Graeme Guthrie

Independent

New Zealand

SCHOLARLY PAPERS

64

DOWNLOADS
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SSRN RANKINGS

Top 5,817

in Total Papers Downloads

14,788

TOTAL CITATIONS
Rank 8,404

SSRN RANKINGS

Top 8,404

in Total Papers Citations

178

Scholarly Papers (64)

1.

Regulating Infrastructure: The Impact on Risk and Investment

Number of pages: 63 Posted: 05 Aug 2005
Graeme Guthrie
Independent
Downloads 985 (48,649)
Citation 28

Abstract:

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regulation, investment

2.

Payback and the Value of Waiting to Invest

Number of pages: 19 Posted: 19 May 1997
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Independent
Downloads 821 (62,415)
Citation 7

Abstract:

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3.

Electricity Spot Price Dynamics: Beyond Financial Models

Number of pages: 13 Posted: 14 Jan 2005
Graeme Guthrie and Steen Videbeck
Independent and Cornell University
Downloads 816 (62,940)
Citation 4

Abstract:

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Electricity markets, spot prices, periodic autoregression

4.

A Dynamic Theory of Cooperatives: The Link between Efficiency and Valuation

Number of pages: 18 Posted: 24 Mar 2003
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 779 (66,933)

Abstract:

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cooperatives, valuation

5.

Evaluating Real Estate Development Using Real Options Analysis

Number of pages: 20 Posted: 09 Nov 2009
Graeme Guthrie
Independent
Downloads 754 (69,882)
Citation 1

Abstract:

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real options, project evaluation, discounted cash flow, commercial real estate

6.

A Note on Operating Leverage and Expected Rates of Return

Number of pages: 15 Posted: 11 Oct 2006
Graeme Guthrie
Independent
Downloads 734 (72,400)
Citation 4

Abstract:

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expected rate of return, operating leverage, real options

7.
Downloads 645 (85,325)
Citation 40

Investment, Uncertainty, and Liquidity

Number of pages: 25 Posted: 13 Jan 2002
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Independent
Downloads 645 (84,171)
Citation 40

Abstract:

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Investment timing, financing constraint, hedging, liquidity

Investment, Uncertainty, and Liquidity

Posted: 22 Oct 2003
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Independent

Abstract:

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8.

High Frequency Electricity Spot Price Dynamics: An Intra-Day Markets Approach

Number of pages: 25 Posted: 26 Feb 2003
Graeme Guthrie and Steen Videbeck
Independent and Cornell University
Downloads 567 (100,648)
Citation 4

Abstract:

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Electricity spot prices, periodic autoregression, intra-day market

9.

Commodity Prices and the Option Value of Storage

Number of pages: 30 Posted: 01 Aug 2007 Last Revised: 14 Nov 2014
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 440 (136,964)

Abstract:

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Commodity Prices, Convenience Yield, Real Options, Frictions

10.

Learning Options and Binomial Trees

Number of pages: 19 Posted: 15 Feb 2009 Last Revised: 07 Apr 2010
Graeme Guthrie
Independent
Downloads 434 (139,155)
Citation 1

Abstract:

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real options, learning options, information gathering, binomial option pricing model

11.

Carbon Subsidies, Taxes and Optimal Forest Management

Environmental and Resource Economics, Forthcoming
Number of pages: 24 Posted: 31 Dec 2003 Last Revised: 26 May 2014
Graeme Guthrie and Dinesh Kumareswaran
Independent and Frontier Economics Ltd
Downloads 406 (150,320)
Citation 4

Abstract:

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Optimal forest harvest policy, real options, carbon credits

12.

Competing Payment Schemes

National University of Singapore Economics Working Paper No. 0311
Number of pages: 40 Posted: 31 Dec 2003
Graeme Guthrie and Julian Wright
Independent and National University of Singapore (NUS) - Department of Economics
Downloads 365 (169,349)
Citation 19

Abstract:

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Two-Sided Markets, Payment Cards, Interchange Fees

13.

The Dark Side of Share Buybacks

Number of pages: 40 Posted: 23 Aug 2017 Last Revised: 30 Jun 2020
Graeme Guthrie
Independent
Downloads 352 (176,137)
Citation 3

Abstract:

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share repurchases, employee stock options, capital structure, stag-hunt game

14.

