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This paper presents new global evidence on the key determinants of public-private partnership investment in electricity generated by renewable energy based on a panel data analysis for 105 developing countries over a period of 16 years from 1993 to 2008. It aims to identify the key factors affecting the private investor's decision to enter renewable-based energy generation, through a probit analysis and the amount of investment sunk in this market segment, based on Heckman's sample selection analysis. One of the key results of the paper is that the market for renewable-based energy is strongly driven by supportive policies. Support policies serve not only to attract the entry of private investors, but also to determine the level of investment. In the latter case, its impact is less significant, suggesting the need over time to revisit the power of the incentive schemes, as well as the implied allocation of risks between the public and private sector to ensure that feed-in tariffs produce the desired amount of investment. In contrast, broader economy-wide governance factors, including control for corruption and degree of political competition, are considered by private investors mainly for taking the decision to enter into renewable-based generation. This reinforces the expectation that private investors seem to be adequately protected against their risks, so that once they have entered the market, they can accommodate the governance environment. Private investors in renewable-based energy also require technical and regulatory certainty about the availability of renewable-ready transmission resources, if they are to finance investments. Private investors entering the market look more at the size of the market rather than the income level, whereas when determining the level of investment they assess both the size and "affordability" level. This raises some concerns on the sustainability of support mechanisms and their financing, particularly when the incremental costs implied by renewable-based generation are passed through to consumers.

Climate Change Mitigation and Green House Gases --- Debt Markets --- Electricity generation --- Emerging Markets --- Energy --- Energy Demand --- Energy Production and Transportation --- Private investors --- Probit analysis --- Public-private partnership investment --- Renewable energy

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This book focuses on the regulatory aspect of retail investor protection in the context of Initial Public Offerings (IPOs) in the Indian securities market. The book captures the salient policy changes that have transformed the IPO markets in India from their rudimentary structure at their present advanced structure. While primary markets reforms in India have been an ongoing endeavor, there has been a renewed emphasis in the recent past on reforming the market keeping the retail investors in focus. Greater retail participation is the intended objective of the reforms agenda. The book assesses retail participation in all the IPOs that have been floated between the period 2012-2017 in terms of their subscriptions, size of investment and quantum of applications. The book also provides a concise overview of the significant legislative developments that have been enacted keeping the retail investor in focus.

Individual investors --- Attitudes. --- Private investors --- Retail investors --- Retail shareholders --- Small investors --- Stockholders --- Globalization. --- International finance. --- Corporations-Finance. --- Emerging Markets/Globalization. --- International Finance. --- Corporate Finance. --- Markets. --- Corporations—Finance. --- International monetary system --- International money --- Finance --- International economic relations --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Public markets --- Commerce --- Fairs --- Market towns

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Economic theory suggests that countries should ignore uncertainty for public investment and behave as if indifferent to risk because they can pool risks to a much greater extent than private investors can. This paper discusses the general economic theory in the case of developing countries. The analysis identifies several cases where the government's risk-neutral assumption does not hold, thus making rational the use of ex ante risk financing instruments, including sovereign insurance. The paper discusses the optimal level of sovereign insurance. It argues that, because sovereign insurance is usually more expensive than post-disaster financing, it should mainly cover immediate needs, while long-term expenditures should be financed through post-disaster financing (including ex post borrowing and tax increases). In other words, sovereign insurance should not aim at financing the long-term resource gap, but only the short-term liquidity need.

Banks and Banking Reform --- Debt Markets --- Developing Countries --- Environment --- Expenditures --- Finance and Financial Sector Development --- Hazard Risk Management --- Insurance --- Insurance and Risk Mitigation --- Long-term resource --- Natural Disaster --- Natural Disasters --- Private investors --- Public investment --- Risk Management --- Safety Net --- Tax --- Urban Development

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Frustration with the performance of State-owned enterprises (SOEs) has led to two rounds of reform: the first round, from the 1960s through the 1980s, attempted to improve SOE performance while maintaining public ownership while the second, beginning in the late 1980s, viewed privatization as the answer. Interest in the earlier round of reform has increased recently as controversy has slowed or halted privatization in many countries, especially for SOEs providing infrastructure services that are basic to everyday life and are thought to have elements of monopoly. This paper reexamines the earlier round of reforms, focusing particularly on efforts to increase the firms' capacity with infusions of human and physical capital, to strengthen managerial incentives through performance contracts and corporatization and to alter the mix of political and economic forces that impinge on the firm by strengthening the involvement of taxpayers, customers or private investors. The review suggests that these earlier approaches generated only modest success but that some of them, selectively applied, may be helpful in improving the performance of infrastructure firms that remain in public hands.

Capital Markets --- Debt Markets --- Developing Countries --- E-Business --- Emerging Markets --- Finance and Financial Sector Development --- Financial Support --- Government Capacity --- Information Asymmetry --- Infrastructure Economics and Finance --- International Bank --- Legal System --- Microfinance --- Political Economy --- Private Capital --- Private Investors --- Private Participation in Infrastructure --- Private Sector Development

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This paper seeks to assess the extent to which a country's overall level of development and that of its financial sector, in particular, are factors that attract private capital into infrastructure projects. The authors investigate these effects in a 1990-2007 dataset on the power sector in 37 developing countries. The results suggest that economic growth is a key determinant of private investors' investment in infrastructure projects, and that investors tend to take countries' governance quality into account in their decisions to invest. The empirical results highlight that the development of the financial sector also plays a significant role in private investors' decisions to enter infrastructure sectors. In particular, the degree of country risk and exchange rate volatility is found to be negatively related to the volume of private sector investment in power projects. Furthermore, when the banking sector and the capital market are separately treated in the analysis, the existence of a well functioning capital market is the main attracting factor. In addition, the existence of an independent energy regulatory authority significantly improves the level of private investors' implication in energy projects. When accounting for the interactions between the overall economic development and the financial sector development variables, the effects of these variables are still significant and the results also confirm the importance of an independent energy sector regulator.

Access to Finance --- Bond --- Capital Market --- Client Countries --- Country Risk --- Debt Markets --- Developing Countries --- Economic Development --- Economic Theory & Research --- Emerging Markets --- Exchange Rate --- Finance and Financial Sector Development --- Financial Development --- Financial Sector --- Financial Sector Development --- Infrastructure Development --- Infrastructure Economics and Finance --- Infrastructure projects --- Macroeconomics and Economic Growth --- Private capital --- Private investment --- Private investors --- Private Participation in Infrastructure --- Private Sector Development --- Public-private partnership --- Regulator --- Regulatory authority --- Sustainable development --- Volatility