Do control rights determine the optimal extension of liability to investors? The case of environmental policy for minesSpringer Science and Business Media LLC - Tập 48 - Trang 26-52 - 2015
Ben White
Using a Pigovian tax to provide incentives for mine rehabilitation may be ineffective if limited liability, (judgement-proof) firms can declare themselves bankrupt to avoid the tax and rehabilitation costs. This paper introduces a model of environmental policy for mining that accounts for bankruptcy risk, profit risk, and a mobilization cost that applies if, following bankruptcy, rehabilitation is...... hiện toàn bộ
Deregulation, competition, and the network size in the market for telecommunication servicesSpringer Science and Business Media LLC - Tập 6 - Trang 283-296 - 1994
Benjamin Bental, Menahem Spiegel
This paper analyzes the networking aspect in telecommunication services and the recent divestiture and increased competitiveness of the industry. The product considered is the right to access the network. The utility of a consumer from having access to a network depends on the network's quality, defined by the number of other local and long-distance consumers which can be reached. Network services...... hiện toàn bộ
Assessing the Impact of FCC Lifeline and Link-Up Programs on Telephone PenetrationSpringer Science and Business Media LLC - - 1997
Christopher Garbacz, Herbert G. Thompson
Lifeline programs sponsored by the Federal Communications Commission (FCC) in cooperation with the states and Local Exchange Companies (LECs) are authorized to increase telephone penetration. Estimates of a variant of Perl's (1983) economic model with 1990 Census Data broken to the state level indicate that expenditures on these programs have a positive statistical effect on telephone penetration ...... hiện toàn bộ
Health insurance mandates in a model with consumer bankruptcySpringer Science and Business Media LLC - Tập 50 - Trang 233-250 - 2016
Gilad Sorek, David Benjamin
We study insurance take-up choices by consumers who face medical expense risk and who know they can default on medical bills by filing for bankruptcy. For a given bankruptcy system, we explore the total and distributional welfare effects of health insurance mandates compared with the pre-mandate market equilibrium. We consider different combinations of premium subsidies and out-of-insurance penalt...... hiện toàn bộ
Voluntary climate action and credible regulatory threat: evidence from the carbon disclosure projectSpringer Science and Business Media LLC - Tập 56 - Trang 188-225 - 2019
Lily Hsueh
This paper examines the role that the U.S. Environmental Protection Agency’s introduction of the Clean Power Plan played in voluntary carbon disclosure by the Global 500 firms during 2011–2015. Results from difference-in-difference-in-differences estimators nested in a two-stage endogenous binary-variable model—which accounts for the correlation between a firm’s participation and intensity of part...... hiện toàn bộ
The Impact of Stranded-Cost Risk on Required Rates of Return for Electric Utilities: Theory and an ExampleSpringer Science and Business Media LLC - Tập 13 - Trang 255-276 - 1998
A. Lawrence Kolbe, Lynda S. Borucki
The impact of a proposal to deregulate electric generation on the required rate of return for a utility can be inferred from the proposal's impact on the utility's dividend yield, given some admittedly strong assumptions about risk timing and related matters. We use the case of the April, 1994 California "Blue Book" to demonstrate that even modest changes in the dividend yield can signal large cha...... hiện toàn bộ
Toward a combined merchant-regulatory mechanism for electricity transmission expansionSpringer Science and Business Media LLC - Tập 38 - Trang 113-143 - 2010
William Hogan, Juan Rosellón, Ingo Vogelsang
Electricity transmission pricing and transmission grid expansion have received increasing attention in recent years. There are two disparate approaches to transmission investment: one employs the theory based on long-run financial rights (LTFTR) to transmission (merchant approach), while the other is based on the incentive-regulation hypothesis (regulatory approach). In this paper we consider the ...... hiện toàn bộ