Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura - Robert Schuman Centre for Advanced Studies (RSCAS), … - 2011
We study the effect of the establishment of independent regulatory agencies on the market-to-book ratios of publicly traded European regulated firms observed from 1994 to 2005. We find that independent regulation in combination with residual State ownership positively affects the market value of...