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This paper compares corporate financing in the German bank-based and UK market-based systems. Large German firms pay out a lower proportion of their profits as dividends and finance a larger proportion of their investments from retentions. German banks extend more long-term finance to...
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How does choice of regulatory regime affect the level of shareholder risk in regulated companies? A new study shows that investors bear the greatest nondiversifiable risk with price caps and the least with rate-of-return regulation.Evidence about how choice of regulatory regime affects the level...
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Certain factors can maximize the pressure on privatized infrastructure companies to be more efficient: the threat of bankruptcy, internal controls imposed by shareholders, and external disciplines (such as the threat of hostile takeover).The privatization of infrastructure companies is expected...
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Evidence about how choice of regulatory regimes affects the level of shareholder risk for the regulated company has traditionally focused on studies in the United Kingdom and the United States. Broad comparisons of price-cap based regimes (as practiced in the UK) with rate-of-return regulation...
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The privatization of infrastructure companies is expected to bring about gains for customers by increasing the efficiency of the privatized company. Because many infrastructure industries are not competitive, attention has focused on the development of regulatory regimes that replicate the...
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