Securing a Better Deal From Investors in Public Infrastructure Projects

References

• AMEC (2004–2006) Annual Report and Accounts. Available at http://www.amec.com/investors/financial_reports/financial_reports.htm (accessed 10 March 2010)
   Google Scholar
• Australian Government. (2008) National Public Private Partnership Guidelines: Volume 5. Available at http://www.infrastructureaustralia.gov.au (accessed 10 March 2010)
   Google Scholar
• Balfour Beatty (2005–2009) Annual Report and Accounts. Available at http://www.balfourbeatty.com/bby/investors/reports (accessed 10 March 2010)
   Google Scholar
• Blanc-Brude , F. and Strange , R. 2007 . How banks price loans to public private partnerships: Evidence from the European markets . Journal of Applied Corporate Finance , 19 ( 4 ) : 94 – 106 .
   Google Scholar
• Blume , M. E. 1971 . On the Assessment of Risk . The Journal of Finance , XXVI ( 1 ) : 1 – 10 .
   Google Scholar
• Bowman , R. G. and Bush , S. R. 2006 . Using Comparable to Estimate the Beta of Private Companies . Journal of Applied Finance , 16 ( 2 ) : 71 – 81 .
   Google Scholar
• Brealey , R. , Myers , S. and Allen , F. 2010 . Principles of Corporate Finance. , 10th ed. , New York : McGraw-Hill .
   Google Scholar
• Carillion (2005–2009) Annual Report and Accounts. Available at http://www.carillionplc.com/investors/reports-presentations.aspx (accessed 10 March 2010)
   Google Scholar
• Carillo , P. , Robinson , H. , Foale , P. , Anumba , C. and Bouchlaghem , D. 2008 . Participation, Barriers, and Opportunities in PFI: The United Kingdom Experience . Journal of Management in Engineering , 24 ( 3 ) : 138 – 45 .
   Web of Science ®Google Scholar
• Chiang , Y. H. , Cheng , E. W.L. and Lam , P. T.I. 2010 . Employing the Net Present Value-Consistent IRR Methods for PFI Contracts . . Journal of Construction Engineering & Management , 136 ( 7 ) : 811 – 4 .
   Web of Science ®Google Scholar
• Competition , Commission . 2010 . Market Investigation References: Competition Commission Guidelines , London : Competition Commission .
   Google Scholar
• Costain (2008–2009) . Annual Report Available at http://www.costain.com/investors/reports--presentations/financial-reports.aspx (accessed on 30 April 2012)
   Google Scholar
• Dowd , K. 1998 . Beyond Value at Risk , Chichester : John Wiley .
   Google Scholar
• Dudkin , G. and Välilä , T. 2005 . Transaction Costs in Public-Private Partnerships: A First Look at the Evidence Economic and Financial Report 2005/03, European Investment Bank, Luxembourg
   Google Scholar
• East & North Hertfordshire PCT (2002) . Essex Community Hospital: Base Case Financial Model Accessed through a Freedom of Information response, May 2008
   Google Scholar
• Fama , E. 1970 . Efficient Capital Markets: A Review of Theory and Empirical Work . Journal of Finance , 25 : 383 – 417 .
   Web of Science ®Google Scholar
• Fama, E., and French, K. 2002 . The Equity Premium . Journal of Finance , 2 : 650 – 56 .
   Google Scholar
• Gaffney , D. , Pollock , A. M. , Price , D. and Shaoul , J. 1999 . NHS Capital Expenditure and the Private Finance Initiative – Expansion or Contraction? . BMJ , 319 : 48 – 51 .
   PubMed Web of Science ®Google Scholar
• Gatti , S. 2007 . Project Finance in Theory and Practice , Burlington : Academic Press-Elsevier .
   Google Scholar
• Gordon , M. J. and Shapiro , E. 1956 . Capital Equipment Analysis: the Required Rate of Profit . Management Science , 3 : 102 – 10 .
