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Asset returns and the investment choices of New Zealanders

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    This article introduces a new set of estimates of gross nominal returns since 1989 for a broad range of asset classes relevant to New Zealand investors. Risk and return characteristics of the assets are presented, and aggregate trends are discussed. However, many other factors may be relevant to the investment choices of New Zealanders. Investors are interested in realised rather than gross returns, directly determined by a range of factors including tax treatment and the impact of leverage. Attitudes to risk are a key determinant of investor behaviour, given that future returns are highly uncertain – providing grounds for portfolio diversification. Personal circumstances are also important and vary considerably between individuals.

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    File URL: http://www.rbnz.govt.nz/research_and_publications/reserve_bank_bulletin/2012/2012sep75_3watson.pdf
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    Article provided by Reserve Bank of New Zealand in its journal Reserve Bank of New Zealand Bulletin.

    Volume (Year): 75 (2012)
    Issue (Month): (September)
    Pages: 26-34

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    Handle: RePEc:nzb:nzbbul:sep2012:05
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    1. Paul Bloxham & Christopher Kent & Michael Robson, 2010. "Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study," RBA Research Discussion Papers rdp2010-06, Reserve Bank of Australia.
    2. John H. Cochrane, 1999. "Portfolio Advice for a Multifactor World," NBER Working Papers 7170, National Bureau of Economic Research, Inc.
    3. John H. Cochrane, 2011. "Presidential Address: Discount Rates," Journal of Finance, American Finance Association, vol. 66(4), pages 1047-1108, 08.
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