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Corporate Aftershock: The Public Policy Lessons from the by Christopher L. Culp

By Christopher L. Culp

The 1st e-book to handle public coverage within the gentle of contemporary company debacles company Aftershock is a reasoned, proficient reaction to the various proposals to limit derivatives, based financing actions, and shareholder defense rules and practices following the failure of Enron and different organizations. Readers get a cogent research of the general public coverage global after contemporary company debacles. company Aftershock presents a close history of the markets, avid gamers, laws, and institutional setting surrounding those disasters. Christopher L. Culp, PhD (Chicago, IL), is a important at CP hazard administration LLC. William A. Niskanen, PhD (Washington, DC), is Chairman of the Cato Institute.

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Additional info for Corporate Aftershock: The Public Policy Lessons from the Collapse of Enron and Other Major Corporations

Example text

It then used those investments to help create and develop a financial market, the growth of which, in turn, helped increase the value of Enron’s physical investments. But that increase did not come at the expense of Enron’s competitors, which in turn were benefiting from the new price-risk management market. In broadband technologies, by contrast, Enron’s asset lite effort required the firm to acquire assets not just from competitors, but from the inventors of the technology. Even then, Enron was paying for a technology that was essentially untested with no guarantee that the emerging bandwidth market would bolster asset values.

Viewed from a neo-Austrian perspective, Skilling was functioning as a classic entrepreneur. Once FERC changed the rules of the game and natural gas became deregulated, Skilling spotted an entrepreneurial opportunity to develop new markets. By introducing forward markets, individuals could acquire information and knowledge about the future and express their own expectations by either buying or selling forward. Moreover, with both spot and futures prices revealed, the basis—the difference between spot and futures prices—could be revealed and a more unified and coherent natural gas “market” could be created.

The net cost-of-carry b* may conform only to the actual physical and capital costs-of-carry less the convenience yield for 18 CORPORATE INNOVATION AND GOVERNANCE one firm—the marginal entrant into the gas transportation market. Or b* may be shared by all firms in the short run, but aggregate output may need to adjust in the long run if b* does not also ref lect the minimum average long-run cost-of-carry. The point is: The cost-of-carry ref lected in the forward price may or may not be the optimal cost-of -carry for any given firm at any given time.

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