Adresse url : https://www.edhec.edu/fr/publications/who-afraid-construction-risk

Sommaire : Executive Summary
1 Introduction
1.1 Who should take construction risk?
1.2 What is infrastructure debt?
1.3 The research frontier
2 The nature of infrastructure project debt
2.1 Infrastructure investment as delegation
2.2 Investment delegation via project financing
2.3 Agency and monitoring in project finance lending
2.4 Project finance debt origination as an optimisation problem
2.5 Market development and the role of the credit cycle
2.6 Conclusion: Project finance debt is different from corporate debt
3 Yield
3.1 Project finance spreads and fees
3.2 Empirical analysis
3.3 Generic project yield profiles
3.4 Conclusion: Systematic yield determinants in project finance debt
4 Credit risk
4.1 Risk measures
4.2 Credit risk in infrastructure project finance
4.3 Moody's data
4.4 Analysis
4.5 Conclusion: Systematic credit risk migrations
5 Portfolio construction
5.1 Sources of diversification in specialised loan portfolio
5.2 Portfolio construction with project finance loans
5.3 Correlations
5.4 Efficient frontier analysis
5.5 Conclusion: Towards dynamic portfolio construction solutions
6 Conclusions
6.1 Main findings
6.2 Investors need construction risk to build efficient portfolios
6.3 Towards efficient benchmarks for infrastructure debt investment
Refences
About Naxitis
About EDHEC-Risk Institute
EDHEC-Risk Institute Publications and Position Papers (2010-2013)

Langue : Anglais

Collection : PUBLICATION EDHEC

Support : Numérique ; Papier

Propriétaire : Bibliothèque