Project Financing, 8th Edition

The eighth edition is a fundamental and essential update to the seventh edition published in 2000. This new edition examines a comprehensive range of existing and newer topics that are relevant to project financing in 2012 and explores current trends in the project finance and leasing industries. Contributors are experienced academics and practitioners.

Since the first edition was published, the financial markets have undergone tremendous upheavals and many new structures and instruments have been created to meet the financing needs of business. This edition considers the wider world of project finance, applicable to such diverse situations as venture capital and leveraged buyouts, and using new approaches such as Islamic finance techniques.

Why should someone buy the book?

The eighth edition is an essential and over-due update to the previous edition published in 2000. The eighth edition updates a comprehensive review of financial and related topics which are relevant to project financing in 2012 and explores current trends in financial modelling of a project, risk management and the private finance initiatives. This is a comprehensive and practical book full of advice and tips for successful project financing, including leasing, offering a clear, easy to understand guide to a complex area with examples. The topic coverage is well organized and complete – moving from the fundamentals to the more complex issues. There is an extensive glossary to support readers. Finally the use of 12 practitioner case studies brings many of these complex issues to life.

This is the new edition of the clear, easy-to-understand industry-standard text on project financing. With a good overview of a broad area and using principles of project financing to explain complex structures, this book includes lots of examples and case studies (including Eurotunnel, Dabhol, multiple Paiton deals and other recent deals along with subsequent developments) to show the concepts in use, examine outcomes and to ensure you understand important issues such as effective project structuring and financing, financial modelling for project valuation, and risk management. Substantially updated and expanded to provide the latest developments in all aspects of project financing. An important manual reference, this book is a must-have for every project financier's desk.

Key features

The text unites the domain of project financing with a wealth of project management techniques, supported by diagrams and charts and other pictorial features, where appropriate. All these supporting features facilitate a better understanding of the accompanying text for the reader.

In many chapters there are diagrams to clarify the specific transaction structure discussed in the accompanying text. These diagrams enable the reader to get a very clear idea of the transaction structure, which is particularly useful where it is complex or unusual. There are also a number of checklists to assist stakeholders in the project and resource management of complex project financings. The new financial modelling chapters allow exploration of some of the pitfalls project models encounter, challenging the accurate replication of the project cash flows for stakeholders to evaluate. In the later new risk management chapters, worked examples are included to illustrate the techniques in practice. The new public private partnership/private finance initiatives chapter introduces readers to this new approach to public projects. References are made to useful websites throughout the text. Cases are included at the end of the main text to encourage examination of real-life examples of project financing in practice and also highlight specific issues of current interest.

Key benefits

The book will be helpful to project finance sponsors, lawyers, host governments, bankers and providers of capital because it discusses and clarifies many of the basic issues stranded through project financing transactions, as well as introducing alternative approaches such as leasing, export credit financings, or other types of deals such as Islamic financing. This book is written to make project financing accessible to a wider market and to support junior bankers and lawyers who wish to expand their knowledge of this practice area. The book also benefits other project financing industry participants, e.g. bankers, leasing companies, lessees, who want to expand their knowledge of project financing. The chapters on project financial modelling explain the key issues faced when looking at cash flow analysis and the cases offer a historical perspective on projects that have completed successfully and the issues faced, or those projects still awaiting successful completion and the challenges encountered.

What can be found in the book?

New topics include:

- Financial models
- Financial modeling for different industries
- Overview of risk management
- Controlling risk via swaps
- Controlling risk via options, caps and floors
- Alternative risk techniques
- Public private partnership/private finance initiatives
- Cases studies

Preface

List of case studies

Case study cross-reference table

About the authors

1 An overview of project finance
1 Checklist for a successful project financing
2 Causes of project failures
3 Credit impact objective
4 Accounting considerations
5 Meeting internal project appraisal objectives
6 Other benefits
7 Tax considerations
8 Disincentives to project financing
9 Principles apply regardless of project size or context
10 Building blocks of project financing
11 Reconsidering decision-making
Case study: Eurotunnel – a disaster for lenders

