title: Cutting the hedge: Exporters' dynamic currency hedging behaviour

authors: Fabling, Richard

subjects: selective currency hedging

abstract: We use a dataset that includes all New Zealand merchandise export transactions to analyse exporters' dynamic currency hedging behaviour. We focus on whether exporters change their hedging behaviour (“selectively hedge”) when the exchange rate and/or forward points depart from historical norms. We find that hedging ratios for exporters' Australian dollar exposures vary systematically as the exchange rate departs from historical averages; this behaviour is more marked for larger relative to smaller exporters. Consistent with efficient markets theory, there is no evidence that selective hedging is a profitable strategy for exporters.

text: Cutting the hedge: Exporters' dynamic currency hedging behaviour We use a dataset that includes all New Zealand merchandise export transactions to analyse exporters' dynamic currency hedging behaviour. We focus on whether exporters change their hedging behaviour (“selectively hedge”) when the exchange rate and/or forward points depart from historical norms. We find that hedging ratios for exporters' Australian dollar exposures vary systematically as the exchange rate departs from historical averages; this behaviour is more marked for larger relative to smaller exporters. Consistent with efficient markets theory, there is no evidence that selective hedging is a profitable strategy for exporters.

year: 2010

title: Phosphorus and arsenic distributions in a seasonally-stratified, iron- and manganese-rich lake: microbiological and geochemical controls

authors: Hartland, Adam

abstract: Seasonal stratification in temperate lakes greater than a few metres deep provides conditions amenable to pronounced vertical zonation of redox chemistry. Such changes are particularly evident in eutrophic systems where high phytoplankton biomass often leads to seasonally-established anoxic hypolimnia and profound changes in geochemical conditions. In this study, we investigated the behaviour of trace elements in the water column of a seasonally-stratified, eutrophic lake. Two consecutive years of data from Lake Ngapouri, North Island, New Zealand, demonstrate the occurrence of highly correlated profiles of phosphorus (P), arsenic (As), iron (Fe) and manganese (Mn), all of which increased in concentration by 1-2 orders of magnitude within the anoxic hypolimnion. Stoichiometric and mass-balance considerations demonstrate that increases in alkalinity in hypolimnetic waters were consistent with observed changes in sulfate, Fe and Mn concentrations with depth, corresponding to dissimilatory reduction of sulfate, Fe(III) and Mn(IV) hydroxides. Thermodynamic constraints on Fe, Mn and Al solubility indicate that amorphous Fe(III), Mn(IV) hydroxides most probably controlled Fe and Mn in the surface mixed layer (~0 to 8 m) while Al(III) hydroxides were supersaturated throughout the entire system. Surface complexation modelling indicated that iron hydroxides (HFO) potentially dominated As speciation in the lake. It is likely that other colloidal phases such as allophanic clays also limited HPO42- activity, reducing competition for HAsO42- adsorption to iron hydroxides. This research highlights the coupling of P, As, Fe and Mn in Lake Ngapouri, and the apparent role of multiple colloidal phases in affecting P and As activity within overarching microbiological and geochemical processes.

text: Phosphorus and arsenic distributions in a seasonally-stratified, iron- and manganese-rich lake: microbiological and geochemical controls Seasonal stratification in temperate lakes greater than a few metres deep provides conditions amenable to pronounced vertical zonation of redox chemistry. Such changes are particularly evident in eutrophic systems where high phytoplankton biomass often leads to seasonally-established anoxic hypolimnia and profound changes in geochemical conditions. In this study, we investigated the behaviour of trace elements in the water column of a seasonally-stratified, eutrophic lake. Two consecutive years of data from Lake Ngapouri, North Island, New Zealand, demonstrate the occurrence of highly correlated profiles of phosphorus (P), arsenic (As), iron (Fe) and manganese (Mn), all of which increased in concentration by 1-2 orders of magnitude within the anoxic hypolimnion. Stoichiometric and mass-balance considerations demonstrate that increases in alkalinity in hypolimnetic waters were consistent with observed changes in sulfate, Fe and Mn concentrations with depth, corresponding to dissimilatory reduction of sulfate, Fe(III) and Mn(IV) hydroxides. Thermodynamic constraints on Fe, Mn and Al solubility indicate that amorphous Fe(III), Mn(IV) hydroxides most probably controlled Fe and Mn in the surface mixed layer (~0 to 8 m) while Al(III) hydroxides were supersaturated throughout the entire system. Surface complexation modelling indicated that iron hydroxides (HFO) potentially dominated As speciation in the lake. It is likely that other colloidal phases such as allophanic clays also limited HPO42- activity, reducing competition for HAsO42- adsorption to iron hydroxides. This research highlights the coupling of P, As, Fe and Mn in Lake Ngapouri, and the apparent role of multiple colloidal phases in affecting P and As activity within overarching microbiological and geochemical processes.

