In this issue of Pacific Accounting Review we celebrate 25 years of publication. The first paper in this special issue describes the output of PAR over its first 25 years (1988 to 2012). The second paper in the special issue is a major review of the governance literature relating to New Zealand Boards over the period 1995 to 2010. The third paper in the special issue describes how to incorporate a real options analysis of complex multistage development project. This issue also includes one regular research paper. The topics of the papers of this issue range from broad literature reviews to specific issues of research in accounting and finance.