The major challenges in sustainable implementation are the financial issue and uncertainties. The traditional financial budgeting approach that is commonly used to evaluate sustainable projects normally neglects future decisions that might need to be made over the course of a project. The real options approach has been suggested as a tool for strategic decision making because it can provide flexibility which can increase the project value. Researchers have been trying to identify the potential of the real options approach, and provide the frameworks for a real options evaluation and flexible strategy in sustainability improvement. However, some important variables and financial impacts explanation of real options are missing. Models can be improved to show the variation of possible project values along with its behavior. This work aims to improve the real options model in sustainable projects to provide understanding about the financial impacts of flexible strategy to sustainable improvement projects and to be used as a tool to assist decision making. The results showed that real options can have a positive financial impact to the project. The extension of this model can assist the analysis and development of decision policies.

Thesis (M.Comm. (Hons.)) -- University of Western Sydney, 2002. / "An empirical study of the project finance risk pricing decision made by Australian project leaders in terms of project finance risk weighting and degree of self-insight" Bibliography : leaves 98-105.

Thesis (M.B.A.)--University of Hong Kong, 1998. / Includes bibliographical references.

abstract: Transportation systems in the U.S. are in a poor state of disrepair. A significant investment is needed to replace or rehabilitate current transportation infrastructure. Currently, transportation investments are lackluster with the recession of 2008 heavily impacting transportation spending, inciting deficits and budgetary cuts at state and federal government levels. As a result, policy makers and public officials are increasingly looking for innovative financing and alternative delivery methods to supplement traditional financing and delivery for transportation projects. Subsequently, the number of public-private partnerships (PPP or P3) has increased substantially over the last two decades. There is a growing need to quantify the project performance and financial benefits of PPP. This dissertation fills this gap in knowledge by performing a comprehensive quantitative analysis of PPP project performance and financial sources for transportation projects in the U.S. This study’s specific research objectives are: (1) Develop a solid baseline for comparison, comprised of non-PPP projects; (2) Quantify PPP project cost and schedule performance; and (3) Quantify private versus public financing sources of PPP. A thorough literature review led to the development of a structured data collection process for PPP and comparable non-PPP projects. Financing data was collected and verified for a total of 133 ongoing and completed projects; while performance data was verified for a subset of 81 completed projects. Data analysis included regression analysis, descriptive statistics, inferential statistics and non-parametric statistical tests. The results provide benchmarks for PPP project performance and financing sources. For the performance results, non-PPP projects have an average cost change of 8.46 percent and an average schedule change of -0.22 percent. PPP projects have an average cost change of 3.04 percent and average schedule change of 1.38 percent. Statistical analysis showed cost change for PPP projects were superior to that of non-PPP; however, schedule change differences were not significant. For the financing results, private financing totaled 44.5 percent while public financing totaled 55.5 percent. This result shows private financing can be used to leverage public financing with close to a one-to-one ratio and that PPP has the potential to double the amount of infrastructure delivered to the public. / Dissertation/Thesis / Doctoral Dissertation Civil and Environmental Engineering 2016

