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Carolyn Wirth

Doctor of Philosophy, (Finance)
Study Completed: 2011
Massey Business School


Thesis Title
Capital market implications of resource consent information in New Zealand listed company announcements

Read article at Massey Research Online: MRO icon

Ms Wirth investigated the implications of resource consent information contained in New Zealand listed company announcements. The key finding of positive valuation effects from capital expenditure announcements when resource consent approval processes are expected to be long suggests that by undertaking voluntary capital expenditures with high environmental compliance costs, listed companies can create strategic advantages. Further findings indicate that the disclosure of resource consent information is newsworthy, and provides valuable information used by investors to assess the economic implications of planned company capital expenditures.

Professor Martin Young
Associate Professor Jing Chi