This paper assesses how price regulation for energy, water, telecommunications, and rail networks has developed in the two decades since incentive regulation was introduced. Regulation is necessary because Coasean bargaining is unlikely to produce efficient outcomes, and because the consumer and...

In this paper, we analyse a novel panel data set to compare the relevance of alternative measures of capitalisation for bank failure during the 2007-10 crisis, and to search for evidence of manipulated Basel risk-weights.  Compared with the unweighted leverage ratio, we find the risk-weighted...

It is often taken as axiomatic that investors prefer high levels of regulation.  Yet companies have increasingly chosen to list on stock exchanges with lower regulatory requirements.  In this paper we analyse whether investors value high regulatory standards for quoted companies.  We use the...