Price regulation and risk : the impact of regulation system shifts on risk components

Bibliographic Information

Price regulation and risk : the impact of regulation system shifts on risk components

Michael Hierzenberger

(Lecture notes in economics and mathematical systems, 641)

Springer, c2010

Available at  / 33 libraries

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Note

Bibliography: p. 135-140

Description and Table of Contents

Description

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.

Table of Contents

Capital Market-Based Calculation of the Cost of Equity.- Methods of Price Regulation.- Empirical Secondary Data Analysis.- The Primary Empirical Study.- Summary of the Work.

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Details

  • NCID
    BB02589097
  • ISBN
    • 9783642120466
  • LCCN
    2010926590
  • Country Code
    gw
  • Title Language Code
    eng
  • Text Language Code
    eng
  • Place of Publication
    Berlin
  • Pages/Volumes
    x, 140 p.
  • Size
    24 cm
  • Classification
  • Subject Headings
  • Parent Bibliography ID
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