2 Criteria for a successful project financing
1 Risk phases
Engineering and/or construction phase
Start-up phase
Operations according to specification
2 Different lenders for different risk periods
3 Review of criteria for a successful project financing
Credit risk rather than equity risk is involved
Feasibility study and financial projections
Assuring the cost of supplies and raw materials
Energy supplies assured at a reasonable cost
A market exists for the product, commodity or service
Take-or-pay contracts
Take-and-pay contracts
Transportation of product to market
Adequate communications
Availability of building materials
Experienced and reliable contractor
Experienced and reliable operator
Management personnel
No new technology
Contractual agreements among joint venture partners
Political environment, licences and permits
No risk of expropriation
Country and sovereign risk
Currency and foreign exchange risk
Adequate equity contribution
The project as collateral for ‘asset lending’
Satisfactory appraisals
Adequate insurance coverage
Force majeure risk
Delay and cost over-run risks
Adequate ROE, ROI and ROA
Realistic inflation and interest rate assumptions
Environmental risks
Foreign Corrupt Practices Act and other similar legislation
Protection systems against kidnapping and extortion
Commercial legal system to protect property and rights

3 Use of a financial adviser
1 Developing a relationship with the sponsors
2 Designing and contracting for the preliminary feasibility study
3 Planning and selecting the optimal financing structure and key providers
The sponsors and promoters of the project are identified
Other interested parties to the project are identified
Location and design of the project
Estimated construction costs
The financial plan
The proposed terms for financing
4 Monitoring and administering the financing
Construction
Start-up
Operations
5 Selection of an outside adviser
6 Engagement letter

4 The offering memorandum
1 Proposed financing and summary of terms
2 The project company
3 Capitalisation
4 Products/markets
5 Marketing
6 Competition
7 Manufacturing and production
8 Management/personnel
9 Business risks
10 Historical and other financial information
11 Plans and forecasts
12 Each case is different
13 Potential future liabilities

5 Risks that a lender may assume
1 Country risk
2 Sovereign risk
3 Political risk
4 Foreign exchange risk
5 Inflation risk
6 Interest rate risk
7 Appraisals
8 Availability of permits and licences
9 Operating performance risk
10 Price of product
11 Enforceability of contracts for product
12 Price of raw materials and energy
13 Enforceability of contracts for raw materials
14 Refinancing risk
15 Force majeure risk
16 Legal risk

6 Choosing a lead bank
1 Factors to consider in selecting a bank
Size
Experience
Support
Documentation
Working relationships
Leaving management decisions to management
Country exposure
2 Choice of a sponsor by a bank

7 Contacting lenders and investors
1 Following the first contact
2 Structuring the transaction and contact points
3 Preparing the documentation
4 Syndication

8 Credit risk appraisal
1 Stakeholder interests
2 Credit analysis from the standpoint of a term lender
3 General considerations in credit decisions
Management
Level and stability of earnings
The industry
Financial resources
Asset protection
Indenture provisions
Guarantees and securities
Cash trap
4 Financial ratios
Liquidity ratios
Debt/leverage ratios
Profitability ratios
Coverage ratios
5 Commercial debt ratings

9 Risk analysis of a project loan
1 Credit risk in a project loan
2 Purpose of a risk classification system
3 Risk classification criteria
Criteria
Industry
Company or project
Modifiers
4 Description of risk classification grid
Highest quality – 1
Highest quality – 2
Good quality – 1
Good quality – 2
Good quality – 3
Fair quality
Other categories

10 Types of capital and debt
1 Equity
2 Subordinated loans
Equity kickers
Financial covenants
Interest rate and term
Unsecured loans by sponsors
3 Senior debt
Unsecured loans
Secured loans
Nature of security for senior debt
Security agent for senior debt
Secured loans other than senior debt
4 Concerns of senior lenders
5 Inter-creditor agreement

11 Sources of equity and debt
1 Multilateral development agencies
2 International Finance Corporation (IFC)
3 Government export financing and national interest lenders
Insurance products
Loans and guarantees
Supplier credit
Buyer credit
The Berne Union
4 Host governments
5 Commercial banks
6 Institutional lenders
7 Money market funds
8 Commercial finance companies
9 Leasing companies
10 private equity providers
11 Buy-outs, buy-ins and buy-in management buy-outs funds
12 Bond markets
13 Wealthy individual investors
14 Suppliers of a product or raw materials
15 New product buyers or service users
16 Contractors
17 Trade creditors
18 Vendor financing of equipment
19 Sponsor loans and advances
20 Project collateralised bond and loan obligation pools
21 Insurance provided by private insurance companies
22 Islamic finance
23 General guidelines when selecting sources of finance

