Più Stato o più mercato? Un'analisi empirica della struttura finanziaria delle operazioni di project financing
The organizational procedures of project financing (ex ante definition of the infrastructure project by the private promoter/equity sponsor and the public entity; ex ante definition of the contractual documentation, aimed at risk-sharing and monitoring of cash flows, by the sponsor so to negotiate the cost of bank debt) reduce the risk of distortion of the statistical estimates resulting from the simultaneity that typically exists between the choice of financial arrangement of an investment project and its characteristics.