ORCID Profile
0000-0003-3462-0876
Current Organisations
UNSW Sydney
,
University of Sydney Business School
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In Research Link Australia (RLA), "Research Topics" refer to ANZSRC FOR and SEO codes. These topics are either sourced from ANZSRC FOR and SEO codes listed in researchers' related grants or generated by a large language model (LLM) based on their publications.
Applied Economics | Financial Economics | Finance Economics | Investment and Risk Management | International Economics And International Finance | Experimental Economics | Macroeconomics (Incl. Monetary And Fiscal Theory) | Panel Data Analysis | Econometrics | Marketing And Market Research | Psychological Methodology, Design and Analysis | Financial Econometrics | Decision Making
Superannuation and Insurance Services | Finance and investment services | Fiscal policy | Exchange rates | Preference, Behaviour and Welfare | Savings and Investments | Human Capital Issues | Marketing | Monetary policy |
Publisher: Elsevier BV
Date: 06-2015
Publisher: Wiley
Date: 1988
DOI: 10.1177/014860718801200115
Abstract: Conventional long chain triglyceride (LCT) was compared with a new emulsion containing 50% medium chain triglyceride (5% MCT/5% LCT) in a randomized cross-over trial of 10 days duration. Plasma concentrations of albumin, prealbumin, the complement components C3 and C4, and prothrombin times measured daily at 8 am, before lipid infusion, showed no progressive change during the 10 days of the trial, nor in each separate 5-day period when LCT or MCT/LCT was infused. Aspartate transaminase and alkaline phosphatase activities were similar over the two periods. There was a significant increase (compared with preinfusion levels) in C3 and C4 levels after 5 hr of either lipid infusion. Nitrogen balance was improved, and plasma bilirubin levels were lower on the regimen containing MCT/LCT.
Publisher: Cambridge University Press (CUP)
Date: 06-10-2005
DOI: 10.1017/S1474747205002088
Abstract: A new explanation for the well-known reluctance of retirees to buy life annuities is due to Milevsky and Young (2002, 2003): Since the decision to purchase longevity insurance is largely irreversible, in uncertain environments a real option to delay annuitization (RODA) generally has value. Milevsky and Young analytically identify and numerically estimate the RODA in a setting of constant relative risk aversion. This paper presents an extension to the case of HARA (or GLUM) preferences, the simplest representation of a consumption habit. The precise date of annuitization can no longer be ascertained with certainty in advance. This paper derives an approximation whereby the agent precommits. The effect of increasing the subsistence consumption rate on the timing of annuity purchase is similar to the effect of increasing the curvature parameter of the utility function. As in the CRRA case studied by Milevsky and Young, delayed annuitization is associated with optimistic predictions of the Sharpe ratio and ergence between annuity purchaser and provider predictions of mortality.
Publisher: Wiley
Date: 29-06-2018
DOI: 10.1111/JOCA.12208
Publisher: University of South Florida Libraries
Date: 07-2013
Publisher: Oxford University Press (OUP)
Date: 08-1984
Abstract: The nitrogen sparing effect of glucose loading at either 1 mg kg−1 min−1 or 5 mg kg−1 min−1 from the evening before surgery was compared with similar glucose infusions commenced after elective surgery. Thirty-two patients undergoing abdominal surgery of moderate severity were studied. Glucose at 5 mg kg−1 min−1 reduced urea excretion compared with glucose at 1 mg kg−1 min−1. The timing of the carbohydrate infusion was not critical in altering the overall extent of the protein sparing at either rate. High dose glucose infusions markedly reduced overall urea and 3-methylhistidine excretion. This implies a reduction in protein breakdown. A pre-operative high dose infusion of glucose may in particular improve protein synthesis for the first 24 h after surgery.
