|
on Project, Program and Portfolio Management |
| By: | João Pinto (Faculdade de Economia e Gestão - Universidade Católica Portuguesa, Porto); Luís K. Pacheco (Faculdade de Economia e Gestão - Universidade Católica Portuguesa, Porto) |
| Abstract: | A structured leasing is a new and highly flexible transaction that develops synergies between funding policy, risk management of the underlying assets, and tax benefits. It is used in particular transactions involving complex and large-scale assets, such as airplanes, ships, industrial plant and equipment, and large real estate projects. As in other tax-based techniques, the implementation of a structured leasing transaction, either a leveraged lease or a synthetic lease, is more significant when the value of the asset is large and allows for a potentially greater tax benefits’ appropriation. Structured leasing creates value by increasing liquidity and funding, reducing the funding costs, allowing sponsors to attain greater leverage and to increase tax shields, improving lessees’ risk management, and allowing lessees to maintain financial flexibility, by improving or maintaining financial ratios. Although all of the above-mentioned economic advantages, structured leasing also has problems. The most commonly referred problems of structured leases are complexity, offbalance sheet treatment, higher transaction costs, and wealth expropriation. Besides describing the economic motivations and problems of structured leasing, this paper provides details on the characteristics of structured leasing activity and reviews the most influential papers, summarizes their results, and associates them with the existing empirical evidence. |
| Keywords: | financing, leasing, structured leases, leveraged leases, synthetic leases |
| JEL: | G23 G24 G32 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:cap:wpaper:042014&r=ppm |
| By: | Manish K. Singh (University of Barcelona); S. Ramann (Indira Gandhi Institute of Development Research) |
| Abstract: | Bank-led infrastructure financing in India has subsided in a reflection of the micro-prudential risks faced by banks. Bond-based financing is constrained by an incomplete bond market. Foreign borrowing is particularly inappropriate as it forces currency mismatch upon infrastructure projects. In the search for innovative methods of infrastructure financing this paper introduces the possibility of "User right" as one component of infrastructure financing. The key insight is to harness users, from amongst the universe of investors, as financiers with a high yield tradeable debt instrument that derives its value from a rebate on user charges. Liquidity would come about through trading at exchanges, which would yield a liquidity premium. Users as bond-holders would have the incentive to perform monitoring functions, which would enhance accountability. Public interest vested in public infrastructure may improve existing institutional mechanism. |
| Keywords: | Financial instruments, institutional accountability, investment analysis |
| JEL: | G12 G23 H54 O22 R42 |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2014-027&r=ppm |
| By: | Asian Development Bank (ADB); (Office of Regional Economic Integration, ADB); ; |
| Abstract: | Aid for Trade (AfT) came to prominence just over a decade ago at the launch of the World Trade Organization’s Doha Round. With its focus on helping least developed countries and economies escape the poverty trap, it aims to strengthen their capabilities to meet market demand and to reduce supply-side constraints such as a lack of trade infrastructure. In accordance with that objective, this report lays out an applied framework for prioritizing potential trade-related interventions and investments according to the expected strength of their combined economic impacts. Along the way, and for the first time, the economic geography of northeastern South Asia has been comprehensively mapped. Computer-driven modeling provides a dynamic portrayal of the economic geography that is a resource for decision makers (and investors). By bringing to light new avenues yielding very high economic benefits for investment and reforms, the framework can give guidance for undertaking trade improvements under AfT on pilot projects within a national setting, between neighbors or spread to partners further afield. In all cases, the endeavor is the same: expressed in the metaphor of hard investment, it is to build bridges to export markets so that people in the economic periphery have a better opportunity to take poverty off their own maps. |
| Keywords: | adb, asian development bank, asdb, asia, pacific, poverty asia, aid for trade, value chain, economic geography, bangladesh, bhutan, india, nepal, south asia, development assistance, trade, industry and trade, customs, import export, borders, aft, commercial exchange, import tax |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:asd:wpaper:rpt136015-2&r=ppm |
| By: | World Bank |
| Keywords: | Finance and Financial Sector Development - Access to Finance Banks and Banking Reform Urban Development - Municipal Financial Management Finance and Financial Sector Development - Debt Markets Governance - National Governance |
| Date: | 2014–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:20000&r=ppm |
| By: | Kurosaki, Takashi; Khan, Hidayat Ullah |
| Abstract: | Based on a four-year panel dataset of households collected in rural Pakistan, we examine the impact of an intervention on households’capacity to reduce income losses due to attacks by wild boars. A local NGO implemented the intervention as a randomized controlled trial at the beginning of the second year. We find that the intervention was highly effective in eliminating the crop-income loss in the second year, but that effects disappeared in the third and fourth years. Our finding suggests the difficulty in technology transfer through the training or the high implicit cost incurred by the households in implementing the treatment. Therefore, the intervention was not sustainable at the household level. Nevertheless, due to spillover effects, the intervention could have been cost-effective at the project level. |
| Keywords: | wild animal attack, production risk, randomized controlled trial, cost-benefit analysis, Pakistan |
| JEL: | O13 O15 Q12 |
| Date: | 2014–08 |
| URL: | http://d.repec.org/n?u=RePEc:hit:primdp:59&r=ppm |
| By: | Teresa Lopes (Faculdade de Economia e Gestão, Universidade Católica Portuguesa - Porto); Joana César Machado (Faculdade de Economia e Gestão and CEGE, Universidade Católica Portuguesa - Porto) |
| Abstract: | The purpose of this research is to investigate how a corporate brand of higher education can benefit from a social network for the development of its internal communication strategy. The research strategy involves a case study about Catholic University of Portugal, in Porto, and a qualitative data analysis. The results obtained suggest that, in comparison to its competitors, Catholic University of Porto is still at an early Web 1.0 stage, not taking advantage of the interactivity and customization potential of its internal communication. Social networks are indeed used, but only for external communication. In contrast, some of its international competitors use a private social network, Ning, to improve their corporate communication strategy. Findings also show that these tools are favorably perceived by the university’s employees, and could allow Catholic University to improve its internal communication system considerably. In particular, the use of social networks would offer professors and researchers an effective platform for sharing their research, building valuable partnerships or working in multidisciplinary projects. We believe that this research presents important benefits, both from an academic standpoint (several research domains were involved) and from an organizational perspective (by contributing to the strengthening of the university´s corporate brand). The main contribution of this work is related with the development of an exhaustive strategic plan for the implementation of an internal corporate social network. |
| Keywords: | Corporate brand; social networks, internal communication, higher education |
| Date: | 2014–07 |
| URL: | http://d.repec.org/n?u=RePEc:cap:mpaper:022014&r=ppm |