ASSESSMENT OF THE TOTAL FACTOR PRODUCTIVITY CHANGE IN THE ENGLISH AND WELSH WATER INDUSTRY: A FÄRE-PRIMONT PRODUCTIVITY APPROACH
|
|
|
- Evelyn Ferguson
- 8 years ago
- Views:
Transcription
1 ASSESSMENT OF THE TOTAL FACTOR PRODUCTIVITY CHANGE IN THE ENGLISH AND WELSH WATER INDUSTRY: A FÄRE-PRIMONT PRODUCTIVITY APPROACH María Molinos Senante Alexandros Maziotis Ramón Sala Garrido
2 INTRODUCTION Improvement of the Total Factor Productivity (TFP) is a major policy objective of water companies and regulators Increase the profitability of water companies Reduce water tariff Price Cap Regime RPI+K: RPI: Retail Prices Index K: Factor composed by: X: Productivity as benchmarking. Q: Cost of investments to improve quality.
3 INTRODUCTION Indexes to compute TFP change Prices are available: Törnqvist and Fisher indexes They are inappropriate to make multi-lateral (across firms) and multi-temporal (over time) comparisons since they are not transitive and do not follow the identity axiom. Prices are not available: Malmquist Productivity Index and Luenberger Productivity Indicator They do not measure TFP change when variable returns to scale is assumed.
4 INTRODUCTION Indexes to compute TFP change Prices are not available: Hicks-Moorsteen index (Bjurek, 1996) and Färe-Primont index (O Donnell, 2011) Hicks-Moorsteen index fails the transitivity test and therefore only can be used to make a single binary comparison. Färe-Primont index can be used to make reliable multilateral and multi-temporal comparisons.
5 OBJECTIVES Assess the TFP change of the English and Welsh water industry from 2001 to 2008 by using the Färe-Primont index. Explore the different components contributing to TFP change Provide some insight into the relationship between TFP change and the regulatory cycle.
6 METHODOLOGY N water companies over T time periods y = (y,, y ) and x = (x,, x ) denote the output and input vectors of water company i in period t: TFP = TFP, = = = =,, Shephard output and input distance functions: TFP, = (,, ) (,, ) (,, ) (,, )
7 METHODOLOGY Färe-Primont index: Technical change: Movements in the production frontier. Efficiency change: Movements of the units towards or away from the production frontier. Scale and mix efficiency change: Movements around the production frontier to capture economies of scope and scale.
8 Aggregate output METHODOLOGY Input-oriented technical efficiency (ITE): Difference between observed TFP and the maximum TFP holding the input mix, output mix and output level fixed (A-B) ITE = ISE = IME = slope OA slope OB slope OB slope OD slope OB slope OU Aggregate input Input-oriented scale efficiency (ISE): Difference between observed TFP at a technically-efficient point and the maximum TFP holding the input and output mixes fixed but levels vary (B-D) Input-oriented mix efficiency (IME): Difference between observed TFP at a technically-efficient point and the maximum TFP holding the output level fixed (B-U).
9 Aggregate output METHODOLOGY Residual Input-oriented scale efficiency (RISE): Difference between observed TFP at a technically-efficient point and TFP at te point of maximum productivity (U-E) RISE = Aggregate input Residual mix efficiency (RME): Difference between observed TFP and the maximum TFP when input and output mixes and levels vary (D-E) RME = Slope OD Slope OE
10 Total Factor Productivity Efficiency (TFPE): Ratio of observed TFP and the maximum TFP TFPE = TFP TFP Aggregate output METHODOLOGY TFPE = ITE IME RISE TFPE = ITE ISE RME Aggregate input TFP = TFP ITE IME RISE = TFP (ITE ISE RME )
11 EMPIRICAL APPLICATION: SAMPLE - 22 English and Welsh water companies: - 10 Water and Sewerage companies (WaSCs) - 12 Water only companies (WoCs) - Period: Drinking water services Inputs: Operating costs and Capital stock (thousand of pounds at constant prices). Outputs: Volume of water distributed (megalitres per day) and number of properties connected to the water network
12 EMPIRICAL APPLICATION: SAMPLE Operating cost ( 000 s) Capital Stock ( 000 s) Water distributed (10 6 l/d) Connected properties (Nr) Mean Std. Dev Mean 3, , , , , , , , Std. Dev. 3, , , , , , , , Mean Std. Dev Mean 1, , , , , , , , Std. Dev. 1, , , , , , , ,127.17
13 EMPIRICAL APPLICATION: RESULTS Year TFP TCH ECH ITE IME RISE ISE RME : TFP decreased by 7.2% Molinos-Senante et al. (2014): MPI: 12.9% and LPI: 11.5% TCH decreased by 45.2% ECH improved by 50.5%
14 EMPIRICAL APPLICATION: RESULTS Year TFP TCH ECH ITE IME RISE ISE RME
15 EMPIRICAL APPLICATION: RESULTS TFP TCH ECH : Both drivers contributed to TFP change : ECH and TCH moved in opposition (ECH: 19.7% and TCH: 33.8%) 2008: Both drivers decreased
16 : Price review 1999: RPI-2.1 EMPIRICAL APPLICATION: RESULTS Productivity increased by 25.7% and 16 out of 22 water companies improved their TFP. Technical change remained almost constant. Efficiency change contributed positively to TFP in 17 out of 22 water companies: They moved closer to the frontier after the price review in During 2001/2004 when price caps were tightened after the 1999 price cap review, productivity increased thanks to efficiency change.
