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.

Knowmore (House of Commons)

Knowmore (House of Commons) is a large scale generative interactive installation that incorporates embodied interaction, dynamic image creation, new furniture forms, touch sensitivity, innovative collaborative processes and multichannel generative sound creation. A large circular table spun by hand and a computer-controlled video projection falls on its top, creating an uncanny blend of physical object and virtual media. Participants’ presence around the table and how they touch it is registered, allowing up to five people to collaboratively ‘play’ this deeply immersive audiovisual work. Set within an ecological context, the work subtly asks what kind of resources and knowledges might be necessary to move us past simply knowing what needs to be changed to instead actually embodying that change, whilst hinting at other deeply relational ways of understanding and knowing the world. The work has successfully operated in two high traffic public environments, generating a subtle form of interactivity that allows different people to interact at different paces and speeds and with differing intentions, each contributing towards dramatic public outcomes. The research field involved developing new interaction and engagement strategies for eco-political media arts practice. The context was the creation of improved embodied, performative and improvisational experiences for participants; further informed by ‘Sustainment’ theory. The central question was, what ontological shifts may be necessary to better envision and align our everyday life choices in ways that respect that which is shared by all - 'The Commons'. The methodology was primarily practice-led and in concert with underlying theories. The work’s knowledge contribution was to question how new media interactive experience and embodied interaction might prompt participants to reflect upon the kind of resources and knowledges required to move past simply knowing what needs to be changed to instead actually embodying that change. This was achieved through focusing on the power of embodied learning implied by the works' strongly physical interface (i.e. the spinning of a full size table) in concert with the complex field of layered imagery and sound. The work was commissioned by the State Library of Queensland and Queensland Artworkers Alliance and significantly funded by The Australia Council for the Arts, Arts Queensland, QUT, RMIT Centre for Animation and Interactive Media and industry partners E2E Visuals. After premiering for 3 months at the State Library of Queensland it was curated into the significant ‘Mediations Biennial of Modern Art’ in Poznan, Poland. The work formed the basis of two papers, was reviewed in Realtime (90), was overviewed at Subtle Technologies (2010) in Toronto and shortlisted for ISEA 2011 Istanbul and included in the edited book/catalogue ‘Art in Spite of Economics’, a collaboration between Leonardo/ISAST (MIT Press); Goldsmiths, University of London; ISEA International; and Sabanci University, Istanbul.

Achieving better stewardship of major infrastructure assets through configuration of governance arrangements utilising Stewardship Theory

Major infrastructure assets are often governed by a mix of public and private organizations, each fulfilling a specific and separate role i.e. policy, ownership, operation or maintenance. This mix of entities is a legacy of Public Choice Theory influenced NPM reforms of the late 20th century. The privatization of the public sector has resulted in agency theory based ‘self-interest’ relationships and governance arrangements for major infrastructure assets which emphasize economic efficiency but which do not do not advance non-economic public values and the collective Public Interest. The community is now requiring that governments fulfill their stewardship role of also satisfying non-economic public values such as sustainability and intergenerational responsibility. In the 21st century governance arrangements which minimize individual self-interest alone and look to also pursue the interests of other stakeholders have emerged. Relational contracts, Public-Private Partnerships (PPP’s) and hybrid mixes of organizations from the state, market and network modes (Keast et al 2006) provide options for governance which better meet the interests of contractors, government and the community there is emerging a body of research which extends the consideration of the immediate governance configuration to the metagovernance environment constituted by hierarchy, regulation, industry standards, trust, culture and values. Stewardship theory has reemerged as a valuable aid in the understanding of the features of governance configurations which establish relationships between principal and agent which maximize the agent acting in the interests of the principal, even to the detriment of the agent. This body of literature suggests that an improved stewardship outcome from infrastructure governance configurations can be achieved by the application of the emerging options as to the immediate governance configuration, and the surrounding metagovernance environment. Stewardship theory provides a framework for the design of the relationships within that total governance environment, focusing on the achievement of a better, complete stewardship outcome. This paper explores the directions future research might take in seeking to improve the understanding of the design of the governance of major, critical infrastructure assets.

Educating the Other: Standpoint and Theory on the 'Internationalisation' of Higher Education

How adequate are current theoretical standpoints, tools and categories for explaining the flows of international students to Anglo/American/European universities? This essay takes a different analytic tact and historical standpoint to the study of them and us, insiders and outsiders (cf. Foley, Levinson & Hurtig, 2001), in the internationalisation of education.

