Graeme Guthrie

Victoria University of Wellington - School of Economics & Finance

P.O. Box 600

Wellington 6140

New Zealand

  • Victoria University of Wellington - School of Economics & Finance

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    • Tel: 64 4 463 5763
SCHOLARLY PAPERS

55

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109

Scholarly Papers (55)

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1.

Regulating Infrastructure: The Impact on Risk and Investment

Number of pages: 63 Posted: 05 Aug 2005
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 891 (27,715)
Citation 20

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regulation, investment

2.

Electricity Spot Price Dynamics: Beyond Financial Models

Number of pages: 13 Posted: 14 Jan 2005
Graeme Guthrie and Steen Videbeck
Victoria University of Wellington - School of Economics & Finance and Cornell University
Downloads 730 (36,552)
Citation 2

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Electricity markets, spot prices, periodic autoregression

3.

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 721 (37,121)

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cooperatives, valuation

4.

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 Victoria University of Wellington - School of Economics & Finance
Downloads 678 (40,462)
Citation 5

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5.

A Note on Operating Leverage and Expected Rates of Return

Number of pages: 15 Posted: 11 Oct 2006
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 651 (42,659)
Citation 4

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expected rate of return, operating leverage, real options

6.

Evaluating Real Estate Development Using Real Options Analysis

Number of pages: 20 Posted: 09 Nov 2009
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 547 (53,370)
Citation 1

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

7.

Investment, Uncertainty, and Liquidity

Downloads 535 ( 54,948)
Citation 24

Investment, Uncertainty, and Liquidity

Number of pages: 25 Posted: 13 Jan 2002
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Victoria University of Wellington - School of Economics & Finance
Downloads 535 (54,312)
Citation 24

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Investment timing, financing constraint, hedging, liquidity

Investment, Uncertainty, and Liquidity

Journal of Finance, Vol. 58, pp. 2143-2166, October 2003
Posted: 22 Oct 2003
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Victoria University of Wellington - School of Economics & Finance

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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
Victoria University of Wellington - School of Economics & Finance and Cornell University
Downloads 511 (58,225)
Citation 4

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Electricity spot prices, periodic autoregression, intra-day market

9.

Learning Options and Binomial Trees

Number of pages: 19 Posted: 15 Feb 2009 Last Revised: 07 Apr 2010
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 359 (88,857)
Citation 1

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

10.

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
Victoria University of Wellington - School of Economics & Finance and Frontier Economics Ltd
Downloads 356 (89,673)
Citation 4

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Optimal forest harvest policy, real options, carbon credits

11.

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 349 (91,806)

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Commodity Prices, Convenience Yield, Real Options, Frictions

12.

Competing Payment Schemes

Downloads 291 (112,080)
Citation 46

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
Victoria University of Wellington - School of Economics & Finance and National University of Singapore (NUS) - Department of Economics
Downloads 273 (119,345)
Citation 18

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Two-Sided Markets, Payment Cards, Interchange Fees

*Competing Payment Schemes

Journal of Industrial Economics, Vol. 55, No. 1, pp. 37-67, March 2007
Number of pages: 32 Posted: 11 Apr 2007
Graeme Guthrie and Julian Wright
Victoria University of Wellington - School of Economics & Finance and National University of Singapore (NUS) - Department of Economics
Downloads 18 (589,567)
Citation 2
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13.

Risk, Price Regulation, and Irreversible Investment

Number of pages: 20 Posted: 01 Jan 2004
Lewis T. Evans and Graeme Guthrie
Victoria University of Wellington - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 259 (126,771)
Citation 7

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Regulation, Cost of capital, Rate base, Sunk costs

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 246 (133,559)
Citation 4

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Storage, Real Options, Electricity, Market Power

15.

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 Victoria University of Wellington - School of Economics & Finance
Downloads 235 (139,668)

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hedging, investment timing flexibility

16.

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 232 (141,452)
Citation 3

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Incentive regulation, uncertainty, sunk costs, economies of scale

17.

Human Capital and Popular Investment Advice

Downloads 193 (168,300)

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 Victoria University of Wellington - School of Economics & Finance
Downloads 193 (168,171)

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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 Victoria University of Wellington - School of Economics & Finance

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18.

