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Skewness Of Returns For Regulated Utilities Impact On The Use Of The Capm For Regulatory Rate Setting
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Book Synopsis Skewness of Returns for Regulated Utilities Impact on the Use of the CAPM for Regulatory Rate-setting by : M. Christie McManus
Download or read book Skewness of Returns for Regulated Utilities Impact on the Use of the CAPM for Regulatory Rate-setting written by M. Christie McManus and published by . This book was released on 1985 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Capital Asset Pricing Model is a two-parameter model used to determine required return for investments. Its use is increasing among regulatory agencies in the rate-setting process for utilities. Since the model depends on only two parameters of the distribution of returns, normality of the distribution is assumed. However this assumption has been disproved by several researchers. Security returns, instead, have been shown to have positive skewness. Other researchers have found evidence of an investor preference for positive skewness in security returns which is not taken into account by the Capital Asset Pricing Model. On the other hand, it has been suggested but not empirically tested that returns of regulated utilities may be skewed to the left by the regulatory process. While gains are limited by the regulatory agency, some losses are not and the risk of such losses has increased in recent years. If returns for regulated utilities are skewed to the left while returns for the market as a whole are skewed to the right and if investors show a preference for this positive skewness the Capital Asset Pricing Model will produce a lower rate than appropriate. This will impair the ability of utilities to raise equity financing and lead to higher debt levels. This study measures whether there is a difference between the returns of regulated utilities and the market as a whole which cannot be captured by the covariance between the two and thus is not accounted for by the CAPM. Annual returns over a five-year period for a sample of regulated utilities and a control group of industrials were used. positive skewness. The results indicate that the returns of the control group of industrials are significantly positively skewed. The utility returns show slight positive skewness but a normal distribution was not rejected. The evidence suggests that the two distributions differ significantly in the degree of skewness though not in the direction. these results suggest that utilities may require higher rates of return than predicted by the Capital Asset Pricing Model"--Document.
Book Synopsis The Setting of Allowed Rates of Return for Public Utilities (Classic Reprint) by : Stavros B. Thomadakis
Download or read book The Setting of Allowed Rates of Return for Public Utilities (Classic Reprint) written by Stavros B. Thomadakis and published by Forgotten Books. This book was released on 2018-02-02 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Setting of Allowed Rates of Return for Public Utilities Regulation of public utilities usually involves the setting of maximum overall rates of return which the firms are allowed to earn. These rates are normally applied on some measure of the firm's rate base which is also deter mined by the regulators. Normally the rate base is some variant of the firm's book value. Through court decisions general standards have devel oped as to the spirit of regulation. The return allowed must be sufficient to attract capital in the market. It must be commensurate to returns enjoyed by firms which face corres ponding risks. The meaning of these general notions to the economist is fairly clear. Returns allowed must somehow reflect the opportunity costs of capital. (2) 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 Rate of Return Under Regulation by : Harry Martin Trebing
Download or read book Rate of Return Under Regulation written by Harry Martin Trebing and published by . This book was released on 1969 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cover title.
Book Synopsis Towards a Reconciliation of the Comparable Earnings, DCF and CAPM Approaches to Public Utility Rate Regulation by : Charles M. Linke
Download or read book Towards a Reconciliation of the Comparable Earnings, DCF and CAPM Approaches to Public Utility Rate Regulation written by Charles M. Linke and published by . This book was released on 1979 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Rate of Return Regulation on Input Demand in the Electric Utility Industry by : Alan Jay Marcus
Download or read book The Impact of Rate of Return Regulation on Input Demand in the Electric Utility Industry written by Alan Jay Marcus and published by . This book was released on 1979 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Inflation Accounting on Rate of Return Regulation of Public Utilities by : Theresa McLaughlin Stone
Download or read book The Impact of Inflation Accounting on Rate of Return Regulation of Public Utilities written by Theresa McLaughlin Stone and published by . This book was released on 1976 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Valuation Problem in Public Utilities Regulation ... by : Lawyers Co-operative Publishing Company
Download or read book The Valuation Problem in Public Utilities Regulation ... written by Lawyers Co-operative Publishing Company and published by . This book was released on 1914 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rate of Return Regulation and Operating Efficiency in Regulated Firms by : Stanford University. Energy Modeling Forum
Download or read book Rate of Return Regulation and Operating Efficiency in Regulated Firms written by Stanford University. Energy Modeling Forum and published by . This book was released on 1984 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Fixed "rate of Return" on Utilities by : Henry I. Lea
Download or read book The Fixed "rate of Return" on Utilities written by Henry I. Lea and published by . This book was released on 1914 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Towards a Reconciliation of the Comparable Earnings, DCF and CAPM Approaches to Public Utility Rate Regulation by :
Download or read book Towards a Reconciliation of the Comparable Earnings, DCF and CAPM Approaches to Public Utility Rate Regulation written by and published by . This book was released on 1979 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Fair Rate of Return in Public Utility Regulation by : Nelson Lee Smith
Download or read book The Fair Rate of Return in Public Utility Regulation written by Nelson Lee Smith and published by . This book was released on 1932 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Economic Analysis of the Influence of Public Regulatory Commissions on Electric Rates by : Josef M. Broder
Download or read book An Economic Analysis of the Influence of Public Regulatory Commissions on Electric Rates written by Josef M. Broder and published by . This book was released on 1988 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ruling Principles of Utility Regulation by : Ellsworth Nicols
Download or read book Ruling Principles of Utility Regulation written by Ellsworth Nicols and published by . This book was released on 1955 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulatory Bias in Establishing Fair Rates of Return for Electric Public Utilities by : James William Fay
Download or read book Regulatory Bias in Establishing Fair Rates of Return for Electric Public Utilities written by James William Fay and published by . This book was released on 1981 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Cost of Capital by : Cleveland S. Patterson
Download or read book The Cost of Capital written by Cleveland S. Patterson and published by Bloomsbury Publishing USA. This book was released on 1995-04-30 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Knowledge about the magnitude of the cost of capital invested in an asset and its determinants is essential for the analysis of corporate investment decisions and for assessing profitability. This book provides a clear conceptual understanding of the cost of capital, the characteristics of an asset that influence it, and a critical, comprehensive, and up-to-date evaluation of practical means for estimating its magnitude. It is intended primarily for use by professional managers, but will also be valuable to future managers in advanced capital budgeting courses. The focus of the discussion is on estimation methods that are theoretically sound and consistent with a corporate goal of value creation. Three methods are analyzed in depth: the discounted cash flow model, the capital asset pricing model, and arbitrage pricing theory. For each method, the basic theory is set out in a nontechnical manner and empirical evidence in support of the model is critically reviewed. The bulk of the discussion then focuses on practical means for implementing the methods for decision-making purposes. Later chapters focus on the effects of the debt-supporting characteristics of assets, on the valuation of options embedded in securities, and on the estimation of the cost of capital for evaluating international investments. The final chapter discusses certain aspects of the use of cost of capital in public utility regulation. Care is taken to separate out key issues from more peripheral material through a comprehensive set of supplementary notes.
Book Synopsis Ruling Principles of Utility Regulation by : Ellsworth Nichols
Download or read book Ruling Principles of Utility Regulation written by Ellsworth Nichols and published by . This book was released on 1955 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt:
