The main purpose of this paper is to describe the evolution of the financing structure of regulated privatized utilities and transport companies. To do so, the authors rely on a sample of 121 utilities distributed over 16 countries, and 23 transport infrastructure operators and 23 transport...

German firms pay out a lower proportion of their cash flows than UK and US firms. However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results. A partial adjustment model is used to estimate the implicit...