This paper applies conventional principles of financial economics to the valuation of one of the largest assets held by New Zealand investors: the defined benefit pension entitlements under the Government Superannuation Fund. This methodology is compared with that employed by the Government...

This paper describes and compares two processes for assessing and assigning cost of capital in the public sector: that for Departments under the Capital Charge process and that recommended for SOEs. The processes are similar in the sense of using private sector type technology, and in particular...

International Trade and Competition Policy: CER, APEC and the WTO, by Kerrin M. Vautier and Peter J. Lloyd (Wellington: Institute of Policy Studies, 1997), xii + 178 pp., ISBN 0 908935 18 8. The Commercialisation of New Zealand, by Brian Easton (Auckland: Auckland University Press, 1997), vii +...

This paper analyses the issue of the timing of expenditures in replacing fixed assets within the context of valuing firms using the free cash flow approach. Standard practice amongst both practitioners and academics is to assume a smooth pattern in these expenditures past some future point, and...