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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

    • Email
    • Tel: 64 4 463 5763
SCHOLARLY PAPERS

46

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CITATIONS
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177

Scholarly Papers (46)

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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 805 (21,930)
Citation 31

Abstract:

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 695 (28,610)
Citation 5

Abstract:

Electricity markets, spot prices, periodic autoregression

3.

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 614 (33,434)
Citation 4

Abstract:

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 598 (29,728)
Citation 2

Abstract:

cooperatives, valuation

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 593 (34,829)
Citation 2

Abstract:

expected rate of return, operating leverage, real options

6.

Investment, Uncertainty, and Liquidity

Downloads 513 ( 44,065)
Citation 44

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 513 (43,513)
Citation 44

Abstract:

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

Abstract:

7.

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 458 (47,170)
Citation 5

Abstract:

Electricity spot prices, periodic autoregression, intra-day market

8.

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 384 (49,870)

Abstract:

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

9.

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 333 (72,382)
Citation 1

Abstract:

Optimal forest harvest policy, real options, carbon credits

10.

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 296 (78,870)

Abstract:

Commodity Prices, Convenience Yield, Real Options, Frictions

11.

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 273 (78,103)
Citation 2

Abstract:

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

12.

Competing Payment Schemes

Downloads 267 ( 95,219)
Citation 34

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 250 (101,558)
Citation 34

Abstract:

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 17 (482,073)
Citation 34
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Abstract:

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 242 (102,465)
Citation 9

Abstract:

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 235 (106,410)
Citation 3

Abstract:

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 223 (113,099)
Citation 2

Abstract:

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 216 (115,076)
Citation 5

Abstract:

Incentive regulation, uncertainty, sunk costs, economies of scale

17.

Human Capital and Popular Investment Advice

Downloads 186 (136,267)
Citation 3

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 186 (136,151)
Citation 3

Abstract:

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

Abstract:

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 174 (138,382)
Citation 3

Abstract:

19.

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 165 (146,276)

Abstract:

real options, incomplete information, capital budgeting

20.

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 164 (147,032)
Citation 1

Abstract:

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

21.

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

Downloads 160 (155,811)
Citation 3

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 149 (165,978)
Citation 3

Abstract:

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 (516,959)
Citation 3
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Abstract:

22.

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 144 (153,356)
Citation 1

Abstract:

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

23.

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 140 (160,967)
Citation 1

Abstract:

valuation, implied parameters, leasing, land, rental rate

24.

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 122 (179,448)
Citation 3

Abstract:

urban development, house prices, competition, real options

25.

Real Options and the Cross-Section of Expected Stock Returns

Downloads 117 (200,524)

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 117 (201,362)

Abstract:

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
Downloads 0
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Abstract:

Expected stock returns, Real options, Value premium

26.

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 115 (164,692)

Abstract:

housing markets, rational prices, bubbles, real options

27.

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 112 (181,569)
Citation 2

Abstract:

investment, uncertainty, real options, economies of scale

28.

The Optimal Design of Interest Rate Target Changes

Downloads 108 (212,609)
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 108 (213,663)
Citation 5

Abstract:

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:

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

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 107 (212,609)

Abstract:

agency, conflicts of interest, horse racing, asset management

30.

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 102 (219,959)

Abstract:

Uncertainty, Sunk Costs, Incentive Regulation

31.

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 91 (237,270)
Citation 1

Abstract:

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 81 (238,991)

Abstract:

value premium, real options, capacity constraints, operating leverage

33.

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 75 (247,750)
Citation 3

Abstract:

regulation, workable competition, real options, rate base

34.

Easy Money: Managerial Power and the Option Backdating Game Revisited

Number of pages: 25 Posted: 25 Jun 2013
Tom Stannard and Graeme Guthrie
Victoria University of Wellington and Victoria University of Wellington - School of Economics & Finance
Downloads 62 (259,082)

Abstract:

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

35.

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 59 (273,310)

Abstract:

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

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 56 (271,219)

Abstract:

urban economics, development density, general equilibrium, real options

37.

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 44 (342,927)

Abstract:

electricity markets, market power

38.

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 19 (449,146)
Citation 1
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Abstract:

39.

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 (541,018)
Citation 1
  • Add to Cart

Abstract:

40.

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 0 (373,079)

Abstract:

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

41.

Investment Flexibility as a Barrier to Entry

Number of pages: 39 Posted: 31 Jul 2017
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 0 (500,990)

Abstract:

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

42.

Measuring Executive Compensation

Number of pages: 24 Posted: 27 Jun 2017
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 0 (438,784)

Abstract:

executive compensation, employee stock options

43.

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:

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

44.

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.

Abstract:

agency, conflicts of interest, horse racing, asset management

45.

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

Abstract:

46.

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:

Monetary policy, Open market operations, Announcements, Liquidity effect

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