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Effects of Regulation on Utility Financing : Theory and Evidence
Taggart, Robert A, Jr - 1982
This paper examines the financing decisions of regulated public utilities. It is argued that the regulatory process affects utility financing choices both by conditioning the environment in which these choices are made and by creating opportunities for firms to influence the regulated price...
Persistent link: https://www.econbiz.de/10012478245
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Transaction Cost Regulation
Spiller, Pablo T. - 2011
This paper discusses the fundamental underpinnings and some implications of transaction cost regulation (TCR), a framework to analyze the interaction between governments and investors fundamentally, but not exclusively, in utility industries. TCR sees regulation as the governance structure of...
Persistent link: https://www.econbiz.de/10012461923
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Realization Utility
Barberis, Nicholas C. - 2008
A number of authors have suggested that investors derive utility from realizing gains and losses on assets that they own. We present a model of this "realization utility," analyze its predictions, and show that it can shed light on a number of puzzling facts. These include the disposition...
Persistent link: https://www.econbiz.de/10012464207
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An Institutional Theory of Public Contracts : Regulatory Implications
Spiller, Pablo T. - 2008
The fundamental feature of private contracting is its relational nature. When faced with unforeseen or unexpected circumstances, private parties, as long as the relation remains worthwhile, adjust their required performance without the need for costly renegotiation or formal recontracting....
Persistent link: https://www.econbiz.de/10012464415
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Principal-agent Incentives, Excess Caution, and Market Inefficiency : Evidence From Utility Regulation
Borenstein, Severin - 2007
Regulators and firms often use incentive schemes to attract skillful agents and to induce them to put forth effort in pursuit of the principals' goals. Incentive schemes that reward skill and effort, however, may also punish agents for adverse outcomes beyond their control. As a result, such...
Persistent link: https://www.econbiz.de/10012464967
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Sulfur Dioxide Compliance of a Regulated Utility
Fullerton, Don - 1996
Electric utilities can reduce sulfur dioxide emissions through a variety of strategies such as adding scrubbers, switching to low- sulfur coal, or shifting output between generating plants with different emissions. The cost of achieving a given emission target can be minimized using a market for...
Persistent link: https://www.econbiz.de/10012473314
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Big bad banks? : the impact of u.s. branch deregulation on income distribution
Beck, Thorsten - 2007
States intensified, ameliorated, or had no effect on income distribution. We find that branch deregulation lowered income … inequality. Deregulation lowered income inequality by affecting labor market conditions, not by boosting the business income of …
Persistent link: https://www.econbiz.de/10010521579
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Farm productivity and market structure : evidence from cotton reforms in Zambia
Brambilla, Irene - 2005
"This paper investigates the impacts of cotton marketing reforms on farm productivity, a key element for poverty alleviation, in rural Zambia. The reforms comprised the elimination of the Zambian cotton marketing board that was in place since 1977. Following liberalization, the sector adopted an...
Persistent link: https://www.econbiz.de/10010522398
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The Competition Between Competition Rules
Sinn, Hans-Werner - 1999
profits. Instead of such an equilibrium, a deregulation race is likely to emerge in which all but the last country repeal … their antitrust laws. The deregulation race results in a chain of Stackelberg leadership positions taken over by national …
Persistent link: https://www.econbiz.de/10012471517
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Japan's Big Bang and the Transformation of Financial Markets
Ito, Takatoshi - 1999
A first step in the 'big bang' markets was the deregulation of the foreign exchange market on April 1, 1998. This paper … the deregulation. Intra-day data are analyzed with the following results: (1) Holding constant the effects of volume and … volatility, the deregulation was associated with a convergence of Japanese quoted spreads toward those of other banks. (2 …
Persistent link: https://www.econbiz.de/10012471543