High-speed rail transport valuation

Pimentel, Pedro; Deus, R. Mãe de; Pereira, José Santana; Lupi, R. Miguel; Couto, Gualter

doi:10.1080/1351847x.2011.574984

Cited by 16 publications

(5 citation statements)

References 16 publications

(24 reference statements)

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“…The EJF has published a range of work that brings these areas together, including studies that examine real option applications in practice (e.g. Pimentel et al, 2012;Jaimungal et al, 2013;Avanzi et al, 2013) and the link between financing decisions, transaction costs and investment outcomes (e.g. Wanzenried, 2006;Calice et al, 2013;De Jong and Van Dijk, 2007).…”

Section: Cluster #5: Financing (Represented In Orange)mentioning

confidence: 99%

Twenty-five years of The European Journal of Finance (EJF): a retrospective analysis

Burton

Kumar

Pandey

2020

The European Journal of Finance

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This study commemorates the 25 th anniversary of The European Journal of Finance (EJF) by providing a detailed retrospective analysis of the journal's output using a range of bibliometric tools. The evidence demonstrates that since its inception the journal has grown consistently in terms of dimension, breadth, quality and reach. The major themes that have come to define the EJF over this time include: portfolio management, stock return persistence, risk management, financing decisions, corporate governance, spillover effects, mutual fund performance, volatility measurement and international finance trends. Co-authorship analysis reveals that the journal has fostered a global network of scholars, reflecting the pervasive nature of collaboration that now extends across the world.

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Section: Cluster #5: Financing (Represented In Orange)mentioning

confidence: 99%

Twenty-five years of The European Journal of Finance (EJF): a retrospective analysis

Burton

Kumar

Pandey

2020

The European Journal of Finance

View full text Add to dashboard Cite

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“…The following are the recent developments of the analytical model for valuing the real options observed in PPP concession. Pimentel et al [22] derived a closed form of solution to value high-speed railway (HSR) investment projects in order to deal with the stochastic nature of demand and investment expenditure. This study is succeeded by Couto et al [23] who extended the previous model by incorporating the positive or negative shocks in the change of demand for HSR.…”

Section: Literature Reviewmentioning

confidence: 99%

Financing for a Sustainable PPP Development: Valuation of the Contractual Rights under Exercise Conditions for an Urban Railway PPP Project in Korea

2019

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The Minimum Revenue Guarantee (MRG) was designed to mitigate the financial risk of private investors that participate in the transportation project as concessionaire under a public-private partnership (PPP) program. The MRG can pose a significant financial burden to governments especially when the contract revenue is set considerably higher than the actual revenue. This may encourage the concessionaire to inflate the traffic forecast to make the project look as if it will be profitable. In order to mitigate this problem, extra conditions for exercising the MRG can be considered. This study examines how these exercise conditions change the economic value of the MRG using the case study based on the urban railway project in the Republic of Korea. By utilizing the real options analysis, the study identified that the exercise conditions have worked to curtail the expected payment from the government, eventually leading to a reduction in the concessionaire’s expectation of revenue. The value of MRG was at a far lower level compared to the concessionaire’s investment because of the low probability of exercising the MRG when the exercise conditions apply. The findings are expected to contribute to the sustainability of the PPP program by recognizing and quantifying liabilities and risks embedded in the concession agreement in advance.

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“…Eles aplicam a análise numérica binomial para avaliar o projeto de investimento em trens de alta velocidade em Taiwan, com recurso às opções de expansão, redução e diferimento e suas respetivas interações. Por sua vez, Pimentel (2009) e Pimentel et al (2012) analisam o processo de tomada de decisão relativa ao momento ótimo para a implementação de trens de alta velocidade em ambiente de incerteza em Portugal.…”

Section: Revisão Da Literaturaunclassified

Modelo de opções reais para avaliação de investimentos em novos portos e terminais portuários brasileiros

2018

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O governo brasileiro identificou áreas para a instalação de novos portos e terminais portuários que serão concedidos, mediante aluguel, para a iniciativa privada. Esses empreendimentos têm grandes investimentos e apresentam incertezas quanto aos fluxos de caixa futuros. Os projetos com Valor Presente Líquido (VPL) negativo poderão se tornar rentáveis, desde que apareçam investidores interessados em pagar pelo direito de desenvolvê-los mais adiante. O valor do direito de desenvolver um empreendimento com VPL negativo, e que no futuro poderá se tornar rentável, pode ser apurado pela abordagem das opções reais. Este artigo traz uma aplicação de cálculo do valor da opção de esperar para investir em terminais portuários com VPL negativo. O valor da opção é calculado com o modelo Black-Scholes-Merton. Este valor representa o valor de licitação da espera. É recomendável que o edital de licitação contenha a memória de cálculo do valor da espera, minimizando a desconfiança quanto ao potencial da área licitada. Por fim, cabe dizer que é desnecessário fixar uma multa para o vencedor da licitação que abrir mão de empreender na data de vencimento da opção real, mesmo porque o valor pago pela opção, no ato de sua compra, o penaliza.

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High-speed rail transport valuation

Cited by 16 publications

References 16 publications

Twenty-five years of The European Journal of Finance (EJF): a retrospective analysis

Twenty-five years of The European Journal of Finance (EJF): a retrospective analysis

Financing for a Sustainable PPP Development: Valuation of the Contractual Rights under Exercise Conditions for an Urban Railway PPP Project in Korea

Modelo de opções reais para avaliação de investimentos em novos portos e terminais portuários brasileiros

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