Publisher: Wiley
Date: 14-11-2012
Publisher: Wiley
Date: 06-2005
Publisher: Elsevier BV
Date: 03-2018
Publisher: Wiley
Date: 11-11-2019
Publisher: Cambridge University Press (CUP)
Date: 04-2023
DOI: 10.1017/FLW.2023.3
Abstract: The family home is the most important asset on household balance sheets, aside from human capital. Choosing a suitable mortgage is therefore critical to financial well-being but households often make costly mistakes. We collect data in an online survey to test borrowers’ comfort with, and understanding of, mortgage debt. We analyze the impact of financial literacy, mortgage broker advice and whether the loan is framed as a lump sum debt or an equivalent stream of repayments. We conjecture that participants’ comfort with loans and their ability to match lump sum debt to equivalent repayment streams will help them to choose a suitable mortgage. Results show that participants with high financial literacy are less comfortable with mortgage debt in general and also less sensitive to framing than those with low financial literacy. Literate participants are better able to match repayment streams with the equivalent lump sums. Endogeneity-controlled regression analysis shows that consulting brokers leads to higher comfort with debt and lower sensitivity to framing. Survey responses also indicate more uncertainty about future house prices among borrowers who intend to consult brokers than among those who do not.
Publisher: Springer Science and Business Media LLC
Date: 02-1986
DOI: 10.1007/BF01656088
Publisher: Wiley
Date: 25-02-2013
DOI: 10.1111/ECOR.12002
Publisher: SAGE Publications
Date: 05-2018
Abstract: Self-managed superannuation funds (SMSFs) – small retirement savings funds with four or fewer members – now manage almost one-third of retirement savings in Australia, and serve over 1 million members. The number of SMSFs has increased to more than half a million in two decades, yet little is known about the reasons people start the funds and how they operate. We use a survey of more than 500 SMSF members and 500 large superannuation fund members to analyse why SMSF members commence and manage their own fund, compared to similar people who stay with a large fund. We find that control over investments and tax minimisation are the most common reasons for starting a SMSF, while satisfaction with large funds and unwillingness to take on the administrative burden of self-management are the most common reasons for not doing so. SMSF members do not show any greater financial skills than non-members, but they do display overconfidence, a higher risk tolerance and a more trusting attitude to financial professionals. Model results show that the majority of SMSF members start their funds at the suggestion of financial professionals. We also show that those who say they are thinking about starting a SMSF are different in significant ways from the eventual SMSF members, further evidence of the influence of the advice industry.
Publisher: Oxford University Press (OUP)
Date: 26-06-2018
DOI: 10.1111/ECOJ.12447
Publisher: Informa UK Limited
Date: 05-2014
Publisher: Wiley
Date: 06-08-2007
Publisher: Wiley
Date: 22-05-2012
Publisher: Wiley
Date: 25-04-2022
DOI: 10.1111/JORI.12379
Abstract: Aging societies need efficient and flexible systems to finance care for the frail elderly. We study pre‐retirees' demand for flexible insurance that can finance informal long‐term care by paying income in poor health states instead of reimbursing formal care costs. We collect and analyze stated preferences for this long‐term care income product, and preferences for informal care. When asked to allocate wealth to a life annuity, a liquid investment and flexible long‐term care insurance, around 75% of our s le of 1008 pre‐retirees choose some long‐term care cover. Study participants treat long‐term care income insurance as a complement to informal care from their families. Females who expect to rely exclusively on extensive care from family members prefer more cover than similar males. We also find that if long‐term care income insurance were available, some healthier seniors would purchase additional longevity insurance, using liquid funds otherwise set aside to self‐insure long‐term care risk.
Publisher: SAGE Publications
Date: 09-07-2021
Abstract: We surveyed 854 current and 147 former members of self-managed superannuation funds (SMSFs) in 2016. The results of our survey document their aspirations, operational practices and experiences. Both current and former members expressed high general interest in superannuation, but ‘detractors’ of SMSFs outnumbered ‘promoters’. SMSF members said they enjoy ‘control’ of investment, but a majority delegated tasks to financial professionals. Three times as many members rated the performance of their fund as above the SMSF average as below, although most did not measure the performance of their fund adequately. The probability of closing a SMSF is significantly higher if members use net returns, rather than other indicators such as account balance, to judge performance. JEL Classification: H55, H75, J32
Publisher: Wiley
Date: 09-2010
Publisher: Elsevier BV
Date: 12-2020
Publisher: SAGE Publications
Date: 03-05-2017
Abstract: Effective design and regulation of retirement benefits require accurate understanding of how the elderly decumulate. We analyse the income, assets and decumulation patterns of a longitudinal panel of 10,000 Australian age pensioners. On average, age pensioners preserve financial and residential wealth and leave substantial bequests. There is, however, considerable heterogeneity in decumulation patterns. Younger households generally run down financial wealth, while older households maintain their assets or save. Means-testing accelerates decumulation, with average drawdown rates 3% higher for pensioners subject to the income test relative to full pensioners and 9% higher for those subject to the asset test relative to full pensioners. Loss of a partner is linked to large falls in assets. The theoretical, empirical, and practical implications of these findings are discussed.
