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The pains and gains of electric utility stock ownership

โœ Scribed by Michael Foley


Publisher
Elsevier Science
Year
1989
Tongue
English
Weight
693 KB
Volume
2
Category
Article
ISSN
1040-6190

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In common with privatisation issues around the world, those of UK utilities have earned very high returns on a continuing basis. This presents an asset pricing puzzle and has been used as a justification for the imposition of a 'windfall' tax. This paper presents a framework for analysing the compos