nep-ppm New Economics Papers
on Project, Program and Portfolio Management
Issue of 2014‒08‒16
seven papers chosen by
Arvi Kuura
Tartu Ülikool

  1. Securitização de Ativos Públicos Para Financiamento de Projetos de Infraestrutura: O Caso Brasileiro e a Experiência dos Brics By Edison Benedito da Silva Filho
  2. Evaluation of non-governmental development organizations By Elbers, Chris; Gunning, Jan Willem
  3. Can venture capital foster innovation? A study of the coupling between innovation and finance By Kevin Levillain; Blanche Segrestin; Armand Hatchuel
  4. Official Support for Private Sector Participation in Developing Country Infrastructure By Kaori Miyamoto; Kim Biousse
  5. Public Financial Management in Infrastructure in Africa By Nana Boateng; Marie Castaing Gachassin; Emilie Gay; Laura Recuero-Virto
  6. Designing generic technologies in Energy Research: learning from two CEA technologies for double unknown management By Sophie Hooge; Olga Kokshagina; Pascal Le Masson; Kevin Levillain; Benoît Weil; Vincent Fabreguettes; Nathalie Popiolek
  7. What makes an efficient theme for a creativity session? By Sophie Hooge; Albert David

  1. By: Edison Benedito da Silva Filho
    Abstract: O estudo busca analisar os principais desafios e oportunidades do emprego da securitização de ativos públicos como instrumento facilitador de inversões no setor de infraestrutura no Brasil e de fomento ao mercado doméstico de capitais. A securitização de ativos públicos oferece vantagens para o financiamento de projetos de longo prazo de empresas e agências estatais e entidades subnacionais, como atestam exemplos recentes dos BRICS (Brasil, Rússia, Índia, China e África do Sul). Contudo, para viabilizar seu desenvolvimento se faz necessário aprimorar o arcabouço institucional e financeiro que fornece suporte aos projetos de infraestrutura, além de uma contabilização dos ativos públicos mais consistente com as práticas de mercado. Nesse sentido, as parcerias público-privadas e a participação do investimento estrangeiro podem, para além de dinamizar os projetos de infraestrutura, também desempenhar um papel relevante no aprimoramento da gestão de ativos públicos no Brasil. The study assesses the key challenges and opportunities for securitization of public assets as a way to foster investment in the infrastructure sector in Brazil and to improve the domestic capital market. The securitization of public assets offers advantages for public financing of infrastructure projects and the strengthening of the capital market in Brazil, as evidenced by recent examples of the BRICS (Brazil, Russia, India, China and South Africa). However, it demands not only improving the institutional and financial framework that provides support for infrastructure projects, but also public accounting standards that should be be aligned with the best market practices. In this sense, in addition to boost infrastructure projects, public-private partnerships and foreign investment may also play an important role in improving the management of public assets in Brazil.
    Date: 2014–07
  2. By: Elbers, Chris; Gunning, Jan Willem
    Abstract: Randomized controlled trials (RCTs) are now widely used in development economics. However, their use is often resisted by non-governmental development organizations. The objections they raise differ between the three types of activities of such non-govern
    Keywords: impact evaluation, randomized controlled trials, non-governmental development organizations
    Date: 2014
  3. By: Kevin Levillain (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Blanche Segrestin (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Armand Hatchuel (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris)
    Abstract: Venture Capital is generally thought to be a key link in the complex chain of financing for young innovative firms. By helping them at critical stages of innovation development, it would help an economy to leverage its public research and sustain its growth. However, recent research reveals that the performance of VC funds, both internal (profitability) and external (growth), does not reach the expectations. In this paper, we aim to show that paradoxically, the theoretical model of VC conveyed by the literature does not take the management of innovation into account, and makes unrealistic assumptions on the composition of project portfolios. Conversely, based on interviews with some VC funds managers, we show that actual funds can invent alternative management models, for example based on the structuration of ecosystems for the start-ups, the development of "external valuation" mechanisms, or the creation of synergies between financed projects.
    Date: 2014–06
  4. By: Kaori Miyamoto; Kim Biousse
    Abstract: The objective of this study is to take stock of support by bilateral and multilateral donors for private sector participation in developing country infrastructure. It tries to draw out trends, opportunities and challenges, collective activities to address them, and possible further actions for the Development Assistance Committee (DAC). The exercise tries to contribute to the aim of using development co-operation more strategically in leveraging other development related flows. The methodology involved research on 22 donor policies and institutions, as well as data analysis of the DAC’s Creditor Reporting System. The results of the study indicate that official development finance (ODF) for infrastructure is increasing, with a sizable proportion disbursed to support the private sector directly, mostly through loans and equity by bilateral and multilateral development finance institutions (DFIs). However, almost 70% is directed to infrastructure in upper middle income countries, where the domestic financial sector might be relatively developed, which raises the question of additionality of official support. In terms of sectors, 60% of support to the private sector goes to energy, particularly to renewables, such as hydro, wind, solar, and geothermal energy. This is followed by transport, telecommunications, and water. Export credit agencies also provide significant amount of financing to developing country infrastructure. Donors further provide about 15% of funding to help improve the enabling environment for investment by building the capacity of partner government ministries, public-private-partnership units, regional organisations, or local administrations. Conclusions include the need for better co-ordination among various agencies or units involved in supporting infrastructure development within donor countries or multilateral institutions as well as the establishment of a transparent monitoring mechanism of DFI activities to ensure additionality and development effectiveness.
