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THE EFFECT OF RATE CASES ON PUBLIC UTILITY STOCK RETURNS |
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| Authors: | Wallace N. Davidson |
| Abstract: | Public utility rate cases are economic events because they affect the intrinsic value of the utility. This paper examines the effect of rate cases on public utility stock returns. “Average” rate cases do not appear to affect the utilities' value, but “above-average” and “below-average” settlements cause positive or negative adjustments, respectively. |
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