12 Use of captive insurance and finance companies
1 Captive insurance companies
Different forms of insurance captives
Why project companies may consider forming a captive
Internal control
External control
Disadvantages of captive insurance companies
2 Captive finance companies
The US case as an historic example

13 Instruments used in project financing
1 Commercial bank loans
2 Supplier financing and captive finance companies
3 Export credit financing
4 Buyer credits supported by an export credit agency
5 National and international development bank loans
6 Co-financing and complementary financing
7 Syndicated credit facility
8 Production payment loans and advances
9 Short-term financing vehicles
10 Bond financing
Eurobond market
US bond market
Rule 415
Form S-3
Yankee bonds
Private placement debt
Rule 144A
Industrial development revenue bonds
Bond structures
Floating-rate notes
Zero-coupon bonds
Deferred coupon bonds
Convertible bonds
Bonds with warrants
Dual-currency bonds
Commodity-linked notes
Credit-linked notes
Inflation-indexed bonds
11 Medium-term notes
12 Asset-backed securities
13 Leases
14 Preferred stock
15 Master limited partnerships
16 Research and development limited partnership
17 Equity funding via depositary receipts
18 Islamic lending
19 Credit enhancement

14 Construction financing
1 Estimation of funding needs
Special purpose entity project financing
Direct construction financing
2 Construction financing using leveraged leasing
Construction supervision agreement
Construction contract assignment

15 Term loans and private placements
1 Commercial bank loans
Term bank loans
Revolving bank loans
Syndicated credits, including Eurocurrency loans
2 Private placements
Investment criteria of investors
The use of agents or advisers
3 Description of a typical term loan or debt private placement agreement
Loan terms and closing the loan
The notes(s)
Making the loan
Conditions of closing
Financial covenants
Required payments
Optional prepayments without penalty (doubling-up)
Restriction on refinancing
Optional prepayment under certain circumstances
Optional prepayments with penalty
Affirmative covenants
Financial statements and information
Books of record and account
Right to inspect properties and books
Payment of taxes
Maintenance of properties
Compliance with laws
Insurance
Permitted business (character of business)
Covenant to secure note equally with other lenders
Protective covenants
Minimum working capital requirement
Limitation on short-term debt
Limitation on long-term debt
Restriction on lease obligations
Restricted dividend payments, other stock payments, and the
repurchase of stock
Restrictions on supply and purchase contracts (take-or-pay agreements)
Limitation on guarantees and contingent liabilities
Limitation on sale and lease-back transactions
Limitations on mortgages, liens and other encumbrances
Other protective covenants
Default and remedies
Boilerplate
Modification of the agreement
Definitions
Expenses of the financing

16 Industrial development revenue bonds
1 Municipal revenue bonds
2 Qualification for the issuance of a tax-exempt bond
Qualifying private activities
Annual cap limitation on issuance
Other general rules
3 Structure for IDR financing
Loan agreement
Lease
Lease/lease-back
Instalment sale
4 The process for issuing IDR bonds

17 Commercial paper and back-up credit facilities
1 Advantages of commercial paper financing
2 Concerns with using CP funding
3 Maturity characteristics of CP
4 Selecting a CP agent
5 Governmental approvals by non-US issuers
6 Jurisdiction for non-US issuers
7 Commercial paper ratings
8 Credit support facilities
9 Credit enhancement facilities
10 Asset-backed commercial paper

