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Book part
Publication date: 22 July 2021

I-Ju Chen

Deregulation shifts the responsibility for mitigation of agency problems from the regulatory parties to the firms' shareholders. We investigate whether and how governance…

Abstract

Deregulation shifts the responsibility for mitigation of agency problems from the regulatory parties to the firms' shareholders. We investigate whether and how governance structure changes in response to the dynamics of the new business environment after the Regulatory Reform Act of 1994 for the US trucking industry. We show that deregulation increases market competition in the trucking industry. The deregulated trucking firms not only adjust internal governance structure but also alter antitakeover provisions to adapt themselves to the competitive status of business environment after deregulation.

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Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-80043-870-5

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Handbook of Transport Strategy, Policy and Institutions
Type: Book
ISBN: 978-0-0804-4115-3

Book part
Publication date: 19 May 2009

Mika Goto and Anil K. Makhija

We present empirical evidence on the productive efficiency of electric utilities in the United States from 1990 to 2004. This period is marked by major attempts to introduce…

Abstract

We present empirical evidence on the productive efficiency of electric utilities in the United States from 1990 to 2004. This period is marked by major attempts to introduce deregulation with an expectation that it will lead to improved operating efficiency and ultimately to lower consumer prices. However, relying on improved techniques of estimating productive efficiency, we find that firms in jurisdictions that adopted deregulation have in fact lower productive efficiency, and have also experienced decreases in efficiency over time. In particular, the vertical separation of generation, a hallmark of an effort to deregulate the industry, is associated with an adverse impact on productive efficiency.

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Corporate Governance and Firm Performance
Type: Book
ISBN: 978-1-84855-536-5

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Handbook of Transport Strategy, Policy and Institutions
Type: Book
ISBN: 978-0-0804-4115-3

Book part
Publication date: 14 December 2018

Hangjun Yang, Qiong Zhang and Qiang Wang

In this chapter, we will review the history, deregulation, policy reforms, and airline consolidations and mergers of the Chinese airline industry. The measurement of airline…

Abstract

In this chapter, we will review the history, deregulation, policy reforms, and airline consolidations and mergers of the Chinese airline industry. The measurement of airline competition in China’s domestic market will also be discussed. Although air deregulation is still ongoing, the Chinese airline industry has become a market-driven business subject to some mild regulations. Then, we will review the impressive development of the high-speed rail (HSR) network in China and its effects on the domestic civil aviation market. In general, previous studies have found that the introduction of HSR services has a significant negative impact on airfare and air travel demand in China. The rapidly expanding network of HSR has important policy implications for Chinese airlines.

Book part
Publication date: 18 October 2011

Lennart Erixon

The new economic-policy regime in Sweden in the 1990s included deregulation, central-bank independence, inflation targets and fiscal rules but also active labour market policy and…

Abstract

The new economic-policy regime in Sweden in the 1990s included deregulation, central-bank independence, inflation targets and fiscal rules but also active labour market policy and voluntary incomes policy. This chapter describes the content, determinants and performance of the new economic policy in Sweden in a comparative, mainly Nordic, perspective. The new economic-policy regime is explained by the deep recession and budget crisis in the early 1990s, new economic ideas and the power of economic experts. In the 1998–2007 period, Sweden displayed relatively low inflation and high productivity growth, but unemployment was high, especially by national standards. The restrictive monetary policy was responsible for the low inflation, and the dynamic (ICT) sector was decisive for the productivity miracle. Furthermore, productivity increases in the ICT sector largely explains why the Central Bank undershot its inflation target in the late 1990s and early 2000s. The new economic-policy regime in Sweden performed well during the global financial crisis. However, as in other OECD countries, the moderate increase in unemployment was largely attributed to labour hoarding. And the rapid recovery of the Baltic countries made it possible for Sweden to avoid a bank crisis.

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The Nordic Varieties of Capitalism
Type: Book
ISBN: 978-0-85724-778-0

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Handbook of Transport Strategy, Policy and Institutions
Type: Book
ISBN: 978-0-0804-4115-3

Book part
Publication date: 4 October 2018

Michael K. Fung

A full Edgeworth cycle of deposit rate is divided into two phases: an “overcutting cycle” in which the banks battle for deposits, and a “relenting cycle” in which the banks cease…

Abstract

A full Edgeworth cycle of deposit rate is divided into two phases: an “overcutting cycle” in which the banks battle for deposits, and a “relenting cycle” in which the banks cease battling and instead choose to restore a temporarily low deposit rate. Such strategies have two testable implications on overall market movements. First, deposit rate decreases are more likely to be initiated when the deposit rate is near the upper bound of a cycle. Second, deposit rate decreases are more sensitive than increases to market interest rate changes. This chapter empirically confirms this pattern and shows strong evidence for the presence of Edgeworth cycles in deposit rates after Hong Kong’s interest rate deregulation.

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Banking and Finance Issues in Emerging Markets
Type: Book
ISBN: 978-1-78756-453-4

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Handbook of Transport Systems and Traffic Control
Type: Book
ISBN: 978-1-61-583246-0

Book part
Publication date: 14 December 2018

Colin C. H. Law, Yahua Zhang and Anming Zhang

This chapter reviews the history of regulation and deregulation in international air transport and discusses the positive impacts of deregulation and open skies on the tourism…

Abstract

This chapter reviews the history of regulation and deregulation in international air transport and discusses the positive impacts of deregulation and open skies on the tourism sector in the Asia Pacific region. The Hong Kong–Bangkok market was examined, which shows that the granting of the fifth freedom rights has given the two places sufficient air service provisions to build tourism. Future reforms in air transport such as relaxing ownership restrictions and expanding air freedoms rights are explored.

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