This paper provides the first full-length empirical analysis of project finance, which is defined as "limited or non-recourse financing of a newly to be developed project through the establishment of a vehicle company." The article compares the characteristics of a sample of 4,956 project finance loans (worth $634 billion) to comparable samples of non-project finance loans, all of which are drawn from a comprehensive sample of 90,784 syndicated loans (worth $13.2 trillion) booked on international capital markets since 1980. 2000 Morgan Stanley.
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