How Options Provided by Storage Affect Electricity Prices

Number of pages: 28 Posted: 13 Mar 2007
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 322 (193,878)
Citation 5

Abstract:

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Storage, Real Options, Electricity, Market Power

15.

Risk, Price Regulation, and Irreversible Investment

Number of pages: 20 Posted: 01 Jan 2004
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 288 (218,294)
Citation 7

Abstract:

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Regulation, Cost of capital, Rate base, Sunk costs

16.

Hedging the Value of Waiting

Number of pages: 21 Posted: 11 Sep 2003
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Independent
Downloads 282 (223,032)

Abstract:

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hedging, investment timing flexibility

17.

Real Options Analysis of Climate-Change Adaptation: Investment Flexibility and Extreme Weather Events

Number of pages: 25 Posted: 08 Feb 2019 Last Revised: 29 Jul 2019
Graeme Guthrie
Independent
Downloads 273 (230,502)
Citation 3

Abstract:

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climate change, adaptation, real options, cost-benefit analysis, learning options

18.

Incentive Regulation of Prices When Costs are Sunk

Number of pages: 30 Posted: 31 Dec 2003
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 262 (240,213)
Citation 3

Abstract:

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Incentive regulation, uncertainty, sunk costs, economies of scale

19.

Farm debt and the over-exploitation of natural capital

Number of pages: 47 Posted: 29 Sep 2022 Last Revised: 30 Oct 2023
Graeme Guthrie
Independent
Downloads 260 (242,141)
Citation 4

Abstract:

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debt overhang problem, natural capital, renewable resources, stochastic optimal control, sustainability-linked loans

20.
Downloads 237 (265,442)
Citation 1

Human Capital and Popular Investment Advice

Number of pages: 14 Posted: 12 Feb 2004
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Independent
Downloads 237 (263,960)
Citation 1

Abstract:

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asset allocation, human capital, investment advice

Human Capital and Popular Investment Advice

Review of Finance, Vol. 9, Issue 2, pp. 139-164, 2005
Posted: 01 Sep 2008
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Independent

Abstract:

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21.

U.S. House Prices: The Role of Fundamentals

Number of pages: 33 Posted: 27 May 2011 Last Revised: 24 Apr 2012
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 232 (271,021)
Citation 1

Abstract:

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housing markets, rational prices, bubbles, real options

22.

Estimating Implied Valuation Parameters: Extension and Application to Ground Lease Rentals

Number of pages: 15 Posted: 11 Sep 2008
Glenn Boyle, Graeme Guthrie and Neil Quigley
University of Canterbury - Economics and Finance, Independent and Victoria University of Wellington - Te Herenga Waka - Faculty of Commerce and Administration
Downloads 231 (272,150)
Citation 1

Abstract:

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valuation, implied parameters, leasing, land, rental rate

23.

Backward- Versus Forward-Looking Regulation: Consequences for Investment and Welfare

Number of pages: 27 Posted: 01 Jun 2005
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 224 (280,317)

Abstract:

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Regulation, Rate Base, Investment Timing, Uncertainty, Sunk Costs

24.

Price-Cap Regulation and the Scale and Timing of Investment

Number of pages: 28 Posted: 01 May 2011 Last Revised: 23 Nov 2011
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 220 (285,190)
Citation 8

Abstract:

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regulation, natural monopoly, economies of scale, investment, real options

25.

Market-Implemented Monetary Policy with Open Mouth Operations

Number of pages: 33 Posted: 08 Apr 1998
Julian Wright and Graeme Guthrie
National University of Singapore (NUS) - Department of Economics and Independent
Downloads 220 (285,190)
Citation 1

Abstract:

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26.

Missed Opportunities: Optimal Investment Timing When Information is Costly

Number of pages: 27 Posted: 15 Aug 2005
Graeme Guthrie
Independent
Downloads 198 (314,865)
Citation 2

Abstract:

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real options, incomplete information, capital budgeting

27.

