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Regulatory Independence and Political Interference: Evidence from EU Mixed-Ownership Utilities’ Investment and Debt

Cambini, Carlo; Rondi, Laura - Fondazione ENI Enrico Mattei (FEEM) - 2010

This paper examines the investment and financial decisions of a sample of 92 EU regulated utilities, taking into … independence matters for both investment and financial decisions. Investment increases under an Independent Regulatory Agency (IRA … privately controlled. Finally political orientation does matter, as firm investment increases under more conservative (pro …

Persistent link: https://www.econbiz.de/10008465522

Capital Structure and Regulation: Do Ownership and Regulatory Independence Matter?

Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura; … - C.E.P.R. Discussion Papers - 2008

We construct a comprehensive panel data of 92 publicly traded European utilities over the period 1994-2005 in order to study the relationship between capital structure, regulated prices, and firm value, and examine if and how this interaction is affected by ownership structure and regulatory...

Persistent link: https://www.econbiz.de/10005497873

Capital Structure and Regulation: Does Ownership Matter?

Cambini, Carlo; Bortolotti, Bernardo; Rondi, Laura; … - 2007

has a positive and significant effect on their investment levels. Our results are consistent with the theory that …

Persistent link: https://www.econbiz.de/10010312393

Capital Structure and Regulation: Does Ownership Matter?

Cambini, Carlo; Bortolotti, Bernardo; Rondi, Laura; … - Fondazione ENI Enrico Mattei (FEEM) - 2007

has a positive and significant effect on their investment levels. Our results are consistent with the theory that …

Persistent link: https://www.econbiz.de/10005423078

Regulatory independence and political interference : evidence from EU mixed-ownership utilities’ investment and debt

Cambini, Carlo; Rondi, Laura - 2010 - This draft: 11 May 2010

Persistent link: https://www.econbiz.de/10008729094

Reluctant regulation

Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura - In: Journal of Comparative Economics 41 (2013) 3, pp. 804-828

We study the effect of state ownership on the market-to-book ratios of publicly traded European utilities from 1994 to 2005. We find that when the company is subject to independent regulation, state ownership seems positively associated with firm value. This relation tends to appear in countries...

Persistent link: https://www.econbiz.de/10010682520

Reluctant Regulation

Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura - Volkswirtschaftliche Fakultät, … - 2012

We study the effect of state ownership on the market-to-book ratios of publicly traded European utilities observed from 1994 to 2005. We find that when the company is subject to independent regulation, state ownership is positively associated with firm value. This effect is strong and...

Persistent link: https://www.econbiz.de/10011112859