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Risk and Capital Structure in the Regulated Firm 总被引:1,自引:0,他引:1
This paper studies the role of capital structure in a regulated firm. We show that it affects the prices set by the regulator, the expected price being lower the higher the proportion of debt finance. However, when debt is increased beyond a certain level, the benefit of lower expected prices is offset by their increased variability. We also study the socially preferred capital structure. This is such that consumers carry some risk, in the form of higher prices in adverse economic conditions. 相似文献
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Clive J Stones 《Review of Industrial Organization》2007,30(2):139-159
This paper considers the relationship between the regulator’s pricing decision and the allocation of risk between consumers
and shareholders. Consumers are willing to trade-off price variations against a lower expected price. Prices are higher in
adverse economic conditions, but shareholder returns are not necessarily lower. It might be optimal to insure shareholders
against market risk, so that consumers could thereby achieve a lower expected price. The allocation of risk between consumers
and shareholders depends on the capital structure of the regulated firm, and a very special set of conditions must apply for
the social optimum to be 100% debt finance with the firm operating on a ‘not-for-profit’ basis.
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