全球智库信息集成服务系统(G2TT): DP7088 Toc 'n' Roll: Bargaining, Service Quality and Specificity in the UK Railway Network

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7088
	DP7088 Toc 'n' Roll: Bargaining, Service Quality and Specificity in the UK Railway Network
	Gianni De Fraja; Piercarlo Zanchettin; Emanuela Michetti
发表日期	2008-12-23
出版年	2008
语种	英语
摘要	We construct a comprehensive panel data of 92 publicly traded European utilities over the period 1994-2005 in order to study the relationship between capital structure, regulated prices, and firm value, and examine if and how this interaction is affected by ownership structure and regulatory independence. We show that regulated firms in our sample tend to have a higher leverage if they are privately-controlled and if they are regulated by an independent regulatory agency. Moreover, we find that the leverage of these firms has a positive and significant effect on their regulated prices, but not vice versa, and it also has a positive and significant effect on their market values. Our results are consistent with the theory that privately-controlled firms use leverage strategically to shield themselves against regulatory opportunism.
主题	Financial Economics ; Industrial Organization
关键词	Capital structure Leverage Private and state ownership Regulated utilities Regulatory agencies Regulatory independence
URL	https://cepr.org/publications/dp7088
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/535925
推荐引用方式 GB/T 7714	Gianni De Fraja,Piercarlo Zanchettin,Emanuela Michetti. DP7088 Toc 'n' Roll: Bargaining, Service Quality and Specificity in the UK Railway Network. 2008.