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

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

LESSONS LEARNED FROM BIODIVERSITY CONSERVATION IN THE PRIVATE LANDS OF LAIKIPIA, KENYA

Increasingly, private land around the world is being set aside for conservation. The Laikipia District in Kenya is one area where wildlife conservation has been relatively successful on privately owned lands. This region supports a higher diversity of large mammals than any other region in East Africa, yet only 2% of the district is formally protected. Land is mostly owned and managed by private ranchers or groups of Maasai families on “group ranches.” In most private ranches, wildlife conservation and tourism have become important sources of revenue over the last two decades. Wildlife, once merely tolerated, are now considered desirable by most people. On group ranches, wildlife conservation is also gaining ground, albeit more slowly. Land on group ranches is being set aside specifically for wildlife, and income from wildlife-based tourism now supplements livestock ranching. In both types of ranches, however, land management practices may need to be refined to conserve a broader assemblage of fauna and flora. Populations of some threatened herbivores have fallen, and many ranches are experiencing woody encroachment, decreases in grass cover, and increases in bare ground and erosion. Conservation enterprises also face the challenge of achieving independence from foreign capital. They will need to diversify their income-generating activities and build local capacity. Regional coordination, though relatively strong, could be improved to provide greater scope to promote conservation. These challenges and successes illustrate the potential for private-land conservation in a region of high biodiversity

A Simple Graphical Approach to Quantitative Monitoring of Rangelands

The Rangelands archives are made available by the Society for Range Management and the University of Arizona Libraries. Contact [email protected] for further information.Migrated from OJS platform March 202

Grevy's zebra and wild asses affiliation groups

Affiliation groups over time for grevy's zebra and wild asses. Data in contains three columns: day, group no., individual id. Day is the day (an encoding of a date) on which the groups of animals have been sighted. Group no. is the unique group id for each sighted group. All animals with the same group no. have been seen together. All group numbers are unique and do not repeat across days. Animal id is the unique identifier of an individual animal. The letter after the id indicates demographic status: Grevy's [s- stallion, b - bachelor, n - non-lactating, l - lactating], wild asses [T - territorial male, N - non-lactating, L - lactating]

Monitoring Rangeland Health - A Guide for Facilitators and Pastoralist Communities

This guide provides simple methods for monitoring land health -- including a ten-step process for designing and implementing a monitoring program, as well as instructions and datasheets for collecting monitoring data. The data collection methods require very little equipment or training and are quick and easy to use. This guide was written for a wide audience of land managers, including pastoralist communities, government and NGO workers, and ranch, conservancy and park managers