ResearchArchive–Te Puna Rangahau: Recent submissions

  • The Efficiency Test under Competition Law and Regulation in Small Distant Open Economy that is New Zealand 
    Evans, Lewis (Te Herenga Waka—Victoria University of Wellington, 2005)
    This paper considers the application of competition law and price regulation inthe very small and isolated economy that is New Zealand. It argues that the total surplus (efficiency) criterion should be applied in tests of ...
  • The State of e-New Zealand: 2004 
    Howell, Bronwyn; Mishra, Veena; Ryan, Lisa (Te Herenga Waka—Victoria University of Wellington, 2005)
    This State of E-New Zealand paper revisits the relative international measures of New Zealand's preparedness to utilise and capitalise upon the economic and social benefits promised by the use of technology. In the previous ...
  • Electricity Investment and Security of Supply in Liberalized Electricity Systems 
    Meade, Richard (Te Herenga Waka—Victoria University of Wellington, 2005)
    Eliciting generation investment by decentralized profit-seeking private investors is a key goal of electricity liberalization. Debate rages regarding the ability of energy-only electricity markets to ensure that such ...
  • Payback Without Apology 
    Boyle, Glenn; Guthrie, Graeme (Te Herenga Waka—Victoria University of Wellington, 2006)
    When interest rates are uncertain the net-present-value threshold required to justify an irreversible investment is increasing in the length of a project's payback period. Thus slowpayback projects should face a higher ...
  • The Impact of the Securities Market Amendment Act 2002 on Insider Trading in New Zealand 
    Gilbert, Aaron; Tourani-Rad, Alireza; Wisniewski, Tomasz Piotr (Te Herenga Waka—Victoria University of Wellington, 2005)
    Insider trading has a number of harmful effects that can result in financial market distortions reducing its efficient functioning. Much of this harm comes from the large profits insiders expropriate from small investors ...
  • Techniques for Estimating the Fiscal Costs and Risks of Long-term Output-based Payments 
    Boyle, Glenn; Irwin, Tim (Te Herenga Waka—Victoria University of Wellington, 2005)
    Long-term commitments to make output-based payments for infrastructure can encourage private investors to provide socially valuable services. Making good decisions about such commitments is difficult however unless the ...
  • Restructuring Primary Health Care Markets in New Zealand: Financial Risk, Competition, Innovation and Governance Implications 
    Howell, Bronwyn (Te Herenga Waka—Victoria University of Wellington, 2005)
    New Zealand's primary health care sector has undergone fundamental changes under the Primary Health Care Strategy announced in 2001 and implemented from 2002. The strategy replaces historic fee-for-service general practitioner ...
  • Intra-Country Regulation of Share Markets: Does One Size Fit All? 
    Boyle, Glenn; Meade, Richard (Te Herenga Waka—Victoria University of Wellington, 2005)
    A large body of evidence suggests that investor protection regulationassists the development of major stock exchanges but this leaves openthe question of whether or not the same level of regulation should beapplied to all ...
  • Ownership vs. Regulation in Electricity Reform: The Role of Governance 
    Meade, Richard (Te Herenga Waka—Victoria University of Wellington, 2005)
    Electricity reform typically involves little regard to the possibility that customerownership might substitute for the "protections" of state ownership or for investor ownership under regulatory safeguards where market ...
  • Valuing Employee Stock Options: Implications for the Implementation of NZ IFRS 2 
    Boyle, Glenn; Clyne, Stefan; Roberts, Helen (Te Herenga Waka—Victoria University of Wellington, 2005)
    From 2007 New Zealand firms must report the cost of granting employee stock options (ESOs). Market-based option pricing models assume that options are continuously tradable and thus that option holders are indifferent to ...
  • Risk, Expected Return and the Cost of Equity Capital 
    Boyle, Glenn (Te Herenga Waka—Victoria University of Wellington, 2005)
    In applying the CAPM to cost of capital calculations practitioners treat the market risk premium as a free parameter to be estimated from data. However this process ignores equilibrium in the cash market and therefore the ...
  • A Primer on Information Markets 
    Boyle, Glenn; Videbeck, Steen (Te Herenga Waka—Victoria University of Wellington, 2005)
    In 1988 the US Commodity Futures Trading Commission gave permission for the University of Iowa to begin operating the Iowa Electronic Market (IEM) thus ushering in the world's first information market (sometimes called a ...
  • Regulating Infrastructure: The Impact on Risk and Investment 
    Guthrie, Graeme (Te Herenga Waka—Victoria University of Wellington, 2006)
    The last thirty years have witnessed a fundamental change in the regulation of infrastructure industries. Whereas firms were subject to rate of return regulation and protected from entry in the past now they face various ...
  • Parallel Importation and Service Quality: An Empirical Investigation of Competition between DVDs and Cinemas in New Zealand 
    Evans, Lewis; Burgess, Matt (Te Herenga Waka—Victoria University of Wellington, 2005)
    Investigations into the causes and effects of parallel importing have concentrated on price discrimination but arbitrage can also occur on non-price dimensions. Using a natural experiment in the New Zealand film distribution ...
  • Agency Contracts with Long-Term Customer Relationships 
    Quigley, Neil; Hortsmann, Ignatius; Mathewson, Frank (Te Herenga Waka—Victoria University of Wellington, 2005)
    In certain types of industries contracts for sales agents include both commission payments for sales and clawbacks of these payments if existing clients are not retained. This paper provides a model that shows that contracts ...
  • The Role and Significance of Cooperatives in New Zealand Agriculture, A Comparative Institutional Analysis 
    Evans, Lewis; Meade, Richard (Te Herenga Waka—Victoria University of Wellington, 2005)
    Cooperatives and other forms of farmer controlled businesses (FCBs) are major players in a number of New Zealand's agricultural sectors and together account for a significant share of New Zealand's economic activity. The ...
  • Essays in Water Allocation: The Way Forward 
    Evans, Lewis; Counsell, Kevin (Te Herenga Waka—Victoria University of Wellington, 2005)
    In this book we consider the tradeable property rights framework as a method of allocating water. Our objectives are to explain why such an approach can improve aspects of New Zealand's current water allocation framework ...
  • Estimating the WACC in a Regulatory Setting: An Assessment of Dr Martin Lally's paper 'The Weighted Average Cost of Capital for Electricity Lines Businesses' of 8 September 2005 
    Boyle, Glenn; Evans, Lewis; Guthrie, Graeme (Te Herenga Waka—Victoria University of Wellington, 2006)
    In September 2005 the New Zealand Commerce Commission (NZCC) released a document (TheWeighted Average Cost of Capital for Electricity Lines Businesses by Dr Martin Lally referred to as LINES hereafter) that estimates a ...
  • Assessing the Integration of Electricity Markets Using Principal Component Analysis: Network and Market Structure Effects 
    Evans, Lewis; Guthrie, Graeme; Videbeck, Steen (Te Herenga Waka—Victoria University of Wellington, 2006)
    The major difficulties in assessing market power in electricity wholesale spot markets mean that great weight should be placed upon assessing market outcomes against the fundamental determinants of supply demand and ...
  • Real Options and Transmission Investment: the New Zealand Grid Investment Test 
    Boyle, Glenn; Guthrie, Graeme; Meade, Richard (Te Herenga Waka—Victoria University of Wellington, 2006)
    Responsibility for approving proposed transmission investment programmes in New Zealand has recently been placed in the hands of a newly-formed government regulator. In this paper we develop an analytical framework for ...

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