By Connor R. Walsh
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That is, they find a positive relation between dividend payout ratios and the extent of regulatory control. Finally, Baker (1999) concludes that the factors influencing dividend policy between regulated and unregulated firms are more similar now than in the past. Also, he notes that among other factors, managers of regulated utilities firms place a higher importance on maintaining or increasing the firm‘s stock price than their non-regulated counterparts. Assuming that they are successful, this implies that stock price variability should be lower for regulated dividend payers than non-regulated dividend payers.
These statistics show that the scaled profits of the carriers dropped from about 2% - 4% during the regulated period to about -1% - 0% during the deregulated period. Further, the annual volatility of these profits increased from about 4% - 5% during regulation to about 5% - 7% during deregulation. This suggests that earnings behavior is affected by economic regulation, both in magnitude and dispersion. Table 4 presents the results of testing the effect of regulation on the mean-reversion behavior of earnings as documented by Fama and French (2000).
Hence, to not consider the possibility that some of an investor‘s portfolio may have been allocated to the distressed fund is to overstate the return to investors. Unlike mutual fund studies, my purpose is not to estimate returns to investors. Rather, I am conducting a study on the behavior of earnings rather than a total accumulation of wealth over time. Therefore, I argue that studying the survivors should not introduce a survivorship bias into the sample. The primary purpose of this section is to examine the difference in earnings behavior during regulation and after regulation.
Airline Industry: Strategies, operations, safety by Connor R. Walsh