Publication:
Regulation, Renegotiation and Capital Structure : Theory and Evidence from Latin American Transport Concessions

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dc.contributor.authorMoore, Alexander
dc.contributor.authorStraub, Stéphane
dc.contributor.authorDethier, Jean-Jacques
dc.date.accessioned2014-02-04T16:53:01Z
dc.date.available2014-02-04T16:53:01Z
dc.date.issued2013-10
dc.description.abstractThe paper examines the capital structure of regulated infrastructure firms. The authors develop a model showing that leverage, the ratio of liabilities to assets, is lower under high-powered regulation and that firms operating under high-powered regulation make proportionally larger reductions in leverage when the cost of debt increases. They test the predictions of the model using an original panel dataset of 124 transport concessions in Brazil, Chile, Colombia and Peru over 1992-2011, finding broad support for our predictions.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/10/18366114/regulation-renegotiation-capital-structure-theory-evidence-latin-american-transport-concessions
dc.identifier.doi10.1596/1813-9450-6646
dc.identifier.urihttps://hdl.handle.net/10986/16862
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6646
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectAMOUNT OF DEBT
dc.subjectBAILOUTS
dc.subjectBANK POLICY
dc.subjectBANKRUPT
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY INCREASES
dc.subjectBARRIER
dc.subjectBENCHMARKING
dc.subjectBOND
dc.subjectBOND MARKET
dc.subjectBOND MARKET CAPITALIZATION
dc.subjectBOOK VALUES
dc.subjectCAPITAL ASSET
dc.subjectCAPITAL ASSET PRICING
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL RATIO
dc.subjectCAPITAL STRUCTURE
dc.subjectCAPITAL STRUCTURES
dc.subjectCHAPTER 7
dc.subjectCLAIM
dc.subjectCLAIMANTS
dc.subjectCONCESSION
dc.subjectCONCESSION CONTRACT
dc.subjectCONCESSION CONTRACTS
dc.subjectCONSUMER SURPLUS
dc.subjectCONSUMERS
dc.subjectCONTRACT RENEGOTIATIONS
dc.subjectCORPORATE FINANCE
dc.subjectCORPORATE TAX
dc.subjectCORPORATE TAX RATE
dc.subjectCORPORATE TAX RATES
dc.subjectCORRUPTION
dc.subjectCOST OF DEBT
dc.subjectCOST OF EQUITY
dc.subjectCOUNTRY DUMMIES
dc.subjectCOUNTRY RISK
dc.subjectCURRENT ASSETS
dc.subjectDEBT
dc.subjectDEBT HOLDERS
dc.subjectDEPENDENT
dc.subjectDEPOSIT
dc.subjectDEPOSIT INTEREST
dc.subjectDEPOSIT INTEREST RATE
dc.subjectDEPOSIT RATE
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT BANK
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT POLICY
dc.subjectDIRECT PAYMENT
dc.subjectDOMESTIC DEBT SECURITIES
dc.subjectDUMMY VARIABLE
dc.subjectEARNINGS BEFORE INTEREST
dc.subjectECONOMETRICS
dc.subjectEIB
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKETS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE MOVEMENTS
dc.subjectEXISTING DEBT
dc.subjectEXPOSURE
dc.subjectEXTERNAL INVESTORS
dc.subjectFINANCIAL CORPORATION
dc.subjectFINANCIAL DATA
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL DIFFICULTY
dc.subjectFINANCIAL DISTRESS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIERS
dc.subjectGDP
dc.subjectGDP DEFLATOR
dc.subjectGOVERNMENT ACTION
dc.subjectGOVERNMENT GUARANTEE
dc.subjectGOVERNMENT GUARANTEES
dc.subjectHIGHLY LEVERAGED FIRMS
dc.subjectINCENTIVE STRUCTURE
dc.subjectINCOME
dc.subjectINCOME DISTRIBUTION
