Similar Search Results

Infrastructure investment in network industries ; the role of incentive regulation and regulatory independence

Égert, Balázs - 2009

-of-return regulation is generally thought to result in overinvestment, while incentive regulation is believed to entail underinvestment …. Yet, previous empirical work has generally found that the introduction of incentive regulation has not systematically …-of-return regulation because investment decisions (what can be included in the rate base) are usually evaluated in a discretionary manner …

Persistent link: https://www.econbiz.de/10010273816

Balanced Scorecards : A Relational Contract Approach

Kvaloy, Ola; Olsen, Trond E. - 2021

Reward systems based on balanced scorecards typically connect pay to an index, i.e. a weighted sum of multiple performance measures. We show that such an index contract may indeed be optimal if performance measures are non-verifiable so that the contracting parties must rely on self-enforcement....

Persistent link: https://www.econbiz.de/10013243235

Valuation of international oil companies : RoACE era

Osmundsen, Petter; Asche, Frank; Misund, Bård; Mohn, Klaus - 2005

High oil prices are normally expected to stimulate exploration and the development of new oil and gas fields. But over the last few years, financial analysts have focused strongly on shortterm accounting return (RoACE) for benchmarking and valuation, and this has led to high capital discipline...

Persistent link: https://www.econbiz.de/10010275859

On the many ways Europeanization matters: the implementation of the water reform in Italy (1994-2006)

Asquer, Alberto - 2009

The research agenda of Europeanization is currently highly focused on issued related to what accounts for the 'horizontal' interaction between domestic actors and how these actors make use of stimuli originating from the EU. This paper aims to contribute to this line of inquiry through the case...

Persistent link: https://www.econbiz.de/10010266013

Arm's Length Provision of Public Services

Bennedsen, Morten; Schultz, Christian - 2021

We analyze the economic consequences of strategic delegation of the right to decide between public or private provision of a governmental service and/or the authority to negotiate and renegotiate with the chosen service provider. Our model encompasses both bureaucratic delegation from a...

Persistent link: https://www.econbiz.de/10013316659

Pawns and Queens Revisited : Public Provision of Private Goods When Individuals Make Mistakes

Pirttila, Jukka; Tenhunen, Sanna - 2021

This paper analyses the optimal tax policy and public provision of private goods when individuals differ in two respects: income-earning ability and rationality. Publicly provided goods should be overprovided or subsidised, relative to the decentralised optimum, if society's marginal valuation...

Persistent link: https://www.econbiz.de/10013318503

Ranking of VaR and ES Models: Performance in developed and emerging markets

Zikovic, Sasa; Filer, Randall - 2012

An inherent problem with comparing and ranking competing Value at Risk (VaR) and Expected shortfall (ES) models is that they measure only a single realization of the underlying data generation process. The question is whether there is any significant statistical difference in the performance of...

Persistent link: https://www.econbiz.de/10010289638

Fishing for Excuses and Performance Evaluation

Larmande, François; Ponssard, Jean-Pierre - 2014

We study a principal-agent model in which the agent can provide ex post additional relevant information regarding his performance. In particular, he can provide a legitimate excuse, that is, evidence that a poor result is only due to factors outside his control. However, building a convincing...

Persistent link: https://www.econbiz.de/10010328856

Selectivity, Market Timing and the Morningstar Star-Rating System

Antypas, Antonios; Caporale, Guglielmo Maria; … - 2009

This paper evaluates the Morningstar mutual fund ranking system. We find that indeed higher Morningstar ratings are associated with higher returns on the portfolios including respectively five-, four-, three-, two- and one-star funds only (STAR5 to STAR1). We then perform an unconditional and...

Persistent link: https://www.econbiz.de/10010264584

Active currency investing and performance benchmarks

Melvin, Michael; Shand, Duncan - 2010

There are no established benchmarks for evaluating currency investment manager performance. Some analysts have suggested that known investing styles like momentum, purchasing power parity, and carry serve as benchmarks. Challenges for this approach include: there is no market portfolio; there...

Persistent link: https://www.econbiz.de/10010270471

1
2
3
4
5
6
7
8
9
10
Next
Last