Regulation Effects on Company Beta Components

Article Abstract:

A model is presented to analyze the impact of regulation on corporate risk. Findings show that the stricter the regulation, the more a firm's abnormal returns are likely to turn negative. England's electric utility industry is used as an illustration.

Electric Utilities, Electric Power Generation, Transmission and Distribution, Financial management, Electric services, England, Economic aspects, Finance, Risk (Economics), Industry regulations, Government regulation of business, Company financing

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Stochastic Unit Roots in the Capital Asset Pricing Model?

Article Abstract:

The article presents evidence for a stochastic unit root rather than a standard fixed unit root as a proxy for the risk-free interest rate in the U.S. The method is also applied to the capital asset pricing model.

Interest Rates, Methods, Stochastic analysis, Capital assets pricing model, Capital asset pricing model, Roots, Numerical, Numerical roots

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On the Equivalence of Two Concepts of Returns to Scale

Article Abstract:

Strict global versions of concepts of returns to scale were found to vary, while weak global versions were found to be equivalent. Implications are discussed.

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