|
on Project, Program and Portfolio Management |
| By: | Ouidad Yousfi (MRM - Montpellier Recherche en Management - Université Montpellier II - Sciences et techniques : EA4557 - Université Montpellier I - Université Paul Valéry - Montpellier III - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School) |
| Abstract: | This paper analyzes the link between the financial capital structure in LBO (Leveraged Buyout) acquisitions and the agents' incentives under asymmetric information. We present a static model with three agents: the entrepreneur, the LBO fund and the bank. The first two agents provide complementary and non-observable efforts to enhance the distribution of the project's revenues. Our results provide evidence that there are no debt-equity contracts that solve the double-sided moral hazard problem; however, the project must be financed jointly by the three partners. Moreover, financing the project through a mixture of debt and equity or solely through equity does not improve the incentive to provide efforts. Under taxation, agents provide low levels of efforts, but the entrepreneur is better off if the level of leverage is the highest to take advantage of the tax deductibility of interests. |
| Keywords: | Corporate Governance Journal, Financial Capital Structure, LBO Projects, Under Asymmetric Information, Leveraged Buyout, Leveraged Management Buyout. |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00813878&r=ppm |
| By: | Sato, Mine |
| Abstract: | In contrast to the current discussion on Capacity Development (CD), which is mostly made from the donors’ aid-effectiveness point of view, this paper attempts to explore what foreign donors can learn about CD by tracing the endogenous and long-running CD process from insiders’ perspectives. As a case study, an urban redevelopment project called MIB in MedellÃn City in Colombia is examined. After clarifying the initial context of urban poverty in Colombia, the paper traces the six phases of the MIB project: institutional preparation and awareness enhancement, conception of the inclusive-urbanism idea, planning of the MIB, construction/reconstruction of the residences, resettlement of residents, and scaling-up. Then the paper makes an in-depth analysis of the whole process, focusing on five key CD factors identified by Hosono et al. (2011): stakeholder ownership, mutual learning, specific drivers, scaling-up, and roles of external actors. From the analysis, the paper proposes four major lessons on CD research and practice in the future. First, we need to change our timeframe through which we look at the CD process. The MIB experience shows that the process can be far longer than what has been assumed by donors and researchers. Second, the current project-centered periodization of development assistance and the overwhelming focus on the project period should be reconsidered. In the MIB, the project implementation phase took only five years in a total process of 30 years. Third, the MIB case shows that documentation of previous projects and seminars, which occur in the pre-project phase under donors’ auspices, can greatly help local specialists conceive of new ideas. Fourth, the post-project phase also merits greater attention in identifying constraints to sustainability and replicability of the project concerned and to explore what external actors can do to overcome the constraints. The paper concludes by pointing out the necessity of accumulating similar kinds of case studies on the CD process made from insiders’ perspectives. |
| Keywords: | Capacity Development , urban redevelopment , social urbanism , MedellÃn , Colombia |
| Date: | 2013–03–29 |
| URL: | http://d.repec.org/n?u=RePEc:jic:wpaper:60&r=ppm |
| By: | Mario du Preez, Justin Beukes and E. Ernest van Dyk |
| Abstract: | The South African government currently faces the dual problems of climate change mitigation and the rollout of electricity provision to rural, previously disadvantaged communities. This paper investigates the economic efficiency of the implementation of concentrator photovoltaic (CPV) technology in the Tyefu area in the Eastern Cape, South Africa as a means of addressing these problems. A cost-benefit analysis (CBA), both from a social and a private perspective, is carried out in the study. The CBA from a private perspective investigates the desirability of the CPV project from a private energy investor’s point of view, whilst the CBA from a social perspective investigates the desirability of the CPV project from society’s point of view. The CBA from a social perspective found that the project was socially viable and was, thus, an efficient allocation of government resources. The CBA from a private perspective, on the other hand, found that investing in a CPV project was not financially viable for a private investor. It is recommended that the government consider CPV as an alternative to grid-connected electricity provision to rural, previously disadvantaged communities. |
| Keywords: | Cost-benefit analysis, concentrator photovoltaic technology, social discount rate |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:343&r=ppm |
| By: | Jolanta Perek-Białas; Cristina Martinez-Fernandez; Tamara Weyman |
| Abstract: | This paper outlines the findings of the Poland case study of the Malopolska region for the international project, Local scenarios of demographic change. The Malopolska region is located in the southern part of Poland, boarding Slovakia, and was created in 1999 from voivodship amalgamations of Krakow, Nowy Sacz, and parts of Bielsko-Biala, Kielce, Katowice, Krosno and Tarnów. Although the population size will not change dramatically over the next few years, the consequences of population ageing are and will be challenging. The region has much potential in various sectors that can be exploited in preparation for the demographic transition. The paper presents various examples of initiatives and projects related to demographic issues (older workers, older persons, and families), however, awareness of demographic challenges and the need for better policy implementation are key priorities at the regional/local level. |
| Date: | 2013–04–18 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2013/6-en&r=ppm |
| By: | Liu, Chun |
