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dc.contributor.authorBrower, Ann L.en
dc.contributor.authorMeguire, P.en
dc.date.accessioned2011-11-13T23:30:38Z
dc.date.issued2010en
dc.identifier.urihttps://hdl.handle.net/10182/4016
dc.description.abstractUnder “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.en
dc.format.extent1-6en
dc.language.isoenen
dc.publisherUniversity of Canterbury. College of Business and Economics. Department of Economicsen
dc.relationThe original publication is available from - University of Canterbury. College of Business and Economics. Department of Economics - http://hdl.handle.net/10182/4016en
dc.rightsCopyright © The Authors.en
dc.subjectpastoral leaseen
dc.subjecttenure reviewen
dc.subjectreal optionsen
dc.subjectprivatisationen
dc.subjectland tenureen
dc.subjectSouth Island land reformen
dc.subjectland lawen
dc.subjecthigh countryen
dc.titleDoes tenure review in New Zealand’s South Island give rise to rents?en
dc.typeWorking Paper
lu.contributor.unitLincoln Universityen
lu.contributor.unitFaculty of Environment, Society and Designen
lu.contributor.unitDepartment of Environmental Managementen
dc.subject.anzsrc150205 Investment and Risk Managementen
dc.subject.anzsrc1403 Econometricsen
pubs.notesThis is published as a Working Paper No. 49/2010 by University of Canterbury, Department of Economics and Finance. There is also a supporting paper and poster presented at the 2010 meeting of the New Zealand Association of Economists.en
pubs.organisational-group/LU
pubs.organisational-group/LU/Faculty of Environment, Society and Design
pubs.organisational-group/LU/Faculty of Environment, Society and Design/DEM
pubs.publication-statusPublisheden
pubs.publisher-urlhttp://hdl.handle.net/10182/4016en
dc.publisher.placeLincoln, Canterburyen


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