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    Does tenure review in New Zealand’s South Island give rise to rents?

    Brower, Ann L.; Meguire, P.
    Abstract
    Under “tenure review,” a New Zealand pastoral lessee surrenders part of his leasehold toconservation and acquires a freehold interest in the remainder. 28 new freeholders paid the Crown$6.9 million for freehold rights to 101,752ha, then sold 46% of that land for $135.7 million. Wemodel tenure review as a sequential real option – first to acquire freehold, then to subdivide andsell all or part of their new freeholds. We find little evidence that the Crown accounted for theseoption values when negotiating tenure review, and conclude that the capital gains enjoyed byformer lessees are rents.
    Keywords
    pastoral lease; tenure review; real options; privatisation; land tenure; South Island land reform; land law; high country
    Fields of Research
    150205 Investment and Risk Management; 1403 Econometrics
    Date
    2010
    Type
    Working Paper
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    • Department of Tourism, Sport and Society [616]
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