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

John Sawkins

Journal of Regulatory Economics, 1996, vol. 9, issue 3, 249-68

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

Date: 1996
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