New Zealand firms exhibit significant variation in the extent to which they formally involve CEOs in the executive pay-setting process: a considerable number sit on the compensation committee while others are excluded from the board altogether. Using 1997-2005 data we find that CEOs who sit on...

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 the specific risk of the firm. ESOs by contrast cannot be traded and so...

This presentation looks at: Analysis of the current regimeReview of Cabinet RecommendationsReview of Commission Threshold proposals

The New Zealand telecommunications experience illustrates the process of competition in a market for network services characterised by technological change and minimal regulation. The story of free ISPs is merely one episode in the battle of Telecom and Clear for the New Zealand...

The abuse of market power by monopolists has long been a central concern of competition laws. However the formulation and application of an appropriate rule against monopolisation has proven to be highly problematic largely because it is difficult to differentiate between vigorous competition...

The irreversibility of much infrastructure investment means that some assets will stop earning revenue before the end of their physical lives; they will be stranded. Under traditional rate of return regulation firms are guaranteed the ability to recover the costs of investment insulating them...

Electricity is a non-storable commodity frequently traded in complex markets characterized by oligopolistic structures and uniform-price auctions. These particularities confer to electricity prices idiosyncratic patterns not addressed by the usual commodity pricing literature. This paper allows...

With the exception of the introduction of experience-rated premiums the incorporation of the term "insurance" in the title of the 1992 legislation and the short-lived reforms to the structure of workplace accident compensation in 1998 New Zealand's accident compensation scheme has continued to...

This paper examines the effects that the private selection of arbitrators have over arbitrators' incentives in deciding the cases before them over the arbitrators' implied bias. These effects have important implications for the design of Arbitration rules by Arbitration and Dispute Resolution...

This paper outlines the key distinguishing features of light- and heavy-handed regulation. It Provides an analysis of the importance of informational issues for the conduct of commerce Provides an analysis of informational issues for the design and operation of incentive regulation Uses...