| Abstract: | Informatization, a policy of integrated telecommunications development, is regarded as one of the driving forces behind the Chinese government's new socialist countryside program. Various national and provincial programs have been initiated to connect the agricultural communities to the information highway. Most of the existing studies are conducted at the national level, which largely neglects the fact that China's unique central-provincial-local institutional arrangement makes the provincial/local government not only the implementers of center-initiated projects but also the initiators of informatization programs specific to their territory. This paper studies Sichuan province because its geographic and economic features make it an ideal site. Moreover, Sichuan probably has the widest variety of agricultural informatization programs among all the provinces in China because of the relief efforts after the 2008 Wenchuan earthquake by various entities. It is now imperative to critically revisit those programs to find out their status and identify the factors for both their successes and failures. This paper aims to complement the existing rural informatization research in China with a comprehensive provincial/local-level analysis, using an analytical framework that evaluates the performance and sustainability of major ongoing agricultural informatization programs. This paper will identify the best practices for rural development in other countries. -- |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb12:72547&r=ppm |
| By: | Maria, Bourna; Hitoshi, Mitomo |
| Abstract: | This paper examines the suitability of telework for business continuity planning (BCP) in Japan by looking at how views on telework are shaped by demographic characteristics, organizational culture, and individuals' use of technology. The study surveyed regular employees with experience of the 2011 T¯ohoku earthquake (n=39) and their responses were analyzed using cross-tabulation analysis. The results showed generally positive attitudes towards telework, overwhelmingly so with respect to BCP-specific telework. From the survey it was further induced that certain characteristics may be associated with a greater likelihood that an individual will want or choose to telework; these are gender, the presence of dependents, placing reduced value in the role of the workplace, exhibiting consumerization tendencies, and using social media to interact with coworkers, albeit in work-designated profiles. The ability to identify such characteristics, and consequently, find individuals with positive views towards ad hoc telework, can be constructive in increasing the adoption rate of telework for BCP projects. -- |
| Keywords: | ICT,BCP,consumerization,social media,presenteeism,business culture |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb12:72533&r=ppm |
| By: | Yoshida, Kazuhiro; Yuki, Takako; Sakata, Nozomi |
| Abstract: | This paper examines institutional governance for a cross-border higher education program, focusing on the effects of introducing a new form of program. The paper analyzes the case of the Higher Education Loan Fund Project between Malaysia and Japan, in which the form of cross-border higher education has evolved from student mobility to program mobility through a twinning arrangement. Although academic staff sent from Japanese universities continued to play important roles and be involved in decision-making, the partner institution in Malaysia began to replace some of them with Malaysian teaching staff, had their initial part of the twinning program accredited as a diploma course, and used this experience to develop a fresh diploma course for engineering. Japanese universities successfully responded to the evolution of the project by adapting the existing curriculum, transferring credits and students, and developing new systems of staff training and quality assurance. By creating a consortium which has gradually become more formalized, the Japanese universities followed common procedures for placement and student support, thus reducing transaction costs. Certain universities have developed new cross-border programs by themselves. A program mobility model of cross-bordering is strengthening the governance and capacity of participating higher education institutions, but the sustainability of the program will depend on the commitment of the institutions and continued financial support by governments. |
| Keywords: | cross-border higher education , Malaysia , Japan , institutional governance , twinning |
| Date: | 2013–01–31 |
| URL: | http://d.repec.org/n?u=RePEc:jic:wpaper:52&r=ppm |
| By: | Glòria Estapé-Dubreuil (CEREN - Centre de Recherche sur l'Entreprise - Start entering a institution, university, grande ecole); Arvind Ashta (CEREN - Centre de Recherche sur l'Entreprise - Start entering a institution, university, grande ecole, Chaire Banque Populaire en Microfinance du Groupe ESC Dijon Bourgogne - Commencez à saisir le nom d'un établissement); Jean-Pierre Hédou (CEREN - Centre de Recherche sur l'Entreprise - Start entering a institution, university, grande ecole) |
| Abstract: | Microequity may be the key to overcoming stress of micro entrepreneurs who are over-exposed to micro-credit. French microangels are willing to invest small amounts to help people start their own business and move out of poverty. The French microangels invest through syndication in microenterprise projects. Each angel provides only a few hundred Euros, but together they are able to provide as much as three thousand Euros to firms. They look for social and environmental returns rather than financial returns. These include geographical proximity and solidarity. |
| Keywords: | Social entrepreneurship; micro-angels; micro-enterprise; micro equity; business angels; venture capital; social investors |
| Date: | 2012–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00812966&r=ppm |
| By: | Bratanova, Alexandra |
| Abstract: | Shift to the program planning and budgeting is a budget policy priority in Russia. However, the current system of public programs development and implementation needs to be improved. The research aims at development of methodological approaches for a priori financial control of public programs based on international best practice of the evaluation theory and implementation. Author has formed criteria and algorithm of the evaluation method choice for Russian regional public programs. The algorithm is showing a new approach to address a problem of methodological support of program financial and economic analysis in Russia. It also has a practical significance for public administration. |
| Keywords: | program planning and budgeting, public program, financial and economic analysis, project evaluation, cost-benefit analysis, multi-criteria analysis |
| JEL: | G28 H5 H61 |
| Date: | 2012–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:46439&r=ppm |