The Pricing of Instalments Receipts: New Zealand Evidence

2004 ◽  
Vol 07 (03) ◽  
pp. 423-449 ◽  
Author(s):  
Alastair Marsden ◽  
Russell Poskitt
Keyword(s):  
New Zealand ◽  
Stock Market ◽  
Institutional Environment ◽  
Canadian Market ◽  
Over Time ◽  
Ordinary Share

We examine the pricing of instalments receipts ("IRs") issued on the New Zealand stock market that trade concurrently with the underlying shares. An IR is a security that has identical entitlements to dividends receipts as the holder of an ordinary share but allows the holder to acquire the ordinary share with fixed pre-scheduled payments spread over a period of time. Similar to Charupat and Prisman (2004) for IRs traded in the Canadian market, we find that IRs of secondary offerings in the New Zealand market trade at an economically significant premium in the immediate period following their initial issue. The premium then declines over time and becomes negative in the period prior to the final instalment payment date. Our study suggests the benefits of IRs are not unique to one institutional environment and that issuers can increase the demand for new securities by overcoming investors' borrowing restrictions.

Prime Ministers

2018 ◽  
Author(s):  
Patrick Weller
Keyword(s):  
New Zealand ◽  
Institutional Environment ◽  
Institutional Arrangements ◽  
Prime Ministers ◽  
Power And Influence

Prime ministers dominate, but still lose office. Why? This chapter explores the conundrum that infests debates on the prime ministers’ power and influence. It examines the ambiguous and uncertain institutional environment with its scope for initiatives and choices. It rejects normative notions of what prime ministers should do and illustrates that accusations of excessive power and ambition have been thrown at prime ministers from the very beginning. It identifies the strategy of the book: to compare institutional arrangements in four Westminster systems—Britain, Australia, Canada, and New Zealand—to see how prime ministers have chosen to define their role. It proposes tests for assessing prime ministers and for judging their performance and options.

scholarly journals Institutional and Macroeconomic Determinants of Stock Market Development in Mena Region: New Results From a Panel Data Analysis

2010 ◽  
Author(s):  
Mondher Cherif ◽  
Kaouthar Gazdar
Keyword(s):  
Panel Data ◽  
Stock Market ◽  
Institutional Environment ◽  
Panel Data Analysis ◽  
Risk Index ◽  
Market Liquidity ◽  
Market Development ◽  
Mena Region ◽  
Stock Market Development ◽  
Mena Countries

This paper provides new evidence on the influence of macroeconomic environment and institutional quality on stock market development, using data from 14 MENA countries over the period of 1990-2007. Using both panel data and instrumental variable techniques, we found that income level, saving rate, stock market liquidity, and interest rate influence stock market development with the expected theoretical signs. Our results also showed that the banking and the stock market sectors are complementary instead of being substitutes. We found that the institutional environment as captured by a composite policy risk index does not appear to be a driving force for the stock market capitalization in the region. Our last results are robust to different specifications and empirical techniques.

scholarly journals Context in international business: Entrepreneurial internationalization from a distant small open economy

2021 ◽  
Author(s):  
Eldrede Kahiya
Keyword(s):  
New Zealand ◽  
Literature Review ◽  
International Business ◽  
Open Economy ◽  
Institutional Environment ◽  
Small Open Economy ◽  
The Other ◽  
Medium Size ◽  
Strategy Process ◽  
Context Shapes

Context matters in International Business, but to what extent does it influence the content of knowledge? This study offers a systematic literature review on the internationalization of New Zealand firms. A geographically isolated small open economy (SMOPEC) with audacious trade aspirations, a strong domestic institutional environment, favorable attitude toward trade, and entrepreneurial small-to-medium size enterprises (SMEs), New Zealand provides an enlightening context to study internationalization. Using a sample of 95 studies, the review identifies antecedents, stimuli, capabilities, strategy, process and outcomes underpinning internationalizing New Zealand firms (INZFs). Context matters but not in the manner anticipated. On one hand research on the internationalization of New Zealand firms is largely congruent with extant knowledge, on the other the New Zealand context shapes uniquely, how and what scholars choose to research.

