A strategic model of public-private partnerships in transportation: Effect of taxes and cost structure on investment viability. Research in Transportation Economics 36(1), 9-18
Purpose The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public–private partnerships (P3s) and project finance (PF). Additionally, this study proposes the financial captured value (FCV) theory for measuring how much financial value lenders may capture by becoming sponsors through financing of sustainable infrastructure systems (SIS). Design/methodology/approach The investment valuation model was validated through the Aguas Claras wastewater treatment plant as a case study. Findings The empirical results show that lenders may capture financial value by converting outstanding debt into equity shares throughout the operation and maintenance stage. Furthermore, case study results provide new insights into the implications of the debt–equity conversion ratio on the relationship between the sponsors’ internal rate of return and the FCV. Research limitations/implications The most significant limitation is the lack of primary and secondary information on blue bonds. Thus, robust statistical analyses to contrast results were not possible. Practical implications Researchers and practising professionals can improve their understanding of how mezzanine debt, P3s and PF into an investment valuation model allows financing SIS using a non-conventional financial mechanism. The recommendations will benefit both the academia as well infrastructure industry in bridging the gap between design theory and practice. Originality/value Sustainability components have not been addressed explicitly or combined in the financing’s structuring. Therefore, the investment valuation model could be considered a novel methodology for decision making related to financing and investment of SIS.
Este documento está enfocado a realizar un aporte teórico a la implementación de una solución de seguridad informática modular que permita integrar las funcionalidades requeridas más comunes, como son los firewall, antivirus y control de contenido, denominada como UTM (Gestor Unificado de Amenazas). Esta solución se orienta a contrarrestar los diferentes tipos de ataques y amenazas en seguridad informática, a los que se ven expuestas las medianas y pequeñas empresas (Pymes). Estas amenazas y ataques informáticos están relacionados principalmente con el bajo control de malware, ausencia de protección perimetral (firewall) y falta de control de contenido, permitiendo ser neutralizarlas con la implementación de un gestor unificado de amenazas (UTM), con los módulos básicos de firewall, antivirus y listas de control de acceso.
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