Publisher: Wiley
Date: 28-08-2008
Publisher: Wiley
Date: 18-05-2017
DOI: 10.1111/ACFI.12134
Publisher: Wiley
Date: 06-1988
Publisher: Wiley
Date: 16-03-2016
Publisher: Wiley
Date: 13-04-2015
Publisher: Informa UK Limited
Date: 10-2011
Publisher: Wiley
Date: 04-02-2016
DOI: 10.1002/FUT.21770
Publisher: SAGE Publications
Date: 23-06-2017
Abstract: Retirement income stream products are difficult for consumers to choose because of their high perceived risk, irreversibility, high expenditure, little opportunity for social learning and distant consequences. Prior literature is unclear about consumers’ use of heuristics in decumulation decisions or whether sociodemographics can help identify vulnerable consumers. In the context of Australia’s retirement income arrangements, we examine choices of life annuities and phased withdrawal products, and identify use of default options and the ersification (1/ n or 50:50) heuristic using a novel finite mixture modelling approach. The innovative feature of this approach is that it captures the very specific allocation pattern associated with choices based on deterministic decision rules, namely pronounced spikes at the locations of the particular heuristics with little mass in their surroundings. We show that more than 30% of decumulation choices rely on these two heuristics, and that cognitive and product knowledge limitations contribute to using such heuristics. The results have implications for public policy on decumulation of retirement savings, regulation of product disclosures and providers of annuity and phased withdrawal products. More generally, our model has the potential to provide better understanding of the use of heuristics in consumer decisions.
Publisher: Wiley
Date: 03-2005
Publisher: Elsevier BV
Date: 05-2010
Publisher: Springer Science and Business Media LLC
Date: 12-12-2011
Publisher: Elsevier BV
Date: 10-2007
Publisher: Wiley
Date: 18-03-2014
Publisher: Cambridge University Press (CUP)
Date: 21-08-2014
DOI: 10.1017/S1474747213000188
Abstract: Financial regulators are weighing up the effectiveness of different templates for communicating investment risk to retirement savers since welfare depends on comprehension of risk information. We compare nine standard risk presentations using a discrete choice experiment where subjects choose between three retirement accounts. Switching between graphical or textual presentations, or between formats that emphasize benchmarks rather than return ranges or values at risk, affects predicted choices more than large changes in underlying risk. Innumerate in iduals are more susceptible to presentation, and those with weak basic financial literacy are insensitive to increasing risk levels, regardless of presentation. Presentation effects are moderated but not eliminated as financial literacy improves.
Publisher: Elsevier BV
Date: 2016
Publisher: Elsevier BV
Date: 11-2016
Publisher: Informa UK Limited
Date: 12-10-2019
Publisher: Elsevier BV
Date: 06-2008
Publisher: American Association for Cancer Research (AACR)
Date: 15-09-2005
DOI: 10.1158/1078-0432.CCR-05-0439
Abstract: Purpose: The aim of this study was to examine the expression and prognostic relevance of thrombospondin-1 (TSP-1) in tumor biopsies taken from a consecutive series of liver resections done at the University Hospitals of Leicester and the Royal Liverpool Hospital. Experimental Design: Patients having undergone a liver resection for colorectal liver metastases at our institutions between 1993 and 1999 inclusive were eligible. Inclusion criteria were curative intent, sufficient tumor biopsy, and patient follow-up data. One hundred eighty-two patients were considered in this study. Standard immunohistochemical techniques were used to study the expression of TSP-1 in 5-μm tumor sections from paraffin-embedded tissue blocks. TSP-1 was correlated with survival using the Kaplan-Meier method and log-rank test for univariate analysis and the Cox proportional hazard model for multivariate analysis. Results: One hundred eighty-two patients (male, n = 122 and female, n = 60) ages between 25 and 81 years (mean, 61 years) were included. TSP-1 was expressed around blood vessels (n = 45, 25%) or in the stroma (n = 59, 33%). No expression was detected in the remaining tumors. TSP-1 significantly correlated with poor survival on univariate (P = 0.01 for perivascular expression and P = 0.03 for stromal expression) and multivariate analysis (P = 0.01 for perivascular expression). Conclusion: TSP-1 is a negatively prognostic factor for survival in resected colorectal liver metastases.
