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Comparison of Recent Toll Road Concession Transactions in the United States and France

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Author Info

  • Germà Bel

    ()
    (Grup de Recerca en Polítiques Públiques i Regulació Econòmica(PPRE-IREA)i Institut de Recerca d'Economia Aplicada (IREA), Departament de Política Econòmica, Universitat de Barcelona.)

  • John Foote

    ()
    (Harvard University)

Abstract

Recent concessions in France and in the US have resulted in a dramatic difference in the valuation placed on the toll roads; the price paid by the investors in France was twelve times current cash flow whereas investors paid sixty times current cash flow for the U.S. toll roads. In this paper we explore two questions: What accounts for the difference in these multiples, and what are the implications with respect to the public interest. Our analysis illustrates how structural and procedural decisions made by the public owner affect the concession price. Further, the terms of the concession have direct consequences that are enjoyed or borne by the various stakeholders of the toll road.

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File URL: http://www.pcb.ub.es/xreap/aplicacio/fitxers/XREAP2007-11.pdf
File Function: First version, 2007
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File URL: http://www.pcb.ub.es/xreap/aplicacio/fitxers/XREAP2007-11.pdf
File Function: Revised version, 2007
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Bibliographic Info

Paper provided by Xarxa de Referència en Economia Aplicada (XREAP) in its series Working Papers with number XREAP2007-11.

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Length: 42 pages
Date of creation: Sep 2007
Date of revision: Nov 2007
Handle: RePEc:xrp:wpaper:xreap2007-11

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Postal: Espai de Recerca en Economia, Facultat de Ciències Econòmiques i Empresarials, Universitat de Barcelona, c/ Tinent Coronel Valenzuela, 1-11, 08034 Barcelona
Phone: +34+934039653
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Web page: http://www.pcb.ub.edu/xreap
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Related research

Keywords: Transport infrastructures; roads; privatization; regulation and tolls.;

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Cited by:
  1. Anna Matas & José-Luís Raymond & José-Luís Roig, 2008. "Car ownership and access to jobs in Spain," Working Papers XREAP2008-03, Xarxa de Referència en Economia Aplicada (XREAP), revised Apr 2008.
  2. Christian Durán Weitkamp & Mónica Martín Bofarull & Federico Pablo Martí, 2008. "Economic effects of road accessibility in the Pyrenees: user perspective," Working Papers XREAP2008-01, Xarxa de Referència en Economia Aplicada (XREAP), revised Jan 2008.

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