| Vorliegende Sprache |
eng |
| Hinweise auf parallele Ausgaben |
32696374X Buchausg. u.d.T.: ‡Hierzenberger, Michael: Price regulation and risk |
| ISBN |
978-3-642-12046-6 |
| Name |
Hierzenberger, Michael |
| T I T E L |
Price Regulation and Risk |
| Zusatz zum Titel |
The Impact of Regulation System Shifts on Risk Components |
| Verlagsort |
Berlin, Heidelberg |
| Verlag |
Springer-Verlag Berlin Heidelberg |
| Erscheinungsjahr |
2010 |
| 2010 |
| Umfang |
Online-Ressource (X, 180p, digital) |
| Reihe |
Lecture Notes in Economics and Mathematical Systems ; 641 |
| Lecture notes in economics and mathematical systems |
| Band |
641 |
| Weiterer Inhalt |
Price Regulation and Risk; The Impact of Regulation System Shifts on Risk Components; Preface; Contents; Chapter 1: Introduction; Purpose of the Dissertation; Structure of the Dissertation; Chapter 2: Capital Market-Based Calculation of the Cost of Equity; Introduction; Capital Market-Based Calculation of the Cost of Equity; Capital Asset Pricing Model (CAPM); Risk-Free Interest Rate; Market Risk Premium; Beta Factor; Operating Risk; Financial Risk; Other Influencing Factors; A CAPM Evaluation; Efficiency and Definition of Market Portfolio; Anomalies. Estimate and Specification Problems When Determining BetaHeteroscedasticity; Autocorrelation of the Confounding Variable; Autocorrelation of Security Returns; Measurement Errors; Choice of Market Index; Estimate Period Lengths; Definition of Return Interval; Determining Adjusted Beta Factors; Mean Value Method; The Blume Procedure; The MLPFS Procedure; The Vasicek Procedure; Conclusion; Rate of Return on Equity as a Regulatory Parameter; Introduction; Goals in Regulation; Defining Fair Prices; Operating Costs; Financing Costs; Depreciation. Historical Costs and Current Prices or Replacement CostsDepreciation Period; Depreciation Method; Financing Costs; A Basis for Calculating Interest; Calculating Interest Rates - The Calculatory Approach; Calculating Interest Rates - The Capital Market-Based Approach; Conclusion; Conclusion; Chapter 3: Methods of Price Regulation; Introduction; Rate of Return Regulation; RPI-X Regulation; The Principal Agent Theory; Rate of Return Regulation; A Solution for Complete Information; Incomplete Information: Cost Report Reimbursement; Incomplete Information: Efficiency Boosts. A Model with Pre-existing TechnologyA Model with Choice of Technology; Diversification with Price-Based Regulation; Conclusion; Regulatory Systems and Risk; Buffering Effect; Regulatory Lag Effect; The Risk Effect from a Regulatory System Shift; Summary; Chapter 4: Empirical Secondary Data Analysis; Introduction; Stigler and Peltzman´s Theory of Regulation; Methodology: Event Studies; Estimation Period, Event Window and Postevent Window; Measuring Abnormal Returns; Residuals from Observed and Expected Returns; Using Dummy Variables for Regression Analyzes; Hypotheses´ Derivations; Database. Empirical ResultsHypothesis 1; Hypotheses 2 and 3; Hypotheses 4a and 4b; Summary; Chapter 5: The Primary Empirical Study; Hypotheses and Database; Hypotheses; Database; Empirical Analysis: Structural Break Analysis; Systematic Risk and Welfare Effect: Verbund; Model 1a: Verbund - ATX; Model 1b: Verbund - DJ600; Model 1c: Verbund- DJ1800; Systematic Risk and Welfare Effect: EVN; Model 2a: EVN - ATX; Model 2b: EVN - DJ600; Model 2c: EVN - DJ1800; Systematic Risk and Welfare Effect: DJ600UTIL; Model 3a: DJ600UTIL - ATX; Model 3b: DJ600UTIL - DJ600; Model 3c: DJ600UTIL - DJ1800; Unsystematic Risk. Total Risk and Return Averages |
| Titelhinweis |
Buchausg. u.d.T.: ‡Hierzenberger, Michael: Price regulation and risk |
| ISBN |
ISBN 978-3-642-12047-3 |
| Klassifikation |
KFFD |
| BUS051000 |
| *91-02 |
| 91B24 |
| 91B30 |
| 62P20 |
| 336 |
| 338.526 |
| 338.52 |
| HJ9-9940 |
| QC 100 |
| SI 853 |
| QC 135 |
| QC 020 |
| Kurzbeschreibung |
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 |
| 2. Kurzbeschreibung |
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. Schlagwortkette |
Natürliches Monopol |
| Preisbildung |
| Regulierung |
| Risiko |
| 1. Schlagwortkette ANZEIGE DER KETTE |
Natürliches Monopol -- Preisbildung -- Regulierung -- Risiko |
| 2. Schlagwortkette |
Natürliches Monopol |
| Preisbildung |
| Regulierung |
| Risiko |
| ANZEIGE DER KETTE |
Natürliches Monopol -- Preisbildung -- Regulierung -- Risiko |
| SWB-Titel-Idn |
329515187 |
| Signatur |
Springer E-Book |
| Bemerkungen |
Elektronischer Volltext - Campuslizenz |
| Elektronische Adresse |
$uhttp://dx.doi.org/10.1007/978-3-642-12047-3 |
| Internetseite / Link |
Volltext |
| Siehe auch |
Volltext |
| Siehe auch |
Cover |
| Siehe auch |
Inhaltstext |
