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    Sun, sand and uncertainty: the promise and peril of a Pacific tourism bubble
    (The Conversation Media Group Ltd, 2020-06-08) Scheyvens R; Movono A
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    Contrasting styles, some substance: 5 experts on the first TV leaders’ debate of NZ’s election
    (The Conversation Media Group Ltd, 2020-09-22) Duncan G; Hayward B; Godfery M; Shaw R; Wiles S
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    Perceived risk, risk tolerance and trust in debt decisions : a thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Finance at Massey University, Manawatu, New Zealand
    (Massey University, 2020) Phung, Trang Thai Minh
    The perceived risk of stock investment, risk tolerance and trust play important roles in the stock market and in use of debt for stock investment, yet the relationship between these has received little attention. This thesis examines these direct and indirect relationships using three independent essays using structural equation modelling as the main technique. Vietnam is used as an illustrative example, as the use of informal borrowing is common. This thesis surveyed 420 Vietnamese individual investors and found the following results. Essay One finds that the perceived risk is positively associated with borrowing sources and the use of informal debt. Leverage risk and opportunity risk also directly relate to borrowing sources. Borrowing sources is positively related to perceived risk and debt decisions. Perceived risk is a mediator between borrowing sources and informal debt, and borrowing sources act as a mediator between perceived risk and debt decisions. The results of Essay Two show that risk tolerance has a direct relationship to the use of financial leverage, while investment horizons are related to the use of informal debt. Risk tolerance positively relates to the use of informal debt and mediates between investment horizons and debt decisions among stockbrokers. In Essay Three, the results reveal that there is a significantly positive relationship between trust in the stock market, and trading frequency and the use of informal debt. Trust in stockbrokers and brokerage firms are directly related to the use of informal debt. Trading frequency is also positively associated with trust in the stock market and the use of financial leverage. Trust is a mediator between trading frequency and informal debt, and trading frequency acts as a mediator between trust and financial leverage. Findings from this thesis will help provide useful insights into investors’ behaviour and its impact on debt decisions for stock investment amongst individual investors, users and non-users of informal and formal borrowing, stockbrokers and non-stockbrokers, male and female investors in the Vietnam stock market and other stock markets.
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    Drifting into debt? : exploring household over-indebtedness amongst salaried microborrowers in Bangladesh : a case study of Kailakuri Health Care Project : a thesis presented in partial fulfillment of the requirements for the degree of Masters of International Development, Massey University, Manuwatu, New Zealand
    (Massey University, 2017) Vickers, Nadine
    Salaried microborrowers in Bangladesh take loans for a variety of reasons but they can fall into repayment difficulties, leading to further loan-taking and potentially household overindebtedness. This thesis uses a case study of Kailakuri Health Care Project staff to explore over-indebtedness amongst salaried microborrowers. Data was gathered from two participantgroups, namely twenty four KHCP staff and eleven microfinance lenders. Four focus groups were held. Seven staff participated in a set of household interviews and financial diaries, which tracked their income, expenditure, savings and borrowing behaviour over a one-month period. The thesis explores local meanings of over-indebtedness and compares these to academic definitions. It compares the lending terms and conditions of microfinance lenders including moneylenders, banks, credit unions, NGOs and others with outstanding loans to research participants. It also examines how borrowers perceive the advantage and disadvantages of different lenders and the strategies they use to manage multiple repayments. Finally it considers how borrowers’ decision-making influences their risk of household over-indebtedness, as well as the effect of their income, expenditure, savings and borrowing-related behaviour. The research findings show that in contrast to the literature, which provides a mainly financial analysis, research participants focused on social symptoms of over-indebtedness such as the stigma attached to lender visits, deceitful behaviour by borrowers and debt-related stress. What is also illuminated is that borrowers weigh up a number of factors aside from interest rates when deciding on which lender to approach and they tend to prioritise NGO loan repayment because of the pressure on timely installments. This can lead borrowers to fall behind on other repayments to moneylenders, banks and credit unions, leading to an increased risk of overindebtedness. Many borrowers struggle with over-indebtedness because of insufficient income, social aspirations, cultural expectations and a number of other factors. However, microfinance lenders are unlikely to reduce interest rates and fees due to financial sustainability concerns. This thesis concludes that it is crucial to look outside the lender and borrower bubble and to consider the external pressures which are creating the demand for so much credit. The Bangladeshi government and international NGO community have an important role to play.