Oxera

Inspiring better decisions through economics and finance

Articles
Depiction of Gender on the agenda: improving inclusivity in competition analysis
11 minute read

Gender on the agenda: improving inclusivity in competition analysis

The Organisation for Economic Co-operation and Development (OECD) has launched an initiative to explore whether applying a gender ‘lens’ can help deliver more effective competition policy. As surveys are often used to help define markets and assess the impact of mergers, the OECD asked Oxera to assess gender differences in surveys carried out in past competition cases. What differences does our study find, and does gender matter in competition policy? Read More

Articles
Depiction of Non-fungible. Non-tangible. Still valuable?
10 minute read

Non-fungible. Non-tangible. Still valuable?

Non-fungible tokens (NFTs) are blockchain-based ownership certificates of all kinds of digital collectables—ranging from pixelated cats to canonical YouTube videos and even recordings of unique moments in sport. The market for NFTs has skyrocketed. But what are they exactly? And what is driving their value? With the help of Oxer-cat, the first Oxera NFT, we aim to answer these questions, and provide an overview of possible challenges and future developments for NFTs. Read More

Articles
Depiction of Theories of benefit: platform value creation and its relevance for the regulatory debate
12 minute read

Theories of benefit: platform value creation and its relevance for the regulatory debate

With the regulatory debate around platforms and competition focusing on the theories of harm to business users and consumers, there is a risk that the theories of the benefits of platforms are crowded out. Understanding how platforms generate value is crucial to ascertain the potential consequences of regulatory measures. Value generation by platforms has been studied in the IT and management literatures. Here we present findings from the literature, illuminating the debate around platform regulation. Read More

Articles
Depiction of Valuing banks’ non-performing loans after COVID-19
10 minute read

Valuing banks’ non-performing loans after COVID-19

Due to the COVID-19 crisis, the European Central Bank (ECB) projects a sharp rise in non-performing loans (NPLs). In late 2020, the European Commission published an action plan for tackling NPLs, highlighting a potential need for banks to move NPLs off their balance sheets and into asset management companies (AMCs). Any transfer of NPLs to state-owned AMCs is likely to raise state aid issues—what are the key economic and financial questions that need to be considered here? Read More

Articles
Depiction of Promoting the green transition: the EU’s Recovery and Resilience Facility
11 minute read

Promoting the green transition: the EU’s Recovery and Resilience Facility

Over the next five years, significant funding will be made available through the EU’s Recovery and Resilience Facility (RRF) to support member states’ recovery from the COVID-19 crisis. A large part of this funding will be allocated to the ‘green transition’, supporting the EU’s goal to reach net-zero emissions by 2050. We take a look at some of the investments, and the role of economic and financial analysis in ensuring that they are in line with state aid rules. Read More

Articles
Depiction of Ofwat and future price reviews: a stake in the ground
10 minute read

Ofwat and future price reviews: a stake in the ground

In May 2021, Ofwat, the economic regulator of the water industry in England and Wales, set out its vision for the next price review (PR24). Key themes are long-term planning, resilience, how cost assessment is undertaken, eliciting customer preferences, outcome incentives, capital structure, and financial resilience. Ofwat has put a stake in the ground. What are the key issues, and what risks do the proposals pose for the sector? Read More

Articles
Depiction of International travel in a pandemic: what does UK data tell us?
9 minute read

International travel in a pandemic: what does UK data tell us?

Travel restrictions, as well as testing and quarantine requirements, have stifled international travel during the COVID-19 pandemic. The UK government’s traffic light system, which was originally welcomed by many, has led to confusion and frustration in the industry and among passengers. The UK government has recently published more detail… Read More

Articles
Depiction of 5G spectrum: the varying price of a key element of the 5G revolution
4 minute read

5G spectrum: the varying price of a key element of the 5G revolution

We share some reflections on the final results of the 5G UK auction following their publication by Ofcom on 27 April. The results confirm that the auction resulted in an efficient allocation of spectrum, in terms of lot sizes and contiguity/proximity of lots, and that the post-trading negotiations of… Read More

Articles
Depiction of Ofwat: ambitions for PR24+
1 minute read

Ofwat: ambitions for PR24+

On 27 May, Ofwat published ‘PR24 and Beyond: Creating tomorrow, together’, setting out its initial views on the framework for the next price review (PR24) and future price reviews. Ofwat’s report contains higher-level ideas with an emphasis on creating value. Ofwat’s report is thorough and stands at around 130… Read More

Articles
Depiction of They think it’s all over… Economic dynamics behind the European Super League
5 minute read

They think it’s all over… Economic dynamics behind the European Super League

The announcement of the European Super League (and the subsequent climbdown) has attracted attention across the globe. As discussed in this article, the Super League forms part of a wider narrative of changing football audiences and the difficult decisions that clubs face when monetising them. The announcement that 12… Read More

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