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on Project, Program and Portfolio Management |
| By: | Rieger, Jonas; Muñoz, Felipe; Grönberg, Lars; Lange, Kai-Robin; Ojeda-Pereira, Iván; Briceño, Dario; Nass, Christian; Stahl, Carsten; Cassola, José; Rojas-Córdova, Carolina |
| Abstract: | Understanding the construction of socio-environmental narratives at a national scale is a complex challenge, particularly when research remains fragmented across disconnected case studies. In Chile, the energy transition has generated territorial disputes as extractive industries and renewable energy projects expand, yet large-scale systematic analyses of how these conflicts are represented in public discourse remain scarce. This paper addresses this gap by applying a spatio-temporal topic modelling framework to a corpus of 1, 996 validated news articles covering conflicts related to the energy transition in Chile from 2011 to 2025. Using RollingLDA, a dynamic adaptation of latent Dirichlet allocation that prevents information leakage from future documents, we identify twelve topics that provide insights into the public narratives surrounding socio-environmental conflicts. Our analysis reveals how specific conflicts, such as the HidroAysén dam project, the Dominga mining controversy, and pollution in sacrifice zones such as Quintero-Puchuncaví, have evolved over time, with some narratives declining while others, including green hydrogen development and lithium extraction, have emerged as central concerns. We complement this temporal analysis with a spatial dimension by mapping the prevalence of topics across Chilean regions through an interactive dashboard. By combining established methods, our work offers a reproducible framework that can be adapted to topic modelling results incorporating spatial and temporal dimensions, enabling the tracking of how socio-environmental narratives emerge, evolve, and fade over time. Please also refer to the GitHub repository at https://github.com/JonasRieger/t2s2026. |
| Date: | 2026–03–31 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:xqn3f_v1 |
| By: | Lóránth, Gyöngyi; Morrison, Alan; Zeng, Jing |
| Abstract: | We study how firms can design their organizational structures to overcome dynamic commitment problems when entering new markets or technologies. A manager exerts costly effort to first develop and subsequently manage an investment opportunity. Ex post, the firm underinvests in projects that generate high management rents. However, the prospect of those rents helps offset the manager’s initial project development cost, making ex ante commitment to invest optimal. Levered subsidiaries mitigate this time-consistency problem by introducing risk-shifting incentives that counteract underinvestment. Subsidiaries are most valuable for projects that are costly to develop, have moderate management costs, and yield returns uncorrelated with existing business. |
| JEL: | G32 G34 L22 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20963 |
| By: | Akbar, Prottoy; Couture, Victor |
| Abstract: | Urban transportation projects are massive public investments that can transform cities. This article reviews evidence on how these projects shape where people live, and how their benefits are shared across income groups. A simple model helps organize the findings. Three factors are especially important: who uses the new transportation mode, where it is built, and how easily people can relocate. Projects serving a narrow group in a specific area tend to increase segregation and inequality. These impacts can be severe if poorer households face barriers to relocation, as happened with the Interstate Highway System. Projects with broad spatial coverage and use by all income groups, like Bus Rapid Transit in developing countries, tend to have more modest segregation effects and broadly shared welfare gains. |
| Keywords: | Urban transportation; Segregation; Welfare |
| JEL: | R41 O18 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20803 |
| By: | Bustamante, Maria Cecilia; Zucchi, Francesca |
| Abstract: | Carbon regulation poses the corporate challenge of developing optimal carbon management policies. We provide a unified model characterizing how firms manage emissions through production, heterogeneous green investment, and the trading of carbon credits. We show that carbon pricing incentivizes firms to reduce emissions through immediate yet transient abatement projects, but has an ambiguous impact on green innovation. In economies where carbon pricing discourages innovation, subsidies to green innovation complement — rather than substitute — carbon pricing, jointly lowering current emissions through abatement projects and accelerating the transition to greener technologies through innovation. |
| JEL: | G30 G31 G12 D62 O33 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21300 |
