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| Home > Research literature > Working papers > Comparison of recent toll road concession transactions in the United States and France |
| Home > Research literature > Working papers > Comparison of recent toll road concession transactions in the United States and France |
| Imprint: | Xarxa de Referència en Economia Aplicada (XREAP) 2007 |
| Description: | 42 p. |
| 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. |
| Rights: | Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, i la comunicació pública de l'obra, sempre que no sigui amb finalitats comercials, i sempre que es reconegui l'autoria de l'obra original. No es permet la creació d'obres derivades.  |
| Language: | Anglès |
| Series: | Xarxa de Referència en Economia Aplicada (XREAP). Documents de treball de la Xarxa de Referència en Economia Aplicada (XREAP) |
| Series: | XREAP ; 2007-11 |
| Document: | Working paper |
| Subject: | Transport infrastructures ; Roads ; Privatization ; Regulation and tolls ; Infraestructures (Transport) ; Privatització ; Peatges ; Llicències ; Estats Units d'Amèrica ; França |
