Project finance links financial structure to the project's operational characteristics in order to optimize the allocation of project risk and cash flow. We find that project companies use more leverage when project risk is high, but use less leverage when risk-reducing features are present,...

This paper examines the valuation impacts of outside independent directors in Korea, where a regulation requiring outside directors was instituted after the Asian financial crisis. In contrast to studies of U.S. firms, the effects of independent directors on firm performance are strongly...