Repositório Colecção:
http://hdl.handle.net/11144/4769
2024-03-28T23:13:14ZA real options model to determine the optimal contractual penalty for a BOT project
http://hdl.handle.net/11144/5070
Título: A real options model to determine the optimal contractual penalty for a BOT project
Autor: Ribeiro, João A.; Pereira, Paulo J.; Brandão, Elísio M.
Resumo: Public-Private Partnerships (PPP) became one of the most common types of public procurement arrangements and Build-Own-Transfer (BOT) projects, awarded through adequate bidding competitions, have been increasingly promoted by governments. The theoretical model herein proposed is based on a contractual framework where the government grants leeway to the private entity regarding the timing for project implementation. However, the government is aware that delaying the beginning of operations will lead to the emergence of social costs, i.e., the costs that result from the corresponding loss of social welfare. This fact should motivate the government to include a contractual penalty in case the private firm does not implement the project immediately. The government also recognizes that the private entity is more efficient in constructing the project facility and also in running the subsequent operations. The model’s outcome is the optimal value for the legal penalty the government should include in the contract form. Sensitivity analysis reveals that there is a level for each of the comparative efficiency factors above which there is no need to impose a contractual penalty, for a given level of social costs. Finally, the effects of including a non-optimal penalty value in the contract form, which derives from overestimating or underestimating the selected bidder’s real comparative efficiency are examined, using a numerical example. Results demonstrate that overestimating (underestimating) the selected bidder’s real comparative efficiency leads to the inclusion of a below-optimal (above-optimal) value for the legal penalty in the contract and produces effects the government should prevent by estimating the comparative efficiency factors with full accurac.2021-01-01T00:00:00ZContracting out public transit services: a competitive performance-based approach
http://hdl.handle.net/11144/4881
Título: Contracting out public transit services: a competitive performance-based approach
Autor: Pinto, João M.; Santos, Mário Coutinho dos; Matos, Pedro Verga
Resumo: This paper develops a bonus / malus incentive model to contracting out public transit services, and provides evidence on performance measures of a lightrail transit system operation, procured with a contract designed based on our modeling approach. Empirical results document that the implementation of a performance-based contract with an embedded incentive bonus / malus mechanism, may contribute to promote ridership patronage, increase the average ride, and ultimately significantly improving the overall economic operating efficiency of the system, measured by a 40 percent increase in the operating costs coverage ratio during the contract term.2021-01-01T00:00:00ZSavings and financial literacy: a brief review of selected literature
http://hdl.handle.net/11144/4873
Título: Savings and financial literacy: a brief review of selected literature
Autor: Brochado, Ana; Mendes, Victor
Resumo: This paper presents a systematic review of the literature on financial literacy and
savings. A total of 183 articles published between 2005 and 2019 were analysed. The
review relied on hybrid methods, namely, descriptive, semantic network and narrative
analyses. The lexical analysis of the articles’ abstracts identified 11 themes: financial
literacy, financial literacy measurement, correlates, savings, savings type, financial
education, target group, theories, personal finance, financial preparation and financial
inclusion. The findings include avenues for future research.2021-01-01T00:00:00ZDoes the corporate capital structure theory apply to banks? evidence from the field
http://hdl.handle.net/11144/4787
Título: Does the corporate capital structure theory apply to banks? evidence from the field
Autor: Santos, Mário Coutinho dos
Resumo: This paper investigates the value relevance of banks’ capital structure voluntary choices, their determinants, and
preference in terms of funding mix policy models, using a unique survey-based dataset gathered through a faceto-face interview structured questionnaire, conducted to a sample of 51 Portuguese banks’ CEOs (89.5% survey
response rate), over the 1989-1998 period. Survey participants, elicited ownership structure managerial control,
growth opportunities, reputation in banking markets, financial flexibility, information signaling, bank size, share
listing, business risk, dividend policy, and debt tax-shields, as the most relevant capital structure determinants at
the bank level. The supervisory and regulatory discipline was indicated as the more influential external
determinants for capital structure choice. A majority of 60 percent of state-owned bank CEOs declared a preference
for following pre-determined guidelines on bank funding as capital structure policy model. Almost 53 percent of
the privately-owned bank CEOs revealed a significant preference for the tradeoff capital structure policy model.
The pecking order and the market-timing theories received moderate to weak preference.
The paper extends the literature, providing field evidence that banking capital structure choice do matter and may
be explained within the framework of the conventional corporate capital structure theory.2021-01-01T00:00:00Z