption techniques, digital signature schemes, andhashing techniques. From this identified level, one of the techniques is deployed randomly. The results shows that, there is a considerable reduction in security cost compared to static schemes, which employ pre-fixed security techniques to secure the transactions data.

Revocation and update of trust in autonomous delay tolerant networks

A Delay Tolerant Network (DTN) is a dynamic, fragmented, and ephemeral network formed by a large number of highly mobile nodes. DTNs are ephemeral networks with highly mobile autonomous nodes. This requires distributed and self-organised approaches to trust management. Revocation and replacement of security credentials under adversarial influence by preserving the trust on the entity is still an open problem. Existing methods are mostly limited to detection and removal of malicious nodes. This paper makes use of the mobility property to provide a distributed, self-organising, and scalable revocation and replacement scheme. The proposed scheme effectively utilises the Leverage of Common Friends (LCF) trust system concepts to revoke compromised security credentials, replace them with new ones, whilst preserving the trust on them. The level of achieved entity confidence is thereby preserved. Security and performance of the proposed scheme is evaluated using an experimental data set in comparison with other schemes based around the LCF concept. Our extensive experimental results show that the proposed scheme distributes replacement credentials up to 35% faster and spreads spoofed credentials of strong collaborating adversaries up to 50% slower without causing any significant increase on the communication and storage overheads, when compared to other LCF based schemes.

The Gendered Social Organisation of Defence: Two Ethnographic Case Studies in the Finnish Defence Forces

In Finland the organising of defence is undergoing vast restructuring. Recent legislation has redefined the central tasks of the Finnish Defence Forces. At the same time, international security cooperation, economic pressures and new administrative paradigms have steered the military towards new ways of organising. National defence is not just politics and principles; to a large extent it is also enacted in day-to-day life in organisations. The lens through which these realities of defence are analysed in this study is gender. How is the security sector – and national defence as part of it – organised in the changing security environment? What is the new division of labour between different societal actors in the face of security challenges? What happens ‘at work’ within the military and the defence sector more broadly? How does gender affect the way in which defence is organised and understood, and how do the changes in the organising of security affect gender relations? The thesis searches for answers to these questions in the context of two organisational settings in the male-dominated defence sector. The case study on a Finnish peacekeeping unit in the Balkans opens a critical view on men’s social practices and the everyday life of crisis management organisations. In the second case study, reorganising of provisioning in the Finnish Defence Forces turns out to be a complicated process where different power relations and social divisions intermingle. Tallberg’s extensive ethnographic fieldwork in the two focal organisations has produced a detailed set of data that lays the basis for critical analysis and policy development in terms of defence organising, cooperation around peace and security issues, and gender equality in organisations. Observations and results are provided for understanding social networks, militarisation, authority relations, care, public-private partnerships, personnel policies, career planning, and humour.

Reacting to Complex Threats – the Securitization in the Speeches of Anders Fogh Rasmussen based on NATO´s New Strategic Concept

The purpose of this master´s thesis is to analyze how NATO Secretary General Anders Fogh Rasmussen is trying to justify the existence of the military alliance through the use of security arguments. I am puzzled by the question: why does NATO still exist – what is NATO’s raison d'être. The New Strategic Concept (2010) forms the base for his argumentation. This thesis focuses on the security argumentation of NATO which is examined by analyzing the speeches the Secretary General. The theoretical framework of this study is based on constructivist approach to international security examining the linguistic process of securitization. Issues become securitized after Anders Fogh Rasmussen names them as threats. This thesis focuses on the securitization process relating to NATO and analyses what issues Rasmussen raises to the security agenda. Research data consists of the speeches by Anders Fogh Rasmussen. They are analyzed through J.L. Austin’s speech act taxonomy and Chaïm Perelman’s argumentation theories. The thesis will concentrate on the formulation and articulation of these threats which are considered and coined as “new threats” in contemporary international relations. I am conducting this research through the use of securitization theory. This study illustrates that the threats are constructed by NATO’s member-states in unison, but the resolutions are sounded through Rasmussen’s official speeches and transcripts. . Based on the analysis it can be concluded that Rasmussen is giving reasons for the existence of NATO. This takes place by making use of speech acts and different rhetorical techniques. The results of the analysis indicate that NATO remains an essential organization for the West and the rest of the world according to the Secretary General.

