Everything you need to know as a first-time student.
Information and support for postgraduate study.
Courses, supervisors and your life as a researcher.
Discover our campuses, courses and entry requirements.
Step-by-step application guides for our courses.
Get financial support for your studies. Find a scholarship that's right for you.
Options like part-time, external and online study can help you tailor how you learn.
See where our graduates are now, and where your studies can take you.
Our executive education courses give you the skills you need to lead in a fast-paced world.
Boost your career or extend your skills with a short course or unit.
Our free online courses are open to everyone.
We're constantly moving forward in our research output, commercialisation and collaboration. Find out how you can join our research community and bring innovation to the real world.
Considering research with us? Here's what to expect.
Our strengths and achievements, research projects and activity, and research institutes, centres and groups.
Apply for scholarships for research study, or competitive grants as a professional researcher.
Our researchers work in supportive and established networks.
We value and promote integrity and ethical responsibility in all research we conduct.
A selection of world-class research from our research centres and groups.
We collaborate with industry partners to research solutions for real-world problems, and to give our students hands-on experience in the workplace.
Work with our students and graduates, sponsor scholarships, prizes or events, or become an industry partner.
We offer commercial research and consultancy services, research commercialisation, and workplace training and development.
We're working with a range of industry partners and collaborators.
Our customised executive education equips your employees with tools and inspiration to give your organisation a real edge.
We offer short courses to help you advance your career and expand your skills.
Boeing Australia have collaborated on projects with us and provided sponsorship, and their staff have taught in our avionics program.
We are a highly successful and globally positioned Australian university with an applied emphasis in courses and research.
Make a real impact by giving to QUT and supporting our students, researchers and community.
Our history, key statistics, sustainability initiatives and programs and Indigenous acknowledgement.
Meet our staff and executive team.
Our awards, accreditation details, research rankings and scholarly achievements.
Our plans for expanding our university's achievements in learning, teaching and research.
Policies, procedures and annual reports.
What's on at QUT.
Want to work with us? See available jobs.
Our campuses and facilities, including maps, research locations and public venues.
Email: firstname.lastname@example.org Phone: +61 7 3138 2000
Our graduates run successful businesses, conduct ground-breaking research and make significant contributions to their communities.
We celebrate our alumni with annual awards for graduates and students.
Get involved with QUT by engaging with and supporting our current students.
Once you've graduated, we encourage you to keep in touch with the QUT community and your fellow alumni.
Email: email@example.com Phone: +61 7 3138 4778 Mon-Fri, 8.30am-5pm
Darryl McDonough has been named Alumnus of the Year as well as the Faculty of Law Outstanding Alumni Award Winner.
Step-by-step guide to applying as an international student.
We offer scholarships for international students to help with study and living costs.
You may be able to meet with a QUT staff member or official representative in your city.
Find out more about living and studying in Brisbane.
While you're studying here, you can access a range of support services to help you adjust to life in Brisbane.
Come to QUT for one or two semesters.
Freecall: 1800 181 848 (within Australia)
Phone: +61 3 9627 4853 (outside Australia)
Subscribe for email updates
How would you feel if your best friend in your twilight years was a robot? It’s one of the many thought-provoking questions being posed at QUT’s Robotronica event on Sunday.
Email: firstname.lastname@example.org Phone: +61 7 3138 2361
You are here:
Investors prone to 'illusion of control' and 'overconfidence' bias are more likely to undertake potentially risky investments in complex hybrid securities, a QUT study has found.
The research, commissioned by the Australian Securities and Investments Commission (ASIC) and conducted by QUT behavioural economists, found individuals prone to certain inherent behavioural biases underestimated the risks of hybrid securities. Hybrid securities combine elements of debt and equity securities and allow banks and companies to borrow money from investors in return for interest payments. On its moneysmart.gov.au website ASIC cautions prospective investors that hybrid securities are 'complex products'. "Even experienced investors will struggle to understand the risks involved in trading them. If you don't fully understand how they work, you should not invest," it said. The researchers conducted a pilot study in which participants were tested to reveal their behavioural biases and risk attitudes before taking part in an investment game to allocate a portfolio across bonds, hybrid securities and shares. Dr Anup Basu, who led the research for QUT's Queensland Behavioural Economics Group (QuBE), said there was a "highly significant relationship" between participants with an "illusion of control bias" and their allocation to hybrid securities. "Illusion of control bias describes the tendency of individuals to believe that they can control or at least influence the outcome of an uncertain event, when they actually cannot," he said.
"For example when buying Lotto tickets, some individuals believe choosing their own numbers, as opposed to being assigned random numbers, increases their odds of winning. This is one of many examples of 'illusion of control' bias where people incorrectly believe they can influence the outcome of an uncertain event." "In our experiments, allocation to hybrid securities increased by nearly 14 per cent for participants who demonstrated the illusion of control bias. It implies that these investors may think they have some ability to control risks involved, for example by withdrawing 'in time' from an investment." Dr Basu also found the average allocation to hybrids was higher by more than 10 per cent for participants susceptible to 'overconfidence' bias. "Overconfidence may lead to portfolio under-diversification, e.g. holding concentrated positions in a few hybrid securities, and can make investors underestimate downside risk and perceive hybrids to be safer investments than they are," he said.
But a bias towards well-known brands was not revealed in the experiments. Australian brands did not attract more investment into hybrids compared to lesser-known Scandinavian brands of similar size.
The study found that investors find hybrids more difficult to understand than shares and bonds, but despite acknowledging a lack of understanding, they weren't deterred from buying them. "Hybrid securities are complex financial products, the riskiness of which may not be readily understood by investors," Dr Basu said. "Investment decisions are influenced heavily by a range of cognitive biases rather than solely rational consideration of all options. An understanding of the biases that influence investing in hybrid securities could assist ASIC in communicating risk to the public and informing conversations with industry." The Queensland Behavioural Economics group at the QUT Business School is a platform to bring together researchers from economics, finance and behavioural sciences to push the frontiers in theoretical and applied behavioural economics research. The group strives to evaluate, inform and design decisions and institutions in business, politics and society. Currently the group collaborates in research projects with the Departments of Education in Queensland and Victoria, Suncorp and the NRL-based non-profit organisation Former Origin Greats and engaged in workshops about this topic with Queensland Police, the ATO and AMP besides the work done with ASIC. It is one of, if not the, most active group in Australia to bring state of the art insights and methods of behavioural economics to real-world applications.
Dr Basu's research for ASIC is available here.
Media contact:Rob Kidd, QUT Media, 07 3138 1841, email@example.comAfter hours, Rose Trapnell, 0407 585 901
Dr Anup Basu said there was a “highly significant relationship” between participants with an “illusion of control bias” and their allocation to hybrid securities.