scholarly journals Decline in New Zealand's freshwater fish fauna: Effect of land use

2020 ◽  
Author(s):  
Michael Joy ◽  
KJ Foote ◽  
P McNie ◽  
M Piria
Keyword(s):  
New Zealand ◽  
Land Cover ◽  
Freshwater Fish ◽  
Native Species ◽  
Species Abundance ◽  
Fish Fauna ◽  
Fish Distribution ◽  
Individual Species ◽  
Freshwater Fish Fauna ◽  
Over Time

© 2019 CSIRO. The number of New Zealand's freshwater fish listed as threatened has increased since 1992 when the first New Zealand threat classification system list was compiled. In this study, temporal and land cover-related trends were analysed for data on freshwater fish distribution, comprising more than 20 000 records for the 47 years from January 1970 to January 2017 from the New Zealand Freshwater Fish Database. The analysis included individual species abundance and distribution trends, as well as an index of fish community integrity, namely the Index of Biotic Integrity (IBI). Of the 25 fish species that met the requirements for analysis to determine changes in the proportion of sites they occupied over time, 76% had negative trends (indicating declining occurrence). Of the 20 native species analysed for the proportion of sites occupied over time, 75% had negative trends; 65% of these were significant declines and more species were in decline at pasture sites than natural cover sites. The average IBI score also declined over the time period and, when analysed separately, the major land cover types revealed that the IBI declined at pasture catchment sites but not at sites with natural vegetation catchments.

scholarly journals The Readability of Sustainability Reporting in New Zealand over time

2020 ◽  
Vol 14 (3) ◽  
pp. 86-107
Author(s):  
Azadeh Nilipour ◽  
Tracy-Anne de Silva ◽  
Xuedong Li
Keyword(s):  
New Zealand ◽  
Sustainability Reporting ◽  
Over Time

scholarly journals Cross-Border M&A Motives and Home Country Institutions: Role of Regulatory Quality and Dynamics in the Asia-Pacific Region

2021 ◽  
Vol 14 (10) ◽  
pp. 468
Author(s):  
Peter Zámborský ◽  
Zheng Joseph Yan ◽  
Erwann Sbaï ◽  
Matthew Larsen
Keyword(s):  
Institutional Environment ◽  
Home Country ◽  
Asia Pacific ◽  
Pacific Region ◽  
Asia Pacific Region ◽  
Cross Border ◽  
Regulatory Quality ◽  
Using Data ◽  
Over Time

The purpose of this paper is to analyze the relationship between home country institutions and cross-border merger and acquisition (M&A) motives of MNEs from the Asia-Pacific region, with a focus on the role of regulatory quality and dynamics. We empirically examine how M&A motives are affected by elements related to risk of the institutional environment of the acquiring firm’s home country regulatory quality over time. The study is grounded in the general theory of springboard MNEs, and the institutional views of cross-border operations, namely the institutional escapism and institutional fostering perspectives. Using data on over 700 cross-border M&As of European firms by Asia-Pacific MNEs in 2007–2017, we analyze the rationales for these deals and their relationship to the institutional characteristics of the buyers’ home countries including regulatory quality and voice and accountability. We found that the quality of home country regulatory environment is significantly related to domestic firms’ motivation for international M&As. However, the significance and sign of the effects differ for different types of motives and over time. Our findings contribute to the literature on general versus emerging MNE-specific internationalization theories (particularly the theory of springboard MNEs) by expounding on the types and dynamics of cross-border M&A motives.