Submitted by Ronildo Prado (ronisp@ufscar.br) on 2016-08-29T20:20:38Z No. of bitstreams: 1 6839.pdf: 3641330 bytes, checksum: 560bafbe5bbc31b0d2b5e318f41a4a50 (MD5) / Approved for entry into archive by Ronildo Prado (ronisp@ufscar.br) on 2016-08-29T20:23:27Z (GMT) No. of bitstreams: 1 6839.pdf: 3641330 bytes, checksum: 560bafbe5bbc31b0d2b5e318f41a4a50 (MD5) / Approved for entry into archive by Ronildo Prado (ronisp@ufscar.br) on 2016-08-29T20:23:55Z (GMT) No. of bitstreams: 1 6839.pdf: 3641330 bytes, checksum: 560bafbe5bbc31b0d2b5e318f41a4a50 (MD5) / Made available in DSpace on 2016-08-29T20:25:37Z (GMT). No. of bitstreams: 1 6839.pdf: 3641330 bytes, checksum: 560bafbe5bbc31b0d2b5e318f41a4a50 (MD5) Previous issue date: 2015-08-25 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / Este trabalho analisa a política de financiamento estabelecida no convênio de cogestão entre a Secretaria Municipal de Saúde de Campinas e o Serviço de Saúde Dr. Cândido Ferreira (SSCF) desde 1990. A partir do discurso dos profissionais que trabalham nessa instituição, descreve como, no SSCF, fazer política é inerente à prática clínica, às relações de negociação com aquela secretaria, às estratégias de escrita e fabricação de documentos do convênio. A etnografia foi realizada na Comissão de Acompanhamento do Convênio, na Comissão de Moradias, nas reuniões da equipe do Serviço Residencial Terapêutico (SRT), num curso de capacitação para os profissionais desse serviço e num evento comemorativo dos 20 anos de sua implementação. As modificações decorrentes do processo de reforma no modelo psiquiátrico, descritas com base no discurso mnemônico dos profissionais, e seus efeitos na vida de uma moradora do SRT revelam os rearranjos técnicos e arquitetônicos que produziram a reabilitação dos internos, o Projeto Terapêutico Individual (PTI) e uma rede de assistência. No SRT, foi instituída uma ―tecnologia de cuidado‖, elaborada a partir da singularidade dos usuários, que articula procedimentos e saberes não somente psiquiátricos, mas também clínicos, psicológicos e geriátricos, em intervenções de acompanhamento (controle contínuo), monitoramento (vigilância a distância) e gestão com o objetivo de governar a conduta e o projeto de vida daqueles. A ―clínica do detalhe‖, o ―manejo terapêutico‖ e a ―relação de cogestão‖ permitem à equipe avaliar, calcular e problematizar a demanda singular do usuário, racionalizada em dados que são registrados em documentos e transformados em parâmetros que disseminam as informações entre os profissionais e possibilitam medir a efetividade das intervenções terapêuticas, bem como aperfeiçoá-las, planejá-las e gerenciar as metas do SRT. Essa forma de proceder, que transmuta as informações em conhecimento singular, que as inscreve em documentos e as torna visíveis aos administradores municipais, justifica o financiamento e autoriza as práticas de governo no SRT. / This work analyzes the established funding policy in co-management agreement between the Municipal Health Sector Campinas and the Health Service Dr. Cândido Ferreira (Serviço de Saúde Dr. Cândido Ferreira–SSCF) since 1990. From the professionals‘ speech who works in this institution, I describe how, in the SSCF, making politics is inherent to the clinical practice, the negotiating relationship with that Health Sector, the writing strategies and manufacturing agreement documents. The ethnography was held at the Agreement Monitoring Commission, at the House Commission, at the meeting of the Therapeutic Residential Services‘ Team (Serviço Residencial Terapêutico–SRT) and at one training course of this professionals in this area and at commemorative event of the 20 years of its implementation. The changes arising from the reform process within the psychiatric model, described was based on mnemonic professional‘s speech, and its effects on the life of one resident of SRT, reveals the technical and architectural rearrangements that produced the rehabilitation of the inmates, the Individual Therapeutic Project and to a support network. In SRT, a ―care technology‖ was implemented, drawn from the singularity of users, combining not only psychiatric procedures and knowledge, but also clinical, psychological and geriatric in monitoring interventions (continuous control), monitoring (monitoring the distance) and management in order to govern the conduct and the life project of those. The ―clinic of detail‖, the ―therapeutic management‖ and the ―co-management relationship‖ allows the team to evaluate, calculate and discuss the individual demand, rationalized in data which are recorded in documents and made into parameters that disseminate information between professionals enabling the latter to measure the effectiveness of therapeutic interventions and improve them, plan them and manage the SRT goals. This way of proceeding, that transmutes the information in singular knowledge that subscribe thus into documents and makes them visible to the municipal administrators, justifies funding and authorizes the government practices to the SRT.