House Prices, Development Costs, and the Value of Waiting

Number of pages: 36 Posted: 02 Mar 2009 Last Revised: 18 Feb 2010
Graeme Guthrie
Independent
Downloads 186 (333,299)
Citation 7

Abstract:

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urban development, house prices, competition, real options

28.

Assessing the Integration of Electricity Markets Using Principal Component Analysis: Network and Market Structure Effects

Number of pages: 22 Posted: 02 Jun 2006
Lewis T. Evans, Graeme Guthrie and Steen Videbeck
Victoria University of Wellington - Te Herenga Waka, Independent and Cornell University
Downloads 185 (335,008)
Citation 1

Abstract:

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Electricity, Market power, Principal component analysis

29.

Uncertainty, and the Trade-Off Between Scale and Flexibility in Investment

Number of pages: 17 Posted: 23 Mar 2011
Graeme Guthrie
Independent
Downloads 177 (348,635)
Citation 4

Abstract:

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investment, uncertainty, real options, economies of scale

30.

My Kingdom for a Horse: Resolving Conflicts of Interest in Asset Management

Number of pages: 19 Posted: 18 Oct 2006 Last Revised: 20 Oct 2007
Glenn Boyle, Graeme Guthrie and Luke Gorton
University of Canterbury - Economics and Finance, Independent and Macquarie Bank Ltd.
Downloads 175 (352,078)

Abstract:

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agency, conflicts of interest, horse racing, asset management

31.

Dynamically-Efficient Incentive Regulation: Application of the Bad News Principle

Number of pages: 29 Posted: 27 Feb 2003
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 171 (359,217)

Abstract:

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Uncertainty, Sunk Costs, Incentive Regulation

32.

Real Options and the Cross-Section of Expected Stock Returns

Number of pages: 24 Posted: 03 Sep 2012 Last Revised: 09 Jan 2013
Graeme Guthrie
Independent
Downloads 161 (378,300)

Abstract:

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expected stock returns, real options, value premium

33.
Downloads 134 (439,318)
Citation 5

The Optimal Design of Interest Rate Target Changes

Number of pages: 39 Posted: 15 Oct 2002
Graeme Guthrie and Julian Wright
Independent and National University of Singapore (NUS) - Department of Economics
Downloads 134 (440,551)
Citation 5

Abstract:

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Central Banks, Federal Funds Rate, Fed, Interest Rate Smoothing

The Optimal Design of Interest Rate Target Changes

Posted: 15 Oct 2002
Graeme Guthrie and Julian Wright
Independent and National University of Singapore (NUS) - Department of Economics

Abstract:

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Central Banks, Federal Funds Rate, Fed, Interest Rate Smoothing

34.

A Value Premium Without Operating Leverage

Number of pages: 16 Posted: 30 Jun 2012 Last Revised: 15 Oct 2012
Graeme Guthrie
Independent
Downloads 133 (441,928)

Abstract:

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value premium, real options, capacity constraints, operating leverage

35.

Regulated Prices and Real Options

Number of pages: 23 Posted: 30 Apr 2011 Last Revised: 23 Nov 2011
Graeme Guthrie
Independent
Downloads 130 (449,955)
Citation 1

Abstract:

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regulation, workable competition, real options, rate base

36.

Easy Money? Managerial Power and the Option Backdating Game Revisited

Number of pages: 34 Posted: 25 Jun 2013 Last Revised: 05 Jun 2020
Graeme Guthrie and Tom Stannard
Independent and University of Otago
Downloads 128 (455,350)
Citation 1

Abstract:

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option backdating, executive compensation, Sarbanes-Oxley Act

37.

Adapting to Rising Sea Levels: How Short-Term Responses Complement Long-Term Investment

Number of pages: 35 Posted: 04 May 2020 Last Revised: 08 Jan 2021
Graeme Guthrie
Independent
Downloads 124 (466,817)
Citation 3

Abstract:

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climate change; adaptation; cost-benefit analysis; real options analysis

38.

The Optimal Form of Interest Rate Targeting

Number of pages: 28 Posted: 04 Mar 1999
Julian Wright and Graeme Guthrie
National University of Singapore (NUS) - Department of Economics and Independent
Downloads 124 (466,817)

Abstract:

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39.

