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.

Microwave International Media Art Festival

An international festival that champions a pioneer role in promoting media/digital art in Hong Kong. Apart from organising international video screenings in which the latest media art with the most recent trend and development being introduced, a series of artist-in-resident workshops, exhibitions, seminars and symposiums were also hosted with a view to enhancing culture exchange and stimulating media art creation among overseas and local artists

Health a focus at international conference

The 2009 Native American and Indigenous Studies Conference recently held in Minneapolis, Minnesota, United States of America attracted over 600 scholars. The Conference was scholarly and interdisciplinary and was intended for Indigenous and non-Indigenous scholars who work in American Indian/ Native American/ First Nations/ Aboriginal/ Indigenous Studies. Scholars came from USA, Canada, Hawaii, Central and South America, New Zealand, Switzerland, England and Australia. The aim of the Native American and Indigenous Studies Conference is to offer a chance to scholars working in the field of Indigenous Studies to present scholarly work. The 2009 witnessed a selection of papers from the discipline of Health. This article gives an overview of the Conference and some of the health papers.