A Highly Personal Comment on on the Use of the CAPM in Public Utility Rate Cases

Professors Brigham and Crum (hereafter BC) have performed a valuable service in their article [3]. They have brought to the attention of academicians a controversy that since the Breen/Lerner [1] and Myers [10] interchange had been argued over primarily in the trenches -- utility rate hearings. The...

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Veröffentlicht in:	Financial management 1978-10, Vol.7 (3), p.57-59
1. Verfasser:	Carleton, Willard T.
Format:	Artikel
Sprache:	eng
Schlagworte:	Book value Business structures Capital Capital asset pricing models Capital assets Capital costs Compound interest Cost estimates Cost of equity Economic regulation Equity capital Financial management Hearings Income distribution Interest rates Investment return rates Investments Pricing Public utilities Rate restructuring Rate setting Rates of return Regulated industries Regulation Risk Testimony Treasury bills Utility rate reform Utility rates Utility Regulation and the CAPM: A Discussion Yield
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Zusammenfassung:	Professors Brigham and Crum (hereafter BC) have performed a valuable service in their article [3]. They have brought to the attention of academicians a controversy that since the Breen/Lerner [1] and Myers [10] interchange had been argued over primarily in the trenches -- utility rate hearings. The focus of BC's criticism is quite narrow, calling attention to the effects of risk non-stationarity on measured betas...
ISSN:	0046-3892 1755-053X
DOI:	10.2307/3665012