TransportRN: Financing of Transportation (Topic)最新文献

{"title":"New Bank and Transportation Stock Indexes from 1793 to 1871, with Comparisons Across Region and Sector, and Against Prior Indexes","authors":"Edward F. Mcquarrie","doi":"10.2139/ssrn.3480838","DOIUrl":"https://doi.org/10.2139/ssrn.3480838","url":null,"abstract":"Good data on US stock market returns before the advent of the Cowles’ (1939) dataset in 1871 have been scarce. Small samples and an inability to observe dividends render current estimates suspect. I report total return for a much larger sample of stocks before 1871 than heretofore seen. I observe prices and dividends for all the large banks trading in the markets of Boston, Philadelphia, Baltimore and Virginia, where past research had been confined mostly to banks headquartered in New York. I also observe prices and dividends for all the large turnpikes, canals, and railroads that traded in this period. In both cases I find significant survivorship bias in prior compilations. Banks that went bust or went to the wall in the Panics of 1819 and 1837 have been ignored. Early transportation firms that soared on speculation and then collapsed without ever paying a dividend have also been omitted from the record. Likewise, the dividend cuts and omissions characteristic of hard times have been overlooked. Net of correcting these survivorship biases, in the period before the Civil War I find significantly lower stock market returns than reported in Siegel (2014). I likewise find bonds out-performing stocks during this period. The paper concludes with a discussion of why stocks should have performed poorly, and bonds well, under the distinctive macroeconomic conditions that prevailed before the Civil War. [This paper has been updated by later work. See revision notes that follow this abstract.]","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134040726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Distance, High-Speed Railway Connection, and Price Efficiency: Evidence From China","authors":"Hao Gao, Yuanyu Qu, Tao Shen","doi":"10.2139/ssrn.3635159","DOIUrl":"https://doi.org/10.2139/ssrn.3635159","url":null,"abstract":"In this paper we study how geographical proximity affects price efficiency. Using high-speed railway connections between firm cities and their nearest financial centers in China as exogenous shocks, we find that stocks closer to financial centers are more efficiently priced and that ease of travel attenuates the negative effect of geographic distance on price efficiency. Our results are robust to alternative definitions of geographical proximity and different proxies for price efficiency. Consistent with our hypothesis, ease of travel has a stronger effect for firms that are smaller, have less institutional ownership and financial analyst coverage, and are not on the short sales list. Our paper highlights the importance of geographical proximity on financial market efficiency.","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125649221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Designing a New Development Finance Institution for Infrastructure","authors":"Gulzar Natarajan","doi":"10.2139/ssrn.3517980","DOIUrl":"https://doi.org/10.2139/ssrn.3517980","url":null,"abstract":"India faces a massive challenge in its infrastructure mobilisation. Unfortunately, the conventional wisdom that PPPs and private investments will be able to do the heavy lifting in this effort is not borne out by experience of other countries. Designing policies in this pursuit, oblivious of the reality, is unlikely to get us much far in mobilising infrastructure to power the country’s economic growth. \u0000 \u0000Accordingly, this paper has documented some important takeaways from the global experience of private participation in infrastructure and its financing from both developed and developing countries. One, only certain types of infrastructure assets are commercially viable and attractive enough for private investors. Two, many categories of infrastructure assets need public finance to de-risk and make them commercially attractive. Three, infrastructure projects in general are characterised by significant delays and cost overruns as well as renegotiations which end up generally benefiting private providers. \u0000 \u0000Four, there is no evidence that, in general, private sector delivers greater value for money than public sector in the construction and management of infrastructure assets. Five, long-term infrastructure contracts are characterised by several problems – cutting corners on quality, skimping on investment obligations, asset-stripping, excessive dividend pay-outs etc. Six, infrastructure finance is increasingly characterised by the separation of asset ownership and its management, and constant changes in ownership, both of which pose problems of accountability and perverse incentives. Seven, the pool of long-term finance available, from both domestic and foreign sources, to invest in infrastructure is much limited than what is widely believed. Finally, the endeavour of public policy should be not to expand the envelope of available finance, but the envelope of infrastructure assets which can be de-risked and made commercially viable enough. \u0000 \u0000Taken together, this means that public finance, direct and indirect, will have to be the major source of infrastructure financing, governments should bear a large share of the project risks for many categories of assets, and the private sector should be leveraged only as an instrumentality to deliver public goods. Further, given the widespread incentive distortions and problems associated with infrastructure