000076104 001__ 76104
000076104 005__ 20200716101432.0
000076104 0247_ $$2doi$$a10.1111/apce.12237
000076104 0248_ $$2sideral$$a109198
000076104 037__ $$aART-2019-109198
000076104 041__ $$aeng
000076104 100__ $$0(orcid)0000-0002-0385-2263$$aAcerete, B.$$uUniversidad de Zaragoza
000076104 245__ $$aTwo decades of DBFO roads in the UK and Spain: an evaluation of the financial performance
000076104 260__ $$c2019
000076104 5060_ $$aAccess copy available to the general public$$fUnrestricted
000076104 5203_ $$aRoad schemes are of major importance in the global PPP market. We focus on Design-Build-Finance-Operate (DBFO) arrangements covered by shadow toll or availability payment mechanisms, where the UK and Spain are key players. Now that a good number of DBFO schemes in the UK and Spain have been operational for well over half the contract period, there is scope for a detailed ex post evaluation of DBFO performance in both countries and an analysis of how the DBFO model has evolved. Preliminary results show that these contracts continue to be very expensive for public administrations, especially in the UK, where the financing costs and fee per kilometre are high. On the other hand, they are an easy source of revenue for the parent companies of the concessionaires, where the increased use of subordinated debt rather than equity seeks to reduce risk. However, despite circumventing the controversial hard-tolling, some projects in both Spain and the UK present poor outcomes. Several other problems around these projects are identified, including lack of public accountability and transparency or poor governance, raising long-term questions around affordability and opportunities for further study.
000076104 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S05$$9info:eu-repo/grantAgreement/ES/MICINN/ECO2015-66240-P
000076104 540__ $$9info:eu-repo/semantics/openAccess$$aAll rights reserved$$uhttp://www.europeana.eu/rights/rr-f/
000076104 590__ $$a1.271$$b2019
000076104 592__ $$a0.45$$b2019
000076104 591__ $$aECONOMICS$$b203 / 371 = 0.547$$c2019$$dQ3$$eT2
000076104 593__ $$aSociology and Political Science$$c2019$$dQ2
000076104 593__ $$aEconomics and Econometrics$$c2019$$dQ2
000076104 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion
000076104 700__ $$0(orcid)0000-0002-1615-9505$$aGasca, M.$$uUniversidad de Zaragoza
000076104 700__ $$aStafford, A.
000076104 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000076104 773__ $$g90, 2 (2019), 269–289$$pAnn. Public Coop. Econ.$$tAnnals of Public and Cooperative Economics$$x1370-4788
000076104 8564_ $$s315206$$uhttps://zaguan.unizar.es/record/76104/files/texto_completo.pdf$$yPostprint
000076104 8564_ $$s66787$$uhttps://zaguan.unizar.es/record/76104/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint
000076104 909CO $$ooai:zaguan.unizar.es:76104$$particulos$$pdriver
000076104 951__ $$a2020-07-16-08:51:06
000076104 980__ $$aARTICLE