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)
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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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Paper provided by Xarxa de Referència en Economia Aplicada (XREAP) in its series Working Papers with number
XREAP2007-11.
Length: 42 pages Date of creation: Sep 2007 Date of revision:
Nov 2007 Handle: RePEc:xrp:wpaper:xreap2007-11
Contact details of provider: Postal: Espai de Recerca en Economia, Facultat de Ci�ncies Econ�miques i Empresarials, Universitat de Barcelona, c/ Tinent Coronel Valenzuela, 1-11, 08034 Barcelona Phone: +34+934039653 Email: Web page: http://www.pcb.ub.es/xreap More information through EDIRC
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Find related papers by JEL classification: L43 - Industrial Organization - - Antitrust Issues and Policies - - - Legal Monopolies and Regulation or Deregulation L92 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Railroads and Other Surface Transportation L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Boundaries of Public and Private Enterprise; Privatization; Contracting Out
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