Otherwise, managers who stand to suffer reputational or job loss as their firm declines or fails may have a more conservative risk appetite than diversified shareholders, who value the upside of risk-taking and whose limited liability makes them relatively less concerned with catastrophic downside possibilities.
However, the shortage remains large – with around 50,000 new homes targeted in Christchurch and Auckland over the next  BIS central bankers’ speeches  5  three years. This is a task that is likely to take considerably longer than three years to complete.