This paper provides a comparative analysis of project finance (PF) and traditional corporate finance (CF) bond pricing. Using a cross-section of 47,196 bonds issued worldwide in the 1993-2020 period, we show that PF and CF bonds are differently priced, and although ratings are the most important...

This paper provides a comparative analysis of project finance (PF) and traditional corporate finance (CF) bond spreads and pricing. Using a cross-section of 47,196 bonds issued worldwide in the 1993-2020 period, we show that PF and CF bonds are differently priced, PF bonds have higher spreads...

We examine the factors that influence public firms' choice between project financing and corporate financing. Using a sample of 15,191 syndicated deals closed between 2000 and 2016, we find that economies of scale, agency costs of debt, and information asymmetry arguments affect the choice of...