18 General principles of leasing and types of leases
1 What is a lease?
2 Different forms of leases
3 Different types of lessors
4 The conditional sale lease or non-tax oriented lease
5 The true lease or lease as part of the financing of a sales package
How true leasing works
Principal advantage is low cost
Rationalisation of the loss of residual value
6 Leveraged lease
Parties to a leveraged lease
The lessee
Equity participants
Loan participants or lenders
Owner trustee
Indenture trustee
Single trustee acting as both an indenture trustee and an owner trustee
Manufacturer or contractor
Packager or broker
Guarantor
Structure of a leveraged lease
Closing a leveraged lease transaction
Participation agreement
Key documents
Indemnities
Closing the lease
Cash flows during the lease
Debt for leveraged leases
Commercial paper investors
Public debt markets
Government financing
Supplier financing
Multicurrency financing
International currency and bond markets
Bridge financing
Facility leases
Facility support agreements
Construction contract assignment
Credit exposure of equity participants
Points of contention between lenders and equity participants
Indenture defaults which are not lease defaults
Control of sale of leased property in the event of default
Cure rights of equity participants
‘Fish or cut bait’ provisions
Tax indemnity payments
Indemnification for future changes in tax law
Definition of the tax to be covered by the tax rate change indemnity
The risk of tax rate change to be covered by an indemnity
Dimensions of the problem: the triggers
Time limits on tax indemnity
Basic remedies for an indemnified party
Computation of the loss or benefit
Specific remedies of the indemnified party
Leveraged debt provisions should contemplate possible tax indemnity
Risk of future rate change is significant
Leveraged leases with individual investors
Example of a leveraged lease of an electric generating facility by a utility
Participation agreement
Partnership and agency agreement
Support facilities agreement
Trust indenture and mortgage
Lease agreement
Construction supervision agreement
Coal supply agreement
Construction contract assignment
Non-tax oriented leveraged leases
7 TRAC leases
Equipment eligible for TRAC leases
Terminal rental adjustment clause defined
How a TRAC lease works
Except for TRAC clause, a TRAC lease must qualify as a true lease
Advantages of TRAC leases
8 Synthetic leases

19 International leasing
1 Cross-boundary leasing or cross-border leasing
Double dip leasing
2 Examples of leasing in different national contexts
Regulation of leasing activity
Initial costs of the transaction
Ownership of the asset
Tax issues
End-of-lease issues
3 Some examples of different leasing approaches
France
Ireland
Japan
China
Australia
Africa
Americas
Middle East
5 Islamic leases

20 Financial models
1 Project finance versus public-private partnership financing models
2 Characteristics of a project finance/PPP model
3 Models in different phases of a project
4 Model best practice
5 Model flexibility
6 Modules within a model
7 Functional currency
8 Inflation and exchange rates
9 Currency adjustments
10 Interest rates
11 Revenues
12 Operating costs
13 Working capital
14 Discount rate
15 Weighted average cost of debt
16 Weighted average cost of capital
17 Key project selection criteria
18 Controlling the project during its life span
19 Funding
20 Taxation
21 Sinking funds
22 Bank accounts
23 Waterfall of accounts
24 Additional equity
25 Dividend cash trap
26 Loan prepayment
27 Loan repayments
28 The accounting statements
29 Break-even analyses
30 Foreign exchange savings
31 Scenario analysis
32 Sensitivity analyses
33 Risk analysis
34 Tornado diagrams
35 Cross checks
36 Testing the model
37 Modeller’s review of the legal documentation
38 Version control
39 Audit trails
40 Complex models
Multiple countries
Multiple points of view
41 Using VBA
User defined functions
Test code
Analyses
Iterative calculations
42 Alternatives to spreadsheets

21 Financial modelling for different industries
1 Oil and gas development projects
2 Downstream petrochemical
3 Oil refineries
4 Pipelines
5 Railways
6 Toll roads
7 Telecommunication submarine cables
8 Power projects
9 Ships
10 Buildings
11 Airports

22 Overview of risk management
1 Types of risk
Risk retention
Neutralising risk
Risk transfer
2 Traditional insurance policies
Political risk insurance
OPIC insurance program as an exemplar
Private sector coverage
3 Trade credit insurance
4 Financial guarantees
5 Structured finance
Securitisation
Structured notes
6 Derivatives instruments
Risk-sharing versus insurance type derivatives
Credit derivatives
Credit default swaps
Use of CDS by banks
7 Alternative risk transfer
Insurance-linked notes
Contingent insurance
Captive insurance companies

