Impacts of construction events on the project equity value of the Channel Tunnel project

References

• Abdul-Aziz , A.R. and Jahn Kassim , P.S. 2011 . Objectives, success and failure factors of housing public–private partnerships in Malaysia . Habitat International , 35 ( 1 ) : 150 – 7 .
   Web of Science ®Google Scholar
• Abednego , M.P. and Ogunlana , S.O. 2006 . Good project governance for proper risk allocation in public–private partnerships in Indonesia . International Journal of Project Management , 24 ( 7 ) : 622 – 634 .
   Google Scholar
• Ahadzi , M. and Bowles , G. 2004 . Public–private partnerships and contract negotiations: an empirical study . Construction Management and Economics , 22 ( 9 ) : 967 – 78 .
   Google Scholar
• Akintoye , A. , Taylor , C. and Fitzgerald , E. 1998 . Risk analysis and management of Private Finance Initiative projects . Engineering, Construction and Architectural Management , 5 ( 1 ) : 9 – 21 .
   Google Scholar
• Akintoye , A. , Hardcastle , C. , Beck , M. , Chinyio , E. and Asenova , D. 2003 . Achieving best value in private finance initiative project procurement . Construction Management and Economics , 21 ( 5 ) : 461 – 70 .
   Google Scholar
• Beidleman , C.R. , Fletcher , D. and Veshosky , D. 1990 . On allocating risk: the essence of project finance . Sloan Management Review , 31 ( Spring ) : 47 – 55 .
   Google Scholar
• Binder , J.J. 1998 . The event study methodology since 1969 . Review of Quantitative Finance and Accounting , 11 ( 2 ) : 111 – 37 .
   Google Scholar
• Bing , L. and Tiong , R.L. 1999 . Risk management model for international construction joint ventures . Journal of Construction Engineering and Management , 125 ( 5 ) : 377 – 84 .
   Web of Science ®Google Scholar
• Bitsch , F. , Buchner , A. and Kaserer , C. 2010 . Risk, return and cash flow characteristics of infrastructure fund investments . EIB Papers , 15 ( 1 ) : 106 – 36 .
   Google Scholar
• Bordoli , D.W. and Baldwin , A.N. 1998 . A methodology for assessing construction project delays . Construction Management and Economics , 16 ( 3 ) : 327 – 37 .
   Google Scholar
• Brown , S.J. and Warner , J.B. 1985 . Using daily stock returns: the case of event studies . Journal of Financial Economics , 14 ( 1 ) : 3 – 31 .
   Web of Science ®Google Scholar
• Campbell , J.Y. , Lo , A.W. and MacKinlay , A.C. 1997 . The Econometrics of Financial Markets , Princeton, NJ : Princeton University Press .
   Google Scholar
• Carrillo , P.M. , Robinson , H.S. , Anumba , C.J. and Bouchlaghem , N.M. 2006 . A knowledge transfer framework: the PFI context . Construction Management and Economics , 24 ( 10 ) : 1045 – 56 .
   Google Scholar
• Chang , C.Y. and Ive , G. 2007 . The hold-up problem in the management of construction projects: A case study of the Channel Tunnel . International Journal of Project Management , 25 ( 4 ) : 394 – 404 .
   Google Scholar
• Chen , C. and Messner , J.I. 2005 . An investigation of Chinese BOT projects in water supply: a comparative perspective . Construction Management and Economics , 23 ( 9 ) : 913 – 25 .
   Google Scholar
• Chen , N.F. , Roll , R. and Ross , S.A. 1986 . Economic forces and the stock market . Journal of Business , 59 ( 3 ) : 383 – 403 .
   Web of Science ®Google Scholar
• Chowdhury , A.N. , Chen , P.H. and Tiong , R.L. 2011 . Analysing the structure of public–private partnership projects using network theory . Construction Management and Economics , 29 ( 3 ) : 247 – 60 .