17 : Price review 2004: RPI+4.2 EMPIRICAL APPLICATION: RESULTS 2 out of 22 water companies improved its TFP Technical change decreased as in the period : Price review did not stimulate technical change improvements. Efficiency change contributed positively to TFP in 13 out of 22 water companies. The 2004 price review did not have a positive impact on productivity.
18 CONCLUSIONS Several indexes can be used to estimate Total Factor Productivity (TFP) of water companies. However, the Färe-Primont index is the only index that can be used to make reliable multi-lateral and multi-temporal comparisons. Färe-Primont index is used to compute TFP of the 22 English and Welsh water companies from 2001 to : TFP improved thanks to gains in efficiency change whereas technical change remained constant : TFP decreased and both drivers contributed to this retardation.
19 CONCLUSIONS Several indexes can be used to estimate Total Factor Productivity (TFP) of water companies. However, the Färe-Primont index is the only index that can be used to make reliable multi-lateral and multi-temporal comparisons. Färe-Primont index is used to compute TFP of the 22 English and Welsh water companies from 2001 to : TFP improved thanks to gains in efficiency change whereas technical change remained constant : TFP decreased and both drivers contributed to this retardation.
20 CONCLUSIONS From a policy perspective, it is essential to compute TFP using reliable indexes otherwise conclusions may be incorrect which would affect to the process of setting water tariffs. The decomposition of productivity change into several drivers allows water utilities managers to identify the main factors on which they should act to improve productivity of the company.
21 ACKNOWLEDGEMENTS María Molinos-Senante would like to thank the financial assistance through the project FONDECYT Authors would like to thank to professor O Donnell for his useful comments and suggestions.
22 THANK YOU FOR YOUR ATTENTION!
ú Ó Á É é ú ú É ú Á Á ú É É É ú É Ó É ó É Á ú ú ó Á Á ú Ó ú Ó ú É Á ú Á ú ó ú Á ú Á É Á Á Ó É Á ú ú é ú ú ú ú Á ú ó ú Ó Á Á Á Á ú ú ú é É ó é ó ú ú ú É é ú ú ú óú ú ú Ó Á ú ö é É ú ú ú úé ú ú É É Á É
THE PERFORMANCE - OF THE UK INLAND MAILS BUSINESS OF CONSIGNIA
THE PERFORMANCE - OF THE UK INLAND MAILS BUSINESS OF CONSIGNIA Paper 1 of a series of papers prepared by Consignia in June 2002 for Postcomm s review of the price control for 2003 Summary The overall performance
Technical Efficiency Accounting for Environmental Influence in the Japanese Gas Market
Technical Efficiency Accounting for Environmental Influence in the Japanese Gas Market Sumiko Asai Otsuma Women s University 2-7-1, Karakida, Tama City, Tokyo, 26-854, Japan asai@otsuma.ac.jp Abstract:
Example SECTION 13-1. X-AXIS - the horizontal number line. Y-AXIS - the vertical number line ORIGIN - the point where the x-axis and y-axis cross
CHAPTER 13 SECTION 13-1 Geometry and Algebra The Distance Formula COORDINATE PLANE consists of two perpendicular number lines, dividing the plane into four regions called quadrants X-AXIS - the horizontal
Regulation of Electricity Lines Businesses, Analysis of Lines Business Performance 1996 2003
Regulation of Electricity Lines Businesses, Analysis of Lines Business Performance 1996 2003 Report prepared for Commerce Commission, Wellington, New Zealand 19 December 2003 Contact: Dr Denis Lawrence
APPENDIX A SENSITIVITY ANALYSIS TABLE
APPENDIX A SENSITIVITY ANALYSIS TABLE The economic forecasts and assumptions underpinning the 2013-14 Budget are subject to variation. This section analyses the impact of variations in these parameters
