http://hdl.handle.net/2173/815 Sat, 25 May 2013 15:13:41 GMT 2013-05-25T15:13:41Z http://hdl.handle.net/2173/22433 Title: The rise and fall of railtrack plc: an event study Authors: Glass, Anthony Abstract: Forming Railtrack was a key part of the privatisation of British Rail (BR). Railtrack took over ownership of BR's fixed infrastructure in April 1994 and its parent company, the Railtrack Group, was floated in May 1996 on the London Stock Exchange. Despite the group posting some excellent financial results in the early years, Railtrack's record on infrastructure improvement and safety was frequently criticised. This apparent inconsistency between shareholder interests and public service obligations culminated in Railtrack being placed in administration in October 2001. In view of this apparent inconsistency the reaction of the stock market to 19 key events in modelled. Among other things, we find when Railtrack announced after the Hatfield crash that there would be a six month programme of emergency track repairs, the group's share price was marked down but it did not plummet. Even though Railtrack were in panic mode, it appears that investors decided to hold on to their shares, believing that the panic would have no long term repurcussions. This proved to be a huge error of judgement. Tue, 01 Jan 2008 00:00:00 GMT http://hdl.handle.net/2173/22433 2008-01-01T00:00:00Z http://hdl.handle.net/2173/14719 Title: Long run input use-input price relations and the cost function Hessian Authors: Steedman, Ian Abstract: By definition, to compare alternative long run equilibria is to compare alternative points on the real input price frontier. It follows at once that one can never move between long run equilibria by changing just one input price; one must change at least two. And in some cases, indeed, such as the Wicksellian one, to change one price is ipso facto to change all the others in a determinate manner. Hence the Hessian of the cost function can – quite obviously – never represent the long run comparative statics of input price-input quantity relations with accuracy. More detailed investigation in fact shows the Hessian to be a hopeless guide to [dli/dwj], both qualitatively and quantitatively. Fri, 01 Apr 2005 00:00:00 GMT http://hdl.handle.net/2173/14719 2005-04-01T00:00:00Z http://hdl.handle.net/2173/14671 Title: The industry supply curve: two different traditions Authors: Opocher, Arrigo; Steedman, Ian Abstract: This paper seeks to provide some new insights into the precise nature and the analytical foundations (or lack of them) of the familiar industry supply curve. To this end, we reconsider some fundamental phases of its historical evolution. Two different traditions are distinguished: one consists of the formalisations of Marshall’s theory proposed by Barone and, later, by Pigou, Viner, Harrod and Robinson; the other consists of the models of Hicks and Allen, on the basis of ideas and criticism put forward by other LSE scholars, like Kaldor and Robbins, in the mid-1930s. It is argued that the second tradition did not really remedy the weak aspects of the Marshallian theory of supply. Sun, 01 Jan 2006 00:00:00 GMT http://hdl.handle.net/2173/14671 2006-01-01T00:00:00Z http://hdl.handle.net/2173/14668 Title: How effective are fiscal incentives to attract FDI to sub-saharan Africa? Authors: Cleeve, Emmanuel Abstract: Given the role of foreign direct investment (FDI) in the development process, one of the most important challenges facing Africa is how to attract FDI. A number of attempts which have been made have been unsuccessful because of various factors that work against the business environment for FDI. Africa’s image as a high-risk investment region has to be dispelled, as the flow of FDI is highly sensitive to economic and political risks. Fiscal incentives, the most popular instrument for attracting FDI in Africa, have failed to deliver the expected increase in FDI inflows. What is needed is political and macroeconomic stability at the national and regional levels, property rights protection and other investment-supporting regulations and improvements in infrastructure and service support systems. Sun, 01 Jan 2006 00:00:00 GMT http://hdl.handle.net/2173/14668 2006-01-01T00:00:00Z