Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Regulatory Risk And The Cost Of Capital For Rate Regulated Firms
Download Regulatory Risk And The Cost Of Capital For Rate Regulated Firms full books in PDF, epub, and Kindle. Read online Regulatory Risk And The Cost Of Capital For Rate Regulated Firms ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Regulatory Risk and the Cost of Capital by : Burkhard Pedell
Download or read book Regulatory Risk and the Cost of Capital written by Burkhard Pedell and published by Springer Science & Business Media. This book was released on 2006-04-20 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Austrian Controller Award 2005 This book develops a comprehensive concept of regulatory risk integrating existing theoretical and empirical research. The focus is on explaining how the design of the regulatory system influences the risk of a rate-regulated firm, as well as on elaborating appropriate methods for the determination of the regulatory rate base and the allowed rate of return. Regarding the regulatory rate base, the question of whether market value of capital or book value of assets should be employed and the choice of the depreciation scheme are at the center of the discussion. Specific methodical issues concerning cost of capital assessment for rate-regulated firms are analyzed, i.e. the circularity of rate regulation, the sharing of risks between capital owners and rate payers, the length of the regulatory review period, the regulation of the capital structure as well as the conversion of a post-tax to pre-tax weighted average cost of capital.
Book Synopsis Regulatory Risk and the Cost of Capital for Rate-regulated Firms by : Burkhard Pedell
Download or read book Regulatory Risk and the Cost of Capital for Rate-regulated Firms written by Burkhard Pedell and published by . This book was released on 2004 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Risk and Return for Regulated Industries by : Bente Villadsen
Download or read book Risk and Return for Regulated Industries written by Bente Villadsen and published by Academic Press. This book was released on 2017-04-27 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk and Return for Regulated Industries provides a much-needed, comprehensive review of how cost of capital risk arises and can be measured, how the special risks regulated industries face affect fair return, and the challenges that regulated industries are likely to face in the future. Rather than following the trend of broad industry introductions or textbook style reviews of utility finance, it covers the topics of most interest to regulators, regulated companies, regulatory lawyers, and rate-of-return analysts in all countries. Accordingly, the book also includes case studies about various countries and discussions of the lessons international regulatory procedures can offer. Presents a unified treatment of the regulatory principles and practices used to assess the required return on capital Addresses current practices before exploring the ways methods play out in practice, including irregularities, shortcomings, and concerns for the future Focuses on developed economies instead of providing a comprehensive global reviews Foreword by Stewart C. Myers
Book Synopsis Risk-Based Capital by : Lawrence D. Cluff
Download or read book Risk-Based Capital written by Lawrence D. Cluff and published by DIANE Publishing. This book was released on 2000 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulatory Finance by : Howard E. Thompson
Download or read book Regulatory Finance written by Howard E. Thompson and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph is concerned with the determination of the allowed rate ofreturn in rate cases which, in part, determines the rates ofcharge to customers of public utilities. Rate of return determination has been a central topic in utility regulation for a century. Recent changes in the traditionally regulated markets - electricity, gas, and telephone - have shoved discussion of rate of return determination into the background, replacing it by technology changes, competition, downsizing, deregulation, and reg'ulatory incentive systems. These new issues have made the regula tory sector, which had the reputation of being stodgy and uninteresting, an exciting field ofstudy. But rate ofreturn is not dead. It will playa key role in whatever the new structure ofthe regulated sector. Separating generation from transmis sion and distribution will not eliminate the need for rate of return analysis in the electric utility industry. Rather, it may well increase the number of companies for which the rate of return needs to be determined. It will playa fundamental role in the new regulatory environment. Incentive systems in the regulated sector may be the wave of the future but they will use the required rate ofreturn as a benchmark. Rate case will persist. Most rate cases include opposing testimony as to the "fair" rate of return or even the cost ofcapital for a public utility whose rates are at issue.
Book Synopsis The Determinants of Systematic Risk and the Cost of Capital for the Regulated Electric Utility Industry (Classic Reprint) by : Bruce Edward Stangle
Download or read book The Determinants of Systematic Risk and the Cost of Capital for the Regulated Electric Utility Industry (Classic Reprint) written by Bruce Edward Stangle and published by Forgotten Books. This book was released on 2017-10-29 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Determinants of Systematic Risk and the Cost of Capital for the Regulated Electric Utility Industry In the most electric utility companies are regulated by state commissions which have the legal power to set allowed rates of return on the firm's undepreciated capital base. The process of rate of return regulation has numerous problems inherent to it, not the least of which is the ascertainment of the opportunity cost of capital or that rate which investors expect to earn on a security subject to risk. In fact it generally is true that the overriding issue in the majority of rate cases, before regulatory commissions turns on the determination of the cost of capital. In the context of a rate hearing a number of witnesses for the firm, for the commission, and perhaps for other interested parties will present testimony as to the appropriate rate of return for the utility. Often the justification for these recommended rates is based on such simple notions as that the equity rate should be higher than the rates prevailing on corporate debt or that other firms' rates of return should be used as a basis for judging a given firnis required rate of return. In some regulatory cases more analytically rigorous methods will be.used to estimate the firm's rate of return. Yet, despite several years of rather intense theoretical work on the pricing of capital assets, regulatory practice has lagged far behind in applying the tools of finance theory to the determination of a fair rate of return. This gap between theory and practice is not entirely unwarranted in view of the fact that equity rates of return are extremely difficult to predict as they depend on numerous uncertain future cash flows. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis Estimating the Costs of Financial Regulation by : Mr.Andre Santos
Download or read book Estimating the Costs of Financial Regulation written by Mr.Andre Santos and published by International Monetary Fund. This book was released on 2012-09-11 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Book Synopsis Risk Principles for Public Utility Regulators by : Janice A. Beecher
Download or read book Risk Principles for Public Utility Regulators written by Janice A. Beecher and published by MSU Press. This book was released on 2016-05-01 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk and risk allocation have always been central issues in public utility regulation. Unfortunately, the term “risk” can easily be misrepresented and misinterpreted, especially when disconnected from long-standing principles of corporate finance. This book provides those in the regulatory policy community with a basic theoretical and practical grounding in risk as it relates specifically to economic regulation in order to focus and elevate discourse about risk in the utility sector in the contemporary context of economic, technological, and regulatory change. This is not a “how-to” book with regard to calculating risks and returns but rather a resource that aims to improve understanding of the nature of risk. It draws from the fields of corporate finance, behavioral finance, and decision theory as well as the broader legal and economic theories that undergird institutional economics and the economic regulatory paradigm. We exist in a world of scarce resources and abundant uncertainties, the combination of which can exacerbate and distort our sense of risk. Although there is understandable impulse to reduce risk, attempts to mitigate may be as likely to shift risk, and some measures might actually increase risk exposure. Many of the concepts explored here apply not just to financial decisions, such as those by utility investors, but also to regulatory and utility decision-making in general.