CEO turnover: The effect of CEOs' outside options

Number of pages: 40 Posted: 12 Oct 2021 Last Revised: 14 Dec 2023
Tom Stannard and Graeme Guthrie
University of Otago and Independent
Downloads 123 (469,756)

Abstract:

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CEO turnover, corporate governance, corporate decision-making, learning

40.

The Timing and Density of Urban Development

Number of pages: 38 Posted: 12 Aug 2012 Last Revised: 25 Oct 2012
Graeme Guthrie
Independent
Downloads 120 (478,816)

Abstract:

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urban economics, development density, general equilibrium, real options

41.

Measuring Executive Compensation

Number of pages: 24 Posted: 27 Jun 2017
Graeme Guthrie
Independent
Downloads 112 (504,152)

Abstract:

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executive compensation, employee stock options

42.

The Role of Storage in a Competitive Electricity Market and the Effects of Climate Change

Number of pages: 30 Posted: 04 Dec 2011 Last Revised: 21 May 2012
Lewis T. Evans, Graeme Guthrie and Andrea Lu
Victoria University of Wellington - Te Herenga Waka, Independent and The University of Melbourne - Department of Finance
Downloads 112 (504,152)
Citation 1

Abstract:

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electricity markets, stochastic river flows, storage options, climatic change

43.

An Examination of Frank Wolak's Model of Market Power and Its Application to the New Zealand Electricity Market

Number of pages: 10 Posted: 04 Dec 2011
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - Te Herenga Waka and Independent
Downloads 109 (514,358)

Abstract:

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electricity markets, market power

44.

Anti-Takeover Provisions and Investment Timing

Number of pages: 28 Posted: 11 Mar 2019 Last Revised: 11 Oct 2019
Graeme Guthrie and Cameron Hobbs
Independent and Victoria University of Wellington - Te Herenga Waka - School of Economics & Finance
Downloads 93 (573,025)

Abstract:

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market for corporate control, anti-takeover provisions, manager--shareholder conflict, investment incentives, managerial power hypothesis

45.

Investment Flexibility as a Barrier to Entry

Number of pages: 44 Posted: 31 Jul 2017 Last Revised: 29 Apr 2020
Graeme Guthrie
Independent
Downloads 90 (584,759)
Citation 1

Abstract:

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investment-timing games, barriers to entry, real options, best-response iteration, projected successive over-relaxation

46.

Discounting, Disagreement, and the Option to Delay

Number of pages: 43 Posted: 27 Sep 2019 Last Revised: 06 Jun 2021
Graeme Guthrie
Independent
Downloads 89 (588,732)

Abstract:

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social discount rate, cost-benefit analysis, real-options analysis, discount-rate heterogeneity, climate change

47.

Bank-Shareholder Welfare and Sustainable Farm Lending

Number of pages: 21 Posted: 25 Apr 2023 Last Revised: 11 Dec 2024
Graeme Guthrie
Independent
Downloads 85 (605,290)
Citation 1

Abstract:

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agricultural economics, banks, ESG, lending, sustainability

48.

Land Hoarding and Urban Development

Number of pages: 37 Posted: 27 Oct 2021
Graeme Guthrie
Independent
Downloads 84 (609,558)

Abstract:

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housing supply, land hoarding, real estate, urban economics

49.

Regulation, Welfare, and the Risk of Asset Stranding

Number of pages: 34 Posted: 18 Oct 2018 Last Revised: 14 Mar 2020
Graeme Guthrie
Independent
Downloads 82 (618,107)
Citation 1

Abstract:

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regulation, investment, real options, increasing returns, Averch-Johnson effect

50.

A Dynamic Model of Managerial Entrenchment and the Positive Incentives It Creates

Number of pages: 45 Posted: 05 Nov 2019 Last Revised: 08 Dec 2020
Graeme Guthrie
Independent
Downloads 79 (631,265)

Abstract:

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corporate governance, entrenchment, executive compensation, Nash bargaining solution, ownership-based incentives

51.

Optimal Adaptation to Uncertain Climate Change

Number of pages: 40 Posted: 18 Oct 2022 Last Revised: 09 Jan 2023
Graeme Guthrie
Independent
Downloads 76 (644,655)

Abstract:

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Climate change, adaptation, cost-benefit analysis, real options analysis

52.