contracts, public policy has an important role to play in setting the standards and benchmarks, as well as encouraging good practices in contract management. \u0000 \u0000The DFIs have an important role to play in achieving both these objectives, as an instrument of indirect public finance. In simple terms, the objective of DFIs should be efficient mobilisation of infrastructure. However, the challenge is to perform this role effectively. \u0000 \u0000The evidence of effectiveness of development banking in the Indian conditions is at best mixed. In fact, it is fair to say that the different models of DFIs that India has ex","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"123 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120981248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Private Participation in Infrastructure: The Nigerian Experience","authors":"M. Momoh","doi":"10.5539/IJEF.V11N9P55","DOIUrl":"https://doi.org/10.5539/IJEF.V11N9P55","url":null,"abstract":"The participation of the private sector in the provision of infrastructure is now a fundamental element of discourse around state modernization especially in the face of fiscal crisis. This paper examines the dialogue against the backdrop of the impression that the concept is new as a tool of fiscal management as well as its adoption in the emerging economies using Nigeria as a reference point. The study traced the evolution, theoretical foundation and history of public private partnership in Nigeria. Our findings reveal that though the adoption of PPP has been positive, it has some challenges, which are as a result of contract term agreement, political influence and the need for renegotiation as a result of increasing cost and those conditions are not envisaged at the time of contracting.","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126494628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Innovative Financing for City Infrastructure Investment by Increasing the Rate of Return from Spillover Tax Revenues","authors":"N. Yoshino, N. Hendriyetty, Saloni Lakhia, Widya Alwarritzi","doi":"10.2139/ssrn.3541492","DOIUrl":"https://doi.org/10.2139/ssrn.3541492","url":null,"abstract":"The growing trend of urban city development requires various infrastructure investments, including water supply, electricity, sanitation, transportation, and other supporting facilities. In facing this challenge, many Asian countries experience significant constraints, particularly on the issues of land acquisition and insufficient financial supply, which potentially create a time delay in infrastructure investment and huge budget deficits. If these infrastructure investments were financed by overseas investors, future exchange rate risks would have to be carried by infrastructure companies. We examine further ways to attract more investment in infrastructure by applying spillover tax revenues. We also present case studies of some innovative financing aspects of Japan and other countries.","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132371815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is Investment in Infrastructure Worth It?","authors":"M. Momoh, J. E. Ezike","doi":"10.26710/JBSEE.V4I2.200","DOIUrl":"https://doi.org/10.26710/JBSEE.V4I2.200","url":null,"abstract":"The argument for investment in infrastructure and its implication for economic development have attracted a robust discourse. This paper adds a voice to the significance importance of the subject matter by examining the theoretical arguments for infrastructure investment. We further developed a framework, which explains the need for investment in infrastructure and its flow both as input for recycling and input for further production as a final output for consumption. The study shows that no one individual can provide infrastructure but rather all the activities of the various industries sit on a platform from which payment for its use is shared amongst all users. It concludes that Investments in infrastructure are not just one off event but planned to achieve a robust economic development. \u0000  \u0000  \u0000  \u0000  \u0000","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123534707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Recent Developments in Trade, Investment and Finance of China's Belt and Road","authors":"A. Garcia-Herrero, Jianwei Xu","doi":"10.2139/SSRN.3113032","DOIUrl":"https://doi.org/10.2139/SSRN.3113032","url":null,"abstract":"This paper makes a mid-term assessment for China’s Belt and Road Initiative (BRI) from the perspective of trade, investment and finance, respectively. We will discuss the economic progress of the Belt and Road Initiative from the trade, investment and financial perspectives, respectively. Trade is most accessible field for China to breakthrough as it can be instantly affected by short-term policies such as removing tariff or non-tariff barriers. Our findings also confirm the rapid progress in trade, though the development was not equally distributed in the area, with the ASEAN, Middle East, South Asia and Russia constitute the largest trade share with China. Our analysis on the BRI’s spillover effect on the US and the EU reveals that the BRI plan poses actually very little substitution effect but under some scenarios even positive impact on the EU-China trade. We especially assess the impacts on the EU, which sits at the other end of the BRI area, and find that better connectedness within the BRI area will bring higher economic benefits to the EU than free trade agreements.","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114922043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Critical Review of the