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The Determinants Of Systematic Risk And The Cost Of Capital For The Regulated Electric Utility Industry
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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 The Determinants of systematic risk and the cost of capital for the regulated electric utility industry by : Bruce Edward Stangle
Download or read book The Determinants of systematic risk and the cost of capital for the regulated electric utility industry written by Bruce Edward Stangle and published by . This book was released on 1976 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Determinants of Systematic Risk and the Cost of Capital for the Regulated Electric Utility Industry... by : Stangle Edward
Download or read book The Determinants of Systematic Risk and the Cost of Capital for the Regulated Electric Utility Industry... written by Stangle Edward and published by Hardpress Publishing. This book was released on 2013-12 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.
Book Synopsis DETERMINANTS OF SYSTEMATIC RISK AND THE COST OF CAPITAL FOR THE REGULATED ELECTRIC UTILITY... INDUSTRY. by : BRUCE EDWARD. STANGLE
Download or read book DETERMINANTS OF SYSTEMATIC RISK AND THE COST OF CAPITAL FOR THE REGULATED ELECTRIC UTILITY... INDUSTRY. written by BRUCE EDWARD. STANGLE and published by . This book was released on 2019 with total page 0 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 Regulation and Electric Utility Risk and Performance by : Janet G. Hamilton
Download or read book Regulation and Electric Utility Risk and Performance written by Janet G. Hamilton and published by . This book was released on 1986 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Business Risk and Financial Policy in the Electric Utility Industry by : Jeffrey Roller Williams
Download or read book Business Risk and Financial Policy in the Electric Utility Industry written by Jeffrey Roller Williams and published by . This book was released on 1995 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 The Dimming of America by : Peter Navarro
Download or read book The Dimming of America written by Peter Navarro and published by . This book was released on 1985 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Analysis of the Estimates of the Cost of Equity Capital by : Ashvin Pranlal Vibhakar
Download or read book An Empirical Analysis of the Estimates of the Cost of Equity Capital written by Ashvin Pranlal Vibhakar and published by . This book was released on 1980 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Multi-dimensional Risk and Investment Return in the Energy Sector by : Peter Rabensteiner
Download or read book Multi-dimensional Risk and Investment Return in the Energy Sector written by Peter Rabensteiner and published by Haupt Verlag AG. This book was released on 2013 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Die vorliegende Dissertation untersucht die kapitalbezogenen Aspekte von Investitionen im regulierten Energiesektor, wobei der Fokus auf dem elektrischen Übertragungsnetz liegt. Eine grundlegende Prämisse ist hierbei die "Endogenität des Risikos," wonach das Risikoprofil einer regulierten Investition von den Spezifikationen des regulatorischen Marktdesigns abhängt, durch welches stochastische Kosten und Einnahmen unter den beteiligten Stakeholdern - den Investoren, Konsumenten und Steuerzahlern - aufgeteilt werden. Das übergreifende Konzept ist ein multidimensionales regulatorisches Risiko-Framework, welches eine systematische Beurteilung des Einflusses von stochastischen Risiken auf den Marktwert und Cashflow von regulierten Unternehmen ermöglicht. Gemäss den Dimensionen des Risiko-Frameworks werden die einzelnen Risiken nach ihren systematischen und symmetrischen Eigenschaften sowie nach deren finanziellen Auswirkungen auf das regulierte Unternehmen charakterisiert. Auf Grundlage der konzeptionellen Aufarbeitung und einer umfassenden bibliografischen Übersicht über die vorhandene wissenschaftliche Literatur werden neue Forschungsansätze entwickelt, welche sich mit den identifizierten analytischen und empirischen Forschungslücken befassen: Erstens erlaubt eine kapitalmarktbasierte Kennzahl für das implizierte systematische Risiko, welches auf Basis fundamentaler Bewertungsmodelle und Marktpreise errechnet werden kann, eine robuste Schätzung der Kapitalkosten von börsennotierten Übertragungsfirmen. Eine auf diesem Ansatz beruhende Anpassung der erlaubten Rendite könnte ein wertvolles selbstkorrigierendes Instrumentarium für Regulatoren darstellen. Zweitens ergibt die Analyse einer hypothetischen grenzüberschreitenden Übertragungsleitung zwischen Polen und Österreich, welche aufgrund stündlicher Spotpreise an den jeweiligen Strombörsen durchgeführt wurde, eine Schätzung des systematischen Risikos nahe Nul.
Book Synopsis Cost of Capital and Regulatory Effectiveness in the Electric Utility Industry by : Michael Alan Zimmer
Download or read book Cost of Capital and Regulatory Effectiveness in the Electric Utility Industry written by Michael Alan Zimmer and published by . This book was released on 1977 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fundamental Determinants of Systematic Risk in Electric Utility Firms by : Dan J. Cohrs
Download or read book Fundamental Determinants of Systematic Risk in Electric Utility Firms written by Dan J. Cohrs and published by . This book was released on 1983 with total page 62 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 The Effects of Regulatory Policy on the Cost of Equity Capital and the Value of Equity in the Electric Utility Industry by : Alix Elaine Werth
Download or read book The Effects of Regulatory Policy on the Cost of Equity Capital and the Value of Equity in the Electric Utility Industry written by Alix Elaine Werth and published by . This book was released on 1980 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Cost of Capital for Utilities by : Vishwanath Ramanna
Download or read book Cost of Capital for Utilities written by Vishwanath Ramanna and published by . This book was released on 2008 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: While reforms in utility industries have encouraged competition, the continued existence of monopoly power in parts of those industries has left a residual need for some form of prices regulation. Infrastructure industries such as telecommunications and electricity are examples where there can be such a residual need for regulation. With regulation now very much focused on pricing of key bottleneck facilities, the success of prices regulation will be an important determinant of investment in infrastructure sectors, with implications for economic growth more generally.The determination of cost of capital for utilities for the purpose of price regulation has always been a contentious issue. In this paper we survey the issues in the determination of capital for utilities, especially when the economy is dominated by public sector undertakings that are unlisted. We also present a survey of practices around the world.
Book Synopsis An Empirical Investigation of the Electric Utility Industry as an Equivalent Risk Class for Estimating the Cost of Equity Capital by : Wilfred Jerome Bibbins
Download or read book An Empirical Investigation of the Electric Utility Industry as an Equivalent Risk Class for Estimating the Cost of Equity Capital written by Wilfred Jerome Bibbins and published by . This book was released on 1981 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
