Regulatory Risk Economic Principles And Applications To Natural Gas Pipelines And Other Industries

Author : A. Lawrence Kolbe,William B. Tye,Stewart C. Myers
Publisher : Springer Science & Business Media
Page : 357 pages
File Size : 42,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461532347

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Regulatory Risk: Economic Principles and Applications to Natural Gas Pipelines and Other Industries by A. Lawrence Kolbe,William B. Tye,Stewart C. Myers Pdf

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 : Robert L. Mansell,Jeffrey R. Church
Publisher : Calgary : Van Horne Institute for International Transportation and Regulatory Affairs, University of Calgary
Page : 204 pages
File Size : 54,9 Mb
Release : 1995
Category : Technology & Engineering
ISBN : NWU:35556028259596

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Traditional and Incentive Regulation by Robert L. Mansell,Jeffrey R. Church Pdf

This book arrives at a time when further changes in the regulatory arena are being considered in response to the ongoing evolution of the Canadian natural gas industry. Greater efficiency in all aspects of gas supply, transmission and distribution is critical, and this has generally sharpened the focus of regulation on efficiency issues. This study sets out regulatory fundamentals and traditional regimes, and examines some of the main alternatives concerning the regulation of major gas pipelines in Canada. It draws on regulatory changes and experiments with respect to other sectors, such as telecommunications and electricity, as well as the pipeline sector in other jurisdictions. The study should be of great interest to regulated companies in gas transmission and distribution, oil pipelines, oil and gas producers, regulators, governments, and academics. Because of its generic nature, it should also be of interest to individuals involved in the regulation of other utilities.The Van Horne Institute for International Transportation and Regulatory Affairs is a not-for-profit organisation, established in 1992, headquartered in Calgary, Alberta, and affiliated with The University of Calgary. The Institute has been established to address important transportation and related regulatory issues such as legislation, taxes, subsidies, technology and economics, and is funded through memberships and fees for services.

Author : Burkhard Pedell
Publisher : Springer Science & Business Media
Page : 226 pages
File Size : 50,6 Mb
Release : 2006-04-20
Category : Business & Economics
ISBN : 9783540308027

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Regulatory Risk and the Cost of Capital by Burkhard Pedell Pdf

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.

Author : Bente Villadsen,Michael J. Vilbert,Dan Harris,Lawrence Kolbe
Publisher : Academic Press
Page : 354 pages
File Size : 43,5 Mb
Release : 2017-04-27
Category : Business & Economics
ISBN : 9780128125885

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Risk and Return for Regulated Industries by Bente Villadsen,Michael J. Vilbert,Dan Harris,Lawrence Kolbe Pdf

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

Author : Timothy Irwin
Publisher : World Bank Publications
Page : 176 pages
File Size : 52,5 Mb
Release : 1997
Category : Business & Economics
ISBN : 0821340301

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Dealing with Public Risk in Private Infrastructure by Timothy Irwin Pdf

Many infrastructure privatizations still leave governments—and thus taxpayers—exposed to significant financial risks. This book examines these risks and considers how governments should respond to investors' requests for guarantees and other forms of government support. The report examines how governments can decide which risks to bear and which to avoid, how they can reduce the risks that private investors face without giving guarantees, and how they can measure, budget, and account for the risks they do take on.

Author : Anonim
Publisher : Psychology Press
Page : 660 pages
File Size : 40,8 Mb
Release : 1994
Category : Business & Economics
ISBN : 0415111471

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IBSS: Economics: 1993 Vol 42 by Anonim Pdf

This bibliography lists the most important works published in economics in 1993. Renowned for its international coverage and rigorous selection procedures, the IBSS provides researchers and librarians with the most comprehensive and scholarly bibliographic service available in the social sciences. The IBSS is compiled by the British Library of Political and Economic Science at the London School of Economics, one of the world's leading social science institutions. Published annually, the IBSS is available in four subject areas: anthropology, economics, political science and sociology.

Author : Cleveland S. Patterson
Publisher : Bloomsbury Publishing USA
Page : 342 pages
File Size : 40,6 Mb
Release : 1995-04-30
Category : Business & Economics
ISBN : 9780313035715

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The Cost of Capital by Cleveland S. Patterson Pdf

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.

