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Bamana, F, Lehoux, N and Cloutier, C (2019) Simulation of a Construction Project: Assessing Impact of Just-in-Time and Lean Principles. Journal of Construction Engineering and Management, 145(05).

Cai, J, Li, S and Cai, H (2019) Empirical Analysis of Capital Structure Determinants in Infrastructure Projects under Public–Private Partnerships. Journal of Construction Engineering and Management, 145(05).

Ercan, T (2019) New Three-Part Model of Innovation Activity in Construction Companies. Journal of Construction Engineering and Management, 145(05).

Firouzi, A and Vahdatmanesh, M (2019) Applicability of Financial Derivatives for Hedging Material Price Risk in Highway Construction. Journal of Construction Engineering and Management, 145(05).

  • Type: Journal Article
  • Keywords: Price risk; Proxy hedging; Binomial tree; Bermudan option; Highway construction;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0001639
  • Abstract:
    Highway infrastructure is critical to the sustainable development of a country. Nonetheless, these capital-intensive projects, especially in build-operate-transfer (BOT) contracts, are prone to the risk of material price fluctuations during the construction phase, which may lead to project cost overruns. To surmount the effects of downside exposures, construction companies seek innovative risk management tools. The main intention of the present study is to show how the construction industry can take advantage of well-developed financial derivatives. In particular, a new methodology is presented for hedging the material price risk using the Bermudan collar option, the applicability of which is shown via a worked example. It was found that these over-the-counter (OTC) options are appropriate risk management instruments, which conforms to the characteristics of highway construction. It is also concluded that in choosing their hedging strategy, companies should have due regard to the specific size, time frame, and counterparty credit risk.

Hussain, S, FangWei, Z and Ali, Z (2019) Examining Influence of Construction Projects’ Quality Factors on Client Satisfaction Using Partial Least Squares Structural Equation Modeling. Journal of Construction Engineering and Management, 145(05).

Lee, J, Park, M, Lee, H and Hyun, H (2019) Classification of Modular Building Construction Projects Based on Schedule-Driven Approach. Journal of Construction Engineering and Management, 145(05).

Lestari, R I, Guo, B H W and Goh, Y M (2019) Causes, Solutions, and Adoption Barriers of Falls from Roofs in the Singapore Construction Industry. Journal of Construction Engineering and Management, 145(05).

Lingard, H, Pirzadeh, P and Oswald, D (2019) Talking Safety: Health and Safety Communication and Safety Climate in Subcontracted Construction Workgroups. Journal of Construction Engineering and Management, 145(05).

Liu, C, Ji, W, AbouRizk, S M and Siu, M F (2019) Equipment Logistics Performance Measurement Using Data-Driven Social Network Analysis. Journal of Construction Engineering and Management, 145(05).

Niu, Y, Anumba, C and Lu, W (2019) Taxonomy and Deployment Framework for Emerging Pervasive Technologies in Construction Projects. Journal of Construction Engineering and Management, 145(05).

Solheim-Kile, E and Wald, A (2019) Extending the Transactional View on Public–Private Partnership Projects: Role of Relational and Motivational Aspects in Goal Alignment. Journal of Construction Engineering and Management, 145(05).

Wong, F K, Chiang, Y, Abidoye, F A and Liang, S (2019) Interrelation between Human Factor–Related Accidents and Work Patterns in Construction Industry. Journal of Construction Engineering and Management, 145(05).

Yazdani, M, Abdi, M R, Kumar, N, Keshavarz-Ghorabaee, M and Chan, F T S (2019) Improved Decision Model for Evaluating Risks in Construction Projects. Journal of Construction Engineering and Management, 145(05).

Yu, Y, Yang, X, Li, H, Luo, X, Guo, H and Fang, Q (2019) Joint-Level Vision-Based Ergonomic Assessment Tool for Construction Workers. Journal of Construction Engineering and Management, 145(05).

Zhao, Z, Guo, X and Chang, R (2019) Market Concentration and Competitive Intensity of the International Engineering Contracting Industry. Journal of Construction Engineering and Management, 145(05).