title: The performance of entrepreneurial companies post-listing on the New Zealand Stock Exchange

authors: Locke, Stuart

subjects: entrepreneurial companies

abstract: The paper reports an investigation of the returns obtained on a listed portfolio of entrepreneurial companies comparing these with a portfolio of listed small businesses and the stock market overall. The initial findings produce counter-intuitive results in that the returns on the portfolio of entrepreneurial companies appear to be less than those for other small companies and for the market overall. Further, initial public offerings of entrepreneurial companies appear to be overpriced and suffer a price decline post-listing that takes approximately a year and a half to recover. An implication of such results is that money will not flow to the entrepreneurial firms, which may have unfavourable longer-term consequences for economic growth. Various government polices are directed towards achieving sustainable economic growth through the smaller business sector and encouraging these businesses to expand and list on the stock exchange. The overpricing of IPOs and lower returns are not likely to encourage investor support for the entrepreneurial companies, making it difficult for these policies to succeed.

text: The performance of entrepreneurial companies post-listing on the New Zealand Stock Exchange The paper reports an investigation of the returns obtained on a listed portfolio of entrepreneurial companies comparing these with a portfolio of listed small businesses and the stock market overall. The initial findings produce counter-intuitive results in that the returns on the portfolio of entrepreneurial companies appear to be less than those for other small companies and for the market overall. Further, initial public offerings of entrepreneurial companies appear to be overpriced and suffer a price decline post-listing that takes approximately a year and a half to recover. An implication of such results is that money will not flow to the entrepreneurial firms, which may have unfavourable longer-term consequences for economic growth. Various government polices are directed towards achieving sustainable economic growth through the smaller business sector and encouraging these businesses to expand and list on the stock exchange. The overpricing of IPOs and lower returns are not likely to encourage investor support for the entrepreneurial companies, making it difficult for these policies to succeed.

year: 2008

title: Pacific students and pedagogical success [Editorial]

authors: Sharma, Sashi

abstract: Debates about rates of achievement for Pacific students have been a feature of educational conversations in New Zealand for over three decades. We do not intend rehearsing the substance of them here, as components of them are included in the articles in this special edition. However, two aspects of this ongoing commentary continue to stand out. Points related to the educational underachievement of Pacific students are an enduring feature of these discussions. Secondly, Pacific students are seen to struggle, in particular, in Science, Technology and Maths (STEM) related areas of the New Zealand curriculum. Individual Pacific students can, and do, experience success in New Zealand educational environments including in STEM-related subjects, as Fonua in this edition points out. However, their achievements are considered examples of ‘exceptions that prove the rule’ related to the continuity of a dominant assumption of underachievement. As Chu, also in this edition remarks, “education for Pacific peoples in Aotearoa New Zealand is a contentious issue” (Chu, C. 2018, p. 5) and the articles in this edition reinforce the strength of this claim.

text: Pacific students and pedagogical success [Editorial] Debates about rates of achievement for Pacific students have been a feature of educational conversations in New Zealand for over three decades. We do not intend rehearsing the substance of them here, as components of them are included in the articles in this special edition. However, two aspects of this ongoing commentary continue to stand out. Points related to the educational underachievement of Pacific students are an enduring feature of these discussions. Secondly, Pacific students are seen to struggle, in particular, in Science, Technology and Maths (STEM) related areas of the New Zealand curriculum. Individual Pacific students can, and do, experience success in New Zealand educational environments including in STEM-related subjects, as Fonua in this edition points out. However, their achievements are considered examples of ‘exceptions that prove the rule’ related to the continuity of a dominant assumption of underachievement. As Chu, also in this edition remarks, “education for Pacific peoples in Aotearoa New Zealand is a contentious issue” (Chu, C. 2018, p. 5) and the articles in this edition reinforce the strength of this claim.

year: 2018

title: Governance of water based on responsible use – an elegant solution?‎

authors: Te Aho, Linda

abstract: The inspiration for this chapter is a proposal said to represent "a paradigm shift" for the governance of freshwater, articulated by Sir Edward Taihakurei Durie in 2014. ² Arising out of challenges to a government plan to sell its shares in powergenerating companies,³ the Durie proposal has at its heart a possibility for reconciling Maori rights and interests and wider general interests in freshwater. It is based on the assumption that Maori and the general public have a legitimate interest in the natural water regimes of the country. However, the source of the interest is not the same. The Maori interest is proprietary and is sourced in their status as the indigenous first peoples of the land who were guaranteed continuation of their tino rangatiratanga in respect of their lands and waters in Te Tiriti o Waitangi.⁴ The public interest is sourced in the British laws that superimposed Maori laws through processes of colonisation. The heart of the Durie proposal is that those utilising water for commercial purposes should be charged and that an independent commission would be responsible for overseeing charging and revenue collection and disbursement. A proportion of the funds would be allocated to Maori authorities in recognition of the Maori interest. Whether in public or Maori hands, the funds should be applied to the maintenance or improvement of the natural water bodies of the area or the assurance of water supplies to all homes. In short, the proposal focuses upon responsibility.

text: Governance of water based on responsible use – an elegant solution?‎ The inspiration for this chapter is a proposal said to represent "a paradigm shift" for the governance of freshwater, articulated by Sir Edward Taihakurei Durie in 2014. ² Arising out of challenges to a government plan to sell its shares in powergenerating companies,³ the Durie proposal has at its heart a possibility for reconciling Maori rights and interests and wider general interests in freshwater. It is based on the assumption that Maori and the general public have a legitimate interest in the natural water regimes of the country. However, the source of the interest is not the same. The Maori interest is proprietary and is sourced in their status as the indigenous first peoples of the land who were guaranteed continuation of their tino rangatiratanga in respect of their lands and waters in Te Tiriti o Waitangi.⁴ The public interest is sourced in the British laws that superimposed Maori laws through processes of colonisation. The heart of the Durie proposal is that those utilising water for commercial purposes should be charged and that an independent commission would be responsible for overseeing charging and revenue collection and disbursement. A proportion of the funds would be allocated to Maori authorities in recognition of the Maori interest. Whether in public or Maori hands, the funds should be applied to the maintenance or improvement of the natural water bodies of the area or the assurance of water supplies to all homes. In short, the proposal focuses upon responsibility.

year: 2019