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Prudential regulation of infrastructure investment plays an important role in creating an enabling environment for mobilizing long-term finance from institutional investors, such as insurance companies, and, thus, gives critical support to sustainable development. Infrastructure projects are...
Persistent link: https://www.econbiz.de/10011843700
This paper analyses the peculiar nature of credit risk in project finance by means of a comparative econometric analysis of ex ante credit spreads for a large cross section of international loans and bonds between 1993 and 2001 in both industrialised and emerging countries. Our main contribution...
Persistent link: https://www.econbiz.de/10014062967
This paper finds that the term structure of credit spreads in project finance is hump-shaped. This contrasts with other types of debt, where credit risk is shown instead to increase monotonically with maturity ceteris paribus. We emphasize a number of peculiar features of project finance...
Persistent link: https://www.econbiz.de/10012561956
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Loan syndication as a project financing mechanism has increased over the last decade despite the diverging needs of the lenders. Loan syndication as a mechanism to finance a project is becoming a trend in developing economy. Many international project like infrastructure project and power...
Persistent link: https://www.econbiz.de/10012872005
With great power comes great responsibility. Although the world's leading financial institutions are unlikely to be mistaken for superheroes, they would do well to remember that maxim as they rush to cast themselves as champions of sustainable development. Leading lenders have been quick to...
Persistent link: https://www.econbiz.de/10014054260
We examine the factors that influence public firms' choice between project financing and corporate financing. Using a sample of 15,191 syndicated deals closed between 2000 and 2016, we find that economies of scale, agency costs of debt, and information asymmetry arguments affect the choice of...
Persistent link: https://www.econbiz.de/10012854916
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