Variants of waters’ dual system primitives using asymmetric pairings

Waters, in 2009, introduced an important technique, called dual system encryption, to construct identity-based encryption (IBE) and related schemes. The resulting IBE scheme was described in the setting of symmetric pairing. A key feature of the construction is the presence of random tags in the ciphertext and decryption key. Later work by Lewko and Waters removed the tags and proceeding through composite-order pairings led to a more efficient dual system IBE scheme using asymmetric pairings whose security is based on non-standard but static assumptions. In this work, we have systematically simplified Waters 2009 IBE scheme in the setting of asymmetric pairing. The simplifications retain tags used in the original description. This leads to several variants, the first one of which is based on standard assumptions and in comparison to Waters’ original scheme reduces ciphertexts and keys by two elements each. Going through several stages of simplifications, we finally obtain a simple scheme whose security can be based on two standard assumptions and a natural and minimal extension of the decision Diffie-Hellman problem for asymmetric pairing groups. The scheme itself is also minimal in the sense that apart from the tags, both encryption and key generation use exactly one randomiser each. This final scheme is more efficient than both the previous dual system IBE scheme in the asymmetric setting due to Lewko and Waters and the more recent dual system IBE scheme due to Lewko. We extend the IBE scheme to hierarchical IBE (HIBE) and broadcast encryption (BE) schemes. Both primitives are secure in their respective full models and have better efficiencies compared to previously known schemes offering the same level and type of security.

A Protocol for Authentication with Multiple Levels of Anonymity (AMLA) in VANETs

The basic requirements for secure communication in a vehicular ad hoc network (VANET) are anonymous authentication with source non-repudiation and integrity. The existing security protocols in VANETs do not differentiate between the anonymity requirements of different vehicles and the level of anonymity provided by these protocols is the same for all the vehicles in a network. To provide high level of anonymity, the resource requirements of security protocol would also be high. Hence, in a resource constrained VANET, it is necessary to differentiate between the anonymity requirements of different vehicles and to provide the level of anonymity to a vehicle as per its requirement. In this paper, we have proposed a novel protocol for authentication which can provide multiple levels of anonymity in VANETs. The protocol makes use of identity based signature mechanism and pseudonyms to implement anonymous authentication with source non-repudiation and integrity. By controlling the number of pseudonyms issued to a vehicle and the lifetime of each pseudonym for a vehicle, the protocol is able to control the level of anonymity provided to a vehicle. In addition, the protocol includes a novel pseudonym issuance policy using which the protocol can ensure the uniqueness of a newly generated pseudonym by checking only a very small subset of the set of pseudonyms previously issued to all the vehicles. The protocol cryptographically binds an expiry date to each pseudonym, and in this way, enforces an implicit revocation for the pseudonyms. Analytical and simulation results confirm the effectiveness of the proposed protocol.

Evaluating governance and participatory processes in Natura 2000: lessons learned and guidance for future prospects

In recent years, participatory approaches have been incorporated in decision-making processes as a way to strengthen the bonds between diverse areas of knowledge and social actors in natural resources management and environmental governance. Despite the favourable context, this paradigm shift is still in an early stage within the development of the Natura 2000 in the European Union, the largest network of protected areas in the world. To enhance the full scope of participatory approaches in this context, this article: (i) briefly reviews the role of participatory approaches in environmental governance, (ii) develops a common framework to evaluate such participatory processes in protected area management, (iii) applies this framework to a real case study, and (iv) based on the lessons learned, provides guidance to improve the future governance of Natura 2000 sites.

Evaluating Governance and Participatory Processes in Natura 2000: Lessons Learned and Guidance for Future Prospects

23 p.

Regional study on social dimensions of MPA practice in Central America: cases studies from Costa Rica, Nicaragua, Honduras and Panama

This research focuses on the social dimensions of marine conservation, and makes an assessment of the experiences of coastal and fi shing communities with regard to the governance of MPAs in Central America, based on case studies from Honduras, Nicaragua, Costa Rica and Panama. It examines the national contexts of the above countries in relation to the governance of MPAs. Furthermore, it analyzes the social impacts of MPAs on coastal communities by gathering the experiences and the voices of the communities and institutions involved, and reflects on how to build bridges in the search for forms and models of conservation that respect human rights and which are able to successfully integrate into local development efforts without affecting cultural and/or social patterns. To this end, this monograph looks at nine case studies across the region: in Honduras, the Islas de la Bahia-Guanaja Marine National Park, the Cayos Cochinos Marine Archipelago Natural Monument, and the Cuero and Salado Wildlife Refuge; in Nicaragua, the Chacocente Wildlife Refuge; in Costa Rica, the Guanacaste Conservation Area, the Ballena Marine National Park and the Golfo Dulce Responsible Fishing Area; and, in Panama, the Nargana Protected Area, in the Comarca de la Biosfera Guna-Yala, the Bastimentos Island Marine National Park, and Bocas del Toro.