Lecture Notes in Economics and Mathematical Systems

Price Regulation and Risk

The Impact of Regulation System Shifts on Risk Components

Authors: Hierzenberger, Michael

  • Important and up-to-date topic
  • International secondary analysis
  • Detailed primary study
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About this book

Natural monopolies are not subject to the market-based principle of competition. Consequently, it is necessary to control companies in such monopoly positions with regard to their pricing. In the future, it will become more and more important to consider a possible change in the regulation regime when the future-oriented costs of equity - both in terms of price regulation and for conducting capital market-oriented business valuations - are to be determined. Based on the principal-agent problem, the book explains this topic. The effect of a change in the regulation regime is presented in the form of two studies: an international secondary analysis of the effects on cost of equity based on event studies of the Anglo-Saxon area and a primary analysis based on the Austrian regulation policy for electricity and gas supply systems. The two studies arrive at similar results: The change from a rate-of-return regulation to incentive regulation systems leads to a significant increase in systematic risk.

Table of contents (6 chapters)

  • Introduction

    Hierzenberger, Michael

    Pages 1-3

  • Capital Market-Based Calculation of the Cost of Equity

    Hierzenberger, Michael

    Pages 5-28

  • Methods of Price Regulation

    Hierzenberger, Michael

    Pages 29-44

  • Empirical Secondary Data Analysis

    Hierzenberger, Michael

    Pages 45-65

  • The Primary Empirical Study

    Hierzenberger, Michael

    Pages 67-130

Buy this book

eBook $89.00
price for USA (gross)
  • ISBN 978-3-642-12047-3
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $119.00
price for USA
  • ISBN 978-3-642-12046-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Price Regulation and Risk
Book Subtitle
The Impact of Regulation System Shifts on Risk Components
Authors
Series Title
Lecture Notes in Economics and Mathematical Systems
Series Volume
641
Copyright
2010
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-642-12047-3
DOI
10.1007/978-3-642-12047-3
Softcover ISBN
978-3-642-12046-6
Series ISSN
0075-8442
Edition Number
1
Number of Pages
X, 180
Number of Illustrations and Tables
14 b/w illustrations
Topics