There seems to be a widely held view or suspicion in New Zealand that this country's real cost of capital is high, and that this obstructs investment and/or places New Zealand firms at a disadvantage to foreign competitors. Motivated by these concerns this paper examines the following...

This paper compares the revenues resulting from the Officer model, which is generally used by Australian regulatory bodies, the simplified Brennan-Lally model, which is used by the New Zealand regulatory body, the Sharpe-Lintner-Mossin model, which is widely used in other regulatory regimes, and...

This paper estimates the standard and tax-adjusted market risk premiums in New Zealand using historical data between 1931-2002 and a variant of the Siegel (1992) methodology. Similar to Siegel we present evidence that real bond yields in New Zealand were low over the period 1931-2002 and this...

This paper describes and analyses the recommendations of the government’s covid-19 advisers, with particular emphasis on their use or otherwise of cost-benefit analysis (CBA). In respect of Professors Baker and Wilson, their views markedly fluctuated: on whether mitigation or elimination was...

One of the most significant assets held by individual New Zealanders, with a matching liability to taxpayers, is the pension entitlements of the Government Superannuation Fund (GSF). These entitlements are of the "defined benefit" rather than "defined contribution" form, i.e., they are...