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Al-Otaibi, N T N H (1995) A knowledge-based systems approach to materials management for large construction projects, Unpublished PhD Thesis, , University of Toronto (Canada).
Chen, Y (2017) Factors affecting safety performance of construction workers: Safety climate, interpersonal conflicts at work, and resilience, Unpublished PhD Thesis, , University of Toronto (Canada).
El-Gohary, N (2008) Semantic process modelling and integration for collaborative construction and infrastructure development, Unpublished PhD Thesis, , University of Toronto (Canada).
El-Sabek, L M (2017) Framework for managing integration challenges of production planning and control in international construction mega-projects, Unpublished PhD Thesis, , University of Toronto.
Hyde, R A (1999) Educating engineers for environmentally sensitive practice, Unpublished PhD Thesis, , University of Toronto (Canada).
Kinawy, S N (2017) Customizing information delivery for citizens in transportation infrastructure projects: Towards active community participation in decision-making, Unpublished PhD Thesis, , University of Toronto (Canada).
Mahpour, A (2022) The application of data science to highway asset management investment strategies, Unpublished PhD Thesis, , University of Toronto (Canada).
Milani, B (2005) Building materials in a green economy: Community-based strategies for dematerialization, Unpublished PhD Thesis, , University of Toronto.
Mirahadi, S (2020) EvacuSafe: A smart evacuation management system for buildings, Unpublished PhD Thesis, , University of Toronto (Canada).
Naji Almassi, A (2011) Credit value adjusted real options based valuation of multiple-exercise government guarantees for infrastructure projects, Unpublished PhD Thesis, , University of Toronto (Canada).
- Type: Thesis
- Keywords: guarantees; real options; delivery method; government; infrastructure project; participation; public infrastructure; case study
- ISBN/ISSN:
- URL: https://www.proquest.com/docview/1503856282
- Abstract:
Public-Private-Partnership (P3) is gaining momentum as the delivery method for the development of public infrastructure. These projects, however, are exposed to economic risks. If the private parties are not comfortable with the level of the risks, they would not participate in the project and, as a result, the infrastructure will most likely not be realized. As an incentive for participation in the P3 project, private parties are sometimes offered guarantees against unfavorable economic risks. Therefore, the valuation of these guarantees is essential for deciding whether or not to participate in the project. While previous works focused on the valuation of guarantees, the incorporation of credit risk in the value of the P3 projects and the guarantees has been neglected. The effect of credit risk can be taken into account by using the rigorous Credit Value Adjustment method (CVA). CVA is a computationally demanding method that the valuation methods currently in the literature are not capable of handling. This research offers a novel approach for the valuation of guarantees and P3 projects which is computationally superior to the existing methods. Because of this computational efficiency, CVA can be implemented to account for credit risk. For the development of this method, a continuous stochastic differential equation (SDE) is derived from the forecasted curve of an economic risk. Using the SDE, the partial differential equation (PDE) governing the value of the guarantees will be derived. Then, the PDE will be solved using Finite Difference Method (FDM). A new feature for this method is that it obtains exercise strategies for the Australian guarantees. The present work extends the literature by providing a valuation method for the cases that multiple risks affect P3 projects. It also presents an approach for the valuation of the Asian style guarantee, a contract which reimburses the private party based on the average of risk factor. Finally, a hypothetical case study illustrates the implementation of the FDM-based valuation method and CVA to obtain the value of the P3 project and the guarantees adjusted for the counterparty credit risk.
Nik Bakht, M (2015) Analyzing social network discussions of infrastructure projects: towards a bottom-up decision making environment, Unpublished PhD Thesis, , University of Toronto (Canada).
Rodrigues Aragao, R (2018) Using network theory to manage knowledge from unstructured data in construction projects: Application to a collaborative analysis of the energy consumption in the construction of oil and gas facilities, Unpublished PhD Thesis, , University of Toronto (Canada).
Tang, Z (2005) Developing complete conditional probability tables from fractional data for Bayesian belief networks in engineering decision making, Unpublished PhD Thesis, , University of Toronto (Canada).
Tsenkova, S (1998) Private housebuilding and housing markets in transitional economies: The case of Bulgaria, Unpublished PhD Thesis, , University of Toronto (Canada).
Zachariah, J-A L (2003) Towards sustainable homes through optimization: An approach to balancing life cycle environmental impacts and life cycle costs in residential buildings, Unpublished PhD Thesis, , University of Toronto (Canada).
Zangeneh, P (2021) Knowledge representation and artificial intelligence for management of socio-technical risks in megaprojects, Unpublished PhD Thesis, , University of Toronto (Canada).
Zhang, J (2010) A social semantic web system for coordinating communication in the architecture, engineering & construction industry, Unpublished PhD Thesis, , University of Toronto (Canada).