   Google Scholar
• Cox , I.D. , Morris , J.P. , Rogerson , J.H. and Jared , G.E. 1999 . A quantitative study of post contract award design changes in construction . Construction Management and Economics , 17 ( 4 ) : 427 – 39 .
   Google Scholar
• Dulaimi , M.F. , Alhashemi , M. , Ling , F.Y.Y. and Kumaraswamy , M. 2010 . The execution of public–private partnership projects in the UAE . Construction Management and Economics , 28 ( 4 ) : 393 – 402 .
   Google Scholar
• Esty , B.C. 2004 . Why study large projects? An introduction to research on project finance . European Financial Management , 10 ( 2 ) : 213 – 24 .
   Google Scholar
• Esty , B.C. and Christoy , I.L. 2002 . An Overview of Project Finance , Boston : Harvard Business School Publishing .
   Google Scholar
• Fabozzi , F.J. , Neave , E.H. and Zhou , G. 2012 . Financial Economics , Hoboken, NJ : John Wiley & Sons .
   Google Scholar
• Finnerty , J.D. 2007 . Project Financing: Asset-Based Financial Engineering , Hoboken , NJ : John Wiley & Sons, Inc. .
   Google Scholar
• Flyvbjerg , B. , Bruzelius , N. and Rothengatter , W. 2003 . Megaprojects and Risk: An Anatomy of Ambition , New York : Cambridge University Press .
   Google Scholar
• Han , S.H. and Diekmann , J.E. 2001 . Approaches for making risk-based go/no-go decision for international projects . Journal of Construction Engineering and Management , 127 ( 4 ) : 300 – 8 .
   Web of Science ®Google Scholar
• Harris, C. (2003) Private participation in infrastructure in developing countries: trends, impacts and policy lessons. World Bank Working Paper No. 5, Washington, DC.
   Google Scholar
• Hastak , M. and Shaked , A. 2000 . ICRAM-1: model for international construction risk assessment . Journal of Management in Engineering , 16 ( 1 ) : 59 – 69 .
   Web of Science ®Google Scholar
• Henjewele , C. , Sun , M. and Fewings , P. 2011 . Critical parameters influencing value for money variations in PFI projects in the healthcare and transport sectors . Construction Management and Economics , 29 ( 8 ) : 825 – 39 .
   Google Scholar
• Huseby , A.B. and Skogen , S. 1992 . Dynamic risk analysis: the DynRisk concept . International Journal of Project Management , 10 ( 3 ) : 160 – 4 .
   Google Scholar
• Jablonowski , M. 1994 . Fuzzy risk analysis: using AI systems . AI Expert , 9 ( 12 ) : 38 – 41 .
   Google Scholar
• Jeljeli , M.N. and Russell , J.S. 1995 . Coping with uncertainty in environmental construction: decision-analysis approach . Journal of Construction Engineering and Management , 121 ( 4 ) : 370 – 80 .
   Web of Science ®Google Scholar
• Jensen , M.C. and Meckling , W.H. 1976 . Theory of the firm: managerial behavior, agency costs and ownership structure . Journal of Financial Economics , 3 ( 4 ) : 305 – 60 .
   Web of Science ®Google Scholar
• Kleimeier , S. and Megginson , W.L. 2000 . Are project finance loans different from other syndicated credits? . Journal of Applied Corporate Finance , 13 ( 1 ) : 75 – 87 .
   Google Scholar
• Lafontaine , F. and Slade , M. 2007 . Vertical integration and firm boundaries: the evidence . Journal of Economic Literature , 45 ( 3 ) : 629 – 85 .
   Web of Science ®Google Scholar
• Lam , K.C. and Chow , W.S. 1999 . The significance of financial risks in BOT procurement . Building Research & Information , 27 ( 2 ) : 84 – 95 .
   Web of Science ®Google Scholar
• Leiringer , R. 2006 . Technological innovation in PPPs: incentives, opportunities and actions . Construction Management and Economics , 24 ( 3 ) : 301 – 08 .
