To join learning with comely exercises, Conte Baldassare Castiglione in his book Cortegiano doth trimly teach; which book, advisedly read and diligently followed, but one year at home in England, would do a young gentleman more good, iwis
, than three years' travel abroad spent in Italy.
The settlement was historic in that it was the first between the two parties that affected all iwi (Waitangi Tribunal, 1992).
If iwi added the fisheries assets to a well-diversified portfolio, the expected return calculated using the classical Capital Asset Pricing Model ('CAPM'), developed by Sharpe (1964) and Lintner (1965), would adequately compensate iwi for bearing solely market risk.
Using Meulbroek's opportunity cost approach, we estimate the expected return on fisheries assets for iwi and the corresponding discount they place on the fisheries' assets relative to fair market value.
We provide illustrations of the value loss, based on our estimates and assumptions of the proportion of iwi wealth invested in 'restricted' fisheries assets.
Section 4 provides a description of the methodology employed to estimate the value lost for iwi through restricting their ability to diversify freely, section 5 provides parameter estimates, and section 6 presents the results.
The settlement awarded to iwi represented full consideration for all historical fishing claims.