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Termination fees and contract design in public-private partnerships
Buso, Marco; Dosi, Cesare; Moretto, Michele - 2018
We study the effects of granting an exit option that enables the private party to early terminate a PPP project if it turns out to be loss-making. In a continuous time setting with hidden information about stochastic operating profits, we show that a revenue-maximizing government can optimally...
Persistent link: https://www.econbiz.de/10011925624
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Do exit options increase the value-for-money of public-private partnership?
Buso, Marco; Dosi, Cesare; Moretto, Michele - 2020
We study the effects of granting an exit option that enables the private party to early terminate a PPP project if it turns out to be financially loss-making. In a continuous-time setting with hidden information about operating profits, we show that an exit option, acting as a risk-sharing...
Persistent link: https://www.econbiz.de/10012195007
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Can white elephants kill? : unintended consequences of infrastructure development
Bancalari, Antonella - 2022
I provide evidence of the severe social costs imposed by infrastructure projects that are being implemented (i.e., projects started but not yet completed) in the context of sewerage in Peru. Using a counterfactual implementation predicted from geography-based cost considerations as an...
Persistent link: https://www.econbiz.de/10013331137
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Dynamic regulation of public franchises with imperfectly correlated demand shocks
Buso, Marco; Dosi, Cesare; Moretto, Michele - 2023
In a continuous-time setting, we study the design of a dynamic contract between a government and a private entity, wherein the latter commits to pay the government in return for the exclusive right to sell a service by operating a public facility. Private revenues are modelled as depending on...
Persistent link: https://www.econbiz.de/10013547855
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The private sector advances in China : the evolving ownership structures of the largest companies in the Xi Jinping era
Huang, Tianlei; Véron, Nicolas - 2022
This paper documents recent structural changes in China's corporate landscape, based on company level data, providing a complementary perspective to that of official Chinese statistics. We classify China's largest companies by revenue since 2004 (based on Fortune Global 500 rankings), and...
Persistent link: https://www.econbiz.de/10013184745
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Publicization versus privatization : recent worldwide evidence
Clò, Stefano; Del Bo, Chiara; Ferraris, Matteo; … - 2014 - This version: 28 02 2014
Persistent link: https://www.econbiz.de/10011765207
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The performance of state-owned enterprises and newly privatized firms : empirical evidence from Egypt
Omran, Mohammed Fawzy - 2002
Even though it is well documented that privatization leads to an improvement in the performance of state … because it does not consider the performance of control firms of similar pre-privatization situations, i.e. the performance of … following privatization. Matching sample firms (privatized) to control firms (SOEs), I document that privatized firms do not …
Persistent link: https://www.econbiz.de/10011597814
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Gone with the wind : demographic transitions and domestic saving
Cavallo, Eduardo A.; Sánchez, Gabriel; Valenzuela, Patricio - 2016
longevity increase domestic saving rates. However, these effects are statistically robust only in Asia. In particular, Latin … in saving rates as Asia. The paper highlights that the potential dividends arising from a favorable demographic …
Persistent link: https://www.econbiz.de/10011457320
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Postprivatization corporate governance : the role of ownership structure and investor protection
Boubakri, Narjess; Cosset, Jean-Claude; Guedhami, Omrane - 2003
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...
Persistent link: https://www.econbiz.de/10011591071
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Selling company shares to reluctant employees : France Telecom's experience
Degeorge, François; Jenter, Dirk; Moel, Alberto; … - 2002
In 1997, France Telecom, the state-owned French telephone company, went through a partial privatization. We adapt a …
Persistent link: https://www.econbiz.de/10011598295