   Web of Science ®Google Scholar
• Graham , J. and Harvey , C. 2001 . The Theory and Practice of Corporate Finance: Evidence From the Field . Journal of Financial Economics , 60 : 60 – 78 .
   Web of Science ®Google Scholar
• Grout , P. 1997 . The Economics of the Private Finance Initiative . Oxford Review of Economic Policy , 13 ( 4 ) : 53 – 66 .
   Web of Science ®Google Scholar
• Hellowell , M. 2010 . “ ‘The UK’s Private Finance Initiative: History, Evaluation, Prospects’ ” . In The International Handbook on Public Private Partnerships , Edited by: Hodge . London : Edward-Elgar .
   Google Scholar
• Hellowell , M. and Pollock , A. 2009 . The Private Financing of NHS Hospitals – Politics, Policy and Practice . Economic Affairs , 29 ( 1 ) : 13 – 21 .
   Google Scholar
• Hirshleifer , J. 1958 . On the Theory of Optimal Investment Decision . Journal of Political Economy , 66 : 329 – 52 .
   Web of Science ®Google Scholar
• HSBC ICL (2007–2009) Annual Report and Consolidated Financial Statements. Available at http://doc.morning star.com (accessed 10 March 2010)
   Google Scholar
• Hull & East Yorkshire (2000) Hull Royal Infirmary – Maternity and Acute Development: Base Case Financial Model. Accessed through a Freedom of Information response (no reference provided), November 2008
   Google Scholar
• John Laing (2006–2009) Annual Report 2006–2009. Available at http://www.laing.com/top/about_john_laing/annual_reports_accounts.html (accessed 10 March 2010)
   Google Scholar
• Kier Group plc (2007–2009) Annual Report and Accounts. Available at http://online.hemscottir.com/servlet/HsPublic?context=ir.static.jsp&client=kie&path=util&service=getPage&page=fin_reports (accessed 30 April 2012)
   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 : 226 – 37 .
   Web of Science ®Google Scholar
• Markowitz , H. 1952 . Portfolio Selection . Journal of Finance , 7 : 77 – 91 .
   Web of Science ®Google Scholar
• Mitenko , G. and Okleshen , H. J. 1998–1999 . Valuing a Non-Publicly-Traded Business: A Review and Update . Journal of Leagal Economics , 8:2 : 33 – 48 .
   Google Scholar
• Moody’s (2010) Default and Recovery Rates for Project Finance Bank Loans, 1983-2008. London: Moody’s Investors Services. Available at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_123903 (accessed 1 April 2011)
   Google Scholar
• UK National Audit Office . 2007 . Improving the PFI Tendering Process , London : The Stationery Office .
   Google Scholar
• —— . 2012 . Equity Investment in Privately Financed Projects , London : The Stationery Office .
   Google Scholar
• NHS Lanarkshire (1998) Hairmyres Hospital: Part 1C of PFI Contract: Ernst & Young Base Case Financial Model. Accessed through a Freedom of Information response (no reference provided), November 2008
   Google Scholar
• —— (1998) Law hospital (Wishaw): Base Case Financial Model. Accessed through a Freedom of Information response (no reference provided), June 2009
   Google Scholar
• NHS Lothian . New Royal Infirmary of Edinburgh: Base Case Financial Model . Accessed through a Freedom of Information response (no reference provided) . November 2008 .
   Google Scholar
• Norfolk and Norwich University Hospitals NHS Trust . Octagon: Norfolk and Norwich Hospital – New Base Case Model (version 60-Final) . Accessed through a Freedom of Information response (ref – PE4228) . April 2008 .
   Google Scholar
• North Cumbria University Hospitals NHS Trust . Cumberland Infirmary: Henry Schroeder and Co. Base Case Financial Model . Accessed through a Freedom of Information response (reference – 000337) . July 2008 .
