In this paper, we examine the relation between government ownership and stock price informativeness around the world. Using a sample of privatized firms from 41 countries between 1980 and 2012, we find strong and robust evidence that state ownership is associated with lower firm-level stock...

Orthodox economic analysis cannot identify how to provide affordable housing on a sustainable basis because it: (i) Considers the nature of property rights as a given rather than as a policy variable; (ii) Neglects taking into account variations in the values of assets and liabilities; (iii)...

This article develops a theoretical framework to analyze options for financing infrastructurein developing countries. We build a basic model that gives motivations for usinga combination of public finance, private debt and private equity. The model is thenextended in a number of ways to examine...

Multilateral development banks (MDBs) have important functions in infrastructure projects. Besides their traditional lending role, they provide additional guarantees to private investors about the creditworthiness of the project. An empirical analysis is performed for the determinants of...

This paper reviews the literature on the allocation and valuation of public-private partnerships (PPPs). First, the paper discusses why governments pursue PPPs and how value for money (VfM) is achieved. Second, the paper reviews the principles of risk allocation and valuation from an academic...

This paper reviews the literature on the allocation and valuation of public-private partnerships (PPPs). First, the paper discusses why governments pursue PPPs and how value for money (VfM) is achieved. Second, the paper reviews the principles of risk allocation and valuation from an academic...

We present a first-time comparison of the principles-based corporate governance regime in Canada and the rules-based corporate governance regime in the United States from a theoretical, legal and empirical perspective. This comparison is of value to both firms considering a listing in Canada...

The Business Roundtable has played a key role in the opposition to the SEC shareholder access proposal. While the strong resistance to the proposal has been thus far successful in discouraging the SEC from adopting it, this paper considers the merits of the Business Roundtable's substantive...