Marilyn Clark-Murphy

Individual Investor Preferences: A Segmentation Analysis

As the baby boomers age, individuals are being encouraged to take responsibility for their retirement income. Despite the importance of individual investment decisions, we know very little about what factors influence them. Having identified characteristics that are important to individual investors in shares using a conjoint analysis approach, this study uses cluster analysis and discriminant analysis to look for subgroups with differing attitudes and approaches to investment alternatives. Results suggest that four significant subgroups exist within the investor sample, each with different investment preferences and goals. The results have implications for providers of financial services and for those involved in educating individual investors.

Gender differences in retirement savings decisions

As members of the Australian workforce approach retirement, they are being presented with increased choice in their superannuation investments. With increased choice has come greater personal responsibility for ensuring adequate retirement savings. This paper explores gender differences in superannuation investment choices through a range of interactions with individual demographics and in doing so a gender effect can be further refined than previous research has identified. The data for this paper comes from a survey of members of the Superannuation Scheme for Australian Universities (SSAU).

Consultation and resource usage in retirement savings decisions: Australian evidence of systematic gender differences

Abstract Australian retirement savings funds are growing rapidly and fund members are assuming greater responsibility for their own savings. Individuals’ retirement savings decision processes have not been extensively researched, however, these decisions are significant not only for members but also for employers and government. This paper provides information on retirement savings in Australia and reports on a survey of members of a University superannuation fund who were recently asked to choose between a defined benefit scheme or one of four investment accumulation accounts. We explore gender differences in knowledge of superannuation and those consulted in making the decision.

An Exploration of Managerial Expertise in the Western Australian Wine Industry

Purpose – The purpose of this paper is to identify the key management skills for running a successful winery business, which in the Australian industry is predominately a small to medium sized business, and explores the existence of such skills within the industry.Design/methodology/approach – The information was obtained through structured interviews with a range of winery owners and managers in the four main wine regions of Western Australia.Findings – Whilst a set of universal management skills are identified by the industry participants, these are not universally held. The study examines skills and training issues highlighting the diversity of winery owners and managers.Research limitations/implications – The study was conducted using qualitative methodology in one state of Australia only.Practical implications – The findings require further quantitative testing, but strongly imply that managerial skills in the wine industry are limited, and most managers are more focused on technical expertise than f...

Asset Allocation and Age Effects in Retirement Savings Choices

We examine the asset allocation decisions of members of three large Australian retirement savings funds. Superannuation Guarantee legislation in 1992 made Australian employees compulsory investors by requiring employers to contribute a fixed proportion of earnings to a superannuation fund on behalf of employees. A majority of these employees can choose an investment strategy for these contributions. We examine how actual investment strategy and asset allocation choices of members change with age in view of the conventional wisdom that individuals allocate less to risky assets as they age and investments theory which provides conflicting advice on the issue.