TAILIEUCHUNG - Project Finance as a Risk- Management Tool in International Syndicated Lending

With the three project types in mind, we can examine the basic criteria for project planning. At any time in a project, there are basic questions that everyone should know the answers to. You might not always like the answers, but you and your team should know what they are. Most planning frustrations occur when there’s disagreement or ignorance about these issues. • Who has requirements authority? Someone has to define the requirements and get them approved by the necessary par- ties (client or VP). In the solo-superman case, this is easy: superman will have all of the authority he wants. On a con- tract team, there will be a. | GOVERNANCE AND THE EFFICIENCY OF ECONOMIC SYSTEMS GESY Discussion Paper No. 183 Project Finance as a RiskManagement Tool in International Syndicated Lending Christa Hainz Stefanie Kleimeier December 2006 Christa Hainz Department of Economics University of Munich Akademiestr. 1 III 80799 Munich. Stefanie Kleimeier Limburg Institute of Financial Economics FdEWB Maastricht University . Box 616 6200 MD Maastricht Netherlands. Financial support from the Deutsche Forschungsgemeinschaft through SFB TR 15 is gratefully acknowledged. Sonderforschungsbereich Transregio 15 Universitat Mannheim Freie Universitat Berlin Humboldt-Universitat zu Berlin Ludwig-Maximilians-Universitat Munchen Rheinische Friedrich-Wilhelms-Universitat Bonn Zentrum fur Europaische Wirtschaftsforschung Mannheim Speaker Prof. Konrad Stahl . Department of Economics University of Mannheim D-68131 Mannheim Phone 49 0621 1812786 Fax 49 0621 1812785 Project Finance as a Risk-Management Tool in International Syndicated Lending Christa Hainz University of Munich Stefanie Kleimeier Maastricht University Abstract We develop a double moral hazard model that predicts that the use of project finance increases with both the political risk of the country in which the project is located and the influence of the lender over this political risk exposure. In contrast the use of project finance should decrease as the economic health and corporate governance provisions of the borrower s home country improve. When we test these predictions with a global sample of syndicated loans to borrowers in 139 countries we find overall support for our model and provide evidence that multilateral development banks act as political umbrellas . JEL-Classification D82 F34 G21 G32 Keywords Project finance syndicated loans political risk double moral hazard. Christa Hainz Department of Economics University of Munich Akademiestr. 1 III 80799 .

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