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This comprehensive volume provides a state-of-the-art overview of
regulatory economics and reviews the main theories, tools, and
domains of regulation. The book is divided into six parts:
regulation in general; tools of regulation; social regulation;
regulation of public utilities; regulation of
non-natural-monopolies, and regulation of professions. Regulation
and Economics begins with a valuable introductory chapter on the
law and economics of regulation followed by 17 concise chapters on
specific subjects in regulation including highly topical matters
such as regulation of banking, finance and insurance; energy
markets and telecommunications; and environmental and risk
regulation. Providing an overview of the most important insights in
regulatory economics and providing a useful access point to the
more specialized literature in this area, this unique book will
particularly benefit students of law and economics, as well as
academics and government officials of regulatory agencies.
Contributors: A. Arcuri, D. Black, K.J. Cseres, P.M. Danzon, A. de
Hauteclocque, J. den Hertog, M.G. Faure, C. Gibson, D. Heremans, W.
Jacobs, B. Kuipers, J.H. Love, C. McKean, B. Moselle, J.S. Netz,
R.N. Olsen, A.M. Pacces, Y. Perez, N.J. Philipsen, H. Piffaut, D.
Porrini, A. Renda, N. Rickman, P.H. Rubin, F.H. Stephen, R.J. Van
den Bergh, M. White
In this timely book, the law and economics of corporate governance
is approached from a range of angles. The study reveals that
perspectives are changing - they differ between the economic and
the legal standpoint; they vary across countries; they evolve over
time.
The Neglected Role of Justification under Uncertainty in Corporate
Governance and Finance does three novel things. First, it
demonstrates that the need to justify is pervasive and identifies a
type of agency cost - "justification costs" - resulting from
decisions motivated by justification. Second, it considers the
relationship between these sorts of agency costs and more
traditional agency costs, such as those involving self-dealing or
empire building. Third, and most importantly, it introduces a role
for uncertainty. Under conditions of low(er) uncertainty, more
accountability does not necessarily increase justification costs,
which are apt to be low in any event, and does reduce traditional
agency costs. But under conditions of uncertainty, accountability
increases justification costs, potentially in an amount greater
than any reduction in traditional agency costs; under some
circumstances, reducing accountability, thereby granting managers
more leeway, may be preferable. The authors propose a mechanism by
which managers and stockholders can agree on granting managers some
leeway for a specified period of time, in the form of
"Control-Enhancing-Mechanisms" (CEMs). They consider how the
existence of justification costs might apply in some private and
public financial contexts, and suggest some solutions in those
contexts as well.
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