The pricing of project finance bonds : an empirical analysis of spread determinants

Project Finance (PF) desempenha um papel importante como técnica alternativa de financiamento para projetos de capital intensivo. Esta dissertação visa contribuir para a literatura existente sobre PF, nomeadamente sobre o pricing de PF bonds, área qual é escassa. Segundo sabemos, existe apenas um estudo empírico sobre os determinantes dos spreads, efetuado para uma amostra de títulos emitidos em mercados emergentes. Investigamos empiricamente as variáveis contratuais e de mercado que explicam os spreads de crédito das obrigações emitidas para financiar operações de PF, de forma transversal e ao longo do tempo, controlando por fatores macroeconómicos. Comparamos os spreads de crédito e os seus determinantes entre obrigações emitidas em PF e obrigações emitidas diretamente pelas empresas, as designadas corporate bonds. Finalmente, examinamos como a crise financeira de 2007-2008 e a subsequente crise da dívida soberana na Europa afetam os spreads de crédito de obrigações emitidas em PF. Usando uma amostra de 763 obrigações de PF e 46.433 corporate bonds comparáveis, emitidas globalmente entre 1993 e 2020, concluímos que as primeiras são emitidas com spreads de crédito significativamente mais altos, em média 34,3 bps. Embora a análise estatística sugere maiores spreads de crédito em tempos de crise, não encontramos evidências empíricas de uma relação significativa entre o período de crise e o aumento dos spreads de crédito, para ambos tipos de obrigações. Além disso, mostramos que, embora os ratings sejam os fatores de precificação mais importantes na determinação dos spreads, estes também dependem de características contratuais e macroeconómicas.Project Finance (PF) plays a major role as an alternative financing technique to fund capital-intensive projects. This dissertation aims to add to the existing literature on PF bonds as there are very few published papers on this field. As to our knowledge, there is only one empirical study on PF bonds pricing for a sample of bonds of the emerging markets. We empirically investigate the observable variables that explains PF bond (at issuance) credit spreads cross-sectionally and over time, controlling for macroeconomic factors, as well as contractual characteristics that arguably affect credit spreads. We compare the credit spreads and pricing of PF and corporate finance (CF) to analyze the main differences in terms of pricing determinants. Finally, we examine whether the 2007-2008 financial crisis and the subsequent European sovereign debt crisis significantly impacts PF bond credit spreads. By using a cross-section of 763 PF bonds and 46,433 comparable CF bonds globally issued between 1993 and 2020, we find the PF bonds are issued with significantly higher credit spreads than CF bonds, 34.3 bps on average. Although the statistical analysis suggests higher credit spreads in period of crisis, we did not find empirical evidence of a significant relationship between the period of crisis and the increase in credit spreads, for both types of bonds. In addition, we show that although credit ratings are the most important pricing factors for both PF and CF bonds at issuance, investors rely on other contractual and macroeconomic characteristics beyond these ratings

Editorial: Acesso aberto, repositórios, portais de publicações, preservação e comportamento informacional no contexto acadêmico

É com prazer que lançamos mais uma edição da RDBCI, volume16, número 2, de maio a agosto de 2017, que traz como temática para essa edição o “Acesso aberto, repositórios, portais de publicações, preservação e comportamento informacional no contexto acadêmico”

Editorial

Temos o prazer de lançar neste mês mais um número da RDBCI. Neste número contamos com a temática ‘inovação e conhecimento’, portanto este editorial traz as reflexões abordadas nos trabalhos que compõe o volume 15, número 3 da revista e que correspondem a 10 artigos, 2 artigos de pesquisa e 1 resenha

Description of the last instar larva of Forcepsioneura sancta (Hagen in Selys 1860) (Odonata: Protoneuridae)

The Neotropical genus Forcepsioneura Lencioni 1999 is composed of six described species (Garrison et al. 2010)endemic to the Brazilian Atlantic forest (Machado 2001; Garrison et al. 2010). The knowledge of the immature stages is restricted to the inclusion of the genus in two keys of Protoneuridae genera (Costa et al. 2004; Neiss & Hamada 2012) and brief comments on labium characters (Costa et al. 2004), without formal description. Here we describe the last instar larva of Forcepsioneura sancta (Hagen in Selys 1860) based on specimens collected in Rio de Janeiro State, Brazil.Fil: Anjos Dos Santos, Danielle. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte. Centro de Investigación Esquel de Montaña y Estepa Patagónica. Universidad Nacional de la Patagonia "San Juan Bosco". Centro de Investigación Esquel de Montaña y Estepa Patagónica; Argentina. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel. Departamento de Biología. Laboratorio de Investigaciones en Ecología y Sistemática Animal; ArgentinaFil: Pessacq, Pablo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Patagonia Norte. Centro de Investigación Esquel de Montaña y Estepa Patagónica. Universidad Nacional de la Patagonia "San Juan Bosco". Centro de Investigación Esquel de Montaña y Estepa Patagónica; Argentina. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel. Departamento de Biología. Laboratorio de Investigaciones en Ecología y Sistemática Animal; Argentin

Editorial: Preservação digital e sua prática nos diversos campos dos saberes

Nesse número, trazemos como temática “Preservação digital e sua prática nos diversos campos dos saberes” com o propósito de enriquecer e contribuir para as iniciativas e práticas sobre a preservação digital brasileira, em grande parte promovida pela Rede Brasileira de Serviços de Preservação Digital – Rede Cariniana..