   Google Scholar
• Nottingham University NHS Trust . Queen’s Medical Centre: KPMG base case financial model . Accessed through a Freedom of Information response (reference – NUH 174) . November 2008 .
   Google Scholar
• Partnerships UK (2010) Project Database. Available at http://www.partnershipsuk.org.uk/PUK-Projects-Database.aspx (accessed 10 September 2010)
   Google Scholar
• Penman , S. H. 2006 . Handling Valuation Models . Journal of Applied Corporate Finance , 18 ( 2 ) : 48 – 55 .
   Google Scholar
• PFI Infrastructure Company plc (2005–2006) Report and Accounts. Available at http://www.pfiplc.com/html/press_documents.html (accessed 30 April 2012)
   Google Scholar
• PricewaterhouseCoopers and Franks , J. 2002 . Study Into Rates of Return Bid on PFI Projects , The Office of Government Commerce. London : The Stationery Office .
   Google Scholar
• Sandwell and West Birmingham Hospitals NHS Trust . Birmingham Ambulatory Care Centre: Base Case Financial Model . Accessed through a Freedom of Information response . November 2008 .
   Google Scholar
• Scottish Government (2011) Spending Review and Draft Budget. Available at: http://www.scotland.gov.uk/Resource/Doc/358356/0121130.pdf (accessed 1 September 2011)
   Google Scholar
• Serco (2003) Annual Review and Accounts. Available at: http://www.serco.com/investors/downloads/reports/index.asp (accessed 30 April 2012)
   Google Scholar
• Sharpe , W. F. 1964 . Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk . Journal of Finance , 19 : 425 – 42 .
   Web of Science ®Google Scholar
• Shaoul , J. , Stafford , A. and Stapleton , P. 2008 . The Cost of Using Private Finance to Build, Finance and Operate Hospitals . Public Money & Management , 28 ( 3 ) : 101 – 8 .
   Web of Science ®Google Scholar
• Sirtainea , S. , Pingloa , M. E. and Guascha , J. L. 2005 . How Profitable Are Private Infrastructure Concessions in Latin America?: Empirical Evidence and Regulatory Implications . The Quarterly Review of Economics and Finance , 45 ( 2-3 ) : 380 – 402 .
   Google Scholar
• Skanska. (2007–2009) Annual Reports. Available at: http://www.skanska.com/en/Investors/Reports/Annual-reports/ (accessed 30 April 2012)
   Google Scholar
• Standard and Poor's . 2006 . ‘Capital Hospitals PFI Debt Assigned 'AAA'(Ins)/'BBB-'(SPUR) Ratings; SPUR Outlook Stable’. Ratings Direct, November , London : Standard and Poor’s .
   Google Scholar
• Thomson , Datastream . 2010 . International Public Partnerships: Historical Betas , London : Thomson Reuters .
   Google Scholar
• UK Treasury (2006) Interest Rate and Inflation Risks in PFI Contracts. Available at: http://www.hm-treasury.gov.uk/d/pfi_hedging120506.pdf (accessed 1 April 2011)
   Google Scholar
• —— (2011) Reform of the Private Finance Initiative. Available at: http://www.hm-treasury.gov.uk/d.conduc_pfi_call_for_evidence.pdf (accessed 1 April 2011)
   Google Scholar
• University Hospital of North Durham . Dryburn Hospital: Base Case Financial Model . Accessed through a Freedom of Information response . November 2008 .
   Google Scholar
• Vivian , A. (2007) The UK Equity Premium: 1901–2004 . Journal of Business Finance & Accounting , 34 ( 9–10 ) 1496 – 527 .
   Web of Science ®Google Scholar
• Yescombe , E. R. 2007 . Public-Private Partnerships: Principles of Policy and Finance , London : Elsevier Finance .
   Google Scholar
• Zhang , X. (2005) . Paving the Way for Public–Private Partnerships in Infrastructure Development . Journal of Construction Engineering and Management , 131 ( 6 ) : 631 – 44 .
   Web of Science ®Google Scholar