Search results

1 – 7 of 7
Article
Publication date: 19 June 2019

György Walter

The purpose of this paper is to assess whether project finance loans were properly priced based on their risk before the crisis of 2008-2009 and what lessons can be learned under…

Abstract

Purpose

The purpose of this paper is to assess whether project finance loans were properly priced based on their risk before the crisis of 2008-2009 and what lessons can be learned under different market circumstances.

Design/methodology/approach

A literature review presents the structure of project financing, how banks are inspired to apply risk-adjusted price calculations for loans to create value for shareholders and how risk measurement differs by project loans. The authors adapt a general model for risk-adjusted pricing to project loans. Based on empirical parameters, assuming different margins and leverages, the authors estimate the implied maximum probability of default of projects, where project loans could produce value added to lenders. The authors compare these maximum probabilities of default with reference points.

Findings

The authors conclude that by the years of 2006-2007 several projects were very unlikely to produce any value added for shareholders and did not reach the minimum margin. Market and regulatory circumstances of 2016-2017 have significantly increased required margin levels and must shift lenders to a more conservative pricing and leverage policy.

Research limitations/implications

Though the presented model is general, the simulation focusses on the European banking market.

Practical implications

In high market competition, banks tend to underestimate risk, underprice loans and loosen risk parameters. The crisis pushed banks back to a more conservative approach, however, the danger to return to a loosen project loan policy is real. The simulation shows how required prices are influenced by different market circumstances.

Originality/value

The paper adapts the risk-adjusted pricing methodology of standard loans to a new segment of project financing and gives an insight into the risk-pricing characteristics of project loans. The authors can draw down several valuable conclusions what how the market environment or project phases affect risk-adjusted pricing and the ability to produce value added to shareholders.

Details

Studies in Economics and Finance, vol. 38 no. 1
Type: Research Article
ISSN: 1086-7376

Keywords

Content available
Book part
Publication date: 10 October 2017

Hans Mikkelsen and Jens O. Riis

Abstract

Details

Project Management
Type: Book
ISBN: 978-1-78714-830-7

Article
Publication date: 4 February 2022

Lin Yang, Jiaming Lou, Junuo Zhou, Xianbo Zhao and Zhou Jiang

With multiple-related organizations, worldwide infections, deep economic recession and public disorder, and large consumption amount of anti-epidemic resources, the coronavirus…

Abstract

Purpose

With multiple-related organizations, worldwide infections, deep economic recession and public disorder, and large consumption amount of anti-epidemic resources, the coronavirus disease 2019 (COVID-19) has been defined as a public health emergency of international concern (PHEIC). Nowadays, Wuhan has recovered from the pandemic disaster and reentered normalization. The purposes of this study are to (1) summarize organization collaboration patterns, successful experience and latent defects under across-stage evolution of Wuhan's cooperation governance mode against the pandemic, and on the basis, (2) reveal how the COVID-19 development trends and organizations' collaborative behaviors affected each other.

Design/methodology/approach

Detailed content analysis of online news reports covering COVID-19 prevention and control measures on the website of Wuhan Municipal Government was adopted to identify organizations and their mutual collaborative interrelationships. Four complex network (CN) models of organization collaboration representing the outbreak, preliminary control, recession and normalization stages, respectively, were established then. Time-span-based dynamic parameter analyses of the proposed networks, comprising network cohesiveness analysis and node centrality analysis, were undertaken to indicate changes of global and local characteristics in networks.

Findings

First, the definite collaborative status of Wuhan Headquarters for Pandemic Prevention and Control (WHPPC) has persisted throughout the period. Medical institutions and some other administrations were the most crucial participants collaborating with the WHPPC. Construction-industry organizations altered pandemic development trends twice to make the situation controllable. Media, large-scale enterprises, etc. set about underscoring themselves contributions since the third stage. Grassroots cadres and healthcare force, small and medium-sized enterprises (SMEs), financial institutions, etc. were essential collaborated objects. Second, four evolution mechanisms of organization collaboration responding to the COVID-19 in Wuhan has been proposed.

Research limitations/implications

First, universality of Wuhan-style governance experience may be affected. Second, the stage-dividing process may not be the most appropriate. Then, data source was single and link characteristics were not considered when modeling.

Practical implications

This study may offer beneficial action guidelines to governmental agencies, the society force, media, construction-industry organizations and the market in other countries or regions suffering from COVID-19. Other organizations involved could also learn from the concluded organizations' contributions and four evolution mechanisms to find improvement directions.

