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Price Regulation and Risk: The Impact of Regulation System Shifts on Risk Components 2010 ed. [Pehme köide]

  • Formaat: Paperback / softback, 180 pages, kõrgus x laius: 235x155 mm, kaal: 490 g, 14 Illustrations, black and white; X, 180 p. 14 illus., 1 Paperback / softback
  • Sari: Lecture Notes in Economics and Mathematical Systems 641
  • Ilmumisaeg: 28-Jun-2010
  • Kirjastus: Springer-Verlag Berlin and Heidelberg GmbH & Co. K
  • ISBN-10: 3642120466
  • ISBN-13: 9783642120466
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Price Regulation and Risk: The Impact of Regulation System Shifts on Risk Components 2010 ed.Suurem pilt
  • Formaat: Paperback / softback, 180 pages, kõrgus x laius: 235x155 mm, kaal: 490 g, 14 Illustrations, black and white; X, 180 p. 14 illus., 1 Paperback / softback
  • Sari: Lecture Notes in Economics and Mathematical Systems 641
  • Ilmumisaeg: 28-Jun-2010
  • Kirjastus: Springer-Verlag Berlin and Heidelberg GmbH & Co. K
  • ISBN-10: 3642120466
  • ISBN-13: 9783642120466
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9783642120466.html
Märksõnad:
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.
1 Introduction
1(4)
1.1 Purpose of the Dissertation
2(1)
1.2 Structure of the Dissertation
2(3)
2 Capital Market-Based Calculation of the Cost of Equity
5(24)
2.1 Introduction
5(1)
2.2 Capital Market-Based Calculation of the Cost of Equity
5(16)
2.2.1 Capital Asset Pricing Model (CAPM)
6(14)
2.2.2 Conclusion
20(1)
2.3 Rate of Return on Equity as a Regulatory Parameter
21(7)
2.3.1 Introduction
21(1)
2.3.2 Goals in Regulation
21(1)
2.3.3 Defining Fair Prices
21(6)
2.3.4 Conclusion
27(1)
2.4 Conclusion
28(1)
3 Methods of Price Regulation
29(16)
3.1 Introduction
29(1)
3.1.1 Rate of Return Regulation
29(1)
3.1.2 RPI-X Regulation
30(1)
3.2 The Principal Agent Theory
30(9)
3.2.1 Rate of Return Regulation
31(6)
3.2.2 Diversification with Price-Based Regulation
37(1)
3.2.3 Conclusion
38(1)
3.3 Regulatory Systems and Risk
39(5)
3.3.1 Buffering Effect
39(1)
3.3.2 Regulatory Lag Effect
40(1)
3.3.3 The Risk Effect from a Regulatory System Shift
41(3)
3.4 Summary
44(1)
4 Empirical Secondary Data Analysis
45(22)
4.1 Introduction
45(1)
4.2 Stigler and Peltzman's Theory of Regulation
46(1)
4.3 Methodology: Event Studies
47(15)
4.3.1 Estimation Period, Event Window and Postevent Window
48(1)
4.3.2 Measuring Abnormal Returns
49(4)
4.3.3 Hypotheses' Derivations
53(4)
4.3.4 Database
57(3)
4.3.5 Empirical Results
60(2)
4.4 Summary
62(5)
5 The Primary Empirical Study
67(64)
5.1 Hypotheses and Database
67(14)
5.1.1 Hypotheses
67(2)
5.1.2 Database
69(12)
5.2 Empirical Analysis: Structural Break Analysis
81(13)
5.2.1 Systematic Risk and Welfare Effect: Verbund
84(1)
5.2.2 Systematic Risk and Welfare Effect: EVN
85(1)
5.2.3 Systematic Risk and Welfare Effect: DJ600UTIL
86(2)
5.2.4 Unsystematic Risk
88(3)
5.2.5 Total Risk and Return Averages
91(1)
5.2.6 Summary of the Structural Break Analysis
91(3)
5.3 Empirical Investigation: Event Study
94(37)
5.3.1 The Event List
97(4)
5.3.2 Event Study: Constant Beta Factor; 3-Day Event Window
101(4)
5.3.3 Event Study: Dummy Variables from 1 July 2005; 3-Day Event Window
105(7)
5.3.4 Event Study: Constant Beta Factor; 1-Day Event Window
112(6)
5.3.5 Event Study: Dummy Variables from 1 July 2005; 1-Day Event Window
118(5)
5.3.6 Summary of the Event Study
123(8)
6 Summary of the Work
131(4)
References 135