Research

These papers have generally been prepared to inform the work of the taskforce. The views in these papers are those of the authors, and not necessarily those of the taskforce or of individual taskforce members.

Summaries of most of these papers have been prepared by the taskforce secretariat to highlight the key conclusions and implications of the research.

The New Zealand annuities market
The Capital Market Development taskforce asked Susan St John of the Auckland University Business School to look at the size and development of New Zealand’s annuities market and the barriers to its growth.

Skills and talent in NZ capital markets
The Capital Market Development Taskforce asked Grant Andrews of NZIER to draw together what we know about skills and talent in New Zealand’s capital markets.

The Structure and Ownership of New Zealand Companies
These two research papers look at how the structure and ownership of New Zealand companies influences the development of its capital markets.

The Research Market in New Zealand: Debt and Equity
Analyst coverage improves stock market liquidity and raises prices. The taskforce asked Esperance Capital to investigate how to encourage more analyst research on securities issuers in New Zealand.

Implications of Household Saving Patterns for Capital Markets
Savings practices have a major impact on the development of capital markets in New Zealand. The Capital Market Development Taskforce asked Nick Davis of MartinJenkins to look at how much New Zealanders save, and where they put their savings.

Capital Market Integration: A Review of the Issues and an Assessment of New Zealand's Position
Integration with other countries’ capital markets has advantages and disadvantages.

Financial Literacy in New Zealand
New Zealanders’ savings practices, including their limited direct investment in capital market products, suggest that they do not understand these products well.

Why Capital Markets Matter for New Zealand
This paper looks at what is known about the links between capital market development and economic growth, and shows why the development of New Zealand’s capital markets matters.

Flying the nest - an analysis of Kiwi firms delisting from the NZX
An investigation of delistings from the NZX over the past 15 years suggests that delistings have not increased dramatically and that they are not predominantly the result of offshore takeovers.

New Zealanders' knowledge about investing: A summary
Mary Holm summarises observations about New Zealanders’ investment knowledge.

Role of Government
The Capital Market Development Taskforce asked Nick Davis of MartinJenkins to develop a high-level framework for considering the role of government in capital market development.