Book Synopsis Risk and Regulated Firms by : R. Hayden Howard
Download or read book Risk and Regulated Firms written by R. Hayden Howard and published by . This book was released on 1973 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price Caps, Rate-of-Return Regulation, and the Cost of Capital by : Ian Alexander
Download or read book Price Caps, Rate-of-Return Regulation, and the Cost of Capital written by Ian Alexander and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This Note compares the effects of price cap and rate-of-return regulation on the risk borne by regulated utilities. It present evidence that price cap regulation subjects firms to greater risks and therefore raises their cost of capital. This result has one clear implication: firms regulated by price caps must be permitted to earn higher returns. If they are not, they will be unable to attract new investment capital and the quality of their service will decline.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Few Things Transport Regulators Should Know about Risk and the Cost of Capital by : Ian Alexander
Download or read book A Few Things Transport Regulators Should Know about Risk and the Cost of Capital written by Ian Alexander and published by World Bank Publications. This book was released on 1999 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: A methodology for measuring the cost of capital, calculating the measure of market risk, and estimating the impact of various regulatory regimes on market risk in the transport sector.
Book Synopsis The Cost of Capital for Regulated Firms by : George Hariton
Download or read book The Cost of Capital for Regulated Firms written by George Hariton and published by Canadian Transport Commission, Research Branch. This book was released on 1977 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Few Things Transport Regulators Should Know About Risk and the Cost of Capital by : Ian Alexander
Download or read book A Few Things Transport Regulators Should Know About Risk and the Cost of Capital written by Ian Alexander and published by . This book was released on 2016 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: A methodology for measuring the cost of capital, calculating the measure of market risk, and estimating the impact of various regulatory regimes on market risk in the transport sector.In reviewing contracts, establishing price limits, or arbitrating conflicts, regulatory agencies and policy advisors face significant information asymmetry in determining the appropriate allowed rate of return, or discount rate. The information gap is especially important in determining the degree of market risk - often a critical component of the cost of capital demanded by operators.Alexander, Estache, and Oliveri consider various methodological problems in the transport sector in establishing the link between regulatory regime and degree of market risk. The results of quantitative studies confirm that even for the transport sector - where there is intermodal competition and where contracts are often shorter and regulatory decisions may be less pressing than for utilities - the choice of regulatory regime greatly affects the degree of market risk a company faces. This has important implications for regulatory agencies and actions.When a regulatory agency undertakes a price review, or when issues arise about concession contracts, it is important that regulators assess correctly the required rate of return and cost of capital. They must also assess correctly the level of risk, which affects the required rate of return and the cost of capital.Most regulators in developing countries have a problem: The regulated companies are unquoted or undertake many activities for a range of industries and even sectors. For them this methodology for measuring the cost of capital, calculating the measure of market risk, and estimating the impact of various regulatory regimes on market risk may be useful.This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation.
Book Synopsis Regulatory Risk: Economic Principles and Applications to Natural Gas Pipelines and Other Industries by : A. Lawrence Kolbe
Download or read book Regulatory Risk: Economic Principles and Applications to Natural Gas Pipelines and Other Industries written by A. Lawrence Kolbe and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is common to assert that utility investors are compensated in the allowed rate of return for the risk of large disallowances, such as arise for investments found imprudent or not `used and useful'. However, this book develops a new theory of asymmetric regulatory risk that shows that infallible estimates of the cost of capital are sure to provide downward-biased estimates of the necessary allowed rates of return in the presence of such regulatory risks. The book uses the new theory of regulatory risk to understand recent developments in the risk of natural gas pipelines and other regulated industries.
Author :United States. General Accounting Office. General Government Division Publisher : ISBN 13 : Total Pages :196 pages Book Rating :4.3/5 ( download)
Book Synopsis Risked-based Capital by : United States. General Accounting Office. General Government Division
Download or read book Risked-based Capital written by United States. General Accounting Office. General Government Division and published by . This book was released on 1998 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulatory risk and the cost of capìtal by : Burkhard Pedell
Download or read book Regulatory risk and the cost of capìtal written by Burkhard Pedell and published by . This book was released on 2010 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt:
