33 research outputs found
Models of public-private partnerships in megaprojects: the Spanish case
This article provides a
literature review of PPP Models, where the clarification of this current
confusion and ambiguity constitute the fundamental issue addressed
by our research. The systematization of the PPP models is performed by
applying six classification criteria based on organizational and financial
aspects and focused on the Spanish experience. Additionally, a comparative
study of the various schemes applied in European countries is
carried out, whereby the concession model implemented successfully
in Spain is studied in greater detail. To this end, a megaproject, the first
metro line of Seville (Spain) forms the basis of a case-study. When the
megaproject is viable through user fees, the public sector can use PPPs
to defer payments and as a way to control their deficits and debt without
cutting investments in infrastructures and public services. Nevertheless,
certain drawbacks should be borne in mind, such as the expenditure
commitments of future budgets, the higher cost of private funding, and
the necessity for transparency and accountability of PPP contractual
arrangements to be improved. Therefore, the aim of this article is to
analyze the various forms of PPPs in megaprojects in order to determine
the potential efficiency gains that can be achieved in the implementation
of these models
El desarrollo de los Servicios Fintech como oportunidad para la empresa andaluza
La innovación digital ha irrumpido con fuerza en el mundo de las finanzas generando nuevos modelos de negocio que provocan una disrupción con respecto al modelo organizativo de la banca tradicional. La disrupción digital está desafiando la manera tradicional de ofertar los servicios financieros a las empresas por formas más ágiles, flexibles, transparentes y económicas. Es el fenómeno FinTech, que proviene de la unión de las palabras en inglés Finance y Technology, y hace referencia a las startups que se sirven de las últimas tecnologías para ofrecer servicios financieros innovadores
Risk management in megaprojects.
Despite its high relevance to the success of megaprojects, risk management remains one of the least developed research issues.
Risk management is a process composed of several phases. This paper is focused on the first of these phases: risk identification.
Our purpose is to establish the state of the art in risk management in megaprojects, systematize the risks studied in the
literature, as well as to identify potential areas of further research. To this end, a systematic review is carried out. Academic
journals and conference papers published from 2000 onwards in main databases (WoK, Scopus and ABI) have been examined.
A qualitative analysis has been performed by using ATLAS.ti together with a checklist. To the best of the authors’ knowledge,
no previous systematic revision of papers on risk management in megaprojects has ever been carried out, although certain
authors have emphasized its importance.
The contribution of this research includes: a bibliometric analysis of the papers that focus on risk management in megaprojects;
a systematization and classification of the risks; tw†o matrices comprised of the proposed risk categorization, first in relation to
the sector studied, and second related with the different stakeholders; and an identification of gaps in the research in risk
management in megaprojects.
The systematization of the risks helps managers towards their identification within the megaproject, and to follow the
subsequent steps in the risk management process. Moreover, the matrix developed on the transfer of risks can enable managers
to analyse who would be the best partner to support each risk. Furthermore, from an academic point of view, potential areas for
future lines of research are presented
Kernel alternatives to aproximate operational severity distribution: an empirical application
The estimation of severity loss distribution is one the main topic in operational
risk estimation. Numerous parametric estimations have been suggested
although very few work for both high frequency small losses and low frequency
big losses. In this paper several estimation are explored. The good performance
of the double transformation kernel estimation in the context of operational risk
severity is worthy of a special mention. This method is based on the work of
Bolancé and Guillén (2009), it was initially proposed in the context of the cost of
claims insurance, and it means an advance in operational risk research
Significado económico de los indicadores basados en la gestión del valor
Las Cuentas Anuales de numerosas empresas españolas cotizadas incorporan en sus memorias, como una prioridad estratégica, el objetivo de la creación de valor para los accionistas. Uno de los aspectos primordiales en un sistema de gestión basado en el valor es implantar un eficaz sistema de medida ad hoc. Aunque tradicionalmente se han venido utilizando técnicas tales como la rentabilidad neta, el beneficio residual o el valor actual neto para expresar el valor creado para los accionistas, asistimos hoy día a la introducción y aplicación de indicadores o parámetros que conceptualmente no aportan demasiado a los clásicos, y, a veces, llegan a ser más complejos y menos claros. Asi pues, el presente trabajo intenta aclarar, apoyándose en ejemplos numéricos, cuál es el sentido práctico de indicadores como el BE, EVA y MVA: si realmente miden la creación de valor para el accionista o, quizás, pueden ser utilizados como medidas de desempeño empresarial
Las Participaciones Empresariales de las Cajas de Ahorros Andaluzas.
