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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 asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores the moral hazard problems connected with risk-taking by...
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
This paper offers a unique quantitative evaluation of the distribution of the welfare of a water privatization experience in Mali among labor, investors, intermediate input providers, users and taxpayers. The assessment is based on indicator duality and production theory. The paper shows that...
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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Testing the "Waterbed" Effect in Mobile Telephony
Genakos, Christos D.; Valletti, Tommaso - C.E.P.R. Discussion Papers - 2009
existence and magnitude of this effect. Our results suggest that although regulation reduced termination rates by about 10 …
Persistent link: https://www.econbiz.de/10008502574
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What do Russians think about transition?
Denisova, Irina; Eller, Markus; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2009
one half of Russian population is disappointed with transition and a large majority is in favor of high state regulation … and state provision of goods and services. High demand for government regulation and increased state intervention coexists … business imposes negative externalities on the society and society chooses to demand more state regulation and tolerate …
Persistent link: https://www.econbiz.de/10008506841