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on Project, Program and Portfolio Management |
| By: | John W. Barry; Bruce I. Carlin; Alan D. Crane; John Graham |
| Abstract: | During project development, costs are endogenously determined through delegated bargaining with counterparties. In surveys, nearly 80% of CFOs report using an elevated hurdle rate, the implications of which we explore in a delegated bargaining model. We show that elevated hurdle rates can convey a bargaining advantage that exceeds the opportunity cost of forgone projects, whether hurdle rate buffers arise for strategic or non-strategic reasons. Using CFO survey data, we find buffer use is negatively related to the cost of capital and ex ante bargaining power, consistent with the model, and that realized returns exhibit “beat the hurdle rate benchmark” behavior. |
| JEL: | D21 G30 G31 G34 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32283&r=ppm |
| By: | Caroline Flammer; Thomas Giroux; Geoffrey Heal |
| Abstract: | Blended finance---the use of public and philanthropic funding to crowd in private capital---is a potential way to finance a more sustainable world. While blended finance holds the promise of being catalytic in mobilizing vast amounts of private capital, little is known about this practice. In this paper, we provide a conceptual framework that formalizes the decision-making of development finance institutions (DFIs) that engage in blended finance. We then provide empirical evidence on blended finance using data from a major DFI. The key variable we study is the level of concessionality, which captures the subsidy from the blended co-investment. Our findings indicate that DFIs provide higher concessionality for projects that have a higher sustainability impact per dollar invested. Moreover, the concessionality is higher for projects in countries with higher political risk and a higher degree of information asymmetries. In such cases, the blending tends to also include risk-management provisions. These findings are consistent with the predictions from our conceptual framework, in which DFIs have a limited budget that they allocate across projects to create societal value. |
| JEL: | G23 H41 O1 Q01 Q14 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32287&r=ppm |
| By: | Fabian Scheifele; David Popp |
| Abstract: | Support from local citizens is important for the scale-up of renewable energy. We investigate the impact of utility-scale wind and solar parks on employment, GDP and public finances in Brazilian municipalities using a difference-in-differences design with matching. We find a positive employment impact of 1-1.5 jobs/MW in the 15 months preceding the commissioning of a solar park, when the park is under construction, but no impacts thereafter. For wind, we find no employment impacts during the construction phase and potentially a small impact of 0.2-0.25 jobs/MW in the 12 months following commissioning. In the year after commissioning, GDP increases 23% for an average sized solar park and 12% for an average sized wind project. The impacts only decrease slightly in the following years. We also find significant persistent fiscal revenue impacts in wind compared to only a one-time tax revenue increase in solar at the time of construction. Our results provide different implications for policymakers that want to advocate for renewable energy in their towns. While for solar, the main benefit constitutes a short-term increase in low-skilled employment and public revenues, wind energy provides more long-term financial benefits but less local employment opportunities. |
| JEL: | E24 H71 J21 O13 O14 Q52 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32274&r=ppm |
| By: | Matthew P Hamilton; Caroline Gao; Jonathan Karnon; Luis Salvador-Carulla; Sue M Cotton; Cathrine Mihalopoulos |
| Abstract: | Most health economic analyses are undertaken with the aid of computers. However, the research ethics of implementing health economic models as software (or computational health economic models (CHEMs)) are poorly understood. We propose that developers and funders of CHEMs should adhere to research ethics principles and pursue the goals of: (i) socially acceptable user requirements and design specifications; (ii) fit for purpose implementations; and (iii) socially beneficial post-release use. We further propose that a transparent (T), reusable (R) and updatable (U) CHEM is suggestive of a project team that has largely met these goals. We propose six criteria for assessing TRU CHEMs: (T1) software files are publicly available; (T2) developer contributions and judgments on appropriate use are easily identified; (R1) programming practices facilitate independent reuse of model components; (R2) licenses permit reuse and derivative works; (U1) maintenance infrastructure is in place; and (U2) releases are systematically retested and deprecated. Few existing CHEMs would meet all TRU criteria. Addressing these limitations will require the development of new and updated good practice guidelines and investments by governments and other research funders in enabling infrastructure and human capital. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.17798&r=ppm |
| By: | Oleksandr Galychyn (PARTHENOPE - Università degli Studi di Napoli “Parthenope” = University of Naples); B.D. Fath (Towson University [Towson, MD, United States] - University of Maryland System); D. Wiedenhofer (BOKU - Universität für Bodenkultur Wien = University of Natural Resources and Life [Vienne, Autriche]); E. Buonocore (PARTHENOPE - Università degli Studi di Napoli “Parthenope” = University of Naples); P.P. Franzese (PARTHENOPE - Università degli Studi di Napoli “Parthenope” = University of Naples) |
| Abstract: | Urban activities currently consume 75% of global final energy demand, which is expected to increase given absolute and relative population growth in cities. Assessments of both producer (upstream) and consumer(downstream) ecological and socioeconomic impacts of urban inter-industry exchanges are needed to reduce energy consumption and resource use behind the industrial footprints of cities. Environmental extensions in the input-output analysis are designed from the user side perspective, focusing only on commercial energy su Delete French Add Keywords You can add keywords in multiple languages : choose the desired language and click on + to add new keywords. The characters ", " and ";" can be used to separate keywords in a list. English Delete English Add Fulltext language Licence Journal Cleaner Production Letters (ISSN : 2666-7916) Journal not referenced in Sherpa-Romeo Publication date Accepted formats are YYYY-MM-DD or YYYY-MM or YYYY In press If you choose the option "In Press", the publication date will no longer be required Volume Number page number Identifiers Identifiers Add the identifiers of this work in other data bases such as DOI, arXiv, PubMed, ADS DOI Delete ArXiv Add Related data Add the DOI identifiers to link your submissions to research data. Delete Add Funding ANR project(s) Add the code décision (ANR-19-ASMA-0007), the acronym or the title of the project. You can add more than one ANR project European project(s) Add one or multiple European projects this work is related to Contract, financing Economical sources of this work Add Other Informations Production date Accepted formats are YYYY-MM-DD or YYYY-MM or YYYY Science popularization Peer-reviewed Audience Electronic publication date Accepted formats are YYYY-MM-DD or YYYY-MM or YYYY Volume title Add the collection title or the volume title Conference/Publisher URL Classification PACS, MSC, etc. ACM Classification 2012 Enter keywords from ACM 2012 classification ACM Classification 1998 Enter keywords from ACM 1998 classification Mesh thesaurus Fill in information from the MeSH (Medical Subject Headings) Add JEL thesaurus Fill in information from the JEL keyword thesaurus Comment Internal note Add Project/Collaboration Add See also URL to related ressources Add Research infrastructure From the National Roadmap for Research Infrastructures Validation, Check your informations and agree to terms I check the information in the citation Journal articles Oleksandr Galychyn, B.D. Fath, D. Wiedenhofer, E. Buonocore, P.P. Franzese. An urban emergy footprint: Comparing supply- and use-extended input-output models for the case of Vienna, Austria. Cleaner Production Letters, 2024, 6, pp.100058. ⟨10.1016/j.clpl.2024.100058⟩ I transfer my submission arxiv To transfer your document on arXiv, your submission needs to comply with the following conditions: The document must have an abstract in english One of the chosen domain must be a sub-domain of arXiv Every file must weight |
| Keywords: | Emergy accounting Emergy-evaluated carbon footprint Carbon footprint Environmental |
| Date: | 2024–03–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04507173&r=ppm |