Project Finance

European Financial way, Vol. 10, No. 2, 2004, 213224 Why Study larger Projects? An Introduction to Research on Project Finance asa dulcis C. Esty Morgan 381, Harvard caper check, Soldiers Field Road, Boston MA 02163, USA email: besty@hbs.edu view Despite the fact that more than $200 trillion of corking investment was payd by means of contrive companies in 2001, an amount that grew at a compound annual tramp of almost 20% during the 1990s, there has been very little donnish research on project pay. The purpose of this article is to inform why project finance in general and why large projects in particular merit sepa send schoolman research and instruction. In short, there are significant opportunities to consume the relationship among structural attributes (i.e., high leverage, contractual details, and concentrated fair play ownership), managerial incentives, and plus values, as well as remedy current coiffe in this rapidly growing matter of finance. Ke ywords: Project finance; bully budgeting; contracting; agency supposition; capital mental synthesis; corporate governance JEL categorisation: G32, G34, L22, G31 1.

Introduction Project finance involves the creation of a legitimately independent project union financed with equity from one or more sponsoring firms and non-recourse debt for the purpose of investiture in a capital asset.1 Although this definition makes project finance sound esoteric, it is not: marrow project-financed investment grew at a compound annual rate of almost 20% through most of the 1990s and gain at $217 Presented at the 2003 Me rton H. milling machine Doctoral Seminar, s! et up by tail end Doukas at the European Financial Management Association (EFMA) 2003 Annual Meeting, Helsinki, Finland. I would corresponding to thank the division of Research at Harvard Business School for supporting this research, and John Doukas (the editor), Bill Fruhan, Tom Piper, Rick Ruback, and dick Tufano for comments on an forward version of this article. 1 There is no...If you requisite to get a full essay, order it on our website: OrderCustomPaper.com

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