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The Auckland Centre for Financial Research is pleased to welcome you to its first New Zealand Capital Markets Symposium. In recent years, there have been increasing discussions and efforts to develop the New Zealand capital market into a vibrant and liquid market. Efforts have included the formation of the Capital Market Development Taskforce, the creation of the Financial Markets Authority, the enactment of a number of legislative changes to securities laws, and indirectly the introduction of KiwiSaver and the partial privatisations of State Owned Enterprises. The development of vibrant and effective capital markets are of interest to the finance industry, policy makers and academic researchers, yet discussion among the three groups seems to be limited. One of the aims of the Auckland Centre for Financial Research is to bridge the gap between finance academia and industry in New Zealand, and to engage in interactions that will be mutually beneficial. Hence, the purpose of this symposium is to add to the discussion on the New Zealand Capital Markets by bringing together leading New Zealand practitioners, policymakers, and academics. The setup of this symposium is quite unique in New Zealand, where academics present their research, and are then discussed by an industry participant or policy maker. The whole aim of this event is to bring the two sides, academia and industry, closer together. An event like this predominantly relies on the participants in the event, and we are very thankful to all of you who are participating. A special thanks goes to our keynote speaker, Mr Tim Bennett, CEO of the NZX; and our panel members: Ms Sue Brown, Head of Primary Regulatory Operations of the Financial Markets Authority; Mr Rob Cameron, Executive Chairman of Cameron Partners and former Chairman of the NZ Capital Markets Development Taskforce; and Mr Simon Botherway, Former Head of FMA Establishment Board and former CIO of ANZ Wealth. Of course, we thank all presenters and discussants for their contributions to this event. Symposium Organisers Prof. Bart Frijns Dr. Aaron Gilbert Ms. Annie Zhang Auckland Centre for Financial Research Venue: WA224 – Auckland University of Technology Conference Centre Address: 55 Wellesley Street East, Auckland University of Technology (see map above) Parking: Available at Wilsons Parking Building in St Paul Street, and the Civic Car park. Dr Geoff Perry: Dean of AUT University Faculty of Business & Law Keynote Presentation: Tim Bennett – CEO of the New Zealand Exchange Developing a better understanding of the New Zealand Capital Markets Privatisation: The New Zealand Experiment of the 1980’s. KiwiSaver Member Behaviour: A Quantitative Analysis Financial Advice and Asset Allocation of KiwiSaver Investors From cents to half-cents and its impact on liquidity Light-handed Regulation in New Zealand Banking and Financial Crossing the Tasman: Determinants of Price Discovery for Australia-New Zealand Cross- listed shares The Impact of Holdings Disclosure on Portfolio Performance: A New Perspective New Zealand Venture Capital Funds and Access to New Financing: An Exploratory Study Identifying Extreme Performers Stocks in New Zealand Panel Discussion – The role of research on the development of New Zealand capital markets Please join us. 8.45am Dr Geoff Perry Dean of AUT University Faculty of Business & Law 9.00am Keynote Presentation Tim Bennett – CEO of the New Zealand Exchange Developing a better understanding of the New Zealand Capital Markets Tim Bennett was appointed as Chief Executive Officer of the NZX on 7 May 2012. Tim joined the NZX after 20 years financial services consulting experience concentrated in Asia where he was a Partner of Oliver Wyman and led the Boston Consulting Group strategy practice in Asia Pacific. Tim sees the next few years as a once-in-a-lifetime opportunity to accelerate development of the NZX and will offer pointers on what industry should focus on. He has advised on a broad range of financial institutions on topics from strategy and organisational transformation through mergers and acquisitions. A particular area of focus has been financial markets where Tim has worked with a number of different exchanges, governments and private companies in expanding domestic capital markets and developing new asset classes. One of Tim’s most notable achievements has been supporting the development of the iron ore derivatives market. This entailed working with key sector stakeholders, including the physical traders, investment banks and potential participants on a market that reached $10 billion a year in cleared contracts three years after launch. 