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 Victoria University of Wellington - School of Economics & Finance
Downloads 187 (173,172)
Citation 1

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19.

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 181 (178,239)

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

20.

Missed Opportunities: Optimal Investment Timing When Information is Costly

Number of pages: 27 Posted: 15 Aug 2005
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 177 (181,866)
Citation 2

Abstract:

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real options, incomplete information, capital budgeting

21.

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 176 (182,826)
Citation 6

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

22.

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 170 (188,330)
Citation 1

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housing markets, rational prices, bubbles, real options

23.

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

Downloads 167 (191,232)

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR), Victoria University of Wellington - School of Economics & Finance and Cornell University
Downloads 156 (202,995)

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Electricity, Market power, Principal component analysis

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

Contemporary Economic Policy, Vol. 26, Issue 1, pp. 145-161, January 2008
Number of pages: 17 Posted: 18 Jan 2008
Lewis T. Evans, Graeme Guthrie and Steen Videbeck
Victoria University of Wellington - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR), Victoria University of Wellington - School of Economics & Finance and Cornell University
Downloads 11 (640,329)
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24.

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, Victoria University of Wellington - School of Economics & Finance and Victoria University of Wellington - Faculty of Commerce and Administration
Downloads 163 (195,277)
Citation 1

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valuation, implied parameters, leasing, land, rental rate

25.

House Prices, Development Costs, and the Value of Waiting

Number of pages: 36 Posted: 02 Mar 2009 Last Revised: 18 Feb 2010
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 146 (214,103)
Citation 4

Abstract:

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urban development, house prices, competition, real options

26.

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

Number of pages: 17 Posted: 23 Mar 2011
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 144 (216,474)
Citation 4

Abstract:

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investment, uncertainty, real options, economies of scale

27.

The Dark Side of Share Buybacks

Number of pages: 44 Posted: 23 Aug 2017
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 133 (230,646)
Citation 2

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

28.

Real Options and the Cross-Section of Expected Stock Returns

Downloads 125 (241,773)

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
Victoria University of Wellington - School of Economics & Finance
Downloads 125 (242,706)

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expected stock returns, real options, value premium

Real Options and the Cross‐Section of Expected Stock Returns

Journal of Economic Surveys, Vol. 28, Issue 2, pp. 265-283, 2014
Number of pages: 19 Posted: 13 Mar 2014
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
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Expected stock returns, Real options, Value premium

29.

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, Victoria University of Wellington - School of Economics & Finance and Macquarie Bank Ltd.
Downloads 113 (260,416)

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agency, conflicts of interest, horse racing, asset management

30.

The Optimal Design of Interest Rate Target Changes

Downloads 111 (263,681)
Citation 5

The Optimal Design of Interest Rate Target Changes

Number of pages: 39 Posted: 15 Oct 2002
Graeme Guthrie and Julian Wright
Victoria University of Wellington - School of Economics & Finance and National University of Singapore (NUS) - Department of Economics
Downloads 111 (265,009)
Citation 5

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

The Optimal Design of Interest Rate Target Changes

Forthcoming in Journal of Money, Credit and Banking
Posted: 15 Oct 2002
Graeme Guthrie and Julian Wright
Victoria University of Wellington - School of Economics & Finance and National University of Singapore (NUS) - Department of Economics

Abstract:

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

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 107 (270,636)

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Uncertainty, Sunk Costs, Incentive Regulation

32.

A Value Premium Without Operating Leverage

Number of pages: 16 Posted: 30 Jun 2012 Last Revised: 15 Oct 2012
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 101 (281,622)

Abstract:

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value premium, real options, capacity constraints, operating leverage

33.

Easy Money? Managerial Power and the Option Backdating Game Revisited

Number of pages: 28 Posted: 25 Jun 2013 Last Revised: 30 Nov 2019
Graeme Guthrie and Tom Stannard
Victoria University of Wellington - School of Economics & Finance and Victoria University of Wellington
Downloads 98 (287,214)
Citation 1

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option backdating, executive compensation, managerial power hypothesis, Sarbanes-Oxley Act

34.

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 Victoria University of Wellington - School of Economics & Finance
Downloads 96 (291,118)

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35.

