EIB

Displaying 1-9 of 9 results

  • White Papers // Jan 2011

    Public And Private Financing Of Infrastructure

    The paper considers what the core market failures in infrastructure are, focusing on the gap between marginal and average costs, the system nature of infrastructures, and the time inconsistency problem. The difficulty for government in providing credible commitments to investors in respect of the fixed and sunk costs is the...

    Provided By EIB

  • White Papers // Jan 2011

    The Economics Of Infrastructure Finance: Public-Private Partnerships Versus Public Provision

    The authors show that project finance is appropriate for PPP projects, because there are few economies of scope and because assets are project specific. Furthermore, they suggest that the higher cost of finance of PPPs is not an argument in favour of public provision, since it appears to reflect the...

    Provided By EIB

  • White Papers // Jan 2011

    Risk, Return And Cash Flow Characteristics Of Infrastructure Fund Investments

    The authors show that infrastructure deals have a performance that is higher than that of no infrastructure deals, despite lower default frequencies. However, they do not find that infrastructure deals offer more stable cash flows. This paper offers some evidence in favor of the hypothesis that higher infrastructure returns could...

    Provided By EIB

  • White Papers // Sep 2010

    Uncovering The Common Risk Free Rate In The European Monetary Union

    The authors introduce Longitudinal Factor Analysis (LFA) to extract the Common Risk Free (CRF) rate from a sample of sovereign bonds of countries in a monetary union. Since LFA exploits the typically very large longitudinal dimension of bond data, it performs better than traditional factor analysis methods that rely on...

    Provided By EIB

  • White Papers // Jul 2010

    Public-Private Partnerships In Europe - Before And During The Recent Financial Crisis

    This paper offers an updated description of the macroeconomic and sectoral significance of PPPs in Europe - without assessing PPPs from a normative perspective. Building on Blanc-Brude et al. (2007), it looks at the evolution of PPPs in the EU, with a particular focus on the recent financial crisis. In...

    Provided By EIB

  • White Papers // Dec 2009

    The Financing Of Innovative Firms

    The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are...

    Provided By EIB

  • White Papers // Dec 2009

    The Role Of Venture Capital In Alleviating Financial Constraints Of Innovative Firms

    The authors provide an assessment of venture capital looking at the involvement of venture capital with some of Europe's most innovative and successful companies: those listed on Europe's 'New' stock markets. Venture capital is effective in helping these firms overcome credit constraints but has a limited effect on their ability...

    Provided By EIB

  • White Papers // Dec 2009

    Financing Technology Transfer

    Financing constraints have been discussed as a major obstacle to innovation. Small and medium sized enterprises and start-ups are particularly concerned by such impediments. Venture capital has emerged as a partial solution in some countries, but is only available for start-up firms with major growth potential. Recently, new intermediaries have...

    Provided By EIB

  • White Papers // Nov 2009

    A Factor Analysis Approach To Measuring European Loan And Bond Market Integration

    This paper assesses whether bank loan and bond interest rates are converging for the non-financial corporate sector across the euro area. Whilst the authors find evidence for complete bond market integration, the market for bank loans remains segmented, albeit to various degrees depending on the type and size of the...

    Provided By EIB

  • White Papers // Jul 2010

    Public-Private Partnerships In Europe - Before And During The Recent Financial Crisis

    This paper offers an updated description of the macroeconomic and sectoral significance of PPPs in Europe - without assessing PPPs from a normative perspective. Building on Blanc-Brude et al. (2007), it looks at the evolution of PPPs in the EU, with a particular focus on the recent financial crisis. In...

    Provided By EIB

  • White Papers // Nov 2009

    A Factor Analysis Approach To Measuring European Loan And Bond Market Integration

    This paper assesses whether bank loan and bond interest rates are converging for the non-financial corporate sector across the euro area. Whilst the authors find evidence for complete bond market integration, the market for bank loans remains segmented, albeit to various degrees depending on the type and size of the...

    Provided By EIB

  • White Papers // Dec 2009

    The Financing Of Innovative Firms

    The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are...

    Provided By EIB

  • White Papers // Jan 2011

    Public And Private Financing Of Infrastructure

    The paper considers what the core market failures in infrastructure are, focusing on the gap between marginal and average costs, the system nature of infrastructures, and the time inconsistency problem. The difficulty for government in providing credible commitments to investors in respect of the fixed and sunk costs is the...

    Provided By EIB

  • White Papers // Jan 2011

    The Economics Of Infrastructure Finance: Public-Private Partnerships Versus Public Provision

    The authors show that project finance is appropriate for PPP projects, because there are few economies of scope and because assets are project specific. Furthermore, they suggest that the higher cost of finance of PPPs is not an argument in favour of public provision, since it appears to reflect the...

    Provided By EIB

  • White Papers // Jan 2011

    Risk, Return And Cash Flow Characteristics Of Infrastructure Fund Investments

    The authors show that infrastructure deals have a performance that is higher than that of no infrastructure deals, despite lower default frequencies. However, they do not find that infrastructure deals offer more stable cash flows. This paper offers some evidence in favor of the hypothesis that higher infrastructure returns could...

    Provided By EIB

  • White Papers // Dec 2009

    The Role Of Venture Capital In Alleviating Financial Constraints Of Innovative Firms

    The authors provide an assessment of venture capital looking at the involvement of venture capital with some of Europe's most innovative and successful companies: those listed on Europe's 'New' stock markets. Venture capital is effective in helping these firms overcome credit constraints but has a limited effect on their ability...

    Provided By EIB

  • White Papers // Sep 2010

    Uncovering The Common Risk Free Rate In The European Monetary Union

    The authors introduce Longitudinal Factor Analysis (LFA) to extract the Common Risk Free (CRF) rate from a sample of sovereign bonds of countries in a monetary union. Since LFA exploits the typically very large longitudinal dimension of bond data, it performs better than traditional factor analysis methods that rely on...

    Provided By EIB

  • White Papers // Dec 2009

    Financing Technology Transfer

    Financing constraints have been discussed as a major obstacle to innovation. Small and medium sized enterprises and start-ups are particularly concerned by such impediments. Venture capital has emerged as a partial solution in some countries, but is only available for start-up firms with major growth potential. Recently, new intermediaries have...

    Provided By EIB