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Effect of Regulatory Constraints on Fund Performance: New Evidence from UCITS Hedge Funds
Joenväärä, Juha; Kosowski, Robert - C.E.P.R. Discussion Papers - 2015
We economically motivate and then test a range of hypotheses regarding performance and risk differences between UCITS-compliant and other hedge funds. The latter exhibit more suspicious return patterns than do absolute return UCITS (ARUs), but ARUs exhibit higher levels of operational risk. We...
Persistent link: https://www.econbiz.de/10011272713
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Investment and capital structure of partially private regulated firms
Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011
We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that incorporates two key institutional features of the public utilities sector in many countries: firms are partially owned by the state and regulators are not necessarily...
Persistent link: https://www.econbiz.de/10009209829
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When bigger isn’t better: Bail outs and bank behaviour
Li, Han Hao; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2011
The traditional theory of commercial banking explains maturity transformation and liquidity provision assuming no …
Persistent link: https://www.econbiz.de/10009320408
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Regulation, Privatization, and Airport Charges: Panel Data Evidence from European Airports
Bilotkach, Volodymyr; Clougherty, Joseph A.; Mueller, … - C.E.P.R. Discussion Papers - 2011
main empirical results indicate that aeronautical charges are lower at airports when single-till regulation is employed …, when airports are privatized, and -- tentatively -- when ex-post price regulation is applied. Furthermore, hub airports … generally set higher aeronautical charges, and it appears that price-cap regulation and the presence of nearby airports do not …
Persistent link: https://www.econbiz.de/10009351519
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Effects of Deregulation and Vertical Unbundling on the Performance of China's Electricity Generation Sector
Gao, Hang; Van Biesebroeck, Johannes - C.E.P.R. Discussion Papers - 2011
We study whether the 2002 deregulation and vertical unbundling of the Chinese electricity sector has boosted productivity in the generation segment of the industry. Controlling explicitly for sources of price-heterogeneity across firms and for firm-fixed effects, we find deregulation to be...
Persistent link: https://www.econbiz.de/10009385757
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Assessing the impact of Mali’s water privatization across stakeholders
Estache, Antonio; Grifell-Tatjé, Emili - C.E.P.R. Discussion Papers - 2011
indicator duality and production theory. The paper shows that users benefited through lower real water prices -although users in …
Persistent link: https://www.econbiz.de/10009399719
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Add-on Pricing, Naive Consumers, and the Hidden Welfare Costs of Education
Kosfeld, Michael; Schüwer, Ulrich - C.E.P.R. Discussion Papers - 2011
Previous research shows that firms shroud high add-on prices in competitive markets with naive consumers leading to inefficiency. We analyze the effects of regulatory intervention via educating naive consumers on equilibrium prices and welfare. Our model allows firms to shroud, unshroud, or...
Persistent link: https://www.econbiz.de/10009367427
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Securitization and Compensation in Financial Institutions
Inderst, Roman; Pfeil, Sebastian - C.E.P.R. Discussion Papers - 2010
We analyze the interaction between financial institutions' internal compensation policy, the quality of loans, and their securitization decision. We also assess the case for requiring financial institutions to defer bonus pay so as to make incentives more commensurate with the longer-term risk...
Persistent link: https://www.econbiz.de/10008692310
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Elected Versus Appointed Regulators: Theory And Evidence
Besley, Timothy J.; Coate, Stephen - C.E.P.R. Discussion Papers - 2000
This paper contrasts direct election with political appointment of regulators. When regulators are appointed, regulatory policy becomes bundled with other policy issues for which the appointing politicians are responsible. Since regulatory issues are not salient for most voters, regulatory...
Persistent link: https://www.econbiz.de/10005662098
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Competition in Electricity Supply: Will '1998' be Worth it?
Green, Richard; McDaniel, Tanga - C.E.P.R. Discussion Papers - 1998
Starting in 1998, the electricity market in England and Wales will be opened up to full competition, and all consumers will be allowed to choose their electricity supplier. This promises to result in lower prices, but there will be additional transactions costs exceeding £100 million a year for...
Persistent link: https://www.econbiz.de/10005662134