Chapter IV. Performance Evaluation of Health Insurance Business of General Insurance Companies in India
Chapter IV Performance Evaluation of Health Insurance Business of General Insurance Companies in India This chapter deals with the performance evaluation of health insurance business of general insurance
An Econometric Assessment of Electricity Demand in the United States Using Panel Data and the Impact of Retail Competition on Prices
9 June 2015 An Econometric Assessment of Electricity Demand in the United States Using Panel Data and the Impact of Retail Competition on Prices By Dr. Agustin J. Ros This paper was originally presented
A Guide to DEAP Version 2.1: A Data Envelopment Analysis (Computer) Program
A Guide to DEAP Version 2.1: A Data Envelopment Analysis (Computer) Program by Tim Coelli Centre for Efficiency and Productivity Analysis Department of Econometrics University of New England Armidale,
Relatori stranieri previsti si X no Indicare il numero 7-10 papers con autori stranieri Numero di partecipanti previsti 50
Al Coordinatore del Settore Ricerca Direzione Ricerca e Internazionalizzazione RICHIESTA DI CONTRIBUTO per ORGANIZZAZIONE CONVEGNO Organizzatore Responsabile GIULIA ROMANO Dipartimento ECONOMIA E MANAGEMENT
April 2014. Multisector Bond Funds: An Alternative To Traditional Bonds?
Multisector Bond Funds: An Alternative To Multisector Bond Funds: An Alternative To As the economy continues to rebound from the Great Recession, interest rate increases become more and more likely. Because
Economic Benchmarking of Electricity Network Service Providers
Economic Benchmarking of Electricity Network Service Providers Report prepared for Australian Energy Regulator 25 June 2013 Denis Lawrence and John Kain Economic Insights Pty Ltd 10 By St, Eden, NSW 2551,
A PRIMAL-DUAL APPROACH TO NONPARAMETRIC PRODUCTIVITY ANALYSIS: THE CASE OF U.S. AGRICULTURE. Jean-Paul Chavas and Thomas L. Cox *
Copyright 1994 by Jean-Paul Chavas and homas L. Cox. All rights reserved. Readers may make verbatim copies of this document for noncommercial purposes by any means, provided that this copyright notice
Scale and scope economies and the efficient configuration of the water industry: a survey of the literature
Scale and scope economies and the efficient configuration of the water industry: a survey of the literature David S. SAAL Aston University, UK Pablo AROCENA Universidad Pública de Navarra, Spain Alexandros
Are Canadian Banks Efficient? A Canada- U.S. Comparison
Are Canadian Banks Efficient? A Canada- U.S. Comparison Jason Allen (Bank of Canada), Walter Engert (Bank of Canada), and Ying Liu (Université de la Méditerranée) Box 1 Canadian and U.S. Banks The six
Efficiency in the Canadian Life Insurance Industry: Some Preliminary Results Using DEA
Efficiency in the Canadian Life Insurance Industry: Some Preliminary Results Using DEA Gilles Bernier, Ph.D., Industrial-Alliance Insurance Chair, Laval University, Québec City Komlan Sedzro, Ph.D., University
A Study on Technical Efficiency and Productivity Changes of Taiwan s Life Insurance Industry
A Study on Technical Efficiency and Productivity Changes of Taiwan s Life Insurance Industry Hsien-a Lin, epartment of Business Administration, TransWorld University, Taiwan Ya-Hui Lee, epartment of Financial
Session 9 Case 3: Utilizing Available Software Statistical Analysis
Session 9 Case 3: Utilizing Available Software Statistical Analysis Michelle Phillips Economist, PURC michelle.phillips@warrington.ufl.edu With material from Ted Kury Session Overview With Data from Cases
Agenda. The IS LM Model, Part 2. The Demand for Money. The Demand for Money. The Demand for Money. Asset Market Equilibrium.
