The effects of Public-Private partnerships on partnering private sector firms

Despite an increase in governments' demand for private participation in infrastructure, Public-Private Partnerships (PPPs) have received low engagement from the private sector in the task of bridging infrastructure gaps in emerging markets. Previous literature in the field mainly focuses on the effects of PPPs from the governments' perspective and it is inconclusive in its examination of the advantages and disadvantages of the private sector's participation. This thesis addresses these issues by answering three main research questions: (i) Do PPPs benefit partnering private sector firms? (ii) Does higher reliance on the government in PPPs benefit partnering private sector firms? and (iii) Does the relationship between institutional quality and PPP projects benefit partnering private sector firms? Based on corporate finance and incomplete contract theories, PPPs, with their readily costless pledgeable government assets and their government guarantee, are hypothesized to reduce capital constraints faced by private sector firms compared to their non-PPP counterparts. My study analyzes firm market valuation, investment--cash flow sensitivity, bank lending and their determinants for partnering private sector firms. My main findings are as follows: (i) PPP announcements create positive abnormal returns for partnering private sector firms in China and India. In the long run, PPP involvement reduces investment--cash flow sensitivity in both countries' private sector firms. Especially, PPP private sector firms with political connections can achieve better bank financing in both economies, and this situation is even more robust under the effects of the election event in India; (ii) high reliance on government through government equity participation, political connections and contract mechanisms are more beneficial in China compared to those in India in terms of reducing capital constraints. This aligns with the evidence of increasing overinvestment problems in PPP politically connected firms in India; and (iii) the benefits of lower capital constraints and increased firm value through PPP investments are more pronounced in mature economies with high institutional quality. To my best knowledge, the study is the first comprehensive study on the effects of PPPs on partnering private sector firms using the corporate finance dimension. It contributes to the extant debatable literature on the role of PPPs, reliance on governments, contract mechanisms and institutional quality on private sector firms. It provides insights on the possible benefits of these unique contractual agreements and attempts to answer the question of whether the intended purpose of reducing underinvestment in the private sector can be fulfilled through PPP contracts. It also contributes to the extant literature on corporate investment decisions and investment efficiency. Moreover, it sheds light on the extant debate on social lending objectives, political corruption views and the role of political connection and institutions. My study provides important guidance on the direction and viability of PPPs in China and India and is extensively applicable to other economies, depending on their PPP market maturity and institutional quality

La ecología de los parásitos zoonóticos en Carnivora

El orden Carnivora incluye más de 300 especies que varían en tamaño en muchos órdenes de magnitud y habitan en todos los biomas principales, desde las selvas tropicales hasta los mares polares. La gran diversidad de parásitos carnívoros representa una fuente de posibles enfermedades emergentes en humanos. El riesgo zoonótico de este grupo puede deberse en parte, a una diversidad funcional excepcionalmente alta de las especies hospedantes en cuanto a características conductuales, fisiológicas y ecológicas. Revisamos los patrones macroecológicos globales de los parásitos zoonóticos dentro de los carnívoros y exploramos las características de las especies que sirven como anfitriones de los parásitos zoonóticos. Sintetizamos la investigación teórica y empírica y sugerimos trabajos futuros sobre el papel de los carnívoros como multiplicadores bióticos, reguladores y centinelas de enfermedades zoonóticas como fronteras de investigación oportunas

Body size and digestive system shape resource selection by ungulates : a cross-taxa test of the forage maturation hypothesis

The forage maturation hypothesis (FMH) states that energy intake for ungulates is maximised when forage biomass is at intermediate levels. Nevertheless, metabolic allometry and different digestive systems suggest that resource selection should vary across ungulate species. By combining GPS relocations with remotely sensed data on forage characteristics and surface water, we quantified the effect of body size and digestive system in determining movements of 30 populations of hindgut fermenters (equids) and ruminants across biomes. Selection for intermediate forage biomass was negatively related to body size, regardless of digestive system. Selection for proximity to surface water was stronger for equids relative to ruminants, regardless of body size. To be more generalisable, we suggest that the FMH explicitly incorporate contingencies in body size and digestive system, with small-bodied ruminants selecting more strongly for potential energy intake, and hindgut fermenters selecting more strongly for surface water.DATA AVAILABILITY STATEMENT : The dataset used in our analyses is available via Dryad repository (https://doi.org/10.5061/dryad.jsxksn09f) following a year-long embargo from publication of the manuscript. The coordinates associated with mountain zebra data are not provided in an effort to protect critically endangered black rhino (Diceros bicornis) locations. Interested researchers can contact the data owner (Minnesota Zoo) directly for inquiries.https://wileyonlinelibrary.com/journal/elehj2022Mammal Research InstituteZoology and Entomolog

