Price Regulation and Risk: The Impact of Regulation System Shifts on Risk Components (Lecture Notes in Economics and Mathematical Systems, Band 641) - Softcover

Buch 43 von 126: Lecture Notes in Economics and Mathematical Systems

Hierzenberger, Michael

 
9783642120466: Price Regulation and Risk: The Impact of Regulation System Shifts on Risk Components (Lecture Notes in Economics and Mathematical Systems, Band 641)
Softcover
ISBN 10: 3642120466 ISBN 13: 9783642120466
Verlag: Springer, 2010

Inhaltsangabe

Natural monopolies are not subject to the market-based principle of competition. Consequently, it is necessary to control companies in such monopoly positions with regard to their pricing. In the future, it will become more and more important to consider a possible change in the regulation regime when the future-oriented costs of equity - both in terms of price regulation and for conducting capital market-oriented business valuations - are to be determined. Based on the principal-agent problem, the book explains this topic. The effect of a change in the regulation regime is presented in the form of two studies: an international secondary analysis of the effects on cost of equity based on event studies of the Anglo-Saxon area and a primary analysis based on the Austrian regulation policy for electricity and gas supply systems. The two studies arrive at similar results: The change from a rate-of-return regulation to incentive regulation systems leads to a significant increase in systematic risk.

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Natural monopolies are not subject to the market-based principle of competition. Consequently, it is necessary to control companies in such monopoly positions with regard to their pricing. In the future, it will become more and more important to consider a possible change in the regulation regime when the future-oriented costs of equity - both in terms of price regulation and for conducting capital market-oriented business valuations - are to be determined. Based on the principal-agent problem, the book explains this topic. The effect of a change in the regulation regime is presented in the form of two studies: an international secondary analysis of the effects on cost of equity based on event studies of the Anglo-Saxon area and a primary analysis based on the Austrian regulation policy for electricity and gas supply systems. The two studies arrive at similar results: The change from a rate-of-return regulation to incentive regulation systems leads to a significant increase in systematic risk.

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Verlag
Springer
Erscheinungsdatum
2010
Sprache
Englisch
ISBN 10 
3642120466
ISBN 13 
9783642120466
Einband
Taschenbuch
Anzahl der Seiten
152
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ISBN 10:  3642120482 ISBN 13:  9783642120480
Verlag: Springer, 2010
Softcover