Catalogo Articoli (Spogli Riviste)

OPAC HELP

Titolo:
Technology choice and capital structure under rate regulation: a comment
Autore:
Kuhn, KU;
Indirizzi:
Univ Michigan, Dept Econ, Ann Arbor, MI 48109 USA Univ Michigan Ann ArborMI USA 48109 , Dept Econ, Ann Arbor, MI 48109 USA CSIC, Inst Anal Econ, Barcelona, Spain CSIC Barcelona SpainCSIC, Inst Anal Econ, Barcelona, Spain CEPR, London, England CEPR London EnglandCEPR, London, England
Titolo Testata:
INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION
fascicolo: 2, volume: 20, anno: 2002,
pagine: 269 - 278
SICI:
0167-7187(200202)20:2<269:TCACSU>2.0.ZU;2-Z
Fonte:
ISI
Lingua:
ENG
Keywords:
rate regulations; technology choice; capital structure; goldplating;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
Citazioni:
3
Recensione:
Indirizzi per estratti:
Indirizzo: Kuhn, KU Univ Michigan, Dept Econ, 611 Tappan St,258 Lorch Hall, Ann Arbor, MI 48109 USA Univ Michigan 611 Tappan St,258 Lorch Hall Ann Arbor MI USA 48109
Citazione:
K.U. Kuhn, "Technology choice and capital structure under rate regulation: a comment", INT J IND O, 20(2), 2002, pp. 269-278

Abstract

This note identifies and corrects some problems in the analysis of Spiegel[International Journal of Industrial Organization 15 (1997) 191]. In particular, it is shown that equity-only regulated firms will want to choose cost structures with strictly positive fixed costs to induce the regulator to set prices that give strictly positive expected returns. Inefficient technology choice is a costly substitute for taking up debt in the Spiegel and Spulber [Rand Journal of Economics 25 (1994) 424] model. Regulatory opportunism may induce both the choice of inefficiently high fixed cost and inefficiently high marginal cost technologies. Contrary to Spiegel [International Journal of Industrial Organization 15 (1997) 191] this implies that the introduction of debt may lead to the choice of technologies with higher or lower fixed costs depending on the available set of technologies. (C) 2002 Elsevier Science B.V. All rights reserved.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 31/03/20 alle ore 10:26:51