Author : Nina Bubnova
Publisher : World Bank Publications
Page : 100 pages
File Size : 52,6 Mb
Release : 2000
Category : Business & Economics
ISBN : 0821348183

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Governance Impact on Private Investment by Nina Bubnova Pdf

During the last decade, infrastructure finance and provision graduated from traditional means to more innovative ones, primarily initiated by private companies and supported through their equity and debt. Capital markets increasingly became the main funding source for infrastructure projects worldwide, including investments in developing and transition countries where infrastructure penetration still falls considerably short of needs. Infrastructure bonds served as the most popular method of oil, gas, electricity, telecommunications, and transport project financing in these countries throughout 1990-99, thereby substituting government funding. Using an innovative methodological approach, 'Governance Impact on Private Investment' provides a thorough examination of the effect that governance frameworks, both political and regulatory, have on investors' risk perceptions and on associated costs for infrastructure financing. It identifies those political and regulatory risks that most concern investors. It offers a unique comparative analysis of developed and emerging infrastructure bond markets. The analysis demonstrates how the factors that drive infrastructure finance in the two country groups differ, which helps to identify the policy implications of these factors.

Author : J. Gregory Sidak,Daniel F. Spulber
Publisher : Cambridge University Press
Page : 654 pages
File Size : 54,7 Mb
Release : 1997-11-28
Category : Business & Economics
ISBN : 0521591597

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Deregulatory Takings and the Regulatory Contract by J. Gregory Sidak,Daniel F. Spulber Pdf

This 1998 book addresses deregulatory policies termed 'deregulatory takings' that threaten private property in network industries without compensation.

Author : Peter Rabensteiner
Publisher : Haupt Verlag AG
Page : 194 pages
File Size : 40,6 Mb
Release : 2013
Category : Electric utilities
ISBN : 9783258078052

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Multi-dimensional Risk and Investment Return in the Energy Sector by Peter Rabensteiner Pdf

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.

Author : Russel Cooper,Gary Madden,Ashley Lloyd,Michael Schipp
Publisher : Springer Science & Business Media
Page : 267 pages
File Size : 48,5 Mb
Release : 2006-07-25
Category : Business & Economics
ISBN : 9783790817072

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The Economics of Online Markets and ICT Networks by Russel Cooper,Gary Madden,Ashley Lloyd,Michael Schipp Pdf

This volume examines the economics of platform structure and firm competition within and between online markets. It also details modern theoretical treatments of regulatory intervention in online markets and the consideration of forward-looking experimental analysis of demand for yet to be provided services. The volume is divided into three parts: innovation and competition in online markets; regulation, pricing and evaluation with real options; and empirical approaches to market analysis.

Author : Michael A. Crew,Paul R. Kleindorfer
Publisher : Edward Elgar Publishing
Page : 413 pages
File Size : 52,9 Mb
Release : 2008-01-01
Category : Political Science
ISBN : 9781847209955

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Competition and Regulation in the Postal and Delivery Sector by Michael A. Crew,Paul R. Kleindorfer Pdf

Worldwide, postal and delivery economics has attracted considerable interest. Numerous questions have arisen, including the role of regulation, funding the Universal Service Obligation, postal reform in Europe, Asia and North America, the future of national postal operators, demand and pricing strategies, and the principles that should govern the introduction of competition. Collected here are responses to these questions in the form of 24 essays written by researchers, practitioners, and senior managers from throughout the world. This volume will have a broad appeal, with an audience ranging from practitioners in the express and delivery industry, national Postal Operators and managers, to economists, regulators, competition lawyers, marketers, scholars in economic regulation, and institutional libraries.

Author : Matthew E. Oliver,Charles F. Mason
Publisher : Unknown
Page : 128 pages
File Size : 53,9 Mb
Release : 2018
Category : Electronic
ISBN : 1680834533

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Natural Gas Pipeline Regulation in the United States by Matthew E. Oliver,Charles F. Mason Pdf

Author : Peter Brusov,Tatiana Filatova,Natali Orekhova
Publisher : Springer Nature
Page : 786 pages
File Size : 47,9 Mb
Release : 2023-06-18
Category : Business & Economics
ISBN : 9783031279294

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The Brusov–Filatova–Orekhova Theory of Capital Structure by Peter Brusov,Tatiana Filatova,Natali Orekhova Pdf

The book introduces and discusses the modern theory of the cost of capital and capital structure - the BFO theory (Brusov-Filatova-Orekhova theory), which is valid for companies of arbitrary age and which replaced the theory of Nobel laureates Modigliani and Miller. The theory takes into account the conditions faced by companies operating in the real economy, such as revenue fluctuations; the arbitrary frequency of tax on profit payments (monthly, quarterly, semi-annual or annual payments), both for advance income tax payments and for payments at the end of the respective period; and the arbitrary frequency of interest on loans payments. The impact of these conditions on the company value, on the cost of raising capital, on the company's dividend policy and managerial decisions are discussed. The book subsequently develops new applications of the BFO theory in several areas such as corporate finance, corporate governance, investments, taxation, business valuations and ratings.

Author : Anonim
Publisher : Unknown
Page : 148 pages
File Size : 52,8 Mb
Release : 1995
Category : Transportation
ISBN : NWU:35556025734211

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Journal of the Transportation Research Forum by Anonim Pdf