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Who's Paying Attention? Measuring Common Ownership and its Impact on Managerial Incentives
Gilje, Erik - 2019
We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to …
Persistent link: https://www.econbiz.de/10012890898
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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 2008
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …
Persistent link: https://www.econbiz.de/10012774941
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Imperfect Markets Versus Imperfect Regulation in U.S. Electricity Generation
Cicala, Steve - 2017
This paper measures changes in electricity generation costs caused by the introduction of market mechanisms to determine output decisions in service areas that were previously using command-and-control-type operations. I use the staggered transition to markets from 1999- 2012 to evaluate the...
Persistent link: https://www.econbiz.de/10012965429
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Vertical Arrangements, Market Structure, and Competition an Analysis of Restructured U.S. Electricity Markets
Bushnell, James - 2007
This paper examines vertical arrangements in electricity markets. Vertically integrated wholesalers, or those with long-term contracts, have less incentive to raise wholesale prices when retail prices are determined beforehand. For three restructured markets, we simulate prices that define...
Persistent link: https://www.econbiz.de/10012775797
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Deregulation, Consolidation, and Efficiency : Evidence from U.S. Nuclear Power
Davis, Lucas W. - 2011
For the first four decades of its existence the U.S. nuclear power industry was run by regulated utilities, with most companies owning only one or two reactors. Beginning in the late 1990s electricity markets in many states were deregulated and almost half of the nation's 103 reactors were sold...
Persistent link: https://www.econbiz.de/10013121046
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When Does Regulation Distort Costs? Lessons from Fuel Procurement in U.S. Electricity Generation
Cicala, Steve - 2014
following state-level legislation that ended cost-of-service regulation of electricity generation. I find that deregulated …
Persistent link: https://www.econbiz.de/10013054040
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The U.S. Electricity Industry after 20 Years of Restructuring
Borenstein, Severin - 2015
electricity prices to allow the utility to recover its prudently incurred costs, a process known as cost-of-service regulation …
Persistent link: https://www.econbiz.de/10013023689
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Do Markets Reduce Costs? Assessing the Impact of Regulatory Restructuring on U.S. Electric Generation Efficiency
Markiewicz, Kira; Rose, Nancy L.; Wolfram, Catherine D. - 2021
costs in less-competitive or regulated environments. We test this using a transition from cost-of-service regulation to …
Persistent link: https://www.econbiz.de/10013218426
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Agency Conflicts, Investment, and Asset Pricing
Albuquerque, Rui A. - 2010
The separation of ownership and control allows controlling shareholders to pursue private benefits. We develop an analytically tractable dynamic stochastic general equilibrium model to study asset pricing and welfare implications of imperfect investor protection. Consistent with empirical...
Persistent link: https://www.econbiz.de/10012759940
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Complex Ownership Structures and Corporate Valuations
Laeven, Luc - 2010
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...
Persistent link: https://www.econbiz.de/10012760554