Imperfect Regulation Research Articles

MARKET POWER AND THE REQUIRED RETURN TO ELECTRIC UTILITIES

ABSTRACTRecent tests of the ability of powerful firms to reduce their costs of equity capital through a reduction in the systematic risks of their common stock have generated mixed empirical support. This article tests the joint hypothesis of imperfect regulation and of a negative relationship between market power and the betas of a sample of regulated utilities. This study explicitly recognizes beta and alpha instability by estimating the nonstationary parameter market model in a one‐step procedure using econometric methods that efficiently utilize the available cross sectional time‐series data. Further, market value measures of financial leverage are computed and used in the tests as required by theory.

Maybe You Can't Get There from Here: A Foreshortened History of Research in Relation to Management of Pacific Salmon

The standard religion of Pacific salmon research and management was developed by the 1930s and persists today: that adequate husbandry of the resource requires research on the biology of salmon, regulation to ensure sustained yield, protection of the environment to ensure the means of production, and enhancement measures to augment natural production and to mitigate effects of imperfect regulation and protection. Through the 1930s into the 1950s, there were substantial gains in understanding the biology of salmon and relating it to management. Salmon cultural techniques fell into disrepute. In the 1950s and 1960s, the pressures of other resource uses and international conventions greatly expanded perceptions of management and stimulated major discoveries about salmon biology. Economists began to seriously examine the salmon fisheries and perceived the need for limited entry. By the late 1960s the salmon fishery had become highly complex and there was a resurrection of the erstwhile hopes for salmon culture as an integral part of management. Planning exercises for the Salmonid Enhancement Program underlined that integration into a total system of management was crucial to success.For the future, for salmon to be doubled in abundance rather than halved, the manager's perspective must be more closely identified with that of salmon. In addition to the continuing needs for protection of environment and a broadly balanced enhancement program with an appropriate amount of research and evaluation, there are some necessary changes in attitude concerning regulation. Under no circumstances should the permissible harvest of any race of salmon be exceeded. Day-to-day regulation should be geared to salmon biology, not human convenience. Experimental regimes of regulation should be undertaken with suitable commitment to long-term research. Unless such measures are taken, it is realistic to speculate that "maybe we can't get there from here." Key words: Pacific salmon, resource management, salmonid enhancement

The ionic environment of hemocyanin in Limulus polyphemus.

1. Oxygen affinity of Limulus hemocyanin is lowered by the addition of Cl-and raised by the addition of H+. Therefore the oxygen transport system should be influenced by ionic changes in the blood, such as those which accompany the spring migrations into estuaries.2. When Limulus enters dilute waters, blood NaCl is reduced by almost half, even though active hyperosmotic regulation occurs. At very low salinities, the excretory organ plays a role in the imperfect regulation of blood NaCl by forming a dilute urine.3. Unlike crustaceans, H+ concentration of blood changes very little at low salinity, because little additional NH3 is produced and no appreciable increase in H+ binding to molecular NH3 occurs. This response is believed to be related to the small role of free amino acids in intracellular osmotic adjustment.4. Blood PO2 decreases in low salinity as a result of bradycardia. While the oxygenation of hemocyanin at the gill does not change appreciably, deoxygenation at the tissues is enhanced and thus,...

Venture Capital Funds as Joint Investment Institutes under the Legislation of Ukraine and Regulations of the European Union: General Characteristics.

Joint investment institutes, in particular, venture capital funds, constitute a significant part of the economies of developing countries, as they stimulate the investment of individuals and legal entities and play an essential role in the development of young companies that are building their business on the basis of innovations and innovative technologies (start-ups). In addition, the use of venture capital funds for legitimate tax optimization or as financial intermediaries within the group of companies is a very common phenomenon on the market of goods and services, in particular, in Ukraine. The activities of the venture capital funds in Ukraine as a whole are constructed in accordance with the European model, but there are still some differences and imperfect legal regulation, which is a problem in understanding the approximation of Ukrainian legislation to unified EU regulations.
 The subject of the article (study) is the analysis and comparison of the venture capital funds as joint investment institutes in Ukraine and EU law on the basis of the national legislation of Ukraine and the relevant EU directives. Similar studies in Ukraine are practically absent, with the exception of the thesis by Polianska I.Y. "Investors 'Rights in Joint Investments: Comparison with European Legal Models", devoted to the study of the nature of investors' rights in the implementation of joint investments and the determination of the laws of legal regulation of the status of joint investment institutes under the legislation of Ukraine and legislation of foreign countries, in particular Western European States, scientific publications Hlibko S. V. and Sydorenko YU. V. "Issues of legal regulation of investment funds in the EU", Svikhrov S.O. and Schastlyvtseva R.V. "On the necessity to bring commitments on the activity of institutional investors in Ukraine to the legislation of the European Union", Inna Lobas "Foreign experience of state support of venture investment of innovation activity".
 The purpose of the publication is to study the general legal regulation of activities of venture capital funds and joint investment institutes in the EU countries, to compare it with such regulation in Ukraine and to bring proposals to improve the specified legal regulation in Ukraine.