Laissez-Faire Activism

2016 ◽  
Author(s):  
David Colander ◽  
Roland Kupers
Keyword(s):  
Institutional Environment ◽  
State Intervention ◽  
Social Goals ◽  
Embryonic Stage ◽  
Bottom Up ◽  
For Profit ◽  
Small Change ◽  
Over Time ◽  
Policy Solutions ◽  
The Way

This chapter reconsiders the structure and governance issues of corporations and enterprises more generally as a concrete example of how a complexity approach changes the way we think about policy. It shows how a small change in the ecostructure, especially when applied at the formative embryonic stage of emerging institutions, can fundamentally change society from the bottom up, without massive state intervention. It argues that over time in some important sectors of the economy where social goals are important, existing for-profit and nonprofit enterprises can be replaced by socially friendly for-benefit enterprises, which are designed to allow social goals to be achieved in a sustainable way from the bottom up. The goal of the policy being advocated is to encourage the development of an institutional environment that is friendly to bottom-up policy solutions so that new socially focused enterprises can emerge and develop.

Multimorbidity and  health-related quality of life among people 55 years and up: results of a longitudinal study in New Zealand

2020 ◽  
Author(s):  
Nayyereh Aminisani ◽  
Chris Stephens ◽  
Fiona Alpass ◽  
Seyed Morteza Shamshirgaran
Keyword(s):  
Quality Of Life ◽  
Longitudinal Study ◽  
New Zealand ◽  
Inverse Association ◽  
Health Related Quality ◽  
Significant Difference ◽  
Related Quality ◽  
Health Related ◽  
Over Time

Abstract Background: This study aimed to examine the association of Health-Related Quality of Life (HRQOL) and multimorbidity (MM) and its correlates over time in New Zealand. Methods: People aged 55 years and over were invited to participate in a nationally representative population-based longitudinal study in 2006 and followed up biennially until 2016. Generalized Estimating Equations (GEE) with an exchangeable correlation matrix and robust standard errors adjusted for both time-constant and time-varying factors using baseline and five subsequent waves of data were used, to compare a range of factors related to changes in MM and HRQOL. Results: Of 2632 participants at baseline, 957 of the participants were classified as “MM participants”; 570 had two, and the rest had three chronic conditions. The results of the GEE regression models demonstrated that SF12-PCS decreased over time, and there was a significant difference in SF12-PCS between MM and Non-MM participants. Having MM was negatively associated with HRQOL-PCS [-3.00 (95 %CI -3.60, -2.49); p <0.001)]. Although the results showed an increase in SF12-MCS over time, the score of the mental dimension of HRQOL was lower among MM participants compared to Non-MM participants [-2.60, 95 %CI -3.09, -2.11]. Conclusions: According to this longitudinal study, there is an inverse association between MM and one of the most important health outcomes; HRQOL, in older adults.

Family Provision in New Zealand and Australia

2020 ◽  
pp. 450-476
Author(s):  
Nicola Peart ◽  
Prue Vines
Keyword(s):  
New Zealand ◽  
Common Law ◽  
Customary Law ◽  
Indigenous Populations ◽  
Sex Partners ◽  
Same Sex ◽  
Her Family ◽  
Reproductive Techniques ◽  
The Common ◽  
Over Time

New Zealand and Australia are named in that order in the title because New Zealand was the first to develop the discretionary family provision jurisdiction, in 1900, that now applies in New Zealand, Australia, and much of the common law world. This allows courts to make awards to family members from the estate of the deceased. Originally benefitting only the surviving spouse and children, family provision has extended the rules of eligibility in line with changes in the meaning of ‘family’. So as well as spouses, claims can also, in many of the Australasian jurisdictions, be made by civil partners, cohabitants, and same-sex partners. Most jurisdictions have also broadened the class of eligible children to include grandchildren and stepchildren who were being maintained by the deceased as well as children born of new reproductive techniques. Both New Zealand and Australia have significant indigenous populations and their eligibility to claim family provision is modified to accord with their customary law. Over time, the courts have adopted a much broader view of a deceased’s ‘moral duty’ to his or her family, particularly in regard to claims by adult children. The size of awards has increased correspondingly. The chapter discusses this development, as well as the increasing relevance of Indigenous customary law and how the courts deal with disentitling conduct. In view of the greatly expanded scope of family provision in New Zealand and Australia, testamentary freedom may be only an illusion in these jurisdictions.

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