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International evidence of economies of scale in mutual funds is mixed. KiwiSaver offers an interesting opportunity to examine economies of scale given its growth from a new scheme with few members and low balances, where fund costs should be high, to a much larger scheme that should be cheaper to run. As a defined contribution superannuation scheme, fees play an important role in determining the eventual retirement savings members achieve. This paper aims to examine whether the anticipated economies of scale are passed onto members.

The authors use a sample of 267 KiwiSaver funds over 2013-2018 and relate fund fees to assets under management (AUM) and the number of participants using regression analysis and a translog cost function.

The authors find evidence to suggest funds are passing on cost savings. Specifically, the authors observe that fees increase slower as the number of members grows, suggesting economies of scale are driven by the number of members, but not the size of the assets being managed. All else held constant, a 1 per cent increase in fund participants increases fees by 0.93 per cent on average. In contrast, a 1 per cent increase in AUM results in effectively 1 per cent increase in fees, all else held constant.

While KiwiSaver has been an undeniable boost to the local funds management industry, regulators are increasingly under pressure to ensure fees are appropriate. In 11 years, New Zealand-based KiwiSaver has grown to over $50b in AUM, with over $400m in total fees per year. This paper provides evidence that economies of scale are partially present in the KiwiSaver sector, although not where it arguably counts: in the size of the AUM.

The purpose of this paper is to investigate price discovery for cross-listed stocks on the New Zealand Exchange (NZX) and the Australian Stock Exchange (ASX) and find out the determinants of price discovery between the two markets.

Gonzalo Granger Component Shares and Hasbrouck Information Shares were estimated annually for a sample of 19 cross-listed stocks between 1998 and 2012. Then dynamic panel regressions were used to investigate the driving factors behind price discovery between the NZX and ASX.

Strong downward trends were observed in the contribution to price discovery of the NZX, both for New Zealand firms cross-listing on the ASX and Australian firms cross-listing on the NZX. While in the early years in our sample period, price discovery is dominated by the home market, by 2012, 50 per cent of price discovery for New Zealand firms takes place on the ASX, and the NZX acts as a satellite market for Australian firms. It was also observed that the NZX share of trading activity has a strong positive effect on the NZX level of price discovery, while there is a negative relationship with relative bid–ask spreads.

Results suggest that the importance of the NZX relative to the ASX with regards to price discovery is decreasing over time. Given the importance of price discovery for exchanges, such a finding is concerning for the NZX. The determinants of price discovery found in the paper, such as relative volume and spreads, do, however, offer some guidance on how the NZX could regain price discovery.

This paper offers a longer and broader analysis of price discovery between the NZX and ASX, two highly integrated markets, and extends previous work by exploring the drivers of price discovery in a panel setting.

Western societies have been shaken by the economic crisis brought on by ‘casino capitalism’ and the recklessness of the financial institutions. Once esteemed financial institutions, like Lehman Brothers, are now shown to have used dubious accounting methods to cover losses; and accountants, regulators and governments have come under scrutiny. In public life, the scandal of MPs' expenses at Westminster and the blockages in legislative assemblies in the US are compounded in England by reports of deficient and degrading care in acute hospitals, where organisational considerations appear to have taken over from the prime mission of patient care. At this time, a new, or perhaps rediscovered, form of leadership is required. One that taps into the spirit, the animating and motivating force within individuals and groups, and uses values to create a better public service for all.

Since the tragic events of 9/11, faith has become an important discourse in society as a whole. This article explores aspects of that discourse in our multicultural society with special reference to mental health and well‐being, and describes a conference set up by NIMHE/Staffordshire University and the National Forum on Spirituality and Mental Health to explore how belief systems can affect people's well‐being and their recovery from mental illness.

Demographic data indicate that the Millennial generation (those born between 1982 and the early 2000s) are entering the workforce and will become an increasingly significant component of the workforce in the near future. The Millennial generation appears to have significant differences in values, attitudes and expectations regarding work than prior generations.

The authors reviewed the literature on the “Millennial” generation (those born between 1982 and the early 2000s) and the research on giving negative feedback to identify issues that are significant with respect to the manner in which managers give negative information to this new generation of workers.

To be effective, negative feedback to Millennials needs to be consistent and ongoing. The feedback must be perceived by Millennials as benefitting them now or in the future. Managers must be assertive enough to make sure the employee understands the concerns, but sensitive to the fact that many Millennials have difficulty accepting such feedback.

These findings offer suggestions for future research that needs to explicitly examine the differences in the new generation of workers and how these persons respond to current managerial practices.

Millennials are now entering the workforce in significant numbers. Managers will find increasing opportunities to address the organizational and individual needs of these workers. Managers must learn how to effectively direct and motivate this generation of workers, including how to provide constructive negative feedback.

Demographic data indicate that the so-called “Baby Boom” generation will be leaving the workforce in large numbers over the next few years, and will be replaced by the Millennial generation.

To date, there has been little attempt by management researchers to address the organizational implications of the generational shift that is occurring. We seek to draw attention to one specific area of management practice – delivering negative feedback – and explore how the knowledge may be changing as a new generation of workers enter the workplace.

This paper aims to review a decade of evidence on physician participation in health system leadership with the view to better understand the current state of scholarship on physician leadership activity in health systems. This includes examining the available evidence on both physicians’ experiences of health systems leadership (HSL) and the impact of physician leadership on health system reform.

A state-of-the-art review of studies (between 2007 and 2017); 51 papers were identified, analyzed thematically and synthesized narratively.

Six main themes were identified in the literature as follows: (De)motivation for leadership, leadership readiness and career development, work demands and rewards, identity matters: acceptance of self (and other) as leader, leadership processes and relationships across health systems and leadership in relation to health system outcomes. There were seemingly contradictory findings across some studies, pointing to the influence of regional and cultural contextual variation on leadership practices as well entrenched paradoxical tensions in health system organizations.

Future research should examine the influence of varying structural and psychological empowerment on physician leadership practices. Empirical attention to paradoxical tensions (e.g. between empowerment and control) in HSL is needed, with specific attention to questions on how such tensions influence leaders’ decision-making about system reform.

This review provides a broad synthesis of diverse papers about physician participation in health system leadership. Thus, it offers a comprehensive empirical synthesis of contemporary concerns and identifies important avenues for future research.