Las relaciones banca-industria materializadas a través de las participaciones de las entidades
financieras en el capital de otras empresas, especialmente no financieras, además de ser importantes
en sí mismas, como demuestra la abundante literatura existente sobre el tema, han sido uno de los
elementos tradicionalmente analizados para caracterizar al modelo bancario imperante en un país. En
España, esto ha supuesto que las entidades financieras han contribuido y contribuyen de manera
directa y activa a la creación y el desarrollo de empresas, lo que ha favorecido el crecimiento
económico del país y el fortalecimiento del tejido empresarial. Ello nos lleva a intentar estudiar la
relevancia de las participaciones empresariales de las entidades financieras en el desarrollo económico
de Andalucía.
Con este fin, el artículo se centra en las participaciones empresariales mantenidas por las
cajas de ahorro andaluzas a lo largo del periodo 1991- 2001, al objeto de estudiar aspectos tales como
las causas, orígenes, dimensión, rentabilidad, sectores de interés, evolución, etc., de las citadas
participaciones. Todo ello nos permitirá comprender uno de los aspectos definitorios del sistema
financiero andaluz
The financial performance of an innovative megaproject
The financial structure of megaprojects, known in the literature as project finance, is characterized by the creation of a legally
independent project company financed with a concentrated equity ownership and a high level of non-recourse debt. Research in
this field may yield new ideas and theories about the existing theoretical framework on capital structure, stakeholder
management and risk management. A case-study is analyzed in this paper: the financial performance of the first metro line in
Seville (Spain). In spite of previous cost overruns in the construction stage, the present operation stage is considered successful
from the point of view of social and financial profitability, whereby the risks have been theoretically transferred to stakeholders,
as defined by Value for Money considerations.
The objective of this study involves: first to determine whether this megaproject meets the expectations for which it was created
in terms of hope of return of the shareholders, and the expectations of the economic and financial feasibility under a change of
subsidy policies; and secondly to determine whether the conditions remain for not including the investment as public debt. This
issue is crucial in a budgetary constraint context for the planning of future metro lines. By taking this first experience into
account, this article also provides information for potential participants in the projects of the new metro lines, which are
currently in the planning stage
A Comparison of classification/regression trees and logistic regression in failure models
The use of non-parametric statistical methods, the development of models geared towards the homogeneous characteristics of
corporate sub-populations, and the introduction of non-financial variables, are three main issues analysed in this paper. This
study compares the predictive performance of a non-parametric methodology, namelyClassification/Regression Trees (CART),
against traditional logistic regression (LR) by employing a vast set of matched-pair accounts of the smallest enterprises, known as
micro-entities,from the United Kingdom for the period 1999 to 2008 that includes financial, non-financial, and macroeconomic
variables. Our findings show that CART outperforms the standard approach in the literature, LR
Financial Management of Large Projects: A Research Gap
This paper analyses the research published in high-impact journals on Financial Management in large projects. Our purpose is to answer the following research questions: (a) Which financial aspects are analysed? (b) How are the financial theories applied to large project management? (c) What are the potential areas for further research? The methodology applied is a bibliographic review of articles related with research questions published from 2000 to February 2013 as stored in the main databases. Our findings show that performance is the most intensely studied aspect although no agreement in performance measurement has yet been reached
Risk identification in megaprojects as a crucial phase of risk management: a literature review
The purpose of this study is to perform a literature review of risk management in megaprojects and systematize the risks studied in the literature. A systematic search of the main databases has been performed. The contributions include: (1) a bibliometric analysis of articles; (2) the systematization and classification into nine categories of the risks found in a content analysis of the articles; and (3) the identification of possible areas of interest for research and practice. Risks are comprehensively categorized to assist practitioners during the identification phase, while potential areas for future lines of research are presented for academics.Unión Europea, ACTION COST TU1003 - MEGAPROJECT: El diseño eficaz y la entrega de megaproyecto