We explore the value of private investment information using data from a singular source: auctions of yearling racehorses. Horse breeders possess superior information about their own horses and have strong financial incentives to buy the best of these back at auction. However, those they repurchase subsequently perform significantly worse on average, earning 30% less at ...

Transport consulting firm QTP Ltd has estimated that the proposed Christchurch cycleway network provides $8 of economic benefits for every dollar invested. However, much of this is based on faulty economic analysis and the true picture is much less rosy. Every Christchurch household is faced with an average bill of at least $1100 in present ...

We investigate the effectiveness of initiating deposit insurance at the outset of a banking crisis. Using a conjoint analysis approach that allows us to consider the simultaneous impact of multiple deposit insurance attributes and various counterfactuals, we ask a multinational sample of respondents how they would view hypothetical account profiles following the failure of a ...

A report prepared for the Ministry of Economic Development and the Capital Market Development Taskforce. In integrated capital markets assets are priced according to a common set of risks. By contrast prices reflect country‐specific factors in segmented markets. Capital market integration offers the possibility of better capital allocation and greater economic growth improved country risk‐sharing ...