This paper examines the value that can potentially be created by a vertically integrating energy system. Integration entails operational gains that must be traded off against the requisite cost of capacity investments. In the context of our model, the operational gains are subject to inherent...

It is well documented that business cycles of developed countries are characterised by persistent output fluctuations, and this has been the subject of much theoretical interest. However, the case for developing countries has been somewhat neglected in the literature. This paper addresses this...

This paper investigates the link between a firm's customer-base concentration and stock return volatility. We find that firms with more concentrated customer bases have higher idiosyncratic volatility. Further, we show significant variation in customer-base concentration effects across customer...

This study shows that shocks to firm’s returns affect direct customers more than direct suppliers. However, indirect customers and indirect suppliers are affected by an economically similar magnitude. This finding casts doubt on the propagation of supply shocks downstream only