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英国留学生COURSEWORK定制：Corporate finance of regulated industries

论文作者：留学生论文论文属性：课程作业 Coursework登出时间：2011-01-28编辑：anterran点击率：3248

论文字数：328论文编号：org201101281046247346语种：英语 English地区：英国价格：免费论文

关键词：COURSEWORKCorporate financeregulated industriesinformation

Corporate finance of regulated industries
COURSEWORK SPRING 2010
The dataset provided contains the following information:
• share price data for United Utilities and Scottish Power (over five year period); and
• data for a UK equity market index and a world equity market index.
United Utilities and Scottish Power are two UK companies specialising in regulated networks.  United Utilities owns and operates electricity distribution and water and sewerage networks in the north west of England.  Scottish Power provides electricity generation, transmission and distribution activities in the UK.  Both companies have some other relatively minor utility related activities.
The questions below are based on the material presented in lecture 4.

Part A.  Using the dataset provided calculate daily returns for the companies and the market indices.  Use this information and the SLOPE excel function to calculate the equity Beta (daily estimates – sample size 250 observations) for both companies against the UK and world indices.  For example the Beta estimate for 30th December 2005 should be calculated using a sample of 250 daily observations upto and including 30th December.
In each of these four cases what is the average equity Beta for:
• each calendar year (2005, 2004, 2003 and 2002) – this will be the average of the daily Beta estimates for the year; and
• the sample as a whole. [30 marks]

Part B.  Repeat the calculations in Part A for the Blume adjusted equity Betas. [10 marks].  Explain the rationale for applying the Blume adjustment to the raw equity Beta estimates [15 marks – max 500 words]

Part C.  The energy regulator is proposing to use the equity Beta values 代写留学生作业estimated in Part A and Part B to set the appropriate Beta for the electricity distribution sector in the UK.  Explain the advantages and disadvantages of applying this data for this purpose.    Describe any additional analysis that the regulator could undertake to improve the validity and robustness of its Beta estimate.   [45 marks – max 1,500 words]

Total marks: 100

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