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Lack of diversification and the value of Maori fisheries assets

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  • Cameron Day
  • David Emanuel

Abstract

A company called Aotearoa Fisheries Limited (AFL) was established under the Maori Fisheries Act 2004 to own shares in various fisheries assets that were transferred to Maori tribes as part of the Treaty of Waitangi Fisheries Settlement. The shares may only be owned by 'mandated iwi organisations'. This limitation results in a significant cost as risk-averse investors require a premium when they cannot diversify freely. By comparing required returns of well-diversified owners and less well-diversified owners, we provide an illustration of the (potential) value discount of these fisheries assets relative to 'fair market value'.

Suggested Citation

  • Cameron Day & David Emanuel, 2010. "Lack of diversification and the value of Maori fisheries assets," New Zealand Economic Papers, Taylor & Francis Journals, vol. 44(1), pages 61-73.
    • Handle: RePEc:taf:nzecpp:v:44:y:2010:i:1:p:61-73
    DOI: 10.1080/00779951003614073
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    1. AfDB AfDB, . "AfDB Group Annual Report 2007," Annual Report, African Development Bank, number 63 edited by Koua Louis Kouakou.
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    Cited by:

    1. Howard Schiffman, 2013. "The South Pacific Regional Fisheries Management Organization (SPRFMO): an improved model of decision-making for fisheries conservation?," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 3(2), pages 209-216, June.

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    Keywords

    Maori fisheries; diversification;

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