This paper explores how different risk-sharing arrangements between utility companies and consumers can contribute to better investment decisions and reduce utility prices. The main idea is that utility prices should be largely indexed to changes in the company's cost of capital. The rationale...

This paper provides an overview of the issue. It considers the existing structure of financial regulation, the deficiencies that were encountered during the financial crisis, and the proposed reforms. It discusses whether these are likely to be adequate and argues that there are fundamental...

This article reviews the development of corporate finance from domestic analyses to international comparisons of financial systems, to comparative corporate governance, to law and finance, and most recently to politics and finance. It describes how both theoretical developments and empirical...

A significant recent development has been the extension of market processes to activities which were previously provided by the public sector. A central feature of newly privatized markets is the emergence of widespread forms of contracting. Explicit contracting is used where in the past...

Patterns of corporate control vary markedly across countries. This paper examines the reasons for these differences and their consequences for corporate performance. It finds that they primarily result from differences in the ownership of firms and their legal forms. These affect the relative...