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Balancing Multiple Interests in Regulation: An Event Study of the English and Welsh Water Industry

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  • Sawkins, John W

Abstract

In this paper an event study methodology is used to identify and analyze the key regulatory initiatives taken by the economic regulator of the English and Welsh water industry during the period 1989-1994. An analysis of the movements of water company share returns relative to aggregate stock market returns suggests that regulatory interventions did affect investor expectations. The results are consistent with the hypothesis that the regulator's actions balanced the often conflicting interest of the water industry's stakeholders, and that this balance reflected the regulator's statutory duties. Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • Sawkins, John W, 1996. "Balancing Multiple Interests in Regulation: An Event Study of the English and Welsh Water Industry," Journal of Regulatory Economics, Springer, vol. 9(3), pages 249-268, May.
    • Handle: RePEc:kap:regeco:v:9:y:1996:i:3:p:249-68
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    Cited by:

    1. Veith, Stefan & Werner, Jörg R. & Zimmermann, Jochen, 2009. "Capital market response to emission rights returns: Evidence from the European power sector," Energy Economics, Elsevier, vol. 31(4), pages 605-613, July.
    2. Gioia Pescetto, 2007. "Regulation and systematic risk: the case of the water industry in England and Wales," Applied Financial Economics, Taylor & Francis Journals, vol. 18(1), pages 61-73.
    3. Abbott, Malcolm & Cohen, Bruce, 2009. "Productivity and efficiency in the water industry," Utilities Policy, Elsevier, vol. 17(3-4), pages 233-244, September.
    4. Alexandr Akimov & Paul Simshauser, 2018. "Performance measurement in Australian water utilities: Current state and future directions," Discussion Papers in Finance finance:201802, Griffith University, Department of Accounting, Finance and Economics.
    5. David S Saal & David Parker, 2000. "The impact of privatization and regulation on the water and sewerage industry in England and Wales: a translog cost function model," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 21(6), pages 253-268.
    6. Huy Nguyen Anh Pham & Vikash Ramiah & Imad Moosa, 2020. "The effects of environmental regulation on the stock market: the French experience," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 3279-3304, December.
    7. Hoang, Trang Cam & Pham, Huy & Ramiah, Vikash & Moosa, Imad & Le, Danh Vinh, 2020. "The effects of information disclosure regulation on stock markets: Evidence from Vietnam," Research in International Business and Finance, Elsevier, vol. 51(C).

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