This paper analyzes whether fair value estimates of fund net asset values (NAVs) produced by private equity managers are accurate and unbiased predictors of future discounted cash flows (DCF). We exploit the fact that private equity funds have finite lives to compare reported NAVs to DCFs based...

This paper sets out the origins and development of the UK's unique system of rail operation, funding and regulation. It sets out options to tackle the system's shortcomings to that it works better in the interests of customens and taxpayers. The industry needs the freedom to innovate, to deliver...

The Italian government is proceeding with the privatisation of the Ferrovie dello Stato Italiane group, and is considering a merger with the government-owned highways company. In this article, we argue that changes could be made to the privatisation and reform process, learning from the British...

There are great expectations in the UK for infrastructure and its role in delivering for customers and society, promoting efficiency and economic growth. These expectations are matched by an ambitious forward programme of investments in renewal and expansion of network capacity and quality...

This conference provides an opportunity to examine how regulators collaborate with each other in the UK and compare this with the experiences of our European neighbours. This paper discusses: • the relationship between competition and regulation, as well as the way regulators use their powers;...

Australian businesses and public investments have largely been managed without reliable reference to the extreme variability of our climate. Indeed, business decisions in climate sensitive industries have mostly been driven by the expectations of average climatic conditions. This means that...

Every day decisions are made by policy makers and managers in the Criminal Justice System which reflect implicit judgements about the relative seriousness of different crimes, or about the benefits of pursuing one approach to reducing crime rather than another. This study represents a first step...

This paper sets out: - a definition of the social cost of carbon, hitherto used in UK government appraisals to reflect the external costs of greenhouse gas emissions; - the rationale for adopting a shadow price of carbon (SPC) for use in policy and investment appraisals across UK government; and...

The UK is embarking on a significant institutional reform to put long-term infrastructure planning on a firmer basis. The creation of the National Infrastructure Commission (NIC), building on experience in Australia and elsewhere, should help promote a better evidence-based discussion on the...

Britain’s railways are a great success story. The rail industry needs now to change to sustain the remarkable progress of the last decade. To get the best service for its customers and a good deal for the taxpayer, the industry needs the freedom to innovate, to deliver better value and to make...