Testing regulatory consistency

Breunig, Robert and Menezes, Flavio M. (2012) Testing regulatory consistency. Contemporary Economic Policy, 30 1: 60-74. doi:10.1111/j.1465-7287.2010.00249.x

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Author Breunig, Robert
Menezes, Flavio M.
Title Testing regulatory consistency
Journal name Contemporary Economic Policy   Check publisher's open access policy
ISSN 1074-3529
Publication date 2012
Year available 2011
Sub-type Article (original research)
DOI 10.1111/j.1465-7287.2010.00249.x
Volume 30
Issue 1
Start page 60
End page 74
Total pages 15
Place of publication Hoboken, NJ, U.S.A.
Publisher Wiley-Blackwell
Collection year 2012
Language eng
Formatted abstract
We undertake an analysis of regulatory consistency using a database of publicly available regulatory decisions in Australia. We propose a simple exploratory model which allows us to test for regulatory consistency across jurisdictions and industries without detailed knowledge of the regulatory process. We compare two measures using our approach—the weighted average cost of capital (WACC) and the proportion of firms’ revenue requirement claims disallowed by the regulator. Our comparison suggests that the WACC is a very poor measure of regulatory consistency. Moreover, our empirical results may be interpreted as indicating that a range of measures ought to be considered when assessing regulatory consistency. Our results also provide an empirical foundation for theoretical modeling of regulatory processes. (JEL L51)
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ
Additional Notes Published online 7 February, 2011.

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2012 Collection
School of Economics Publications
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Citation counts: TR Web of Science Citation Count  Cited 2 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 2 times in Scopus Article | Citations
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Created: Thu, 17 Feb 2011, 09:37:14 EST by Alys Hohnen on behalf of School of Economics