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An Econometric Analysis of Energy Financing

John B. Guerard, Jr. and Stephen G. Buell

Year: 1989
Volume: Volume 10
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No2-5
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Abstract:
This study examines the interdependencies of the dividend, investment, liquidity, and financing decisions of public utility firms during the 1974-1979 period and develops a multiple-criteria financial planning model of a public utility firm. The evidence on the perfect markets hypothesis that the dividend, investment, and new debt decisions of firms are interdependent is mixed. The perfect markets hypothesis is tested using a sample of public utility firms because utility firms pay very high dividends (relative to stock prices) and engage in large capital expenditures (relative to assets) compared with manufacturing firms.



OPEC Behaviour Under Falling Prices: Implications For Cartel Stability

Clifton T. Jones

Year: 1990
Volume: Volume 11
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol11-No3-6
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Abstract:
The surprising extended decline in real oil prices during the 1980s has raised the question of OPEC's continued viability as a price-setting cartel. In response, Griffin's (1985) tests of alternative hypotheses about OPEC behaviour performed over a period of generally rising prices (1971:1-1983:III) are repeated for the more recent period of falling prices (1983:IV-198R�1V), yielding the same general conclusions: most OPEC members continue to behave in a 'partial market sharing" way, while most non-OPEC oil producers do not. Thus the evidence suggests that recent oil price reductions are more the result of deliberate output adjustments by the cartel than the unintentional outcome of a breakdown in cartel discipline on the way to eventual collapse.





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