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We develop a double moral hazard model that predicts that the use of project finance increases with both the political risk of the country in which the project is located and the influence of the lender over this political risk exposure. In contrast, the use of project finance should decrease as...
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4 June 2013 marked the formal launch of the third generation of the Equator Principles (EP III) and the tenth anniversary of the EPs – enough reasons for evaluating the EPs initiative from an economic ethics and business ethics perspective. This chapter deals with the following questions: What...
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Financial institutions around the world have announced halts to financing of coal-fired power plants (CFPPs). Non-profit and non-governmental organisations have financing, developed databases and reports that provide information on financial data and CFPP projects, as well as the quality of the...
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Risikomanagement, empirische Forschung in Unternehmensfinanzierung und theoretische Forschung im Bereich Firmenstruktur. In Kapitel I … präsentiere ich empirische und theoretische Forschung im Bereich Risikomanagement. Der Artikel Displaced Historical Simulation … häufig in der Praxis vorzufinden, aber besonders stark in der Projektfinanzierung vertreten. Beispiele sind unter anderem …
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This paper studies optimal risk-taking and information disclosure by firms that obtain financing from both a relationshipʺ bank and arm’s-lengthʺ banks. We find that firm decisions are asymmetrically influenced by the degree of heterogeneity among banks: lowly-collateralized firms vary...
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Despite growing importance of project loans in funding large-scale projects, there is a void in the literature examining market reactions to project financing. Using a unique hand-collected sample of project finance approval announcements by Australian-listed mining firms, we document a...
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