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Infrastructure and Public Utilities Privatization in Developing Countries

Auriol, Emmanuelle; Picard, Pierre M - C.E.P.R. Discussion Papers - 2006

absence of a credible regulatory agency, regulation is achieved through public ownership. …

Persistent link: https://www.econbiz.de/10005124293

How Should Control Theory be Used by a Time-Consistent Government?

Cohen, Daniel; Michel, Philippe - C.E.P.R. Discussion Papers - 1986

It has been recognized that the optimal strategy of a government is generally time-inconsistent: optimality requires that the government take into account expectations effects in the formulation of its policy and to ignore these effects when applying the policy. In order to analyse the problem,...

Persistent link: https://www.econbiz.de/10005666548

Macroeconomic Policy Design and Control Theory - A Failed Partnership?

Currie, David - C.E.P.R. Discussion Papers - 1984

This paper provides a general review of recent developments in the application of control theory to macroeconomic policy design. It starts by highlighting the crucial difference between the engineering and economic control problem, in that the latter, unlike the former, is concerned with the...

Persistent link: https://www.econbiz.de/10005791518

Public Ownership: Concepts and Applications

Mayer, Colin - C.E.P.R. Discussion Papers - 1987

Public ownership is viewed as a restriction on the portfolio of equities held by investors. Three conditions are required to justify such restrictions. First, monitoring and coordination create concentration in supply or demand. Second, complete contracts must be infeasible or undesirable....

Persistent link: https://www.econbiz.de/10005656213

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

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

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

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

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

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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