76104 20200716101432.0 doi 10.1111/apce.12237 sideral 109198 ART-2019-109198 eng (orcid)0000-0002-0385-2263 Acerete, B. Universidad de Zaragoza Two decades of DBFO roads in the UK and Spain: an evaluation of the financial performance 2019 Access copy available to the general public Unrestricted Road 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. info:eu-repo/grantAgreement/ES/DGA/S05 info:eu-repo/grantAgreement/ES/MICINN/ECO2015-66240-P info:eu-repo/semantics/openAccess All rights reserved http://www.europeana.eu/rights/rr-f/ 1.271 2019 0.45 2019 ECONOMICS 203 / 371 = 0.547 2019 Q3 T2 Sociology and Political Science 2019 Q2 Economics and Econometrics 2019 Q2 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion (orcid)0000-0002-1615-9505 Gasca, M. Universidad de Zaragoza Stafford, A. 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 90, 2 (2019), 269–289 Ann. Public Coop. Econ. Annals of Public and Cooperative Economics 1370-4788 315206 http://zaguan.unizar.es/record/76104/files/texto_completo.pdf Postprint 66787 http://zaguan.unizar.es/record/76104/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:76104 articulos driver 2020-07-16-08:51:06 ARTICLE