First generation highways. Participation loans valuation in the framework of real options

The concept of highway has been applied in Spain to a high capacity road that does not meet all the requirements of motorways. The Strategic Plan of Infrastructure and Transport 2005-2020 has tackled as a priority the reform of these infrastructures in the form of public works concessions, remunerat...

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Autores principales:	Lara-Galera,Antonio L, Sánchez-Soliño,Antonio, Galindo-Aires,Rubén
Lenguaje:	English
Publicado:	Escuela de Construcción Civil, Pontificia Universidad Católica de Chile 2016
Materias:	real option participation loan highway motorway, concession
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2016000200012
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spelling	oai:scielo:S0718-915X20160002000122016-10-06First generation highways. Participation loans valuation in the framework of real optionsLara-Galera,Antonio LSánchez-Soliño,AntonioGalindo-Aires,Rubén real option participation loan highway motorway, concession The concept of highway has been applied in Spain to a high capacity road that does not meet all the requirements of motorways. The Strategic Plan of Infrastructure and Transport 2005-2020 has tackled as a priority the reform of these infrastructures in the form of public works concessions, remunerating the concessionaire using a shadow toll scheme. As part of the project financing, concession companies had public equity loans to finance initially unforeseen works. Traditional methods of investment valuation do not quantify accurately the extent and effectiveness of such measures. The aim of this study is to provide a methodology based on the real options theory to quantify the real value provided by these loans to concessionaires. The study shows that this type of public loans adds an important value to the contracts. So, an adequate design of this financial support must be considered in order to have a balanced sharing of risks.info:eu-repo/semantics/openAccessEscuela de Construcción Civil, Pontificia Universidad Católica de ChileRevista de la construcción v.15 n.2 20162016-08-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2016000200012en10.4067/S0718-915X2016000200012
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	real option participation loan highway motorway, concession
spellingShingle	real option participation loan highway motorway, concession Lara-Galera,Antonio L Sánchez-Soliño,Antonio Galindo-Aires,Rubén First generation highways. Participation loans valuation in the framework of real options
description	The concept of highway has been applied in Spain to a high capacity road that does not meet all the requirements of motorways. The Strategic Plan of Infrastructure and Transport 2005-2020 has tackled as a priority the reform of these infrastructures in the form of public works concessions, remunerating the concessionaire using a shadow toll scheme. As part of the project financing, concession companies had public equity loans to finance initially unforeseen works. Traditional methods of investment valuation do not quantify accurately the extent and effectiveness of such measures. The aim of this study is to provide a methodology based on the real options theory to quantify the real value provided by these loans to concessionaires. The study shows that this type of public loans adds an important value to the contracts. So, an adequate design of this financial support must be considered in order to have a balanced sharing of risks.
author	Lara-Galera,Antonio L Sánchez-Soliño,Antonio Galindo-Aires,Rubén
author_facet	Lara-Galera,Antonio L Sánchez-Soliño,Antonio Galindo-Aires,Rubén
author_sort	Lara-Galera,Antonio L
title	First generation highways. Participation loans valuation in the framework of real options
title_short	First generation highways. Participation loans valuation in the framework of real options
title_full	First generation highways. Participation loans valuation in the framework of real options
title_fullStr	First generation highways. Participation loans valuation in the framework of real options
title_full_unstemmed	First generation highways. Participation loans valuation in the framework of real options
title_sort	first generation highways. participation loans valuation in the framework of real options
publisher	Escuela de Construcción Civil, Pontificia Universidad Católica de Chile
publishDate	2016
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2016000200012
work_keys_str_mv	AT laragaleraantoniol firstgenerationhighwaysparticipationloansvaluationintheframeworkofrealoptions AT sanchezsolinoantonio firstgenerationhighwaysparticipationloansvaluationintheframeworkofrealoptions AT galindoairesruben firstgenerationhighwaysparticipationloansvaluationintheframeworkofrealoptions
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First generation highways. Participation loans valuation in the framework of real options

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