10.30am Privatisation: The New Zealand Experiment of the 1980’s. How did Retail Investors Fare? Andrew Cardow - Massey University William Wilson- Massey University – PRESENTER Jim McElwain – INFINZ - DISCUSSANT 11.10am KiwiSaver Member Behaviour: A Quantitative Analysis Callum Thomas - Massey University Claire Matthews- Massey University – PRESENTER Roger Clayton – ASB Bank - DISCUSSANT 11.50am Financial Advice and Asset Allocation of KiwiSaver Investors Annie Zhang – Auckland University of Technology – PRESENTER Diane Maxwell – Commission for Financial Literacy and Retirement Income - DISCUSSANT 1.30pm From cents to half-cents and its impact on liquidity Hamish Anderson – Massey University - PRESENTER Yuan Peng – Massey University Amelia Wong – NZX - DISCUSSANT 2.10pm Light-handed Regulation in New Zealand Banking and Financial Services: Does it work? David Tripe – Massey University - PRESENTER Toby Fiennes – RBNZ - DISCUSSANT 2.50pm Crossing the Tasman: Determinants of Price Discovery for Australia-New Zealand Cross-listed Shares Bart Frijns – Auckland University of Technology Aaron Gilbert – Auckland University of Technology – PRESENTER Alireza Tourani-Rad – Auckland University of Technology Chris Swasbrook – Elevation Capital – DISCUSSANT 1.30pm The Impact of Holdings Disclosure on Portfolio Performance: A New Perspective Kathleen Brown – Bancorp Treasury Russell Gregory-Allen- Massey University – PRESENTER Sue Brown – FMA - DISCUSSANT 2.10pm New Zealand Venture Capital Funds and Access to New Financing: An Exploratory Study Sujit Kalidas – BioPacific Ventures Andrew Kelly – BioPacific Ventures Alastair Marsden – University of Auckland – PRESENTER Paul Hocking – NZICA - DISCUSSANT 2.50pm Identifying Extreme Performers Stocks in New Zealand Sazali Abidin – University of Waikato - PRESENTER Ron Bird – University of Technology Sydney and University of Waikato Danny Yeung – University of Technology Sydney Tat Thang Nguyen – University of Waikato DISCUSSANT TBC 3.50pm Panel Discussion – The role of research on the development of New Zealand capital markets Panel Members: Rob Cameron - Executive Chairman of Cameron Partners Simon Botherway - Former Chair of FMA Establishment Board Sue Brown - Head of Primary Regulatory Operations of FMA Dr Aaron Gilbert – Panel MC Rob Cameron Rob Cameron is the Executive Chairman of Cameron Partners, a leading New Zealand investment bank. Rob established Cameron Partners in 1995. With more than 25 years’ experience he is recognised as one of New Zealand's most skilled investment bankers and has led and advised on many high profile transactions. He recently chaired the Capital Markets Development Taskforce. Many of its recommendations have, or are in the process of, being implemented by the Government. Major mandates at Cameron Partners have included advising the Independent Directors of Carter Holt Harvey in relation to the takeover offer from Rank Group Limited, the Board of Fletcher Challenge Forests on the sale of forest assets and the Crown in relation to the restructuring and recapitalisation of Air New Zealand. Rob has also led the firm's advice to a number of other major clients including Fonterra in relation to its long term capital structure and NGC in relation to its asset disposals and strategic repositioning. Before he became an investment banker Rob was a senior advisor in the New Zealand Treasury and was one of the principal architects of the New Zealand 'SOE Model' in the early 1980s. Rob has a BCA in Economics with First Class Honours from Victoria University and an MPA (Finance & Economics) from Harvard University. He is a Harkness Fellow, a Hunter Fellow of Victoria University and a Fellow of INFINZ. His past board memberships include Chairman of the Capital Markets Development Taskforce, Chairman of the New Zealand Institute for the Study of Competition and Regulation, a member of the Board of Trustees of Special Olympics New Zealand and a member of the Advisory Board for the Victoria University Faculty of Commerce and Administration. Simon Botherway Simon Botherway, a former boutique fund manager and one-time shareholder activist has held roles as Head of ANZ Wealth, Chair of the Financial Markets Authority Establishment Board, a member of the Securities Commission and a Director of Fisher & Paykel Appliances Limited. Simon has a B.Comm from Otago University and holds the Chartered Financial Analyst designation from the US- based CFA Institute. He has served on the Asia-Pacific Advocacy Committee for the CFA Institute and was President of the CFA Society of NZ. He also chaired the NZX's Asset Management Advisory Committee and was a member of the Electricity Authority Establishment Board. His background is in Investment Management, he is the former chair of Brook Asset Management a leading equities investment management company that he co-founded in 2002. Sue Brown Sue leads and oversees