This paper offers a review and discussion of the evidence concerning the underpricing and long-run performance of British PIPOs (Privatization Initial Public Offerings) between 1977 and 1996, i.e. from the first privatization under a Labour Government (British Petroleum), until the last ones by...

This paper offers a review and discussion of the evidence concerning the underpricing and long run performance of British PIPOs (Privatisation Initial Public Offerings) between 1977-1996, i.e. from the first privatisation under a Labour Government (British Petroleum), until the last ones by a...

We examine the effect of rating revisions on sterling Eurobond yields using a panel model with conditional heteroskedasticity that controls for event-induced changes in the variance of spreads. Positive rating revisions are fully anticipated by the time the upgrade occurs. Negative revisions are...

The research question addressed by this paper is a simple one: are European consumers happy with the services provided by the utilities after two decades of reforms? We focus on electricity, gas, water, telephone in the EU 15 Member States. The variables we analyse are consumers’ satisfaction...

This paper offers an empirical analysis of the impact of reforms in the natural gas industry on consumer prices across the EU-15 area. After briefly reviewing the most recent reforms, we study the relationship between regulatory indicators and price dynamics by means of panel data econometrics....

This paper analyses the effects on consumers’ welfare of the privatisation policy carried out in the UK since 1979. The approach we follow sees the privatisation of a State owned enterprise within the broader framework of the “policy reform” theory (Drèze and Stern, 1990). By adopting...