The aim of the thesis is to compare the conditions and procedures for granting export project financing between the Czech Republic and Sweden. The theoretical part includes three chapters. In the first chapter, I explain the nature and structure of the project finance. In the second chapter, I analyze the institutions providing export financing in the Czech Republic and their financial products that can be applied in this case. In the third chapter, I analogously analyze the system of export financing in Sweden. In the practical part, I show on the imaginary business case how the export project finance is realized by Czech export credit institution (CEB) on one side and the Swedish export credit institution(SEK) on the other. In conclusion, I summarize the similarities and differences resulted from the performed comparison.

Compared to other areas of Finance, the field of Project Finance is a relatively unexplored area for both empirical and theoretical research. And in particular, most of the research to date has focused more narrowly on risk management through financial instruments. From another point of view and by looking at different types of projects, Cross Border projects are usually considered 'high risk', mostly due to a lack of adequate overseas environmental information and overseas project experience. Given this setting, this research aims to explore risks attributed to Cross Border Project Financed projects and understand why South African companies should or should not use Project Finance for their Cross Border projects.There were two phases to the research. The first phase consisted of an analysis of literature on Project Finance, the Cross Border project context and Risk Management processes and, the further analysis of fourteen case studies where Cross Border projects have used Project Finance. This was with the aim of extracting risks and relevant allocation and mitigation methods. The second phase consisted of ten interviews with South African Project Finance experts, based on findings from phase one. This phase’s aim was to explore the practical risk allocation and mitigation methods and compare them to what was said in theory, making recommendations for further research into Project Finance in South Africa.The first phase resulted in a broad description of the theory of risks associated with Cross Border Project Financed projects and those specific risks and allocation or mitigation methods addressed in Cross Border projects that have used Project Finance as their financing vehicle. The second phase produced a comparative scheme between what is being addressed in theory as risk allocation and mitigation methods and what is being exercised in South African Project Financed projects. This comparison showed that Project Finance is a recommended financing vehicle for Cross Border projects provided that required due diligence and homework are done upfront. It was concluded that there is a gap between theory and practice in terms of risk allocation and mitigation methods developed for Cross Border Project Financed projects. This research provided a framework to introduce similarities and differences between theory and practice and ended up with a set of recommendations for further research into Project Finance. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

This research paper aims to explore the use of project finance to fund urban infrastructure in order to aid the development of affordable housing. This is due to the high rate of urbanisation in developing nations, leading to the challenge of providing adequate shelter and the requisite infrastructure. Although South Africa has been lauded for making observable strides in housing and infrastructure provision, infrastructure is still required. There is reluctance to bring private finance into infrastructure development in developing economies because full recovery of invested capital is not easy to achieve. Project finance is recommended to improve the rate of shelter provision as well as to catalyse the eradication of slums. Project finance was investigated through interviewing selected participants, based on their role in the infrastructure provision sector. The outcomes indicated that project finance is an appropriate tool due to its characteristics.

[pt] A presente pesquisa se destina a estudar, de forma descritiva e explicativa, o Project Finance como modo de estruturação financeira de projetos de investimento, especialmente às vantagens e desvantagens desta estrutura em comparação às estruturas de financiamentos corporativos tradicionais e na questão do tratamento dispensado por esta estrutura aos diversos riscos relativos ao investimento. Para tal, através da coleta e análise de dados e informações de domínio público, foi utilizada a metodologia de estudo de caso simples aplicada ao caso da Usina Hidrelétrica de Barra Grande, empreendida pela Barra Grande Energética S/A - BAESA, no contexto macro econômico do novo modelo institucional para o setor elétrico. / [en] This research work intends to examine, in a descriptive and explaining manner, the Project Finance as a way to financially structure investment projects, especially when it comes to the advantages and disadvantages of this financial structure as compared to traditional corporate financing, and in the assessment of investment related risks. To do so, publicly available data was collected and analyzed through the Simple Case Research method applied to the Barra Grande Hydro Power Plant Case, within the new Brazilian electric power institutional framework.