Agenda The IS LM Model, Part 2 Asset Market Equilibrium The LM Curve 13-1 13-2 The demand for money is the quantity of money people want to hold in their portfolios. The demand for money depends on expected
Simple Methods and Procedures Used in Forecasting
Simple Methods and Procedures Used in Forecasting The project prepared by : Sven Gingelmaier Michael Richter Under direction of the Maria Jadamus-Hacura What Is Forecasting? Prediction of future events
Agency Costs of Free Cash Flow and Takeover Attempts
Global Economy and Finance Journal Vol. 6. No. 1. March 2013. Pp. 16 28 Agency Costs of Free Cash Flow and Takeover Attempts Lu Lin *, Dan Lin, H. Y. Izan and Ray da Silva Rosa This study utilises two
Deriving Investor Sentiment from Options Markets
Deriving Investor Sentiment from Options Markets Chikashi TSUJI February 28, 29 Abstract The purpose of this paper is to introduce the put call ratio (PCR) as an investor sentiment index, and show the
University of Saskatchewan Department of Economics Economics 414.3 Homework #1
Homework #1 1. In 1900 GDP per capita in Japan (measured in 2000 dollars) was $1,433. In 2000 it was $26,375. (a) Calculate the growth rate of income per capita in Japan over this century. (b) Now suppose
a.) Write the line 2x - 4y = 9 into slope intercept form b.) Find the slope of the line parallel to part a
Bellwork a.) Write the line 2x - 4y = 9 into slope intercept form b.) Find the slope of the line parallel to part a c.) Find the slope of the line perpendicular to part b or a May 8 7:30 AM 1 Day 1 I.
Terms of Trade Effects: Theory and Measurement
Terms of Trade Effects: Theory and Measurement Marshall B. Reinsdorf* Marshall.Reinsdorf@BEA.gov Revised version of WP2009-01 October 2009 Foreign trade enables a nation to consume a different mix of goods
Branding and Search Engine Marketing
Branding and Search Engine Marketing Abstract The paper investigates the role of paid search advertising in delivering optimal conversion rates in brand-related search engine marketing (SEM) strategies.
Summary In the introduction of this dissertation, three main research questions were posed. The first question was: how do physical, economic, cultural and institutional distance act as barriers to international
G ri d m on i tori n g w i th N A G I O S (*) (*) Work in collaboration with P. Lo Re, G. S av a and G. T ortone WP3-I CHEP 2000, N F N 10.02.2000 M e e t i n g, N a p l e s, 29.1 1.20 0 2 R o b e r 1
Introduction. Hypothesis Testing. Hypothesis Testing. Significance Testing
Introduction Hypothesis Testing Mark Lunt Arthritis Research UK Centre for Ecellence in Epidemiology University of Manchester 13/10/2015 We saw last week that we can never know the population parameters
HEATHROW AIRPORT LIMITED REGULATORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2006. Performance Report 1. Notes to the Performance Report 2
CONTENTS Page Performance Report 1 Notes to the Performance Report 2 PERFORMANCE REPORT Actual CAA forecast 000s 000s Terminal passengers 67,421 69,900 Revenue Net revenue from airport charges 2 532.2
How To Measure Hospital Productivity
Economic performances of U.S. non-profit hospitals using the Malmquist productivity change index Abstract Chul-Young Roh City University of New York/Lehman College Changsuh Park Soongsil University M.
Assumptions of CVP Analysis. Objective 1: Contribution Margin Income Statement. Assumptions of CVP Analysis. Contribution Margin Example
Assumptions of CVP Analysis Cost-Volume-Profit Analysis Expenses can be classified as either variable or fixed. CVP relationships are linear over a wide range of production and sales. Sales prices, unit
PC13 Information Requirements Chapter 5 Financial Model and Financial Tables Issued 13 December 2011 - Version 01
PC13 Information Requirements Chapter 5 Financial Model and Financial Tables Issued 13 December 2011 - Version 01 Contents Chapter 5 - Financial Model and Financial Tables... 3 5.1. Table 5.1 Charge caps
USE OF TOTAL FACTOR PRODUCTIVITY ANALYSES IN NETWORK REGULATION CASE STUDIES OF REGULATORY PRACTICE OCTOBER 2008. Dr Toby Brown.