Regulated Prices and Real Options

Number of pages: 23 Posted: 30 Apr 2011 Last Revised: 23 Nov 2011
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 95 (293,058)
Citation 1

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regulation, workable competition, real options, rate base

36.

The Timing and Density of Urban Development

Number of pages: 38 Posted: 12 Aug 2012 Last Revised: 25 Oct 2012
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 82 (321,222)

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urban economics, development density, general equilibrium, real options

37.

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR), Victoria University of Wellington - School of Economics & Finance and The University of Melbourne - Department of Finance
Downloads 79 (328,304)

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

38.

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
Victoria University of Wellington - School of Economics & Finance
Downloads 72 (348,884)
Citation 1

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

39.

Measuring Executive Compensation

Number of pages: 24 Posted: 27 Jun 2017
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 69 (354,381)

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executive compensation, employee stock options

40.

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 64 (368,606)

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electricity markets, market power

41.

Investment Flexibility as a Barrier to Entry

Number of pages: 44 Posted: 31 Jul 2017 Last Revised: 29 Apr 2020
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 45 (432,724)

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

42.

Anti-Takeover Provisions and Investment Timing

Number of pages: 28 Posted: 11 Mar 2019 Last Revised: 11 Oct 2019
Graeme Guthrie and Cameron Hobbs
Victoria University of Wellington - School of Economics & Finance and Victoria University of Wellington - School of Economics & Finance
Downloads 39 (461,282)

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

43.

Incentivizing Residential Land Development

Number of pages: 18 Posted: 12 Dec 2018
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 35 (474,485)

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

44.

Regulation, Welfare, and the Risk of Asset Stranding

Number of pages: 34 Posted: 18 Oct 2018 Last Revised: 14 Mar 2020
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 28 (509,257)
Citation 1

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

45.

Intertemporal Decision-Making and the Nash Bargaining Solution

Number of pages: 15 Posted: 11 Jun 2018
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 26 (520,347)

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

46.

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

Number of pages: 37 Posted: 05 Nov 2019 Last Revised: 08 May 2020
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 23 (538,049)

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

47.

Discount-Rate Uncertainty and Cost-Benefit Analysis: Should Long-Lived Projects be Treated Differently?

Number of pages: 30 Posted: 27 Sep 2019
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 20 (556,599)

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climate change, cost-benefit analysis, discount-rate uncertainty, dynamic consistency

48.

Payback Without Apology

Accounting and Finance, Vol. 46, No. 1, pp. 1-10, March 2006
Number of pages: 10 Posted: 08 May 2006
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Victoria University of Wellington - School of Economics & Finance
Downloads 20 (556,599)
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49.

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

Number of pages: 37 Posted: 04 May 2020
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 13 (601,483)

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

50.

Estimating Unobservable Valuation Parameters for Illiquid Assets

Accounting & Finance, Vol. 49, Issue 3, pp. 465-479, September 2009
Number of pages: 15 Posted: 08 Oct 2009
Glenn Boyle, Graeme Guthrie and Neil Quigley
University of Canterbury - Economics and Finance, Victoria University of Wellington - School of Economics & Finance and Victoria University of Wellington - Faculty of Commerce and Administration
Downloads 2 (680,643)
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51.

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

Number of pages: 36 Posted: 28 May 2020
Graeme Guthrie and Cameron Hobbs
Victoria University of Wellington - School of Economics & Finance and Victoria University of Wellington - School of Economics & Finance
Downloads 1

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

52.

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR), Victoria University of Wellington - School of Economics & Finance 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

53.

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, Victoria University of Wellington - School of Economics & Finance and Macquarie Bank Ltd.

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agency, conflicts of interest, horse racing, asset management

54.

Cash Flow Immediacy and the Value of Investment Timing

Journal of Financial Research, Forthcoming
Posted: 22 Jun 2003
Glenn Boyle and Graeme Guthrie
University of Canterbury - Economics and Finance and Victoria University of Wellington - School of Economics & Finance

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55.

Open Mouth Operations

Journal of Monetary Economics, Vol. 46, Issue 2, October 2000
Posted: 06 Nov 2001
Graeme Guthrie and Julian Wright
Victoria University of Wellington - School of Economics & Finance and National University of Singapore (NUS) - Department of Economics

Abstract:

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Monetary policy, Open market operations, Announcements, Liquidity effect