   Google Scholar
• Li , B. , Akintoye , A. , Edwards , P.J. and Hardcastle , C. 2005 . Critical success factors for PPP/PFI projects in the UK construction industry . Construction Management and Economics , 23 ( 5 ) : 459 – 71 .
   Google Scholar
• Lianyu , C. and Tiong , R.L. 2005 . Minimum feasible tariff model for BOT water supply projects in Malaysia . Construction Management and Economics , 23 ( 3 ) : 255 – 63 .
   Google Scholar
• Lintner , J. 1965 . The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets . Review of Economics and Statistics , 47 ( 1 ) : 13 – 37 .
   Web of Science ®Google Scholar
• Liu , J. and Cheah , C.Y. 2009 . Real option application in PPP/PFI project negotiation . Construction Management and Economics , 27 ( 4 ) : 331 – 42 .
   Google Scholar
• Macher , J.T. and Richman , B.D. 2008 . Transaction cost economics: an assessment of empirical research in the social sciences . Business and Politics , 10 ( 1 ) : 1 – 63 .
   Google Scholar
• MacKinlay , A.C. 1997 . Event studies in economics and finance . Journal of Economic Literature , 35 ( 1 ) : 13 – 39 .
   Web of Science ®Google Scholar
• Masten , S. , Meehan , J. and Snyder , E. 1991 . The costs of organization . Journal of Law, Economics, and Organization , 7 ( 1 ) : 1 – 25 .
   Web of Science ®Google Scholar
• Merna , T. , Chu , Y. and Al-Thani , F.F. 2010 . Project Finance in Construction: A Structured Guide to Assessment , Oxford : Wiley-Blackwell .
   Google Scholar
• Merton , R. 1973 . An intertemporal capital asset pricing model . Econometrica , 41 ( 5 ) : 867 – 87 .
   Web of Science ®Google Scholar
• Mulholland , B. and Christian , J. 1999 . Risk assessment in construction schedules . Journal of Construction Engineering and Management , 125 ( 1 ) : 8 – 15 .
   Web of Science ®Google Scholar
• Mustafa , M.A. and Al-Bahar , J.F. 1991 . Project risk assessment using the analytic hierarchy process . Engineering Management, IEEE Transactions on , 38 ( 1 ) : 46 – 52 .
   Web of Science ®Google Scholar
• Nevitt , P. and Fabozzi , F. 2000 . Project Financing , 7th edn , London : Euromoney Books .
   Google Scholar
• Ozdoganm , I.D. and Birgonul , M.T. 2000 . A decision support framework for project sponsors in the planning stage of build-operate-transfer (BOT) projects . Construction Management and Economics , 18 ( 3 ) : 343 – 53 .
   Google Scholar
• Raisbeck , P. 2008 . Perceptions of architectural design and project risk: understanding the architects’ role in a PPP project . Construction Management and Economics , 26 ( 11 ) : 1145 – 57 .
   Google Scholar
• Raisbeck , P. , Duffield , C. and Xu , M. 2010 . Comparative performance of PPPs and traditional procurement in Australia . Construction Management and Economics , 28 ( 4 ) : 345 – 59 .
   Google Scholar
• Ross , S.A. 1976 . The arbitrage theory of capital asset pricing . Journal of Economic Theory , 13 ( 3 ) : 341 – 60 .
   Web of Science ®Google Scholar
• Roumboutsos , A. and Anagnostopoulos , K.P. 2008 . Public–private partnership projects in Greece. risk ranking and preferred risk allocation . Construction Management and Economics , 26 ( 7 ) : 751 – 63 .
   Google Scholar
• Schaufelberger , J.E. and Wipadapisut , I. 2003 . Alternate financing strategies for build-operate-transfer projects . Journal of Construction Engineering and Management , 129 ( 2 ) : 205 – 13 .
   Web of Science ®Google Scholar
• Shan , L. , Garvin , M.J. and Kumar , R. 2010 . Collar options to manage revenue risks in real toll public-private partnership transportation projects . Construction Management and Economics , 28 ( 10 ) : 1057 – 69 .
