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Item type:Publication, Who wins in international investment arbitration disputes? Evidence from Latin American and Caribbean countries cases under ICSID(RELX Group (Netherlands), 2020-01-01) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, What drives the failure of private participation in infrastructure projects?(Emerald, 2020-08-13)Purpose: The purpose of this paper is to assess the determinants of the early termination of infrastructure projects implemented under public–private partnerships (PPP), concessions or privately managed divested assets. Design/methodology/approach: Cross-section and duration model estimations were applied to a sample of 2,655 infrastructure projects implemented in Latin America and the Caribbean for the period 1993–2017. Estimation techniques consist of a logistic model and cox proportional hazards model (CPHM) applied to alternative specifications, including diverse causal factors. Findings: Evidence is found that early termination of infrastructure projects is determined by intrinsic and extrinsic factors. Among the intrinsic factors, the main characteristics of projects that increase the likelihood of failure are the size or scale of the project, the sector in which the project is developed (transport and water and sanitation) and being investments in divested assets. Extrinsic factors that showed a negative impact on the risk of early termination are good regulatory quality and domestic macroeconomic stability. Likewise, external real and financial shocks also contribute importantly to explain the likelihood of early termination of infrastructure projects. Practical implications: The results reveal that particular care must be put in design and supervision of large-scale projects, either in transport or water and sanitation. As well, risks associated with external shocks must be explicitly acknowledged in project design, with appropriate remedies and safeguards. The prevalence of relatively high rates of early termination in projects in divested assets in contrast with PPP suggests the importance of introducing simpler way out mechanisms for concessionaires. Finally, the results show the key importance of institutional factors like regulatory quality in determining project failure on economic performance of infrastructure projects. Originality/value: In contrast to the previous literature, the analysis shows the decisive role played by financial external factors and institutional factors of Latin American and Caribbean countries in early termination of private participation in infrastructure projects. As well, the finding of a higher likelihood of failure in projects that involve investments in divested assets versus concession or PPP suggests the need of investigate further the tradeoffs regarding the balance that must exist among guarantees offered to investors in infrastructure projects and the need to keep contractual decisions in line with market signals. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Who wins in international investment arbitration disputes? Evidence from Latin American and Caribbean countries’ cases under ICSID(Faculty of Economics and Administration, 2021-01-01)During the nineties, an important group of Latin American and Caribbean (LAC) countries adhered to the International Center for Settlement of Investment Disputes (ICSID) as part of a programme of measures that sought to attract foreign investment to the region. With the aim of exploring the determinants of arbitration outcomes, I use a dataset of 161 concluded disputes until 2019 corresponding to investments in LAC countries, finding evidence on the influence of parties’ characteristics, the subject discussed in cases, and characteristics of the tribunal on the arbitration outcomes. I find that 50% of tribunal decisions have been favourable to either claimant investors or host countries. However, this result may be subject to sample bias if information of settlements and discontinued cases is not taken into consideration. I also find evidence in favour of selection and party capability theories that helps to explain the determinants of international investment arbitration dispute outcomes. In particular, the results reveal that disputes related to direct expropriations have a relatively higher probability of being considered founded by tribunals than other legal controversies. Likewise, the indicators of the relative strength of parties, such as experience in the international arbitration system, have an important influence on tribunal awards. Furthermore, country’s time of experience within ICSID is found to have an important influence on the selection of disputes. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Private participation in government-led backbone network projects: lessons from three Latin American experiments(Elsevier Ltd, 2022-09-01)This study presents an ex post comparative assessment of the relative performance of three Latin American broadband network emblematic projects implemented through public-private projects (PPP). Results show that the relative performance of these projects is extremely sensitive to differences in contractual design and regulatory approaches applied in each case. The detailed examination and comparative analysis of these experiences allowed us to extract important lessons in terms of design and implementation of PPP in telecommunications sector. In particular, our analysis finds that imperfect financing and demand risk allocations in projects can jeopardize their operational and financial sustainability. As well, the examination of these experiences allows us to conclude that in markets characterized by continuous economic and technological transformations, vertical separation restrictions imposed for reducing the risk of increasing market power and concentration may not be justified. As well, analysis shows that in such evolving contexts, a more flexible and adaptable regulatory approach is recommendable. Finally, our analysis reveals the role of complementary policies in the context of the implementation of countries’ digital strategies, as a means that contribute to ensure the accomplishment of broadband accessibility national targets. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, What determines the outcomes of public procurement arbitration?(Taylor & Francis, 2022-11-23)The strengths and weaknesses of arbitration compared to litigation, as a system for solving procurement disputes between governments and their private counterparts has been a subject of debate among scholars. A particularly sensitive topic relates to the impartiality standards of each system and the determinants of its outcomes. Using a unique database of national arbitration resolutions we analyze the determinants of awards in procurement disputes related to public works. Estimating a cross-section model, we find evidence in favor of party capability theory and the influence of institutional factors in arbitration outcomes, like amendments to procurement law or the characteristics of the organization in charge of administering these processes. As well, we find indirect evidence that suggests that adverse outcomes for government entities are related with the lack of individual incentives of officials to settle with private contractors, and the presence of presumably undue influence among private contractors and arbitrators. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Unsolicited versus solicited public partnership proposals: Is there a trade-off between innovation and competition?(Institute of Public Finance, 2024-01-01)Unsolicited proposals (UPs) are a modality of public private partnership (PPP) that is increasingly being used to attract private investors and operators to provide innovative solutions to public projects, notably in infrastructure. In most countries that expressly regulate UPs, the PPP tenders establish asymmetric conditions that favour UP proponents over other potential participants, with the aim of incentivising the presentation of innovative project solutions. The present study formally evaluates the conditions under which a competition/innovation trade-off may arise. We find that UPs can offer welfare-improving solutions compared with solicited proposals (SPs) only in exceptional circumstances. In addition, we find no robust evidence to either confirm the trade-off between innovation and competition in PPP tenders, or to indicate that UPs lead to welfare-enhancing solutions that could not be achieved under conventional SPs. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Unsolicited Versus Solicited Proposals: A Trade Off Between Innovation and Competition?(RELX Group (Netherlands), 2023-01-01) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Administrative Cost of Appeal Systems and Error Correction(Walter de Gruyter GmbH, 2023-04-01)The performance of appeal systems has been frequently been conditioned by the availability of human and financial resources. Scholars have suggested measures for reducing the financial and administrative burden of appeal tribunals; however, such proposals must be assessed considering their impact on the primigenial objectives pursued by these systems, particularly their capacity to reduce the harm produced by judicial errors. This study assesses diverse options for reducing caseload burdens in an administrative appeal system, including abandoning the prohibition of the Reformatio in Peius (RIP) principle, elevating fees for appealing and introducing subsidies and penalties to defendants. The results show that increasing appeal fees may allow a similar effect on the reduction of caseload burden as abandoning no RIP but at a lower cost in terms of noncorrected errors. The results are robust to different assumptions regarding the informational signals sent by defendants to tribunals during the administrative process.