Publisher: Wiley
Date: 2009
Publisher: Cambridge University Press (CUP)
Date: 14-02-2007
DOI: 10.1017/S1474747206002484
Abstract: We investigate delegated investment management in private pension accounts using data from Australian accumulation (superannuation) funds. In Australian non-profit pension funds, trustees choose investment managers on behalf of members. We find that funds with many delegated managers have higher risk-adjusted returns than those with few. However funds with 13 or less specialized managers show no improvement over funds with a single ersified manager. All do worse than a benchmark portfolio of asset-class indices. Further, by using random selection to mimic the choices of an uninformed in idual choosing from the same menu of delegate managers as used by trustees, we show that returns from pension funds with large numbers of trustee-selected managers compare favorably with returns from randomly selected, equally weighted portfolios. However this improvement falls off quickly for funds with fewer trustee-selected managers, or when randomly selected portfolios are also ersified across asset classes. Results indicate that an uninformed in idual following a naive ersification strategy would have done as well as most trustee boards in this s le.
Publisher: Elsevier BV
Date: 04-2013
Publisher: Elsevier
Date: 2016
Publisher: Elsevier BV
Date: 2018
Publisher: Pageant Media US
Date: 30-04-2013
Publisher: Wiley
Date: 24-08-2016
DOI: 10.1111/JORI.12162
Publisher: Elsevier BV
Date: 09-2006
Publisher: Oxford University Press (OUP)
Date: 02-03-2016
DOI: 10.1093/ROF/RFV001
Publisher: Institute for Operations Research and the Management Sciences (INFORMS)
Date: 2017
Abstract: We explore how in iduals assess the quality of financial advice they receive and how they form judgments about advisers. Using an incentivized discrete choice experiment, we show that first impressions matter: consumers more often follow advisers who dispense good advice before bad. We demonstrate how clients’ opinions of adviser quality can be manipulated by using an easily replicated confirmation strategy that depends on the quality of the advice and the difficulty and order of the advice topics. Our results also reveal how clients benefit from their own past experience and how they use professional credentials to guide their choices. Data, as supplemental material, are available at 0.1287/mnsc.2016.2590 . This paper was accepted by John List, behavioral economics.
Publisher: Informa UK Limited
Date: 03-04-2015
Start Date: 02-2012
End Date: 12-2015
Amount: $170,000.00
Funder: Australian Research Council
View Funded ActivityStart Date: 01-2016
End Date: 12-2021
Amount: $355,385.00
Funder: Australian Research Council
View Funded ActivityStart Date: 2008
End Date: 12-2011
Amount: $328,226.00
Funder: Australian Research Council
View Funded ActivityStart Date: 08-2020
End Date: 12-2024
Amount: $392,445.00
Funder: Australian Research Council
View Funded ActivityStart Date: 2010
End Date: 12-2016
Amount: $960,000.00
Funder: Australian Research Council
View Funded ActivityStart Date: 2011
End Date: 12-2015
Amount: $247,711.00
Funder: Australian Research Council
View Funded ActivityStart Date: 02-2019
End Date: 12-2024
Amount: $660,000.00
Funder: Australian Research Council
View Funded ActivityStart Date: 2005
End Date: 06-2008
Amount: $240,000.00
Funder: Australian Research Council
View Funded Activity