   Google Scholar
• Sharpe , W.F. 1964 . Capital asset prices: A theory of market equilibrium under conditions of risk . Journal of Finance , 19 ( 3 ) : 425 – 42 .
   Web of Science ®Google Scholar
• Songer , A.D. , Diekmann , J. and Pecsok , R.S. 1997 . Risk analysis for revenue dependent infrastructure projects . Construction Management and Economics , 15 ( 4 ) : 377 – 82 .
   Google Scholar
• Tabish , S.Z.S. and Jha , K.N. 2011 . Identification and evaluation of success factors for public construction projects . Construction Management and Economics , 29 ( 8 ) : 809 – 23 .
   Google Scholar
• Tah , J.H.M. and Carr , V. 2000 . A proposal for construction project risk assessment using fuzzy logic . Construction Management and Economics , 18 ( 4 ) : 491 – 500 .
   Google Scholar
• Tang , L. , Shen , Q. and Cheng , E.W.L. 2010 . A review of studies on Public-Private Partnership projects in the construction industry . International Journal of Project Management , 28 ( 7 ) : 683 – 94 .
   Web of Science ®Google Scholar
• Thomas , A.V. , Kalidindi , S.N. and Ananthanarayanan , K.A.B.T. 2003 . Risk perception analysis of BOT road project participants in India . Construction Management and Economics , 21 ( 4 ) : 393 – 407 .
   Google Scholar
• Thomas , A.V. , Kalidindi , S.N. and Ganesh , L.S. 2006 . Modelling and assessment of critical risks in BOT road projects . Construction Management and Economics , 24 ( 4 ) : 407 – 24 .
   Google Scholar
• Vazquez , F. and Allen , S. 2004 . Private sector participation in the delivery of highway infrastructure in Central America and Mexico . Construction Management and Economics , 22 ( 7 ) : 745 – 54 .
   Google Scholar
• Wang , S.Q. , Tiong , R.L. , Ting , S.K. and Ashley , D. 2000 . Evaluation and management of foreign exchange and revenue risks in China’s BOT projects . Construction Management and Economics , 18 ( 2 ) : 197 – 207 .
   Google Scholar
• Wibowo , A. 2005 . Estimating general threshold traffic levels of typical build, operate, and transfer toll road projects in Indonesia . Construction Management and Economics , 23 ( 6 ) : 621 – 30 .
   Google Scholar
• Williamson , O.E. 1985 . The theory of the firm as governance structure: from choice to contract . Journal of Economic Perspectives , 16 ( 3 ) : 171 – 95 .
   Web of Science ®Google Scholar
• Woodward , D.G. 1995 . Use of sensitivity analysis in build-own-operate-transfer project evaluation . International Journal of Project Management , 13 ( 4 ) : 239 – 46 .
   Google Scholar
• Xenidis , Y. and Angelides , D. 2005 . The financial risks in build-operate-transfer projects . Construction Management and Economics , 23 ( 4 ) : 431 – 41 .
   Google Scholar
• Ye , S. and Tiong , R.L. 2000 . NPV-at-risk method in infrastructure project investment evaluation . Journal of Construction Engineering and Management , 126 ( 3 ) : 227 – 33 .
   Web of Science ®Google Scholar
• Ye , S. and Tiong , R.L. 2003a . Tariff adjustment frameworks for privately financed infrastructure projects . Construction Management and Economics , 21 ( 4 ) : 409 – 19 .
   Google Scholar
• Ye , S. and Tiong , R.L. 2003b . The effect of concession period design on completion risk management of BOT projects . Construction Management and Economics , 21 ( 5 ) : 471 – 82 .
   Google Scholar
• Zayed , T.M. and Chang , L.M. 2002 . Prototype model for build-operate-transfer risk assessment . Journal of Management in Engineering , 18 ( 1 ) : 7 – 16 .
   Web of Science ®Google Scholar