Showing 1 - 10 of 1,238
Despite the incentives of incumbent domestic listed corporations (DLCs) in the electricity generation industry, private equity, institutional investors, and foreign corporations have played an outsized role in financing the energy transition. These new entrants are twice as likely to create...
Persistent link: https://www.econbiz.de/10014635696
In this paper we will examine the issue of ownership unbundling and forced divestiture remedies imposed in a series of recent competition law cases of the energy market - examined in other papers - in relation to the possible existence of a series of legal obstacles. These energy market...
Persistent link: https://www.econbiz.de/10014187735
We illustrate the properties of a competitive joint venture (CJV) institution as an alternative to traditional natural monopoly regulation of the distribution wires portion of the electricity supply chain. This CJV institution consists of an endogeneous ownership rule and a wires access charge...
Persistent link: https://www.econbiz.de/10014218689
While the link between the ownership and productive efficiency of firms has been discussed extensively, no consensus exists regarding the superiority of one or the other in non-competitive, regulated environments. This paper applies a flexible production model to test for efficiency differences...
Persistent link: https://www.econbiz.de/10012962689
Several countries around the world have introduced reforms to the electric power sector. One important element of these reforms is the introduction of an unbundling process, i.e., the separation of the competitive activities of supply and production from the monopole activity of transmission and...
Persistent link: https://www.econbiz.de/10009743731
While the link between the ownership and productive efficiency of firms has been discussed extensively, no consensus exists regarding the superiority of one or the other in non-competitive, regulated environments. This paper applies a flexible production model to test for efficiency differences...
Persistent link: https://www.econbiz.de/10011595498
Electricity reform typically involves little regard to the possibility that customer ownership might substitute for the "protections" of state ownership, or for investor ownership under regulatory safeguards, where market power is a concern. Recognising that regulation is itself costly, and that...
Persistent link: https://www.econbiz.de/10014062279
The sixth annual World Pensions Forum was held on 23-24 February 2017 at the Queen's House in the Royal Borough of Greenwich.Over 120 representatives attended: from pension and sovereign funds, central banks and government agencies including financial regulators. Topics discussed included...
Persistent link: https://www.econbiz.de/10012860338
Assuming benevolent managers, the debt-overhang problem suggests that distressed firms generally refrain from issuing equity. In contrast, agency theory predicts that distressed firm managers have strong self-interests to finance even deteriorating projects through equity issuance. This paper...
Persistent link: https://www.econbiz.de/10013038070
I examine large shareholders' externalities on other claim holders when firms are financially distressed. To this end, I develop a tractable dynamic model of the interplay between these blockholders and regular equity holders. Blockholders' information acquisition and investment decisions play a...
Persistent link: https://www.econbiz.de/10012891364