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Review of evidence on testing on arrival schemes

Since June, the UK has required all international travellers to the UK, except those arriving from a list of exempt (‘travel corridor’) countries, to quarantine for 14 days. Unlike a number of other countries, the UK has not introduced any form of scheme to test travellers for COVID-19. We understand that part of the basis

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Two-sided market definition: some common misunderstandings

The European Commission is consulting on updating its 1997 Market Definition Notice, which provides important guidance on identifying relevant markets in competition cases. One hotly debated topic is defining markets for two-sided platforms. Here we discuss some common misunderstandings around this, including on how to apply the hypothetical monopolist test to digital platform markets

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Are sovereign yields the risk-free rate for the CAPM?

In a report produced for the Energy Networks Association, we reviewed the theoretical basis for the risk-free rate assumption in the CAPM and the reasons for why it could diverge from yields on government bonds. The prediction that the risk-free rate tends to be higher than the yield on government bonds – sometimes significantly so – is consistent with the way practitioners calculate discount rates and undertake valuations.

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How could the digital services act affect the economy?

The European Commission’s planned Digital Services Act (DSA) is set to replace the existing e‑Commerce Directive as the primary legal framework for online services in the EU. The scope is expected to cover all digital services, including online platforms, search engines, Internet service providers, cloud services, content delivery networks, domain name services, collaborative economy platforms,

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The competitive landscape for payments: a European perspective

The competitive landscape for retail payments in Europe is in a period of considerable upheaval. This is due to entry by new providers (for example, digital wallets, credit-transfer-based payment methods, cryptocurrencies and peer-to-peer services), technological changes that have increased the importance of e-commerce (for instance, mobile payments technology), and regulatory initiatives.

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Oxera and TenneT complete landmark study on smarter incentives for TSOs

Transmission system operators (TSOs) manage the high-voltage grid by investing in its infrastructure, balancing electricity demand and supply at all times, and facilitating cross-border electricity trades. For a project with TenneT, the TSO in the Netherlands and for large parts of Germany, we explored how the regulation of TSOs could evolve in the future. The

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The cost of equity for RIIO-2 – Q4 2019 update

Energy networks have recently submitted their final business plans to Ofgem in advance of the forthcoming RIIO price controls for transmission and gas distribution. Oxera prepared updated estimates of the cost of equity to inform the companies’ business plans. The report reflects new evidence from capital markets since the Oxera report from Q1 2018, as

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Gigabit broadband: what does it mean for consumers and society?

Imagine a world where you could have remote access to a healthcare specialist who could assess, diagnose and potentially treat you at home; or a school lesson where you’re virtually ‘transported’ to the surface of the moon to learn about the solar system; or a meeting with colleagues who are in different parts of the

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