Research Report of the Year Award 

• 2025
  Scale efficiency gains in utilities?  The case of electricity distribution in New Zealand
  Authored by Philip Barry and Tom Stannard
  
  What Influences New Zealand Stock Returns
  Authored by Rui Ma, Ben Marshall, Nhut H Nguyen, Nuttawat Visaltanachoti 

• 2024 New Zealand Long-Term Equity Returns and Their Determinants
  Authored by Mary Ma, Ben Marshall, Nhut (Nick) H. Nguyen, Nuttawat Visaltanachoti 

• 2023 In Holdings We Trust: Uncovering the ESG Fund Lemons
  Authored by Lachie McLean, Ivan Diaz-Rainey, Sebastian Gehricke and Renshu Zhang 

• 2022 From upstairs to downstairs trading: Evidence from a highly segmented market
  Authors: Jędrzej Białkowski, Sanghyun Hong, Moritz Wagner