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...

This paper empirically analyses the hypothesis of the existence of a dual market for contracts in local services. Large firms that operate on a national basis control the contracts for delivery in the most populated and/or urban municipalities, whereas small firms that operate at a local level...

The efficiency-equity dilemma, in conjunction with political partisan interests, has received increasing attention in attempts to explain the territorial allocation of investment. However, centralization policies that seek to introduce or reinforce the hierarchization of the political system...