dc.contributor.author |
Bel i Queralt, Germà |
dc.contributor.author |
Foote, John |
dc.contributor.author |
Xarxa de Referència en Economia Aplicada (XREAP) |
dc.date |
2007 |
dc.identifier |
https://ddd.uab.cat/record/45486 |
dc.identifier |
urn:oai:ddd.uab.cat:45486 |
dc.format |
application/pdf |
dc.language |
eng |
dc.publisher |
Xarxa de Referència en Economia Aplicada (XREAP) |
dc.relation |
Xarxa de Referència en Economia Aplicada (XREAP). Documents de treball de la Xarxa de Referència en Economia Aplicada (XREAP) ; |
dc.rights |
open access |
dc.rights |
Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i la xarxa i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús |
dc.rights |
https://creativecommons.org/licenses/by-nc-nd/2.5/ |
dc.subject |
Transport infrastructures |
dc.subject |
Roads |
dc.subject |
Privatization |
dc.subject |
Regulation and tolls |
dc.subject |
Infraestructures (Transport) |
dc.subject |
Privatització |
dc.subject |
Peatges |
dc.subject |
Llicències |
dc.subject |
Estats Units d'Amèrica |
dc.subject |
França |
dc.title |
Comparison of recent toll road concession transactions in the United States and France |
dc.type |
Working paper |
dc.description.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. |