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| Tekijä: | Butler, M. R. McNertney, E. M. |
| Otsikko: | Election returns as a signal of changing regulatory climate. |
| Lehti: | Energy Economics
1991 : JAN, VOL. 13:1, p. 48-54 |
| Asiasana: | STOCK MARKETS UTILITY ASSESSMENT ELECTRICITY |
| Kieli: | eng |
| Tiivistelmä: | The effects of changes in the regulatory climate on expected future profitability of regulated electric utilities is considered. While previous researches have examined the determinants of investor perceptions of regulatory climate, the effect that the method of commissioner selection in particular has on regulatory climate, and the effects of regulations on the cost of capital of the regulated firm, in this paper the importance of regulatory climate is investigated by examining the stock market performance of regulated electric utilities at the time of an unanticipated change of regulatory environment. The results indicate that an adverse change in the regulation resulted in negative abnormal returns to utilities. |
SCIMA