Regulatory Risk , Market Uncertainties , and Firm Financing Choices : Evidence from U . S . Electricity Market Restructuring # September 2010

  • Paroma Sanyal, Laarni T. Bulan
  • Published 2010


Based on the universe of rate-regulated electric utilities in the U.S., we examine why firms alter their financing decisions when transitioning from a regulated to a competitive market regime. We find that the significant increase in regulatory risk after the passage of the Energy Policy Act, state-level restructuring legislations, and divestiture policies… (More)


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