This study analyzes the interaction of agency problems in public policy and of agency problems inside the firm: it investigates the case of a large privatized firm subject to many policy constraints. The last steps of Telefonica's privatization were designed to promote a disperse ownership and...

The deregulation process in the EU electricity sector triggered strategic decisions that led to industry restructuring. This paper presents preliminary evidence of the impact of this process on investors, using event studies and estimation techniques such as least squares and GARCH. Our findings...

Resumen:Este artículo analiza el efecto de los anuncios de cambios en el control corporativo (Ofertas Públicas de Adquisición - OPA) sobre el precio de cotización en Bolsa de Endesa, Hidrocantábrico y Scottish Power y el impacto que estos acontecimientos tienen sobre los rendimientos de los...

The deregulation process in the EU electricity sector triggered strategic decisions that led to industry restructuring. This paper presents preliminary evidence of the impact of this process on investors, using event studies and estimation techniques such as least squares and GARCH. Our findings...

During 2006 and 2007, by means of the Royal Decree Law 3/2006, the Royal Decree 1634/2006 and the Order ITC/400/2007, several changes were introduced in the running of the wholesale electricity market in Spain. One of the objectives of these measures was to diminish the market power in the...

El proceso de desregulación del sector eléctrico en la Unión Europea generó acciones estratégicas de parte de las empresas del sector que han llevado al reordenamiento de su mercado de energía eléctrica. Una serie de fusiones y adquisiciones ocurrieron a raíz de ese proceso. Este trabajo...

In the last days of the electoral campaign for the 2004 general election in Spain, on Thursday March 11th 2004, a series of simultaneous terror attacks caused the death of 191 persons in commuting trains in the capital Madrid. Four days later, the opposition party won the election, against all...

The deregulation process in the EU electricity sector triggered strategic decisions that led to industry restructuring. This paper presents preliminary evidence of the impact of this process on investors, using event studies and estimation techniques such as least squares and GARCH. Our findings...