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on Project, Program and Portfolio Management |
| By: | Martin Szydlowski (University of Minnesota) |
| Abstract: | I study the optimal choice of investment projects in a continuous-time moral hazard model with multitasking. While in the first best, projects are invariably chosen by the net present value (NPV) criterion, moral hazard introduces a cutoff for project selection which depends on both a project's NPV as well as its risk-return ratio. The cutoff shifts dynamically depending on the past history of shocks, the current firm size, and the agent's continuation value. When the ratio of continuation value to firm size is large, investment projects are chosen more efficiently, and project choice depends more on the NPV and less on the risk-return ratio. The optimal contract can be implemented with an equity stake, bonus payments, as well as a personal account. Interestingly, when the contract features equity only, the project selection criterion resembles a hurdle rate. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:red:sed014:1240&r=ppm |
| By: | Strambach , Simone (Department of Geography, Philipps-University of Marburg) |
| Abstract: | The aim of the paper is to contribute both conceptually and empirically to a deeper understanding of the territorial shaping of knowledge combination and its development dynamics underpinning innovation. The importance of combining and integrating knowledge bases from different sources, geographical scales and heterogeneous actors is increasingly recognized in innovation studies. Yet, the question of what limits or enables knowledge combinations in innovation processes and what generates relatedness among unrelated knowledge bases in time and space is not fully answered. Conceptually the paper suggests a more specific focus on microfoundations and temporality by taking into account the economics of organization in more detail. This appears a particularly promising approach, as the causal relations and mechanisms across and between aggregated levels such as firms, sectors, regions, or nations are not well understood. Empirically the paper explores the micro-dynamics of knowledge combination and its territorial shaping from a transnational perspective. German-Chinese innovation projects in sustainable construction are investigated by using the methodology of innovation biography. This method allows following the time-space path of innovation. It enables capturing knowledge interactions and their unfolding in multi-scalar and cross-sectoral ways. The results underline a very dynamic geography of organization and barriers for knowledge integration at the micro-level rooted in organizational and institutional path dependencies. The investigation in the interplay between more permanent and temporary organizational forms and its geography holds a large potential for further research to provide new insights into the spatiality of combining knowledge bases in innovation processes. |
| Keywords: | knowledge dynamics; transnational innovation; microfoundations; economics of organization; innovation biography |
| JEL: | D83 L14 L20 L84 O31 |
| Date: | 2015–02–26 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2015_010&r=ppm |
| By: | World Bank |
| Keywords: | Urban Transport Urban Development - Transport in Urban Areas Roads and Highways Private Sector Development - E-Business Transport Economics Policy and Planning Transport |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:21319&r=ppm |
| By: | Greene, Laura; Mamic, Ivanka |
| Abstract: | The world of work is changing. A major factor contributing to this is the proliferation of information and communication technologies, with mobile technology playing a central role. More and more people are able to access the Internet through their mobile devices. This has empowered them to work from anywhere but it has also led to the decline of traditional forms of employment. In the broader development context, mobile technology has been used extensively to reach beneficiaries and target audiences. Overall, this presents organizations with a challenge but also an opportunity to adapt projects and interventions to new technologies. This paper outlines technological and institutional hurdles related to the future uptake and implementation of mobile technology platforms and the use of mobile technology as a means of outreach. |
| Keywords: | choice of technology, information technology, social network, choix de technologie, technologie de l'information, réseau social, elección de tecnología, tecnología de la información, red social |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:486751&r=ppm |
| By: | World Bank Group |
| Keywords: | Environmental Economics and Policies Public Sector Corruption and Anticorruption Measures Public Sector Regulation Governance - Parliamentary Government Banks and Banking Reform Finance and Financial Sector Development Public Sector Development Environment |
| Date: | 2014–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:21108&r=ppm |
| By: | Peia, Oana (ESSEC Business School); Vranceanu, Radu (ESSEC Business School) |
| Abstract: | This paper analyzes how banks' funding constraints impact the access and cost of capital of small firms. Banks raise external finance from a large number of small investors who face co-ordination problems and invest in small, risky businesses. When investors observe noisy signals about the true implementation cost of real sector projects, the model can be solved for a threshold equilibrium in the classical global games approach. We show that a "socially optimal" interest rate that maximizes the probability of success of the small firm is higher than the risk-free rate, because higher interest rates relax the bank's funding constraint. However, banks will generally set an interest rate higher than this socially optimal one. This gives rise to a built-in inefficiency of banking intermediation activity that can be corrected by various policy measures. |
| Keywords: | Bank finance; Small business; Global games; Optimal return; Strategic uncertainty |
| JEL: | C72 D82 G21 G32 |
| Date: | 2015–01 |
| URL: | http://d.repec.org/n?u=RePEc:ebg:essewp:dr-15001&r=ppm |
| By: | Raúl Armando Cardona Montoya; Carolina Huertas Garcés; Carolina Santa Giraldo; Edwin Andrés Jiménez Echeverri |
| Abstract: | The research presented here proposes the adoption of private capital funds as an innovative alternative for financing large projects in the farming sector, focusing on late yield crops due to the fact that these crops require significant investments and do not generate cash flow during the first years to cover the financing charges under traditional financing practices. As a particular case, a proposal for Hass avocado financing with a private capital fund in Colombia is analyzed, taking into account the specific conditions for its production in appropriate regions and taking advantage of the incentives and fiscal benefits that can be obtained. ****** La investigación propone la adopción de los fondos de capital privado como una alternativa innovadora para financiar grandes proyectos en el sector agropecuario, con enfoque en los cultivos de tardío rendimiento debido a que estos requieren inversiones significativas y durante los primeros años no generan flujos de caja para cubrir los servicios de la deuda bajo las líneas de financiación tradicionales. Como caso particular se analiza la propuesta de financiar el cultivo de aguacate Hass con un fondo de capital privado en Colombia, teniendo en cuenta las condiciones específicas para su producción en las regiones aptas y el aprovechamiento de los incentivos y los beneficios fiscales a los cuales se puede acceder. |
| Keywords: | Financiación; fondo de capital privado; sector agropecuario;aguacate Hass |
| JEL: | G24 |
| Date: | 2014–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000122:012579&r=ppm |
| By: | Rachel Lipson; Nazaneen Ismail Ali; Ala Al-Kazzaz |
| Keywords: | Public Sector Corruption and Anticorruption Measures Infrastructure Economics and Finance - Private Participation in Infrastructure International Economics and Trade - Government Procurement Private Sector Development - E-Business Public Sector Economics Public Sector Development |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:21289&r=ppm |
| By: | Ananta Neelim; Joseph Vecci |
| Keywords: | Water Supply and Sanitation - Town Water Supply and Sanitation Social Development - Social Accountability Water Supply and Sanitation - Water Supply and Sanitation Governance and Institutions Communities and Human Settlements Communities and Human Settlements - Housing & Human Habitats Transport |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:21125&r=ppm |