Approval No: 05 2 163

THE UNIVERSITY OF NEW SOUTH WALES, MONASH UNIVERSITY AND
THE AUSTRALIAN NATIONAL UNIVERSITY

PARTICIPANT INFORMATION STATEMENT

One Day We'll All Invest That Way! Regulating Online Investment

Invitation

This is an invitation to participate in a study which focuses on the needs of online investors, with a view to determining whether they need to be protected through legal regulation. The online revolution has bought global investment markets to the investor's sitting room, and many investors are now taking advantage of online options. A considerable proportion of the Australian community is now investing. Over 50% of ordinary Australians own shares; many more hold investments for retirement through super funds and managed investments schemes.

Who is doing the research? What's it about?

Professor Dimity Kingsford Smith from the University of NSW , Dr Kirsty Williamson from Monash University and Professor Stephen Bottomley from the Australian National University are undertaking this project. The starting point is that we know very little about investor behaviour in online markets. At the same time there are pitfalls for people who invest online, especially because of the ease and immediacy of this mode of investment and the financial encouragement to trade frequently. Questions revolve around such issues as the vast amounts of information available, and how well investors are able to seek, understand and use that information without personal advice. If the results of the research indicate that regulation is needed, it is more likely to be of assistance to online investors and site sponsors if it is under-pinned by an understanding of the attitudes and experiences of those involved.

What is the survey?

The study involves a survey in which online investors will be asked about their types and levels of investment and their use of information and advice, along with their demographic details. If you are prepared to fill in the short questionnaire, it will only take a few minutes of your time.

Should you also consider participating in the interview?

You might also like to participate in an interview if you are an online investor, an online broker, or a sponsor of an Internet discussion site. Investors will be interviewed, both individually and in focus groups. The purpose of these interviews is to explore needs, experiences and understandings of online investors, in-depth, as well as issues concerned with the seeking and use of information and advice. Individual interviews will take about an hour and focus groups 1.5 hours of participants' time. It is also important to gauge the perspectives, about issues concerned with online investing, of online brokers and sponsors of Internet discussion sites. Individual interviews with representatives of these groups will take about one hour. We would like to tape record the focus groups and individual interviews and seek your permission to do that. The researchers undertake that the tapes and transcriptions will not provide any identifying information and will be safely stored. Participants will be asked to provide aliases for the interview so that this requirement can be met.

Is the information confidential?

With both the survey and the interviews, names and details will be kept confidential. Any information that is obtained in connection with this study, and can be identified with you, will remain confidential and will be disclosed only with your permission, except as required by law. In any publication, information will be provided in such a way that you cannot be identified.

Who could I complain to if I have concerns?

Complaints may be directed to the Ethics Secretariat, The University of New South Wales, SYDNEY 2052 AUSTRALIA (phone 9385 4234, fax 9385 6648, email ethics.sec@unsw.edu.au ). Any complaint you make will be treated in confidence and investigated, and you will be informed of the outcome.

Who can I get more information?

If you would like to ask any questions about the project, you can call Kirsty Williamson or Jen Sullivan on (03) 99032322. Results of the survey will be emailed to those who have provided their email address.

What if I decline or withdraw?

You decision whether of not to participate in either the survey or the interviews will not prejudice your future relations with The University of NSW, Monash University , or the Australian National University . If you decide to participate you are free to withdraw your consent and to discontinue participation at any time without prejudice.

How do I consent to take part in the survey?

Those who take part in the survey will find that the information statement accompanies the survey form. Your consent is considered to be implied by your returning the self-completed written questionnaire.  

How do I consent to take part the interview?

You will have an opportunity to volunteer for the interview at the end of the survey.

Start survey