USE OF TOTAL FACTOR PRODUCTIVITY ANALYSES IN NETWORK REGULATION CASE STUDIES OF REGULATORY PRACTICE OCTOBER 2008 Dr Toby Brown Dr Boaz Moselle The Brattle Group rue Ducale 83 Bruxelles 1000 Belgium tel:
Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading
Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading Itzhak Ben-David Fisher College of Business, The Ohio State University, and NBER Justin Birru Fisher College of Business, The
Impact assessment of the new liquidity rules on Luxembourg banks
Impact assessment of the new liquidity rules on Luxembourg Abstract of the presentation held at the ABBL conference Basel III New Liquidity Rules: Which Impacts for Luxembourg? 1 Context A local Quantitative
VOLUME 55 2010 STUDIA UNIVERSITATIS BABEŞ-BOLYAI OECONOMICA 2
OECONOMICA 2/2010 VOLUME 55 2010 STUDIA UNIVERSITATIS BABEŞ-BOLYAI OECONOMICA 2 EDITORIAL OFFICE OF OECONOMICA: Teodor Mihali str. no. 58-60, s. 231, 400591 Cluj-Napoca, Phone: 0040-264-41.86.52, oeconomica@econ.ubbcluj.ro,
December 1999. Reviews of Public Electricity Suppliers 1998 to 2000. Distribution Price Control Review. Final Proposals
December 1999 Reviews of Public Electricity Suppliers 1998 to 2000 Distribution Price Control Review Final Proposals REVIEWS OF PUBLIC ELECTRICITY SUPPLIERS 19982000 DISTRIBUTION PRICE CONTROL REVIEW FINAL
The Economic Value of Education in Agricultural Production: A Switching Regression Analysis of Selected East Asian Countries
The Economic Value of Education in Agricultural Production: A Switching Regression Analysis of Selected East Asian Countries Fung-Mey Huang Department of Agricultural Economics, National Taiwan University,
The effect of the Internet on regional integration: evidence from China
The effect of the Internet on regional integration: evidence from China Maoliang BU * 1. Assistant Professor School of Business, Nanjing University, Hankou Road 22, Nanjing 210093, P. R. China 2. Post
STATISTICA Formula Guide: Logistic Regression. Table of Contents
: Table of Contents... 1 Overview of Model... 1 Dispersion... 2 Parameterization... 3 Sigma-Restricted Model... 3 Overparameterized Model... 4 Reference Coding... 4 Model Summary (Summary Tab)... 5 Summary
Total Factor Productivity of the United Kingdom Food Chain 2013 final estimate
30 th July 2015 Total Factor Productivity of the United Kingdom Food Chain 2013 final estimate 1. Key messages Total factor productivity of the UK food chain beyond the farmgate has increased by 0.5 per
Total Factor Productivity of the United Kingdom Food Chain 2014 final estimate
28 th July 2016 Total Factor Productivity of the United Kingdom Food Chain 2014 final estimate 1. Key messages Total factor productivity of the UK food chain beyond the farmgate has decreased by 2.8 per
THE WELSH GOVERNMENT. Loan, Grant and Fee Rates for Full and Part-Time Higher Education Study in Academic Year 2014/15
To: Local Authorities in Wales (For the attention of Student Finance Officers). Higher Education Institutions in Wales providing designated Higher Education courses. Further Education Institutions in Wales
Risk-Neutral Valuation of Participating Life Insurance Contracts
Risk-Neutral Valuation of Participating Life Insurance Contracts DANIEL BAUER with R. Kiesel, A. Kling, J. Russ, and K. Zaglauer ULM UNIVERSITY RTG 1100 AND INSTITUT FÜR FINANZ- UND AKTUARWISSENSCHAFTEN
Regulatory and Economic Capital
Regulatory and Economic Capital Measurement and Management Swati Agiwal November 18, 2011 What is Economic Capital? Capital available to the bank to absorb losses to stay solvent Probability Unexpected
3. Reaction Diffusion Equations Consider the following ODE model for population growth
3. Reaction Diffusion Equations Consider the following ODE model for population growth u t a u t u t, u 0 u 0 where u t denotes the population size at time t, and a u plays the role of the population dependent
The Decline of the U.S. Labor Share. by Michael Elsby (University of Edinburgh), Bart Hobijn (FRB SF), and Aysegul Sahin (FRB NY)
The Decline of the U.S. Labor Share by Michael Elsby (University of Edinburgh), Bart Hobijn (FRB SF), and Aysegul Sahin (FRB NY) Comments by: Brent Neiman University of Chicago Prepared for: Brookings
Telecom Decision CRTC 2015-79