| By: | Jason Nassios |
| Abstract: | Australia is one of the world's largest exporters of liquefied natural gas (LNG), which is natural gas cooled into liquid form for transport and export. Yet Petroleum Resource Rent Tax (PRRT) collections remain modest relative to LNG production and export revenues. This paper argues that low PRRT revenues are primarily structural, reflecting incompatibilities between the design of the tax and the economics of modern LNG projects. Two mechanisms are central. First, tax base measurement: gas transfer prices used to value upstream sales are not publicly observed, introducing uncertainty about how LNG-related rents are reflected in the tax base. Second, intertemporal deferral: large upfront capital expenditures generate carried-forward deductions that are uplifted over time, delaying the recognition of taxable rents. As a result, PRRT liabilies are confined to a narrow upstream base and deferred over the life of projects. Despite strong underlying profitability, observed PRRT revenues remain limited. Given this, incremental reforms such as increasing the statutory tax rate, are unlikely to materially improve rent capture, because the underlying tax base is constrained. More substantive gains are likely to arise from reforms that broaden or more accurately define the tax base. Capturing a larger share of LNG-related rents will require fiscal instruments that more directly target observable project values, or better align taxation with the full LNG value chain. |
| Keywords: | Petroleum Resource Rent Tax, Resource rent taxation, Uplift, Deductions |
| JEL: | H21 H25 Q38 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:cop:wpaper:g-372 |
| By: | Ghomi, Morteza; Pappa, Evi |
| Abstract: | We study the macroeconomic effects of persistent public investment shocks using a local-projection instrumental-variables framework and European data. For identification we exploit European Investment Bank loans for public infrastructure projects and address potential endogeneity in loan approval with an inverse-probability-weighted regression-adjustment estimator. Public investment shocks raise employment and output in the medium term, without crowding out private investment and consumption, or generating inflation and additional debt burden. The cumulative output multiplier reaches 3.38 after five years and is significant and larger when credit conditions are favorable. We report significant positive spillover effects from spending in public infrastructure in both output and employment. |
| JEL: | E62 H41 H54 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21157 |
| By: | Delis, Manthos; Iosifidi, Maria; Michaelides, Panayotis G.; Ongena, Steven |
| Abstract: | We develop a dynamic model of bank credit allocation between green and brown projects under regulatory and monetary distortions. Banks optimally adjust portfolios as regulation reduces the expected returns and success probabilities of brown projects, while monetary policy shapes funding costs. These interacting channels persistently tilt lending incentives, reallocating credit toward greener activities and lowering emissions. The framework identifies which combinations of regulatory pressure and monetary support most effectively accelerate the green transition. Results remain robust with forward-looking banks, adjustment costs, and alternative policy rules. We further analyze how persistent regime shifts in regulation and monetary policy reshape the speed and composition of bank balance-sheet reallocation. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21128 |
| By: | Koren, Miklós; Békés, Gábor; Hinz, Julian; Lohmann, Aaron |
| Abstract: | Generative AI is changing how software is produced and used. In vibe coding, an AI agent builds software by selecting and assembling open-source software (OSS), often without users directly reading documentation, reporting bugs, or otherwise engaging with maintainers. We study the equilibrium effects of vibe coding on the OSS ecosystem. We develop a model with endogenous entry and heterogeneous project quality in which OSS is a scalable input into producing more software. Users choose whether to use OSS directly or through vibe coding. Vibe coding raises productivity by lowering the cost of using and building on existing code, but it also weakens the user engagement through which many maintainers earn returns. When OSS is monetized only through direct user engagement, greater adoption of vibe coding lowers entry and sharing, reduces the availability and quality of OSS, and reduces welfare despite higher productivity. Sustaining OSS at its current scale under widespread vibe coding requires major changes in how maintainers are paid. |
| JEL: | O33 L86 D85 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21145 |