Literature on Firm-Level Theories on Ship Investment","authors":"Sinem Celik Girgin, Thanasis Karlis, H. Nguyen","doi":"10.3390/IJFS6010011","DOIUrl":"https://doi.org/10.3390/IJFS6010011","url":null,"abstract":"The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level investment theories to explore the link between investment level and asset price valuation. The general trend in the literature of ship investments is to analyse the relationship among the shipping markets (newbuilding, second-hand, freight rate and scrap) and their impact on asset price valuation, the timing of investments and market entry and exit conditions. In this paper, we extensively reviewed the literature of firm-level investment theories and ship investments. We showed that the application of firm-level investment theories to the ship investments is confined to the basic investment valuation models, such as Net Present Value and Real Option Analysis. Ship investments need to be examined by firm-level investment theories to define firm/industry value maximization level within the approach of the solid investment theories.","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131165001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"National Railroad Passenger Corporation (\"Amtrak\"): Acela Financing","authors":"R. Bruner, J. Chan","doi":"10.1108/case.darden.2016.000211","DOIUrl":"https://doi.org/10.1108/case.darden.2016.000211","url":null,"abstract":"In the late 1990s, the National Railroad Passenger Corporation (Amtrak) faced a rude awakening as Congress stipulated that it eliminate its reliance on federal subsidies by 2002. In response, Amtrak drew up a plan for self-sufficiency, the centerpiece of which was a new high-speed passenger service that, it was hoped, would boost revenue enough to make Amtrak self-sufficient by 2002. To run this new service, Amtrak needed to purchase $750 million worth of new locomotives and train sets in 1999. Three alternatives were available for funding the purchase: debt financing, lease financing, or reliance on federal sources. The case opens with Amtrak's CFO instructing her staff in April 1999 to review a leveraged-lease proposal that has just been submitted by BNY Capital Funding LLC. The objectives of the case are to introduce students to financial leases as a financing alternative, explore the lease-versus-buy decision and the conditions under which financial lease arrangements make sense, and exercise skills in the valuation of financial leases.","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"141 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115991411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of the Financial and Economic Crisis on Public Private Partnerships (VPLIV FINANČNE IN GOSPODARSKE KRIZE NA JAVNO-ZASEBNA PARTNERSTVA)","authors":"Matej Švigelj, N. Hrovatin","doi":"10.17573/IPAR.2013.2.A04","DOIUrl":"https://doi.org/10.17573/IPAR.2013.2.A04","url":null,"abstract":"English Abstract: The primary purpose of this paper is to contribute to the current debate on the impact of the economic and financial crisis on public-private partnerships (PPPs). The crisis has caused a substantial fall in the PPP market. PPPs have been exposed to both financial and real impacts of the crisis. High interest rates and limited access to finance have been seen as the main factors reflecting the impact of the financial crisis on PPPs. In addition, due to the recession the decreased revenues of PPP projects have reduced their feasibility or impacted on their overall profitability. Measures adopted to help the PPP market in the analysed countries reveal that they mostly involve some form of government support. Further, the paper also critically examines the deficiencies of PPPs.Slovene Abstract: V zadnjih dveh desetletjih so postala javno-zasebna partnerstva (JZP) zelo priljubljena v mnogih državah, tako tudi v EU. V obdobju od 1955 do 2011 je bilo v EU podpisano vec kot 1.500 pogodb JZP v skupni vrednosti 290 milijard evrov. Pri tem je Velika Britanija (VB) obsegala skoraj polovico trga JZP. Kljub priljubljenosti uporabe JZP pa pri financiranju infrastrukturnih projektov tradicionalno javno financiranje infrastrukture se vedno prevladuje, saj JZP pomeni samo 4% vseh investicij v infrastrukturo. Obstaja vrsta razlogov, ki govorijo v prid uporabe JZP. Med glavnimi razlogi je predvsem doseganje visje vrednosti za denar (VZD) oziroma izboljsanje kakovosti storitev za enak obseg sredstev, kot bi jo dobili pri tradicionalnem financiranju investicij. V clanku so navedene stevilne druge potencialne prednosti in slabosti JZP. V praksi se je izkazalo, da je tudi argument o visji VZD pri JZP vprasljiv, saj so analize primerov iz prakse podale razlicne rezultate. Poleg tega se pri analizi VZD pojavlja veliko dilem glede primerljivosti alternativnih projektov, prenosa tveganja, moralnega hazarda in diskontne stopnje. Poleg tega se velikokrat zanemarijo tudi transakcijski stroski, ki lahko presegajo tudi 20% vrednosti projekta. Pri tem se lahko razlikuje tudi kakovost primerjanih projektov. Tako nekateri avtorji predlagajo, da je pri analizi VZD treba uporabiti skupne družbene stroske, ki poleg proizvodnih stroskov vsebujejo tudi transakcijske stroske in stroske eksternalij. Hkrati zagovarjajo, da bi morali biti kriteriji pri odlocanju oblikovani na podlagi alokacijske ucinkovitosti in priporocajo uporabo analize stroskov ter koristi pri oceni neto koristi alternativnih projektov.","PeriodicalId":163321,"journal":{"name":"TransportRN: Financing of Transportation (Topic)","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123849753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}