In 2014 the Prudential Regulation Authority, Bank of England, was given a new secondary objective to facilitate effective competition when it advances its primary objectives related to safety and soundness and policyholder protection. Given the concerns around conflict between competition and...

This paper is concerned with what the state buys and in particular the decision to shift from the purchase of assets toward final services, leaving the design, build and ownership to those who commit to supply the service. The approach emphasises the information and contractual nature of the...

Privatizations are commonly associated with underpricing and undervaluation. Underpricing has received significant attention in the literature, but there is no equivalent literature that explains undervaluation. This paper provides a theoretical model of why regulated privatized assets are prone...