Prof Graeme Guthrie

Prof Graeme Guthrie profile picture

Prof of Economics & Finance School of Economics and Finance

Courses

Teaching in 2019

Introduction

Current research interests include applications of real options analysis; corporate finance, including capital budgeting, hedging behaviour; financial economics; industrial organization and regulation; urban economics and real estate markets.

Qualifications

BSc (Hons) PhD MCom Canty

Links to other pages

(i) Personal homepage http://www.contemporaryfinance.com/

(ii) Papers on SSRN http://ssrn.com/author=77

Publications

Books

  • The Firm Divided: Manager-Shareholder Conflict and the Fight for Control of the Modern Corporation, Oxford University Press, 1 edition (352pp, April 2017), ISBN: 10: 0190641185, ISBN: 13: 978-0190641184.
  • Real Options in Theory and Practice, Oxford University Press, New York (432pp, July 2009), ISBN: 9780195380637.

Selected articles

  • 'Uncertainty and the trade-off between scale and flexibility in investment', Journal of Economic Dynamics and Control, 36 (2012), pp. 1718-1728.
  • 'Price-cap regulation and the scale and timing of investment' (with Lew Evans), RAND Journal of Economics, 43, 3 (Fall 2012), pp. 537-561.
  • 'House prices, development costs, and the value of waiting', Journal of Urban Economics, 68 (2010), pp. 56-71.
  • 'Holding onto your horses: Conflicts of interest in asset management' (with Glenn Boyle and Luke Gorton), Journal of Law and Economics 53, 4 (2010), pp. 689-713.
  • 'Competing Payment Schemes' (with Julian Wright), Journal of Industrial Economics, 55, 1 (2007), pp. 33-67.
  • 'Missed opportunities: Optimal investment timing when information is costly', Journal of Financial and Quantitative Analysis, 42, 2 (2007), pp. 467-488.
  • 'Regulating infrastructure: The impact on risk and investment', Journal of Economic Literature, 44 (2006), pp. 921-968.
  • 'Pricing access:  Forward versus backward looking cost rules' (with John Small and Julian Wright), European Economic Review, 50, 7 (2006), pp. 1767-1789.
  • 'Hedging the value of waiting' (with Glenn Boyle), Journal of Banking and Finance, 30, 4 (2006), pp. 1245-1267.
  • 'Human capital and popular investment advice' (with Glenn Boyle), Review of Finance, 9, 2 (2005), pp. 139-164.
  • 'Risk, price regulation, and irreversible investment' (with Lew Evans), International Journal of Industrial Organization, 23,  (2005), pp. 109-128.
  • 'The optimal design of interest rate target changes' (with Julian Wright), Journal of Money, Credit and Banking, 36, 1 (2004), pp. 115-138.
  • 'Investment, uncertainty and liquidity' (with Glenn Boyle), Journal of Finance, 58, 5 (2003), pp. 2143-2166.
  • 'Open mouth operations' (with Julian Wright), Journal of Monetary Economics, 46, 2 (2000), pp. 489-516.

Other articles in refereed journals

  • 'Real options and the cross-section of expected stock returns', Journal of Economic Surveys, 28, 2 (2014), pp. 265-283.
  • 'Forest valuation under the NZ emissions trading scheme: A real options binomial tree with stochastic carbon and timber prices' (with James Tee, Riccardo Scarpa, and Dan Marsh), Land Economics, 90, 1 (2014), pp. 44-60.
  • 'Real options analysis as a practical tool for capital budgeting’, Pacific Accounting Review, 25, 3 (2013), pp. 259-277.
  • 'The role of storage in a competitive electricity market and the effects of climate change' (with Lew Evans and Andrea Lu), Energy Economics, 36 (2013), pp. 405–418.
  • 'A value premium without operating leverage', Finance Research Letters, 10, 1 (2013) , pp. 1-11.
  • 'Regulated prices and real options', Telecommunications Policy, 36, 8 (2012), pp. 650-663.
  • 'An examination of Frank Wolak's model of market power and its application to the New Zealand electricity market' (with Lew Evans), New Zealand Economic Papers, 46 (2012), pp. 25-34.
  • 'A note on operating leverage and expected rates of return', Finance Research Letters, 8 (2011), pp. 88-100.
  • 'Learning options and binomial trees', Wilmott Journal: The International Journal of Innovative Quantitative Finance Research, 3 (2011), pp. 1-23.
  • 'Estimating unobservable valuation parameters for illiquid assets' (with Glenn Boyle and Neil Quigley), Accounting and Finance, 49, 3 (2009), pp. 465-479.
  • 'Carbon subsidies, taxes, and optimal forest management' (with Dinesh Kumareswaran), Environmental and Resource Economics, 43, 2 (2009), pp. 275-293.
  • 'How options provided by storage affect electricity prices' (with Lew Evans), Southern Economic Journal, 75, 3 (2009), pp. 681-702 .
  • 'Assessing the integration of electricity markets using principal component analysis: Network and market structure effects' (with Lew Evans and Steen Videbeck), Contemporary Economic Policy, 26, 1 (2008), pp. 145-161.
  • 'Electricity spot price dynamics: Beyond financial models' (with Steen Videbeck), Energy Policy, 35, 11 (2007), pp. 5614-5621.
  • 'A dynamic theory of cooperatives: The link between efficiency and valuation' (with Lew Evans), Journal of Institutional and Theoretical Economics, 162, 2 (2006), pp. 364-383.
  • 'Incentive regulation of prices when costs are sunk' (with Lew Evans), Journal of Regulatory Economics, 29, 3 (2006), pp. 239-264.
  • 'Payback without apology' (with Glenn Boyle), Accounting & Finance, 46, 1 (2006), pp. 1-10.
  • 'Reply to the comments of Duckworth and Lewis' (with Michael Carter), Journal of the Operational Research Society, 56 (2005), pp. 1337-1341.
  • 'Cricket interruptus: Fairness and incentive in limited overs cricket matches' (with Michael Carter), Journal of the Operational Research Society, 55, 8 (2004), pp. 822-829.
  • 'Cash flow immediacy and the value of investment timing' with Glenn Boyle), Journal of Financial Research, 26, 4 (2003), pp. 553-570.
  • 'Testing the expectations theory of the term structure for New Zealand' (with Julian Wright and Jun Yu), New Zealand Economic Papers, 33, 1 (1999), pp. 93-114.
  • 'User charges for internet: The New Zealand experience' (with Michael Carter), Telecommunications Systems, 6 (1996), pp. 301-313.
  • 'Recursion operators and nonlocal symmetries', Proceedings of the Royal Society of London Series, A 446 (1994), pp. 107-114.
  • 'More nonlocal symmetries of the KdV equation', Journal of Physics A: Mathematical and General, 26 (1993), pp. L905-L908 .
  • 'Nonlocal symmetries of the KdV equation' (with Mark Hickman), Journal of Mathematical Physics, 344 (1993), pp. 193-205.

Courses

Teaching in 2019