It has been argued that having a contract market before the spot market enhances competition (Allaz and Vila, 1993 … contract markets reduces the market power of generators. In particular, we investigate the sensitivity of this result with … respect to the finite horizon assumption. This paper proposes a model of the electricity market where firms sign long …

neglected by previous research in historical long-run asset returns. -- Sovereign risk ; Investor heterogeneity ; Market …

. Unlike in countries involved in WWII, this market was unregulated. The outbreak of World War II heavily depressed prices of …