PurposeNew Zealand reintroduced titular honours (i.e. knighthoods and damehoods) in 2009. We document the prevalence of knights and dames on the board of directors.Design/methodology/approachWe use a probit regression to investigate what firm characteristics are significantly associated with...

This paper examines cost behaviour in the municipal setting and finds evidence of cost stickiness. Furthermore, as municipals in New Zealand are required to produce forecasts, it allows us to investigate whether asymmetric cost behaviour is incorporated into forecasts. We document an asymmetric...