Telecom Decision CRTC 2015-79 PDF version Ottawa, 4 March 2015 File number: 8663-N1-201401406 Northwestel Inc. Basket structure and pricing constraints for terrestrial retail Internet services The Commission
ENERGY ADVISORY COMMITTEE. Electricity Market Review: Return on Investment
ENERGY ADVISORY COMMITTEE Electricity Market Review: Return on Investment The Issue To review the different approaches in determining the return on investment in the electricity supply industry, and to
The labour market, I: real wages, productivity and unemployment 7.1 INTRODUCTION
7 The labour market, I: real wages, productivity and unemployment 7.1 INTRODUCTION Since the 1970s one of the major issues in macroeconomics has been the extent to which low output and high unemployment
Introduction to Macroeconomics. TOPIC 1: Introduction, definition, measures
TOPIC 1: Introduction, definitions, measures Annaïg Morin CBS - Department of Economics August 2013 What is macroeconomics about? Understanding the behavior of an economy as a whole. studying aggregated
MA Macroeconomics 10. Growth Accounting
MA Macroeconomics 10. Growth Accounting Karl Whelan School of Economics, UCD Autumn 2014 Karl Whelan (UCD) Growth Accounting Autumn 2014 1 / 20 Growth Accounting The final part of this course will focus
DEPARTMENT OF ECONOMICS CREDITOR PROTECTION AND BANKING SYSTEM DEVELOPMENT IN INDIA
DEPARTMENT OF ECONOMICS CREDITOR PROTECTION AND BANKING SYSTEM DEVELOPMENT IN INDIA Simon Deakin, University of Cambridge, UK Panicos Demetriades, University of Leicester, UK Gregory James, University
Relative Efficiency and Performance in the Integrated Oil and Gas Industry
Relative Efficiency and Performance in the Integrated Oil and Gas Industry Roberto Pougy Ferreira da Cunha Edmar Luiz Fagundes de Almeida, PhD Mariana Iooty de Paiva Dias, PhD Energy Economics Group, Institute
IT Productivity and Aggregation using Income Accounting
IT Productivity and Aggregation using Income Accounting Dennis Kundisch, Neeraj Mittal and Barrie R. Nault 1 WISE 2009 Research-in-Progress Submission: September 15, 2009 Introduction We examine the relationship
Lecture 1: Asset Allocation
Lecture 1: Asset Allocation Investments FIN460-Papanikolaou Asset Allocation I 1/ 62 Overview 1. Introduction 2. Investor s Risk Tolerance 3. Allocating Capital Between a Risky and riskless asset 4. Allocating
UTILITY REGULATOR WATER. Water & Sewerage Services Price Control 2015-21
Water & Sewerage Services Price Control 2015-21 Final Determination Annex A Financing Investment December 2014 Contents Page Water and Sewerage Services Price Control 2015-21 Final Determination Annex
www.pwc.ru/capital-markets Guide to listing of debt on European stock exchanges
www.pwc.ru/capital-markets Guide to listing of debt on European stock exchanges 2 PwC A number of European stock exchanges have become major centres for listing debt securities. The London, Irish and Luxembourg
Cambridge Working Papers in Economics
UNIVERSITY OF CAMBRIDGE Cambridge Working Papers in Economics Investment and Efficiency under Incentive Regulation: The Case of the Norwegian Electricity Distribution Networks Rahmatallah Poudineh Tooraj
The form of the price control for monopoly water and sewerage services in England and Wales a discussion paper
Water today, water tomorrow The form of the price control for monopoly water and sewerage services in England and Wales a discussion paper www.ofwat.gov.uk _ About this document This document considers
Physics Notes Class 11 CHAPTER 3 MOTION IN A STRAIGHT LINE
1 P a g e Motion Physics Notes Class 11 CHAPTER 3 MOTION IN A STRAIGHT LINE If an object changes its position with respect to its surroundings with time, then it is called in motion. Rest If an object
Integration of Price Cap and Yardstick Competition Schemes in Electrical Distribution Regulation
1428 IEEE TRANSACTIONS ON POWER SYSTEMS, VOL. 15, NO. 4, NOVEMBER 2000 Integration of Price Cap and Yardstick Competition Schemes in Electrical Distribution Regulation Hugh Rudnick and Jorge A. Donoso
Managing for the future. Annual Report 2005 Additional Information
Managing for the future Annual Report 2005 Additional Information Annual Report 2005 Additional Information I. Tables of returns 1. Auditors Report... 1 2. General Notes... 2 3. Short Term Investments...
