Description
Book SynopsisLarge infrastructure projects often face significant cost overruns and stakeholder fragmentation. Public-Private Partnerships (PPPs) allow governments to procure long-term infrastructure services from private providers, rather than developing, financing and managing infrastructure assets themselves.
Aligning public and private interests and institutional logics to create robust, decades-long service contracts subject to shifting economic and political contexts is a significant cross-sectoral governance challenge. This work summarizes over a decade of research conducted by scholars at Stanford s Global Projects Center and multiple US and International collaborators to enhance the governance of both infrastructure projects and institutional investors, whose long term, cash flow obligations align especially well with the kinds of long term inflation-adjusted returns that PPP infrastructure projects can generate. In these pages, multiple theoretical perspectives are integrated and combined with empirical evidence to examine how experiences from more mature PPP jurisdictions can help improve PPP governance approaches worldwide.
The information contained here will appeal to engineering, economics, political science, public policy and finance scholars interested in the delivery of high-quality, sustainable infrastructure services to the citizens in countries with established and emerging market economies. Officials in national, state/provincial and local government agencies seeking alternative financing and service provision strategies for their civil and social infrastructure, and legislators and their staff members interested in promoting PPP legislation will find this book invaluable. It will also be of high interest to long-term investment professionals from pension funds, sovereign funds, family offices and university endowments seeking to deploy money into the infrastructure asset class, and practitioners seeking insights into methods for enhancing stakeholder incentive alignment, reducing transaction costs and improving project outcomes in PPPs.
Contributors: B.G. Cameron, G. Carollo, C.B. Casady, E.F. Crawley, K. Eriksson, W. Feng, M.J. Garvin, K.E. Gasparro, R.R. Geddes, W.J. Henisz, D.R. Lessard, R.E. Levitt, T. Liu, A.H.B. Monk, D.A. Nguyen, C. Nowacki, W.R. Scott, R. Sharma, A.J. South
Trade Review'In conclusion, the editors of the book have collected a series of chapters that provide a valuable and contemporary look into the state of practice of PPP in the United States, it offers various interesting proposals for the improved institutional design of PPPs, and it inspires and strengthens the comparative research agenda on studying the performance and design of PPPs.' --Stefan Verweij,
Public Works Management & Policy'This is the book on infrastructure development that researchers and practitioners have been waiting for. It brings together some of the world's leading scholars - several based in the Global Project Center at Stanford University - to provide a rigorous analysis and critical discussion of the challenges involved in the governance, financing and management of mature and innovative new forms of PPP transportation infrastructure projects. While the work addresses a diverse range of topics concerning the risks and opportunities for PPP provision in developing and developed countries, each chapter draws upon a shared intellectual framework and is informed by ideas and concepts from organization theory and design.'
--Andrew Davies, University College London, UK
'This is a remarkable contribution to the growing literature on infrastructure financing and management. Ray Levitt and his colleagues provide the fundamental conceptual building blocks for understanding how public-private partnerships can transform the market for infrastructure development. They do so with a sure feel for the theoretical issues as well as the very practical concerns that come with stitching together public, private, and community interests in infrastructure investment. Each paper is important in its own right - and the combination is unbeatable. This book will make a lasting contribution to how we understand the issues and is just as important for the emerging economic powerhouse of China and the developed economies of the West.'
--Gordon Clark, Oxford University, UK
Table of ContentsContents: Introduction W. Richard Scott, Raymond E. Levitt and Michael J. Garvin Part I: Public-Private Partnerships: Definitions, Myths and Institutional Challenges W. Richard Scott, Raymond E. Levitt and Michael J. Garvin 1. Public-Private Partnerships for Infrastructure Delivery Ashby H. B. Monk, Raymond E. Levitt, Michael J. Garvin, Andrew J. South, and George Carollo 2. Stakeholder Network Dynamics in Public-Private Partnerships Andrew J. South 3. Toward a Unified Theory of Project Governance: Economic, Sociological and Psychological Supports for Relational Contracting Witold J. Henisz, Raymond E. Levitt, and W. Richard Scott 4. Stakeholders, Issues, and the Shaping of Large Engineering Projects Wen Feng, Donald R. Lessard, Bruce G. Cameron, and Edward F. Crawley Part II: Governance Mechanisms in PPP Planning, Delivery, Contracting and Management Introduction to Part II Raymond E. Levitt, W. Richard Scott, and Michael J. Garvin 5. Mitigating PPP Governance Challenges: Lessons from Eastern Australia Raymond E. Levitt and Kent Eriksson 6. Contractual Risk Sharing Mechanisms in US Highway PPP Projects Duc A. Nguyen and Michael J. Garvin Part III: Leveraging Institutional Capital and Governmental Fiscal Support for PPPs to Enable the “Golden Handshake” Michael J. Garvin, W. Richard Scott, and Raymond E. Levitt 7. The Role of Institutional Investors for PPP Infrastructure Investments Ashby H. B. Monk and Rajiv Sharma 8. Framework to Assess Fiscal Support Mechanisms for Mitigating Revenue Risk in Transportation Public-Private Partnerships Ting Liu and Michael J. Garvin Part IV: Evolution of Mature PPP Institutional Fields W. Richard Scott, Raymond E. Levitt, and Michael J. Garvin 9. (Re)Assessing Public-Private Partnership Governance Challenges: An Institutional Maturity Perspective Carter B. Casady, Kent Eriksson, Raymond E. Levitt, and W. Richard Scott 10. Transportation Public-Private Partnership Market in the United States: Moving Beyond Its Current State Michael J. Garvin 11. Private Participation in US Infrastructure: The Role of Regional PPP Units Carter B. Casady and R. Richard Geddes Part V: Emerging Tools for Infrastructure Project Finance and Delivery Raymond E. Levitt, W. Richard Scott and Michael J. Garvin 12. The Financier State: Infrastructure Planning and Asset Recycling in New South Wales, Australia Caroline Nowacki 13. Community Investment and Crowdfunding as Partnership Strategies for Local Infrastructure Delivery Kate E. Gasparro Bibliography Index