How Managerial Ownership and the Market for Corporate Control Can Improve Investment Timing

Number of pages: 49 Posted: 28 May 2020 Last Revised: 01 Mar 2021
Graeme Guthrie and Cameron Hobbs
Independent and Victoria University of Wellington - Te Herenga Waka - School of Economics & Finance
Downloads 70 (673,282)

Abstract:

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Managerial Ownership, Market for Corporate Control, Manager-Shareholder Conflict, Investment Incentives, Real Options, Antitakeover Laws

53.

Intertemporal Decision-Making and the Nash Bargaining Solution

Number of pages: 15 Posted: 11 Jun 2018
Graeme Guthrie
Independent
Downloads 69 (678,358)

Abstract:

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Real Options, Nash Bargaining Solution, Dynamic Consistency, Resource Extraction, Liquidity Management

54.

Incentivizing Residential Land Development

Number of pages: 18 Posted: 12 Dec 2018
Graeme Guthrie
Independent
Downloads 68 (683,426)
Citation 1

Abstract:

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real estate, housing supply, urban development, land banking, real options

55.

Climate Change Adaptation: Evaluating Simple Alternatives to Real Options Analysis

Number of pages: 40 Posted: 22 Nov 2023
Graeme Guthrie
Independent
Downloads 54 (763,769)

Abstract:

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adaptation, climate change, cost-benefit analysis, real options analysis

56.

CEO Turnover: The Effect of Ceos’ Outside Options

Number of pages: 41 Posted: 30 Jan 2024
Tom Stannard and Graeme Guthrie
University of Otago and Independent
Downloads 39 (873,973)

Abstract:

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CEO Turnover, Corporate Governance, corporate decision-making, Learning

57.

Family-owned farms and the debt-investment relationship

Number of pages: 17 Posted: 07 Jun 2024
Graeme Guthrie
Independent
Downloads 22 (1,043,179)

Abstract:

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agricultural economics, debt overhang problem, real options, farm investment

58.

Do building-density restrictions raise house prices? A real options analysis

Number of pages: 40 Posted: 16 Dec 2024
Graeme Guthrie
Independent
Downloads 16 (1,116,455)

Abstract:

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urban economics, housing markets, upzoning, real options

59.

Debt overhang as a barrier to farm investment

Number of pages: 32 Posted: 13 Dec 2024
Graeme Guthrie
Independent
Downloads 14 (1,141,526)

Abstract:

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agricultural economics, debt overhang problem, debt renegotiation, default, real options

60.

Changing land use: Overcoming debt overhang with a modified form of debt

Number of pages: 34 Posted: 16 Dec 2024
Graeme Guthrie
Independent
Downloads 7 (1,226,124)

Abstract:

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land-use change, debt overhang problem, real options, agricultural economics

61.

A New Zealand Electricity Market Model: Assessment of the Effect of Climate Change on Electricity Production and Consumption

Motu Working Paper 10-09
Posted: 19 Sep 2010 Last Revised: 09 May 2013
Lewis T. Evans, Graeme Guthrie and Andrea Lu
Victoria University of Wellington - Te Herenga Waka, Independent and The University of Melbourne - Department of Finance

Abstract:

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dynamic optimisation, electricity spot market performance, stochastic fuel availability, storage options, climate change

62.

Holding Onto Your Horses: Conflicts of Interest in Asset Management

Journal of Law and Economics, Forthcoming
Posted: 03 Jun 2010
Glenn Boyle, Graeme Guthrie and Luke Gorton
University of Canterbury - Economics and Finance, Independent and Macquarie Bank Ltd.

Abstract:

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agency, conflicts of interest, horse racing, asset management

63.

Cash Flow Immediacy and the Value of Investment Timing

Posted: 22 Jun 2003
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Independent

Abstract:

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64.

Open Mouth Operations

Posted: 06 Nov 2001
Graeme Guthrie and Julian Wright
Independent and National University of Singapore (NUS) - Department of Economics

Abstract:

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Monetary policy, Open market operations, Announcements, Liquidity effect