year: 2015

title: KAUMĀTUATANGA  Supporting School Leaders To Develop Cultural Values While Resisting The Dominance of Colonialism

authors: Nuri, Ngahuia

subjects: Kaumātua

abstract: In an education system that is asserting to the importance of Māori (indigenous people of Aotearoa) language, culture, identity and the history of Aotearoa  (New Zealand) into the curriculum, there is direction from the Ministry of Education (MOE) for schools to reach out to iwi. What this looks like and how this can be achieved is not an easy task. This thesis follows the journey of three kaumātua (respected, knowledgeable elders, both female and male) working alongside the Senior Leadership Team (SLT) of a decile 10 kura auraki (mainstream primary school) where ākonga Māori (Māori students) were in the minority. The research examines what role kaumātua might have in guiding other schools to help tamariki Māori (Māori children) enjoy and achieve education success as Māori. It highlights the coming together of leaders from two different worldviews with this vision as a common purpose. 

Kaumātua in te ao Māori (the Māori world) are respected elders. Kaumātua are leaders, respected for their wisdom, knowledge and models of behaviour among other attributes. The Māui narratives are one example of demonstrating the characteristics of kaumātua. It was through his respected elders that Maui achieved so much. It was his grandfather who rescued him and taught him all he knew. It was his grandmother Mahuika who gave him fire and it was his kuia (female elder) Murirangiwhenua from whom he received the magic jawbone. The wisdom of Māori kaumātua has been recognised for centuries by Māori and yet kaumātua are often an untapped resource in the mainstream sector of education. In this thesis the kaumātua and members of the SLT share their experiences of working together and the learning and unlearning that has taken place over a period of four years from 2016 through 2019. They share their vulnerability, humility and strength in the goals they have worked towards over this period of time.

text: KAUMĀTUATANGA  Supporting School Leaders To Develop Cultural Values While Resisting The Dominance of Colonialism In an education system that is asserting to the importance of Māori (indigenous people of Aotearoa) language, culture, identity and the history of Aotearoa  (New Zealand) into the curriculum, there is direction from the Ministry of Education (MOE) for schools to reach out to iwi. What this looks like and how this can be achieved is not an easy task. This thesis follows the journey of three kaumātua (respected, knowledgeable elders, both female and male) working alongside the Senior Leadership Team (SLT) of a decile 10 kura auraki (mainstream primary school) where ākonga Māori (Māori students) were in the minority. The research examines what role kaumātua might have in guiding other schools to help tamariki Māori (Māori children) enjoy and achieve education success as Māori. It highlights the coming together of leaders from two different worldviews with this vision as a common purpose. 

Kaumātua in te ao Māori (the Māori world) are respected elders. Kaumātua are leaders, respected for their wisdom, knowledge and models of behaviour among other attributes. The Māui narratives are one example of demonstrating the characteristics of kaumātua. It was through his respected elders that Maui achieved so much. It was his grandfather who rescued him and taught him all he knew. It was his grandmother Mahuika who gave him fire and it was his kuia (female elder) Murirangiwhenua from whom he received the magic jawbone. The wisdom of Māori kaumātua has been recognised for centuries by Māori and yet kaumātua are often an untapped resource in the mainstream sector of education. In this thesis the kaumātua and members of the SLT share their experiences of working together and the learning and unlearning that has taken place over a period of four years from 2016 through 2019. They share their vulnerability, humility and strength in the goals they have worked towards over this period of time.

year: 2024