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on Project, Program and Portfolio Management |
| By: | Atif Ansar; Bent Flyvbjerg; Alexander Budzier |
| Abstract: | Do projects learn across space and time? The Olympics, among the largest publicly funded programmes in the world, offer a unique empirical setting. Theoretically, the Games seem ideal for generating "positive learning curves, " driving down costs from one iteration to the next. In practice, they do not. Drawing on the concept of "myopia of learning, " we argue that spatiotemporality (geographic distance, temporal gaps, and the temporary organisational form of each host committee) combines to block higher-level learning. Our analysis of cost overruns from 1960 to 2024 reveals no sustained improvement over 64 years. Tactical learning abounds, but none aggregates into strategic improvement. We propose four strategies for overcoming the spatiotemporal barrier (incremental, centralising, decentralising, and real options), arguing that radical reform is required. |
| Date: | 2026–04 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2604.17970 |
| By: | Usama Abdul Rauf (Pakistan Institute of Development Economics); Batoora Achakzai (Pakistan Institute of Development Economics) |
| Abstract: | China-Pakistan Economic Corridor (CPEC) has been credited as the biggest infrastructure project in Pakistan, and it has created significant jobs in the country and yet, despite the presence of Gwadar Port and other portions of the Western Route, Balochistan has received only a small share of the economic and employment gains. The current evidence that is available indicates that even though Pakistani workers constitute the majority of the workforce in CPEC projects, local involvement in Balochistan is limited to low-skilled and informal employment while skilled and technical roles are mostly occupied by non-local and foreign workers. The gradual nature of the operationalization of Special Economic Zones additionally constrains local consumption of labor. With the approved SEZs, few of them have gone past the planning stage and industrialization and employment are minimal, especially in Balochistan. The critical limitation is the harsh and multi-sectoral skills shortage in the province, and a lack of skilled workers in mining, construction, port operations, energy, and industrial trades, in addition to poor TVET institutions, low enrollment, low female participation, and industry connections. The skills gap is not limited to CPEC-related industries; it is all-encompassing, in the agricultural sector, the water sector, renewable energy, minerals, and even health, which means that the problem of Balochistan is not project-specific, but structural and indicative of a larger problem in the human capital ecosystem. In conclusion, the study finds that CPEC presents opportunities, but Balochistan is not adequately positioned to take advantage. Devoid of focused, industry-oriented human capital, enhanced TVET, and local-hiring, the province will continue to be a transit region, and not an active recipient of national development, enhancing regional inequalities and restricting the comprehensive influence of CPEC. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:pid:kbrief:2026:142 |
| By: | Hottenrott, Hanna; Schaper, Thomas; Schwierzy, Julian |
| Abstract: | Competitive public research funding is an important policy instrument to foster scientific progress. The effective design of such funding schemes and whether they generate knowledge spillovers to industrial inventions, however, remains debated. In this paper, we investigate the impacts of geographically localized forum grants - Clusters of Excellence - awarded for additive manufacturing research under Germany's Excellence Initiative from 2006-2012. Using synthetic difference-in-differences estimation, we find that Clusters increased local scientific output in funding-related domains in the right tail of the scientific impact distribution - as measured by article citations - compared to non-funded applicant groups in similar locations. While patenting by nearby firms remained unaffected at the extensive margin, we find evidence for significant knowledge spillovers to local industry. These manifested as a rise in the number of high-impact firm patents confined to related technical areas, and Clusters receiving a significantly larger number of prior art citations from industry patents, compared to the control group, which were geographically localized and confined to top publications. Our findings support the effectiveness of forum-based funding programs for top science and provide dual implications for research and industrial policy. |
| Keywords: | Frontier science, research funding, knowledge spillovers, industry-science linkages |
| JEL: | I23 O31 O38 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:zewdip:340105 |
| By: | Miricola Stefania (European Commission - JRC) |
| Abstract: | This note presents the trends of foreign direct investment into the EU27 for 2025H1, focusing on non-EU (i.e. foreign) investors. It looks at merger and acquisition (M&A) deals and other equity investments of at least 10% of capital of an EU target company, as well as at greenfield projects. A detailed overview of deals and projects corresponding to the first half of 2025 is provided, including half year and yearly comparisons. |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc145614 |
| By: | Wildmer Daniel Gregori; Daniel Abreu; Laura Bartolomeu; Fotios Kalantzis |
| Abstract: | This study examines whether banks incorporate climate transition risks into loan pricing for non-financial firms in Portugal, using loan-level data from 2018 to 2023. The results show that banks do price climate transition risks, with firms exhibiting greater emission intensity facing higher interest rates and smaller loan amounts, indicating both a pricing and credit rationing response to environmental risk. Public support measures influence how climate risk is transmitted, highlighting the potential relevance of policies with explicit environmental criteria. When accounting for the emission reduction efforts that firms are required to undertake under the current policies scenario, banks become more sensitive to firms’ emission levels when pricing interest rates. This suggests that banks incorporate, to some extent, expected future adjustment costs into their lending decisions. Coordinated government and prudential policies may help channel credit to low-emission and transformative projects, fostering the green transition while safeguarding financial stability. |
| JEL: | G21 Q52 Q53 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ptu:wpaper:w202603 |