The appeal of the International Baccalaureate in Australia’s educational market: A curriculum of choice for mobile futures

In Australia there is growing interest in a national curriculum to replace the variety of matriculation credentials managed by State Education departments, ostensibly to address increasing population mobility. Meanwhile, the International Baccalaureate (IB) is attracting increasing interest and enrolments in State and private schools in Australia, and has been considered as one possible model for a proposed Australian Certificate of Education. This paper will review the construction of this curriculum in Australian public discourse as an alternative frame for producing citizens, and ask why this design appeals now, to whom, and how the phenomenon of its growing appeal might inform national curricular debates. The IB’s emergence is understood with reference to the larger context of neo-liberal marketization policies, neo-conservative claims on the curriculum and middle class strategy. The paper draws on public domain documents from the IB Organisation and newspaper reportage to demonstrate how the IB is constructed for public consumption in Australia.

Planning mobile futures : the border artistry of International Baccalaureate Diploma choosers

This paper reports on a study of students choosing the International Baccalaureate Diploma (IBD) over state-based curricula in Australian schools. The IBD was initially designed as a matriculation certificate to facilitate international mobility. While first envisaged as a lifestyle agenda for cultural elites, such mobility is now widespread with more people living ‘beyond the nation’ through choice or circumstance. Beck (2007) and others highlight how the capacity to cross national borders offers a competitive edge with which to strategically pursue economic and cultural capital. Beck’s ‘border artistes’ are those who use national borders to their individual advantage through reflexive strategy. The study explored the rationales and strategy behind the choice of the IBD curriculum expressed by students in a focus group interview and an online survey. This paper reports on their imagined transnational routes and mobile orientations, and how a localised curriculum limits their imagined mobile futures.

Varieties of Asian capitalism : toward an institutional theory of Asian enterprise

In this paper we respond to calls for an institution-based perspective on strategy. With its emphasis upon mimetic, coercive, and normative isomorphism, institutional theory has earned a deterministic reputation and seems an unlikely foundation on which to construct a theory of strategy. However, a second movement in institutional theory is emerging that gives greater emphasis to creativity and agency. We develop this approach by highlighting co-evolutionary processes that are shaping the varieties of capitalism (VoC) in Asia. To do so, we examine the extent to which the VoC model can be fruitfully applied in the Asian context. In the spirit of the second movement of institutional theory, we describe three processes in which firm strategy collectively and intentionally feeds back to shape institutions: (1) filling institutional voids, (2) retarding institutional innovation, and (3) deploying institutional escape. We outline the key contributions contained in the articles of this Special Issue and discuss a research agenda generated by the VoC perspective.

An international perspective on bereavement related concepts

This paper reports on part of a study which was aimed at assessing the views of leading researchers, theorists or clinicians working in the field of bereavement on key issues including, as reported here, concepts of different forms of grief as well as favoured theoretical orientations. Of a range of conceptual models the most favoured, by a large margin, were attachment theory and the psychodynamic model. The views of the “experts’ were canvassed with respect to the use of seven selected terms used to denote some variant of the grieving process. There was, on the part of the respondents, reasonable support for the syndromes of “delayed’, “chronic’, “anticipatory’ and “absent’ grief. “Inhibited’ and “unresolved’ grief tended to be described using one of the four terms already supported, while the use of the term “distorted grief’ attracted little support.

Theory and its role in mathematics education

The increased recognition of the theory in mathematics education is evident in numerous handbooks, journal articles, and other publications. For example, Silver and Herbst (2007) examined ―Theory in Mathematics Education Scholarship‖ in the Second Handbook of Research on Mathematics Teaching and Learning (Lester, 2007) while Cobb (2007) addressed ―Putting Philosophy to Work: Coping with Multiple Theoretical Perspectives‖ in the same handbook. And a central component of both the first and second editions of the Handbook of International Research in Mathematics Education (English, 2002; 2008) was ―advances in theory development.‖ Needless to say, the comprehensive second edition of the Handbook of Educational Psychology (Alexander & Winne, 2006) abounds with analyses of theoretical developments across a variety of disciplines and contexts. Numerous definitions of ―theory‖ appear in the literature (e.g., see Silver & Herbst, in Lester, 2007). It is not our intention to provide a ―one-size-fits-all‖ definition of theory per se as applied to our discipline; rather we consider multiple perspectives on theory and its many roles in improving the teaching and learning of mathematics in varied contexts.