O objetivo deste trabalho foi analisar o mercado de concessões de prestação do serviço de transmissão de energia elétrica do Brasil. Essa concessão dura trinta anos e, se for considerado que houve muitos interessados em ganhar as concessões, para a maioria dos leilões realizados até 2005 o resultado dos leilões podem ser considerados um grande sucesso. Esses leilões são recentes, se iniciaram em 1999. Antes disso o setor passava por dificuldades de investimento. Após reformulação de algumas leis, o setor elétrico deixou de ser dependente de financiamentos governamentais. O setor privado começou a investir de forma controlada nesses projetos de grande porte e a obrigação do governo passou a ser o de fiscalizar e formular as leis do setor. Como houve muitos interessados em prestar o serviço público, os leilões foram a forma escolhida para decidir qual era a empresa mais eficiente. Os leilões são descendentes de primeiro preço em dois estágios em que o primeiro estágio é secreto em envelope fechado. Caso a diferença entre o menor valor e os outros lances seja menor do que 5%, o leilão passa para o segundo estágio que ocorre em viva-voz. Como o objeto leiloado é uma concessão, o valor que os participantes tem de decidir não é o preço a pagar, mas sim o valor da receita máxima que a concessionária aceitará receber para prestar o serviço. Uma das características da transmissão que determinou o tipo de regulação a ser utilizado foi o fato da transmissão de energia elétrica ser um monopólio natural, por isso o valor cobrado dos usuários deve ser controlado. O valor desse único lance contém as expectativas dos agentes sobre o valor dos custos estimados para prestar o serviço, contém também as expectativas de lucro possível, da probabilidade de vitória do leilão dada a concorrência etc. A análise deste trabalho se concentra nos leilões realizados no período de 1999 até 2005 em que ocorreram dez leilões com várias linhas sendo leiloadas em cada leilão. Para determinar o que tornou esse mercado tão interessante para as empresas privadas, foram consideradas as características de cada empresa. A característica mais importante é a interdependência. Essa interdependência permite custos menores quanto mais projetos de transmissão a empresa possui, por isso os resultados do leilão podem ser determinados por essa característica especial. Além dessa variável, foram consideradas a concorrência, a competitividade entre os participantes, o tipo de empresa, ou seja, em que setor a empresa possui especialidade na realização de projetos e o fato dos leilões serem seqüenciais. / This work analised the concession market of electricity transmission lines in Brazil. This market was recently created by a major restructuring in the regulation laws. The reason for this change was the investment crisis that the sector was going through before 1999. Those concessions are decided by an auction and lasts for thirty years. It has been considered a major success, due to the interest of many companies in acquiring this permits. The government no longer invested on it but instead decided de the laws to control the sector. One of the key changes in the diferent aspect of the regulation the participation of the private sector. Investments were no longer dependent on government for financial suport. This alteration made the market more competitive, eficient and lucrative. The auctions are classified as a descending first-price with two stages. The first stage is made with a sealed bid and in case the diference of the lowest bid and the other bids are less than 5%, the auction goes to the second stage with a oral auction. The object auctioned is a permit to provide a public service for a period o time, so this is the reason the auction is descending one. The bids made by the participants is the value of a maximum annual income permited by the regulator. The reason for this maximum is a result of the fact that this public service is a natural monopoly. It prevents the concessionare to take advantage over it´s clients by charging a high fee when they don´t have a choice of another provider of this service. When the participants of the auctions choose the value of the bid, this only bid contains all of their expectations of costs, profits, the probability of winning the auction when considering the competition etc. This work uses the data of all the auctions of transmission lines that happened between 1999 and 2005. in this period ocorred ten auctions, with many lines auctioned in each one. In order to determine what made this market so interesting for private companies some caracteristics of those companies were considered. The results of this study finds that the most important caracteristic is interdependencies. It allows lower costs the many concessions the company owns. This result is so powerful that sometimes it may determine the winner of the auction. Other variables analised were the competitiveness of this sequential auctions, the competitiveness of the participants, the kind of work the company is specialized in, as a real option when deciding what kind of company to participate, for exemple, in a joint venture, and the benefits of this decision.