Of those four, two were clear examples of a chief executive taking the helm during a period of crisis.
"There is no doubt that when [Sir] Ralph Norris took over Air New Zealand it was in dire straits - it had announced a $1.4 billion operating loss in 2001 following the collapse of Ansett.
"Similarly, for Vicki Salmon, taking on the top job at New Zealand's only listed fast-food company Restaurant Brands was effectively a hospital pass because of a historic lack of investment."
Norris won the Outstanding Maori Business Leader Award in 2010 from the University of Auckland.
Sharma said there could be an existing bias that suggests that women and ethnic minority leaders will bring a more collaborative approach at a time when that is needed.
Or it could be that occupational minorities feel they should take leadership opportunities when they are offered, even if there is a higher risk of failure, he says.
Sharma acknowledged the small number of transitions in his study made it hard to draw strong conclusions.
But he said this was also a reflection of the barriers that women and those from minority ethnic backgrounds face in reaching the top levels of management.
All eyes on first listing
Oceania Healthcare - New Zealand's first initial public offer for 2017 will officially list today and all eyes will be on how well the stock goes.
Shares in the rest home and retirement village company were priced at 79c through the IPO process - towards the bottom of its 76c to $1.04 range.
One market commentator said the pricing had been done at a level which offered a reasonable balance between risks and growth potential.
While demand for aged care is set to rapidly accelerate as the baby boomer generation moves into retirement some concerns have been expressed about the slowing housing market.
Oceania is one of only three companies expected to do an IPO this year. Given last year's IPO track record investors may be forgiven for feeling a little reluctant to jump in.
Just one of the three main board listings is trading above its IPO price.
Tegel, which listed on May 3 last year was priced at $1.55 but its shares closed at $1.17 today, while Investore Property listed on July 12 at $1.60 and closed at $1.33.
Only New Zealand King Salmon is trading above its IPO.
It listed on October 19 at $1.12 and closed today at $1.35.
Tower tussle
While new listing action is expected to be subdued this year, the takeover scene is alive and well.
Investors in Tower will be hoping to get an update on its two takeover contenders at its half-year result due out later this month.
The insurer has had an official offer from Canadian firm Fairfax, while a second bid by local player Vero is waiting for a decision by the Commerce Commission.
In the meanwhile shareholders are hoping to see the company release an independent valuation report which would indicate whether the offers are in line with the current value of the company.
Tower shares have traded as high as $1.37 in recent months but closed today at $1.17.
Penny dreadful
The share price for education provider Intueri Group has halved this week after the company told shareholders there could be no money left for them after it sells its remaining assets.
Once worth around $300 million Intueri is now trading at just 1c, down from 2.1c last week, valuing it at just $1 million.
"All the company assets are now up for sale and while there is some buying interest the proceeds generated would be insufficient to repay the outstanding bank debt," said Castle Point fund manager Stephen Bennie.
Bennie said it had become farcical that the company remained listed on the stock exchange and still trading.
Intueri was floated in May 2014 with a listing price of $2.35.