    Date: 2014–07–11
  5. By: Nana Boateng; Marie Castaing Gachassin; Emilie Gay; Laura Recuero-Virto
    Abstract: To what extent do budgetary processes and institutions hamper infrastructural development in Africa? To answer that question, this report analyses the answers of budget officials to questionnaires administered in 22 African countries: Benin, Botswana, Burundi, Cameroon, Cabo Verde, Chad, Democratic Republic of Congo, Djibouti, Gambia, Kenya, Lesotho, Madagascar, Mauritius, Morocco, Namibia, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Republic of Sudan, Tunisia and Zimbabwe. Dans quelle mesure les processus budgétaires et les institutions entravent-elles le développement des infrastructures en Afrique ? Pour répondre à cette question, ce document analyse les réponses de responsables du budget à un questionnaire administrés dans 22 pays africains : Bénin, Botswana , Burundi, Cameroun , Cabo Verde, Tchad, République démocratique du Congo, Djibouti, Gambie, Kenya, Lesotho, Madagascar, Maurice, Maroc, Namibie, Niger, Rwanda, São Tomé et Príncipe, Sierra Leone, République du Soudan, la Tunisie et le Zimbabwe.
    Keywords: national budgeting and planning, public financial management reforms, infrastructure, reforms, Africa, Afrique, réformes de gestion des finances publiques, budgétisation et planification nationale, infrastructure
    JEL: H54 O20
    Date: 2014–08–08
  6. By: Sophie Hooge (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Olga Kokshagina (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Pascal Le Masson (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Kevin Levillain (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Benoît Weil (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Vincent Fabreguettes (Centre de recherche du Commissariat à l'Energie Atomique - CEA Cadarache (Saint Paul-lez-Durance, France) - Centre de recherche du Commissariat à l'Energie Atomique - CEA Cadarache (Saint Paul-lez-Durance, France)); Nathalie Popiolek (CEA - CEA Saclay - CEA)
    Abstract: The aim of this paper is to shed light on an innovative strategy for the design of generic technologies (GTs). Research on radical innovation management, while recognizing the success of GTs, generally describes their design according to evolutionary strategies featuring multiple and uncertain trials, which would finally result in the discovery of common features between multiple applications. Building on a case study conducted on two technological development programs at the French Alternative Energies and Atomic Energy Commission (CEA), we exhibit an anomaly to this rarely discussed idea: we describe an alternative strategy that consists in intentionally designing common features that bridge the gap between a priori heterogeneous applications and a priori heterogeneous technologies. This anomaly brings three main results: 1) The usual trial-and-learning strategy is not necessarily the only strategy to design a GT; 2) beyond technological breakthrough, the value of GTs also relies on the capacity to reuse and connect existing technologies; 3) the design of GT might require sophisticated organizational patterns to be able to involve multiple technology suppliers and applications' providers.
    Keywords: Design; Generic technologies; double unknown; Energy
    Date: 2014–06–06
  7. By: Sophie Hooge (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Albert David (DRM - Dauphine Recherches en Management - CNRS : UMR7088 - Université Paris IX - Paris Dauphine)
    Abstract: Despite literature has widely investigated the logics of ideation, at early stages of innovation and product development processes (Bjork and Magnusson, 2009; Boeddrich, 2004; Girotra et al., 2010), very few contributions deal with the very starting point of the ideation process, i.e. the initial theme given to workshops participants. Nevertheless, scholars' works on the nature of stimuli and examples (Smith et al.,1993; Ward et al., 2004) underlined they could generate heterogeneous effects on the efficiency of the ideation stage. Moreover, whereas efficiency criteria for creativity sessions are well known (fluency, flexibility, originality, elaboration), creativity techniques focus on the improvement and monitoring of ideation management: the problem of designing the initial theme is seldom included in the design parameters of creativity sessions, as if it was not considered as an issue in research on creativity management. Yet, one consequence of the above mentioned literature results is that it should be a key efficiency factor: the formulation could play a key role in conditioning cognitive involvement of individuals and managerial goals achievement. This paper focuses on this specific problem of formulating an efficient theme for a creativity session and its implications on cognitive involvement of facilitators and participants, and the achievement of managerial goals of the session. Based on a single case study led through collaborative action research with the French postal service operator, our research analyses the impacts of the formulation in three innovative-oriented creativity workshops the authors have organized and steered from May to October 2013. The three workshops themes were built to experiment the impact of the theme formulation on: 1/ creativity techniques efficiency according traditional criteria and facilitators' cognitive involvement; and 2/ participants' satisfaction assessed through their ability to link the theme, thus the generated ideas, to the company's innovation strategy. The exploratory study confirms that the formulation of the theme has important consequences, both cognitive and managerial. A first set of results suggests two main dimensions to describe the nature and structure of a theme naming: the accuracy level of the formulation and the degree of conceptual tension. A second set of results is about concrete reasoning when designing the theme and implementing in the formulation links to the firm's strategy. A third set of results is about consequences of theme formulation on the way the creativity session is designed and steered. Key dimensions include: 1/ The degree of cognitive implication of facilitators; 2/ The nature of stimuli and idea generation techniques used during the session (generic versus custom-made); 3/ The degree of commitment of the actors (designers of the theme, facilitators and participants) to the organization's strategy, i.e. to what gives value to the output of the creativity session.
    Keywords: Creativity; theme formulation; cognitive involvement; performance
    Date: 2014–06–17

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