Originality/value

This study adds to the current theoretical knowledge body by verifying the feasibility and effectiveness of investigating cooperation governance in public emergencies from the perspectives of analyzing the across-stage organization collaboration CNs.

Details

Engineering, Construction and Architectural Management, vol. 30 no. 8
Type: Research Article
ISSN: 0969-9988

Keywords

Content available
Book part
Publication date: 10 October 2017

Hans Mikkelsen and Jens O. Riis

Abstract

Details

Project Management
Type: Book
ISBN: 978-1-78714-830-7

Article
Publication date: 26 December 2023

Matthew Egan and Barbara de Lima Voss

Big 4 professional services firms increasingly lay claim to recruiting and including staff of diverse genders, cultures, ages and sexualities. Drawing on Foucauldian insights…

Abstract

Purpose

Big 4 professional services firms increasingly lay claim to recruiting and including staff of diverse genders, cultures, ages and sexualities. Drawing on Foucauldian insights, this study explores how LGBTIQ+ staff navigated shifting technologies of client power, at the time marriage equality was legislated in Australia.

Design/methodology/approach

This article explores changing experiences of LGBTIQ+ staff and allies, through 56 semi-structured interviews undertaken through 2018–2019.

Findings

Technologies of client power were central to shaping workplace experiences for LGBTIQ+ staff. However, each firm was also keen to carve unique and bold responses to changing societal attitudes regarding sexuality and gender. These progressive moves did not sit comfortably with all clients, and so this article provides insight into the limitations of client privilege within professional services firms. For staff, this increasing complexity of sometimes opaque, contradictory and shifting technologies of client and firm power, enabled agency to explore a sense of self for some, but continued to exclude others.

Originality/value

Little attention has been directed to exploring challenges for staff of sexual and gendered diversity within professional services firms, or to exploring how staff navigate changing perceptions of client power.

Details

Accounting, Auditing & Accountability Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 12 April 2023

Zijun Mao and Yuqian Zhu

The study focuses on influential factors of collaboration on government data security by the Chinese government.

Abstract

Purpose

The study focuses on influential factors of collaboration on government data security by the Chinese government.

Design/methodology/approach

The article explores the case of e-government in the Chinese centralized unitary state system context, using a structured–pragmatic–situational (SPS) approach and the boundary theory as an analytical lens.

Findings

The findings indicate that e-government operates in highly interconnected environments where the safe flow of government data requires collaborative and cross-boundary strategies. Any organization is a potential “weakest link”. In addition, collaboration is fragmented by ambiguous accountability and organizational inertia across government departments, resources differences and limited visibility and measurability of security efforts across government levels and conflicts and uncertainties in principal–agent relationships. The solutions for those obstacles are also discussed from the multi-function, multi-level and multi-actor dimensions, respectively. A multi-dimensional overarching security model for the flow of government data is proposed.

Originality/value

The study advances the technology-oriented micro-analysis of previous studies on government data security to cross-organizational revealing at the macrolevel by connecting streams of research in information systems and public administration. These findings will contribute to making the safe flow of government data more resilient in the transformation of e-government.

Details

Aslib Journal of Information Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2050-3806

Keywords

Article
Publication date: 4 October 2022

Mohammed Hamza Momade, Serdar Durdyev, Saurav Dixit, Shamsuddin Shahid and Abubakar Kori Alkali

Construction projects in Malaysia are often delayed and over budget due to heavy reliance on labor. Linear regression (LR) models have been used in most labor cost (LC) studies…

Abstract

Purpose

Construction projects in Malaysia are often delayed and over budget due to heavy reliance on labor. Linear regression (LR) models have been used in most labor cost (LC) studies, which are less accurate than machine learning (ML) tools. Construction management applications have increasingly used ML tools in recent years and have greatly impacted forecasting. The research aims to identify the most influential LC factors using statistical approaches, collect data and forecast LC models for improved forecasts of LC.

Design/methodology/approach

A thorough literature review was completed to identify LC factors. Experienced project managers were administered to rank the factors based on importance and relevance. Then, data were collected for the six highest ranked factors, and five ML models were created. Finally, five categorical indices were used to analyze and measure the effectiveness of models in determining the performance category.

Findings

Worker age, construction skills, worker origin, worker training/education, type of work and worker experience were identified as the most influencing factors on LC. SVM provided the best in comparison to other models.

Originality/value

The findings support data-driven regulatory and practice improvements aimed at improving labor issues in Malaysia, with the possibility for replication in other countries facing comparable problems.

Details

International Journal of Building Pathology and Adaptation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-4708

Keywords

1 – 7 of 7