Webinar: Dimitrios Zormpas 14-01-20 @11:00 GMT

Please join us for a webinar on Tuesday the 14th of Jan. 2020 at 11:00 London time i.e. 12:00 Brussels time, 13:00 Athens time. The speaker is Dimitrios Zormpas, University of Bologna. The title of the talk is "Excess returns in Public-Private Partnerships: Do governments pay too much?".

The moderator will be Dr. Andreas Panagopoulos.This webinar is free and open to all.

The program we use to deliver webinars is called FreeConference. It is a browser based program and it requires Google Chrome.

To join us follow this link: https://hello.freeconference.com/conf/call/3011249

Abstract: We study the optimal design of Public-Private Partnerships (PPPs) when there is unobservable action
on the private party's side. We show that if the private party does not have negotiating power over the
project's surplus, no inefficient delays are attributable to the moral hazard issue. However, if the private
party has negotiating power, the first-best timing is not guaranteed. This time discrepancy is shown to be
costly in terms of overall project efficiency. The explicit consideration of the private party's negotiating
power can explain empirical evidence showing that private parties in PPPs reap excess returns.