Measuring and Interpreting the Performance of Broker Algorithms
Measuring and Interpreting the Performance of Broker Algorithms Ian Domowitz Managing Director ITG Inc. 380 Madison Ave. New York, NY 10017 212 588 4000 idomowitz@itginc.com Henry Yegerman Director ITG
Confidence Intervals for the Difference Between Two Means
Chapter 47 Confidence Intervals for the Difference Between Two Means Introduction This procedure calculates the sample size necessary to achieve a specified distance from the difference in sample means
Note on growth and growth accounting
CHAPTER 0 Note on growth and growth accounting 1. Growth and the growth rate In this section aspects of the mathematical concept of the rate of growth used in growth models and in the empirical analysis
Who gains and who loses from an import tariff? An export tax? (Assume world prices are fixed).
Who gains and who loses from an import tariff? An export tax? (Assume world prices are fixed). Governments usually impose import tariffs, taxes levied on imports, to promote industries considered to be
FARMING & RURAL SYSTEMS ECONOMICS edited ty Werner Doppler and Siegfried Bauer
FARMING & RURAL SYSTEMS ECONOMICS edited ty Werner Doppler and Siegfried Bauer VOLUME 56 Land Property Rights and Agricultural Development in the Highlands of Madagascar: Economic and Environmental Implications
Generalized Linear Models
Generalized Linear Models We have previously worked with regression models where the response variable is quantitative and normally distributed. Now we turn our attention to two types of models where the
Production Possibilities Frontier, Economic Growth, and Gains from Trade
Chapter 2 Production Possibilities Frontier, Economic Growth, and Gains from Trade A simple but powerful model of the economy is the production possibilities frontier (PPF) model. Economic growth and the
Sovereign Defaults. Iskander Karibzhanov. October 14, 2014
Sovereign Defaults Iskander Karibzhanov October 14, 214 1 Motivation Two recent papers advance frontiers of sovereign default modeling. First, Aguiar and Gopinath (26) highlight the importance of fluctuations
Stress-testing testing in the early warning system of financial crises: application to stability analysis of Russian banking sector
CENTER FOR MACROECONOMIC ANALYSIS AND SHORT-TERM TERM FORESACTING Tel.: (499)129-17-22, fax: (499)129-09-22, e-mail: mail@forecast.ru, http://www.forecast.ru Stress-testing testing in the early warning
Exploring Interaction Between Bank Lending and Housing Prices in Korea
Exploring Interaction Between Bank Lending and Housing Prices in Korea A paper presented at the Housing Studies Association Conference 2012: How is the Housing System Coping? 18 20 April University of
Job Generation and Growth Decomposition Tool
Poverty Reduction Group Poverty Reduction and Economic Management (PREM) World Bank Job Generation and Growth Decomposition Tool Understanding the Sectoral Pattern of Growth and its Employment and Productivity
Future water and sewerage charges 2010-15: Final determinations
Future water and sewerage charges 2010-15: Final determinations Protecting consumers, promoting value, safeguarding the future PR09 www.ofwat.gov.uk About this document This document has four key objectives.
Slutsky Equation. M. Utku Ünver Micro Theory. Boston College. M. Utku Ünver Micro Theory (BC) Slutsky Equation 1 / 15
Slutsky Equation M. Utku Ünver Micro Theory Boston College M. Utku Ünver Micro Theory (BC) Slutsky Equation 1 / 15 Effects of a Price Change: What happens when the price of a commodity decreases? 1 The
DOES BLACK FRIDAY STILL MATTER?
LPL RESEARCH PRIVATE CLIENT THOUGHT LEADERSHIP DISRUPTIVE INSIGHTS DOES BLACK FRIDAY STILL MATTER? November 215 SALES FOR THE HOLIDAY SEASON OVERALL HAVE ACTUALLY INCREASED OVER THE YEARS, DESPITE THE
2. Discuss the implications of the interest rate parity for the exchange rate determination.
CHAPTER 6 INTERNATIONAL PARITY RELATIONSHIPS AND FORECASTING FOREIGN EXCHANGE RATES SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS QUESTIONS 1. Give a full definition of arbitrage.
INVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets
INVESTMENT INSIGHTS All-access, Flexible Approach to Emerging Markets Second Quarter 2015 1 1 Please note that the information herein represents the opinion of the portfolio manager and these opinions
Mark Scheme (Results) November 2013. Pearson Edexcel GCSE in Mathematics Linear (1MA0) Higher (Non-Calculator) Paper 1H
Mark Scheme (Results) November 2013 Pearson Edexcel GCSE in Mathematics Linear (1MA0) Higher (Non-Calculator) Paper 1H Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson,
Bristol Water PR14 Business Plan
- Executive Summary... 1 Retail Non-Household Default Levels of Service... 4 Default Levels of Service... 5 Introduction... 5 Non-Household Customer Research... 5 Default Service Levels... 9 Retail Non-Household
INVESTMENTS IN OFFSHORE OIL AND NATURAL GAS DEPOSITS IN ISRAEL: BASIC PRINCIPLES ROBERT S. PINDYCK
INVESTMENTS IN OFFSHORE OIL AND NATURAL GAS DEPOSITS IN ISRAEL: BASIC PRINCIPLES ROBERT S. PINDYCK Bank of Tokyo-Mitsubishi Professor of Economics and Finance Sloan School of Management Massachusetts Institute
Benchmarking Routines and Organizational Knowledge: A Managerial Accounting Approach with Performance Feedback
Benchmarking Routines and Organizational Knowledge: A Managerial Accounting Approach with Performance Feedback Mircea Epure This version: November 2014 October 2013 Barcelona GSE Working Paper Series Working
Moral Hazard. Itay Goldstein. Wharton School, University of Pennsylvania
Moral Hazard Itay Goldstein Wharton School, University of Pennsylvania 1 Principal-Agent Problem Basic problem in corporate finance: separation of ownership and control: o The owners of the firm are typically
A Proven Approach to Stress Testing Consumer Loan Portfolios
A Proven Approach to Stress Testing Consumer Loan Portfolios Interthinx, Inc. 2013. All rights reserved. Interthinx is a registered trademark of Verisk Analytics. No part of this publication may be reproduced,
Capital Maintenance Planning From a historical and future perspective
Capital Maintenance Planning From a historical and future perspective This paper has been written by Anglian Water as a contribution to Water 2020, Ofwat s programme for determining the form of the 2019
Exchange Rate Policy in the Policy Analysis Matrix
Slide 1 Exchange Rate Policy in the Policy Analysis Matrix Scott Pearson Stanford University Lecture Program Scott Pearson is Professor of Agricultural Economics at the Food Research Institute, Stanford
TRANSFORMING INFORMATION INTO INTELLIGENCE
TRANSFORMING INFORMATION INTO INTELLIGENCE Welcome to FactSet FactSet consolidates all the tools you need to monitor global markets, public and private companies, and equity and fixed income portfolios
Property Valuations as at 30 June 2016. ALE s 86 properties increased in value by $90.0 million to $990.5 million for the year to 30 June 2016
ASX ANNOUNCEMENT Announcement No. 06/16 The Manager Corporate Announcement Office Australian Securities Exchange 14 June 2016 Property Valuations as at 30 June 2016 Highlights ALE s 86 properties increased
BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket
Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,
The Stock Market s Reaction to Accounting Information: The Case of the Latin American Integrated Market. Abstract
The Stock Market s Reaction to Accounting Information: The Case of the Latin American Integrated Market Abstract The purpose of this paper is to explore the stock market s reaction to quarterly financial
Sources United States-NAICS based
Sources United States-NAICS based The basic building blocks for a KLEMS productivity database for the U.S. are the annual industry accounts for the United States provided by the BEA. Beginning with 1998,
CMC SPREADBET PLC Order Execution Policy Summary. for Financial Betting. January 2015. Registered in England. Company No. 02589529
CMC SPREADBET PLC Order Execution Policy Summary for Financial Betting January 2015 Registered in England. Company No. 02589529 Authorised and regulated by the Financial Conduct Authority. Registration
Chapter 7: Simple linear regression Learning Objectives
Chapter 7: Simple linear regression Learning Objectives Reading: Section 7.1 of OpenIntro Statistics Video: Correlation vs. causation, YouTube (2:19) Video: Intro to Linear Regression, YouTube (5:18) -
Building on success: the future for Scottish water
Building on success: the future for Scottish water Introductory remarks Good morning, Ladies and Gentlemen, it is a great pleasure to be here for what I am sure will be a very interesting and informative
Online EFFECTIVE AS OF JANUARY 2013
2013 A and C Session Start Dates (A-B Quarter Sequence*) 2013 B and D Session Start Dates (B-A Quarter Sequence*) Quarter 5 2012 1205A&C Begins November 5, 2012 1205A Ends December 9, 2012 Session Break
How To Find Out If A Firm Is Profitable
IMPACT OF WORKING CAPITAL ON CORPORATE PERFORMANCE A CASE STUDY FROM CEMENT, CHEMICAL AND ENGINEERING SECTORS OF PAKISTAN Naveed Ahmad Faculty of Management sciences, Indus international institute, D.