In the past, project finance was used primarily to fund relatively low-risk natural resource projects with highly predictable cash flows. Today project finance is used for a wide range of assets, such as satellite telecommunications systems, amusement parks, and microprocessor factories, and in...

This paper analyzes how different legal and financial systems affect the composition of loan syndicates, and how the composition, in turn, affects loan pricing. In contrast with previous work on the availability and allocation of external finance, I study the supply of long-term funds to large,...

This paper looks at competitive interactions between Airbus and Boeing in very large aircraft. It concludes that Boeing attempted to preempt Airbus in introducing a new product in this space but failed to do so because of the incredibility, given the assumption of value maximization, of...

This paper examines how legal risk, defined as the strength of creditor rights and legal enforcement, affects debt ownership concentration in the project finance loan market. Using a sample of 495 project finance loan tranches from 61 countries, worth $151 billion, we document high levels of...

SUBJECT AREAS: project finance, capital investmentThis note provides an introduction to the field of project finance and a statistical overview of project-financed investments over the last five years. Examples of project-financed investments include the $4 billion Chad-Cameroon pipeline, $6...