this paper focuses on dynamic financial modelling of recurring cash flow items in PPP projects in operating stage and on risks associated with the volatility of these cash flows. As we concentrate on so-called government-pays schemes, only cash-outflows are considered, such as operating costs,...

Portfolio recommendations should include, beyond an estimate of the expected return on the investment, also an assessment of the associated level of risk. This paper introduces a simple methodology to assign stock recommendations based on a firm valuation procedure that replaces the conventional...