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Author:
Publisher:
ISBN:
Category : Public utilities
Languages : en
Pages : 102
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Book Description
Author:
Publisher:
ISBN:
Category : Public utilities
Languages : en
Pages : 102
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Book Description
Author:
Publisher:
ISBN:
Category : Electric utilities
Languages : en
Pages : 144
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Book Description
Author: Mohammad Harunuzzaman
Publisher:
ISBN:
Category : RAMTEL.
Languages : en
Pages : 342
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Book Description
Author:
Publisher:
ISBN:
Category : Public utilities
Languages : en
Pages : 114
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Book Description
Author: Temple, Barker, & Sloane, inc
Publisher:
ISBN:
Category : Electric utilities
Languages : en
Pages :
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Book Description
Author: Ignacio Velez-Pareja
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
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Book Description
World Bank (WB) has played a crucial role in the development of the economies of the world, especially in the emerging countries. We recognize the leadership it has shown and the intellectual authority the WB has on planning offices, practitioners and consultants. For this reason it is very sensitive whatever improvements made in the methodologies it uses in assessing the feasibility of infrastructure projects. This influence affects private practice in valuation and project appraisal as well.Velez-Pareja in 1999 warned: constant price methodology implies some assumptions and a mixture of items, some deflated, and some others not deflated. Velez-Pareja and Tham 2002 warned again: financial statements at constant prices will be useless when the project is implemented because what occurs in reality (that is what we are interested in) is very different from what is written in the final report of a project evaluation. Some of the items are deflated while others (say depreciation charges and interest payments) are in nominal prices. Hence, for managerial purposes, it is of no use to have this mixed information in the financial statements. In general, both papers warn about the overvaluation of a project when appraised at constant prices. Some reactions to these assertions were that it was the construction of a straw man to destroy it. We have a beautiful case where the constant prices methodology is fully at work: the Financial Modeling of Regulatory Policy by the World Bank.On the other hand Tham and Velez-Pareja 2004 mentioned the most frequent (and avoidable) mistakes when valuing cash flows.In this paper we show how in that case they present several conceptual mistakes such as valuation at constant prices, mixing deflated and non-deflated items in financial statements, using constant leverage when in the forecasted financial statements it is not constant, inconsistency in the cash flow and value calculations and some other irregularities that will be described in the body of the paper. This analysis shows an overvaluation of more than 21% when the constant prices methodology is compared with the current prices methodology and using market values to calculate the WACC.The last two appendixes show the correspondence between the author and officials and consultants from the World Bank.
Author: Howard E. Thompson
Publisher: Springer Science & Business Media
ISBN: 146153948X
Category : Business & Economics
Languages : en
Pages : 241
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Book Description
This monograph is concerned with the determination of the allowed rate ofreturn in rate cases which, in part, determines the rates ofcharge to customers of public utilities. Rate of return determination has been a central topic in utility regulation for a century. Recent changes in the traditionally regulated markets - electricity, gas, and telephone - have shoved discussion of rate of return determination into the background, replacing it by technology changes, competition, downsizing, deregulation, and reg'ulatory incentive systems. These new issues have made the regula tory sector, which had the reputation of being stodgy and uninteresting, an exciting field ofstudy. But rate ofreturn is not dead. It will playa key role in whatever the new structure ofthe regulated sector. Separating generation from transmis sion and distribution will not eliminate the need for rate of return analysis in the electric utility industry. Rather, it may well increase the number of companies for which the rate of return needs to be determined. It will playa fundamental role in the new regulatory environment. Incentive systems in the regulated sector may be the wave of the future but they will use the required rate ofreturn as a benchmark. Rate case will persist. Most rate cases include opposing testimony as to the "fair" rate of return or even the cost ofcapital for a public utility whose rates are at issue.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Massimo Morini
Publisher: John Wiley & Sons
ISBN: 0470977744
Category : Business & Economics
Languages : en
Pages : 452
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Book Description
A guide to the validation and risk management of quantitative models used for pricing and hedging Whereas the majority of quantitative finance books focus on mathematics and risk management books focus on regulatory aspects, this book addresses the elements missed by this literature--the risks of the models themselves. This book starts from regulatory issues, but translates them into practical suggestions to reduce the likelihood of model losses, basing model risk and validation on market experience and on a wide range of real-world examples, with a high level of detail and precise operative indications.
Author: Vanessa Le Leslé
Publisher: International Monetary Fund
ISBN: 1475502656
Category : Business & Economics
Languages : en
Pages : 50
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Book Description
In this paper, we provide an overview of the concerns surrounding the variations in the calculation of risk-weighted assets (RWAs) across banks and jurisdictions and how this might undermine the Basel III capital adequacy framework. We discuss the key drivers behind the differences in these calculations, drawing upon a sample of systemically important banks from Europe, North America, and Asia Pacific. We then discuss a range of policy options that could be explored to fix the actual and perceived problems with RWAs, and improve the use of risk-sensitive capital ratios.
