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Some Determinants of Allowed Rates of Return on Equity to Electric Utilities

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Author Info
Robert L. Hagerman
Brian T. Ratchford
Abstract

Using a variance components model, this paper examines the economic and political variables that may affect the rate of return on equity allowed electric utilities. The evidence indicates that both the risk and the size of the firm are positively related to the allowed return on equity. The use of book value in determining the rate base and the term of commissioners were also positively related to the allowed return. The compensation of the commissioners and whether they were elected or appointed were not related to the allowed return.

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File URL: http://links.jstor.org/sici?sici=0361-915X%28197821%299%3A1%3C46%3ASDOARO%3E2.0.CO%3B2-6&origin=repec
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Publisher Info
Article provided by The RAND Corporation in its journal Bell Journal of Economics.

Volume (Year): 9 (1978)
Issue (Month): 1 (Spring)
Pages: 46-55
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Handle: RePEc:rje:bellje:v:9:y:1978:i:spring:p:46-55

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  1. Strauss, Jason, 2007. "Price Regulation, Market Exit, and Financial Leverage of Canadian Property-Liability Insurers," MPRA Paper 11212, University Library of Munich, Germany, revised 28 Oct 2008. [Downloadable!]
  2. Paul L. Joskow & Nancy L. Rose & Catherin D. Wolfram, 1994. "Political Constraints on Executive Compensation: Evidence from the Electric Utility Industry," NBER Working Papers 4980, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. David P. Baron, 1978. "Price Regulation, Quality, and Asymmetric Information," Discussion Papers 359, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  4. Strauss, Jason David, 2008. "The financial leverage of Insurers subject to price regulation: evidence from Canada," MPRA Paper 10845, University Library of Munich, Germany. [Downloadable!]
  5. Troy Quast, 2008. "Do elected public utility commissioners behave more politically than appointed ones?," Journal of Regulatory Economics, Springer, vol. 33(3), pages 318-337, June. [Downloadable!] (restricted)
    Other versions:
  6. David P. Baron & Raymond R. De Bondt, 1980. "Factor Price Changes," Discussion Papers 417, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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