Travail de recherche/Working paper
| Résumé : | This paper analyzes the quantitative impact of the growing role of non-traditional financial actors, in particular institutional investors, in the financing structure and consumer pricing of regulated private utilities. The focus is on the water sector in England and Wales, where the effect of the firms’ corporate financing strategies on key outcome variables may have been underestimated. The analysis is based on a staggered difference-in-differences estimation of the impacts of the evolution of the ownership of the assets, namely an increased participation of institutional investors, on leveraging and water pricing decisions. It shows a statistically significant positive impact on leverage levels and average consumer prices. |
