Cette publication, dont les conclusions sont reprises dans leur intégralité par le rapport de Commission d’enquête du Sénat sur « le contrôle, la régulation et l’évolution des concessions autoroutières » publié le 18 Septembre 2020, met en lumière l’archaïsme de la réglementation des péages dans les concessions d’autoroutes en France.
The Pricing of Private Infrastructure Debt: A Dynamic Approach and Comparison with Corporate Debt
This paper examines the drivers and evolution of credit spreads in private infrastructure debt. We ask two main questions: Which factors explain private infrastructure credit spreads (and discount rates) and how do they evolve over time? Are infrastructure project finance spreads and infrastructure corporate spreads driven by common factors?
ESG Reporting and Financial Performance: The Case of Infrastructure
This paper represents the first attempt at studying the relationship between the ESG and financial characteristics of infrastructure companies. Indeed, data on ESG reporting is available and there is ground in the academic literature for arguing that the tendency to report ESG practices is related to actual sustainable outcomes.
Which Factors Explain Unlisted Infrastructure Asset Prices? Evidence from 15 years of secondary market transaction data
This paper drawn from the EDHECinfra /LTIIA Research Chair shows that common risk factors found in numerous asset classes explain the evolution of unlisted infrastructure secondary market prices. It also shows that after a long period of prices increases, “peak infra” may already be behind us.
Cash Flow Dynamics of Infrastructure Project Debt: Empirical evidence and dynamic modelling
The objectives of this paper are to document the statistical characteristics of debt service cover ratios (DSCRs) in infrastructure project finance, and to develop and calibrate a model of DSCR dynamics. Advanced stochastic modelling of infrastructure project debt has the potential to considerably improve credit risk measures.
How Much Construction Risk do Sponsors Take in Project Finance?
Using new data, we show that construction risk in infrastructure project finance is well-managed and that project sponsors face very little construction risk compared to the well-documented, systematic and very large costs overruns found in traditional infrastructure project procurement.