Graeme Guthrie

Victoria University of Wellington - School of Economics & Finance

Adjunct Professor

P.O. Box 600

Wellington 6140

New Zealand

http://sites.google.com/view/graemeguthrie

SCHOLARLY PAPERS

55

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11,402

SSRN CITATIONS
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SSRN RANKINGS

Top 6,525

in Total Papers Citations

98

CROSSREF CITATIONS

108

Scholarly Papers (55)

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 905 (31,932)
Citation 22

Abstract:

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regulation, investment

2.

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 735 (42,467)

Abstract:

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cooperatives, valuation

3.

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 733 (42,636)
Citation 4

Abstract:

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Electricity markets, spot prices, periodic autoregression

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 700 (45,354)
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 670 (48,104)
Citation 4

Abstract:

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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 576 (58,347)
Citation 1

Abstract:

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

7.
Downloads 543 ( 62,898)
Citation 25

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 543 (62,199)
Citation 25

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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 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 519 (66,480)
Citation 4

Abstract:

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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 369 (99,718)
Citation 1

Abstract:

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

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 368 (100,033)

Abstract:

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Commodity Prices, Convenience Yield, Real Options, Frictions

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
Victoria University of Wellington - School of Economics & Finance and Frontier Economics Ltd
Downloads 361 (102,262)
Citation 4

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Optimal forest harvest policy, real options, carbon credits

12.
Downloads 308 (121,695)
Citation 47

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 289 (129,523)
Citation 19

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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 19 (656,963)
Citation 3
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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 (145,771)
Citation 7

Abstract:

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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 249 (151,585)
Citation 5

Abstract:

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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 238 (158,299)

Abstract:

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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 233 (161,577)
Citation 3

Abstract:

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Incentive regulation, uncertainty, sunk costs, economies of scale

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 (192,628)

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 Victoria University of Wellington - School of Economics & Finance

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18.

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 191 (194,558)

Abstract:

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

19.

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 190 (195,470)
Citation 1

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20.

The Dark Side of Share Buybacks

Number of pages: 40 Posted: 23 Aug 2017 Last Revised: 30 Jun 2020
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 186 (199,187)
Citation 2

Abstract:

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

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 - New Zealand Institute for Study of Competition and Regulation Inc. (ISCR) and Victoria University of Wellington - School of Economics & Finance
Downloads 179 (206,027)
Citation 1

Abstract:

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housing markets, rational prices, bubbles, real options

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 179 (206,027)
Citation 6

Abstract:

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

23.

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 178 (206,981)
Citation 2

Abstract:

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real options, incomplete information, capital budgeting

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 (232,015)
Citation 1

Abstract:

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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 (721,576)
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25.

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 166 (219,733)
Citation 1

Abstract:

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valuation, implied parameters, leasing, land, rental rate

26.

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 149 (240,488)
Citation 4

Abstract:

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urban development, house prices, competition, 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 144 (247,337)
Citation 4

Abstract:

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investment, uncertainty, real options, economies of scale

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 130 (268,751)

Abstract:

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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
Downloads 0
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Expected stock returns, Real options, Value premium

29.

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 124 (277,426)
Citation 2

Abstract:

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

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, Victoria University of Wellington - School of Economics & Finance and Macquarie Bank Ltd.
Downloads 115 (292,805)

Abstract:

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agency, conflicts of interest, horse racing, asset management

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 112 (299,874)
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
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

32.

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 108 (305,913)

Abstract:

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Uncertainty, Sunk Costs, Incentive Regulation

33.

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
Victoria University of Wellington - School of Economics & Finance and Victoria University of Wellington
Downloads 106 (309,904)
Citation 1

Abstract:

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option backdating, executive compensation, Sarbanes-Oxley Act

34.

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 103 (315,951)

Abstract:

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value premium, real options, capacity constraints, operating leverage

35.

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 98 (326,434)

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36.

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 96 (330,692)
Citation 1

Abstract:

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regulation, workable competition, real options, rate base

37.

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 86 (354,280)

Abstract:

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urban economics, development density, general equilibrium, real options

38.

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 80 (369,959)

Abstract:

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

39.

Measuring Executive Compensation

Number of pages: 24 Posted: 27 Jun 2017
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 76 (380,969)

Abstract:

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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 74 (386,752)

Abstract:

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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 57 (442,510)
Citation 1

Abstract:

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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 53 (457,276)

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

43.

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
Victoria University of Wellington - School of Economics & Finance
Downloads 47 (481,257)

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

44.

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
Victoria University of Wellington - School of Economics & Finance
Downloads 45 (489,794)
Citation 1

Abstract:

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

45.

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 44 (494,239)
Citation 1

Abstract:

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

46.

Incentivizing Residential Land Development

Number of pages: 18 Posted: 12 Dec 2018
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 42 (503,116)

Abstract:

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

47.

Discounting, Disagreement, and the Option to Delay

Number of pages: 43 Posted: 27 Sep 2019 Last Revised: 06 Jun 2021
Graeme Guthrie
Victoria University of Wellington - School of Economics & Finance
Downloads 38 (521,913)

Abstract:

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

48.

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 31 (558,188)

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

49.

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
Victoria University of Wellington - School of Economics & Finance and Victoria University of Wellington - School of Economics & Finance
Downloads 27 (581,765)

Abstract:

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

50.

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 (628,447)
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51.

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 (766,394)
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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.

Abstract:

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agency, conflicts of interest, horse racing, asset management

54.

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 Victoria University of Wellington - School of Economics & Finance

Abstract:

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55.

Open Mouth Operations

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