dc.subjectINFLATION
dc.subjectINFRASTRUCTURE CONCESSIONS
dc.subjectINFRASTRUCTURE FINANCE
dc.subjectINFRASTRUCTURE PROJECTS
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSURANCE
dc.subjectINTEREST RATE SPREAD
dc.subjectINTERNAL RATE OF RETURN
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectLEASE AGREEMENTS
dc.subjectLEGISLATION
dc.subjectLENDERS
dc.subjectLENDING INTEREST RATE
dc.subjectLEVEL OF DEBT
dc.subjectLEVELS OF DEBT
dc.subjectLEVERAGE
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY PROBLEMS
dc.subjectMARKET PORTFOLIO
dc.subjectMARKET RISK
dc.subjectMARKET VALUE
dc.subjectMARKETS DATABASE
dc.subjectMORAL HAZARD
dc.subjectORIGINAL CONTRACTS
dc.subjectOUTPUT
dc.subjectPAYOFF
dc.subjectPAYOFFS
dc.subjectPOLITICAL RISK
dc.subjectPORTFOLIO
dc.subjectPOTENTIAL INVESTORS
dc.subjectPRICE CAP
dc.subjectPRICE CAP REGULATION
dc.subjectPRICE CAPS
dc.subjectPRICE SETTING
dc.subjectPRIVATE BOND
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE DOMESTIC DEBT
dc.subjectPRIVATE INFRASTRUCTURE
dc.subjectPRIVATE INVESTORS
dc.subjectPROBABILITY OF BANKRUPTCY
dc.subjectPROCUREMENT
dc.subjectPRODUCTIVITY
dc.subjectPROFITABILITY
dc.subjectPUBLIC-PRIVATE PARTNERSHIPS
dc.subjectRATE OF RETURN
dc.subjectREAL ASSETS
dc.subjectREAL GDP
dc.subjectREGULATOR
dc.subjectREGULATORS
dc.subjectREGULATORY AGENCIES
dc.subjectREGULATORY AGENCY
dc.subjectREGULATORY ENVIRONMENT
dc.subjectREGULATORY GOVERNANCE
dc.subjectREGULATORY REGIME
dc.subjectREGULATORY REGIMES
dc.subjectREGULATORY STRUCTURE
dc.subjectRENEGOTIATION
dc.subjectRENEGOTIATION PROCESS
dc.subjectRESIDUAL CLAIMANTS
dc.subjectRETURN
dc.subjectRETURN ON ASSETS
dc.subjectRETURNS
dc.subjectRISK AVERSE
dc.subjectRISK NEUTRAL
dc.subjectROAD TOLLS
dc.subjectSAVINGS
dc.subjectSHAREHOLDERS
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKETS
dc.subjectTAX
dc.subjectTAX ADVANTAGE OF DEBT
dc.subjectTAX RATES
dc.subjectTHREAT OF BANKRUPTCY
dc.subjectTRANSPORT
dc.subjectVARIABLE RATE
dc.subjectVOLATILITY
dc.subjectWORKING CAPITAL
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.titleRegulation, Renegotiation and Capital Structure : Theory and Evidence from Latin American Transport Concessionsen
dspace.entity.typePublication
okr.crossref.titleRegulation, Renegotiation and Capital Structure: Theory and Evidence from Latin American Transport Concessions
okr.date.disclosure2013-10-01
okr.date.doiregistration2025-04-10T11:46:16.862486Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2013/10/18366114/regulation-renegotiation-capital-structure-theory-evidence-latin-american-transport-concessions
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid685291468017449714
okr.identifier.doi10.1596/1813-9450-6646
okr.identifier.externaldocumentum000158349_20131008171156
okr.identifier.internaldocumentum18366114
okr.identifier.reportWPS6646
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/10/08/000158349_20131008171156/Rendered/PDF/WPS6646.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryBrazil
okr.region.countryChile
okr.region.countryColombia
okr.region.countryPeru
okr.region.geographicalLatin America
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicMacroeconomics and Economic Growth
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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