Search results for "privat"

The status of the child nell'ordinamento giuridico inglese

2013

A cost and performance comparison of Public Private Partnership and public hospitals in Spain

2016

Public-private partnership (PPP) initiatives are extending around the world, especially in Europe, as an innovation to traditional public health systems, with the intention of making them more efficient. There is a varied range of PPP models with different degrees of responsibility from simple public sector contracts with the private, up to the complete privatisation of the service. As such, we may say the involvement of the private sector embraces the development, financing and provision of public infrastructures and delivery services. In this paper, one of the oldest PPP initiatives developed in Spain and transferred to other European and Latin American countries is evaluated for first ti…

Optimal lending contracts

2016

This paper deals with financial contracting between a lender and a borrower with a project to finance. The borrower is protected by limited liability. We consider that the revenue from the project is observable and verifiable but its distribution is influenced by both the borrower’s choice of action and the project’s quality, which are private information. We find that debt contracts are endogenously optimal, as under moral hazard alone. Moreover, while moral hazard leads to credit rationing for the lowest-quality projects only, adding adverse selection creates a bang-bang result: either all projects or none are credit rationed.

Evaluation of investment subsidies: when is deadweight zero?

2008

In the evaluation of investment subsidies one of the critical issues concerns the assessment of deadweight, that is, the degree to which projects would have been carried out without grant assistance. With the increasing restrictions on and cuts in subsidies for investment projects in the EU countries maximisation of the impact of the public resources that remain can be achieved through their allocation for projects with minimum deadweight. This paper studies the profile of subsidised zero deadweight investment projects – projects that would be abandoned without public subsidies – in Finland. The empirical analysis is conducted using micro level data on investment projects by private sector …

Investor protection and business creation

2003

We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral hazard problems stemming from entrepreneurs’ possibilities to expropriate financiers. In our model, the government chooses the level of investor protection that determines the transferability of match surplus between entrepreneurs and financiers. The results indicate that anything that increases (decreases) entrepreneurship also increases (decreases) the creation of start-ups. The effect of investor prote…

Stakeholder Value in European Savings Banks

2000

In the European banking literature there appears to be a paucity of empirical research on the competitive performance of savings banks. A few broad (‘seminal’) studies, of European savings banks have been published in recent years however.1 This chapter aims to produce some follow-up evidence focussing on one of the key aspects of bank management today (stakeholder value).

Alternative Investment Fund Managers Directive and its Impact on Malta’s Financial Service Industry

2016

The introduction of the Directive on Alternative Investment Fund Managers (AIFM Directive 2011/61/EU) in 2013 means a radical transformation of the EU regulatory landscape for the whole alternative investment fund industry. Taking into account the growing meaning of the alternative investment fund industry in Europe, the aim of the paper is to assess the impact the Directive on Alternative Investment Fund Managers (AIFMD) will have on the Alternative Investment Fund Managers (AIFMs) managing Alternative Investment Funds (AIFs) in the EU. The research is based on the case of Malta, which is a quickly growing financial centre. The main findings are based on an analysis of questionnaire respon…

Equity-worthiness and equity-willingness: key factors in private equity deals

2014

While access to private equity funds (PEFs) provides a unique opportunity for firms to set up sturdy growth paths, how PEFs select companies is an unknown process to entrepreneurs and business owners. This study aims to offer insights regarding the private equity market to entrepreneurs searching for external capital. We analyzed a novel dataset of 240 pre-deal negotiations between small- and medium-sized Italian companies and a closed-end fund. Results indicate that the successful closing of a deal depends on more than just the target firm's equity-worthiness (i.e., the company's ability to meet the expectations of a private equity investor). In fact, there is another dimension: the target…

Assessing the dynamic eco-efficiency of Italian municipalities by accounting for the ownership of the entrusted waste utilities

2021

Abstract This study evaluates and compares the dynamic eco-efficiency of municipalities with publicly owned, privately owned, and mixed ownership solid waste utilities by estimating the Meta-frontier Malmquist-Luenberger productivity index for a sample of 68 major Italian towns. On average, the eco-productivity of Italian waste service providers increased by 8% from 2016 to 2019. Although municipalities with private utilities improved their eco-productivity most, the differences among the three clusters reflecting utility ownership are not statistically significant. The results show that publicly owned waste operators drive technology and that the technological levels of private utilities h…

Allocation of logistic risk-investment in public-private-partnership – use of fuzzy TOPSIS method

2018

Appropriate risk assessment related to the project, and then its distribution between partners is the core of cooperation in the framework of public-private partnership (PPP). Risk analysis for investment project in the PPP formula includes: preliminary identification of risks associated with the investment, preliminary assessment and forecast of probability of occurrence of risks in the recommended option of investment implementation, initial analysis of the distribution of risks between a public and private entity depending on the legal and organizational model adopted, including the determination of the appropriate separation between the parties to the contract. The article presents the …