O processo de spin-off acadêmico: estudo de casos múltiplos de empresas incubadas da UFS

ABSTRACTAcademic spin-off is the process of creation of companies from knowledge generated through research in universities developed in its interiors is (Pirnay, 2003). The objective of the study is to describe the process of academic spin-off in Federal University of Sergipe (UFS) based on the model adaptated from Ndonzuau et al. (2002). The research strategy chosen was of multiple cases carried out with three spin-offs incubated in the Incubator Center of Sergipe (Cise) that are considered spin-offs from UFS. It was observed that the creation of spin-offs in UFS follows the stages and face similar difficulties to the described by Costa and Torkomian (2008), Gans and Stern (2003) and Ndonzuau et al. (2002) such as the management of the business related to external environment and changes, the lack of confidence of the future costumers in entrepreneurs with little experience; the lack of knowledge of products offered by the market; the lack of financial resources for investments in spin-offs. It can be reported that despite the technical domain, entrepreneurs need to develop management abilities to allow the development and consolidation of their business

potential strategy for assessing health care policies

© The Author(s) 2020. Published by Oxford University Press on behalf of the European Public Health Association. All rights reserved.BACKGROUND: Tuberculosis (TB) causes pressure on healthcare resources, especially in terms of hospital admissions, despite being considered an ambulatory care-sensitive condition for which timely and effective care in ambulatory setting could prevent the need for hospitalization. Our objectives were to describe the spatial and temporal variation in pulmonary tuberculosis (PTB) hospitalizations, identify critical geographic areas at municipality level and characterize clusters of PTB hospitalizations to help the development of tailored disease management strategies that could improve TB control. METHODS: Ecologic study using sociodemographic, geographical and clinical information of PTB hospitalization cases from continental Portuguese public hospitals, between 2002 and 2016. Descriptive statistics, spatiotemporal cluster analysis and temporal trends were conducted. RESULTS: The space-time analysis identified five clusters of higher rates of PTB hospitalizations (2002-16), including the two major cities in the country (Lisboa and Porto). Globally, we observed a -7.2% mean annual percentage change in rate with only one of the identified clusters (out of six) with a positive trend (+4.34%). In the more recent period (2011-16) was obtained a mean annual percentage change in rate of -8.12% with only one cluster identified with an increase trend (+9.53%). CONCLUSIONS: Our results show that space-time clustering and temporal trends analysis can be an invaluable resource to monitor the dynamic of the disease and contribute to the design of more effective, focused interventions. Interventions such as enhancing the detection of active and latent infection, improving monitoring and evaluation of treatment outcomes or adjusting the network of healthcare providers should be tailored to the specific needs of the critical areas identified.publishersversionpublishe

Description of the last instar larva of Neoneura kiautai Machado (Odonata: Protoneuridae)

The Neotropical genus Neoneura Selys, with 29 described species (Garrison et al., 2010) is the largest one within Protoneuridae. Its species are distributed from southern North America to northern Argentina, but the region of the Amazonas River shows the highest diversity (Machado, 2005). The immature stages of the genus are poorly known, with only the larvae of N. carnatica Selys, 1886, N. fulvicollis Selys, 1886, N. joana Williamson, 1917, and N. maria (Scudder, 1866) described (Needham, 1939; De Marmels, 2007; Geijskes, 1954; Westfall, 1964), representing 14% of the known species. The larva of N. aaroni Calvert, 1903 is included in the key of Westfall and May (2006), but it was not formally described. The larva of N. ethela Williamson, 1917 is currently being described (Souza & Pepinelli, pers. comm.). All known Neoneura larvae possess one pair of premental setae and a well marked nodus on the caudal lamellae.Here we describe the last instar larva of Neoneura kiautai Machado, 2007 based on specimens collected in Rio de Janeiro State, Brazil, therefore increasing the known distribution area of this species formerly known only from Minas Gerais and Espírito Santo States (Machado, 2007).Fil: Anjos Santos, Danielle. Universidade Federal do Rio de Janeiro; BrasilFil: Pessacq, Pablo. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel. Departamento de Biología. Laboratorio de Investigaciones en Ecología y Sistemática Animal; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Martins Costa, Janira. Universidade Federal Do Rio de Janeiro. Museu Nacional; Brasi