Moving in the anthropocene: global reductions in terrestrial mammalian movements

Animal movement is fundamental for ecosystem functioning and species survival, yet the effects of the anthropogenic footprint on animal movements have not been estimated across species. Using a unique GPS-tracking database of 803 individuals across 57 species, we found that movements of mammals in areas with a comparatively high human footprint were on average one-half to one-third the extent of their movements in areas with a low human footprint. We attribute this reduction to behavioral changes of individual animals and to the exclusion of species with long-range movements from areas with higher human impact. Global loss of vagility alters a key ecological trait of animals that affects not only population persistence but also ecosystem processes such as predator-prey interactions, nutrient cycling, and disease transmission

The tick biocontrol agent Metarhizium brunneum (= M. anisopliae) (strain F52) does not reduce non-target arthropods.

Previous studies have found that Met52®, which contains the entomopathogenic fungus Metarhizium brunneum, is effective in reducing the abundance of Ixodes scapularis, the tick vector for the bacterium causing Lyme disease and for other tick-borne pathogens. Given widespread interest in effective, safe methods for controlling ticks, Met52 has the potential to be used at increasing scales. The non-target impacts of Met52, as applied for tick control, have not yet been assessed. A Before-After-Control-Impact experiment was conducted to assess the effects of Met52 on non-target arthropods in lawn and forest habitats typical of residential yards. Ground-dwelling arthropods were collected using bulk sampling of soil and litter, and pitfall sampling. Arthropods were sampled once before and twice after treatment of plots with either Met52 or water (control). Multivariate general linear models were used to jointly model the abundance of arthropod orders. For each sampling method and post-spray sampling occasion, Akaike Information Criterion values were used to compare the fits of two alternative models: one that included effects of period (before vs. after spray), habitat (lawn vs. forest), and treatment (Met52 vs. control), versus a nested null model that included effects of period, and habitat, but no treatment effect. The null model was consistently better supported by the data. Significant effects were found of period and habitat but not treatment. Retrospective power analysis indicated the study had 80% power to detect a 50% reduction in arthropod abundance, as measured by bulk samples taken before versus one week after treatment. The deployment of Met52 in suburban settings is unlikely to cause meaningful reductions in the abundance of non-target arthropods

Comparison of alternative models for abundance of arthropods in bulk samples taken pre-treatment and 3 weeks post-treatment.

<p>AIC values indicated the best fitting model included effects of period, habitat, and location, but not treatment.</p

Comparison of alternative models for abundance of arthropods in pitfall samples taken pre-treatment and 1 week post-treatment.

<p>AIC values indicated the best-fitting model included effects of period, habitat, and location, but not treatment.</p

Comparison of alternative models for abundance of arthropods in bulk samples taken pre-treatment and 1 week post-treatment.

<p>The best fitting model included as predictors period, habitat, and location, but not treatment.</p

The tick biocontrol agent <i>Metarhizium brunneum</i> (= <i>M</i>. <i>anisopliae</i>) (strain F52) does not reduce non-target arthropods - Fig 1

<p><b>Before-After-Control-Impact (BACI) effects for bulk samples (A) and pitfall samples (B).</b> For bulk samples, BACI effects were based on samples taken pre-treatment and 1 week post-treatment (A, top panel) and based on samples taken pre-treatment and 3 weeks post-treatment (A, bottom panel). For pitfall samples, BACI effects were based on samples taken pre-treatment and 1 week-post treatment (B, top panel), and pre-treatment and 5 weeks post-treatment (B, bottom panel). For arthropod order <i>j</i>, the BACI effect is: (<i>μ</i>_{<i>j</i>,<i>p = after</i>, <i>t = Met52</i>} - <i>μ</i>_{<i>j</i>,<i>p = after</i>, <i>t = H2O</i>})—(<i>μ</i>_{<i>j</i>,<i>p = before</i>, <i>t = Met52</i>} - <i>μ</i>_{<i>j</i>,<i>p = before</i>, <i>t = H2O</i>}). Standard errors were computed from BACI effects observed for order <i>j</i> at each location and habitat. Values are plotted on an inverse hyperbolic sine scale. Above the BACI for each order is the mean abundance for that order across all period-treatment categories for that sample type (bulk vs. pitfall).</p