23 Guarantees
1 Guarantors
Owner guarantors
Third-party guarantors
Candidates for third-party guarantors
Objectives of third-party guarantors
Typical third-party guarantors
Commercial guarantors
Banks – letters of credit
Insurance companies
Investment companies
2 The coverage of guarantees
Commercial risk
Completion
Cost overrun
Delay
Cost of raw material and energy
Market for product
Political risk
Casualty risk
War risk
Acts of God
3 Types of guarantees
Limited guarantees
Guarantees limited in amount
Guarantees limited in time
Indirect guarantees
Contingent guarantees
Implied guarantees
Example of a project financing support by a user sponsor’s guarantee
Completion guarantees
Guarantees and bonds under construction contracts
Bid bond
Performance bond
Advance payment guarantee
Retention money bonds
Maintenance bonds
Guarantee to support an off-balance sheet construction loan
Deficiency guarantees
Undertakings which provide comfort to lenders but are not really guarantees
Loan to a corporate joint venture supported by the implied guarantee of a cross-default clause
Project financing supported by third-party guarantor
Direct and indirect guarantees against nationalisation, expropriation and political risk
US Eximbank financing and loan guarantee programs
Shipping company financing the purchase of a foreign flag ship by a non-recourse loan
Take-or-pay, through-put and put-or-pay contracts
Take-or-pay contracts
Through-put contracts, tolling agreements and cost-of-service tariffs
Put-or-pay contracts
Take-and-pay contracts
Take-if-needed
Comparison with ship charters
Take-or-pay contract obligations of utilities subject to special scrutiny
Take-or-pay obligations of pipeline companies
Example of a project financing supported by a take-or-pay contract
Pipeline project financing supported by through-put agreement of users
Terms of a long-term take-or-pay, or put-or-pay, contract
Build own and transfer or build own and operate transactions
Puts and call as support mechanisms

24 Controlling risk via risk-sharing derivatives contracts: futures and forward contracts
1 Futures contracts
Mechanics of futures trading
Interest-rate futures contracts
Eurodollar futures
Treasury bond and note futures
Currency futures
Commodity futures
Weather futures
2 Forward contracts
Long-term forward foreign exchange agreements
Long-term contracts
Cost of foreign funds
Forward rate agreement
3 Off-take agreements
4 Contract for differences
5 General principles of hedging with futures and forward contracts
Risks associated with hedging
Short hedge and long hedge
Hedging illustrations
Perfect hedge
Basis risk
Cross hedging

25 Controlling risk via risk-sharing derivatives contracts: swaps
1 Generic interest-rate swaps
Application
Calculation of the swap rate
Valuing a swap
2 Non-generic interest-rate swaps
Amortising, accreting and roller coaster swaps
Zero-coupon swaps
Basis rate swap
Forward-rate swaps
3 Currency swaps
4 Cross-currency interest-rate swaps
5 Commodity swaps

26 Controlling risk via insurance-type derivative contracts: options, caps and floors
1 Options
Differences between options and futures contracts
Exchange-traded versus OTC options
Exchange-traded futures options
Mechanics of trading futures options
Variants of standard options
Compound options
Forward-start options
Barrier options
Lookback options
Average options
2 Caps and floors
3 Collars
4 Swaptions

27 Entities for jointly owned or sponsored projects
1 Accounting for joint ventures
2 Corporations
True lease from third party leasing company to a corporation
True lease from sponsors
Example of a corporation jointly owned by sponsors which borrows to finance a project
Example of a joint venture corporation with tax benefits claimed by one party
3 Partnerships
General partnership to operate a project
A general partnership with limited recourse secured debt supported by a take-or-pay from the sponsor partners
4 Limited partnerships
Leveraged limited partnerships
R&D limited partnerships
The structure of an R&D partnership
Rewards for investors
5 Contractual joint ventures
Joint venture supplier financed by advances of each joint venturer
Exploration, development and/or operation of a mine under a joint venture operating agreement
Lease by a utility of an undivided interest in a co-generation facility to be operated as a joint venture
Sponsor-owned joint venture supplier financed by sponsor’s severable lease
Sponsor-owned joint venture supplier with one or more weak sponsors financed by loan or lease
Sale of appreciated equipment to a joint venture which finances the purchase with non-recourse debt

28 Reserves-oriented financing and drilling funds
1 Production loans
2 Non-recourse production loans
3 Production payments as collateral to obtain financing
Example of a reserved production payment to finance a purchase of an oil or mineral property
Carved-out production payment (non-development) to raise capital
Development carve-outs: pledged production payments dedicated to development of a property
Wrap-around carve-out
Use of income from stable country production to finance development of unstable country production
The ABC deal: purchase of mineral-producing property by off-balance sheet financing
The ACB deal: purchase of mineral-producing property by off-balance sheet financing
4 Advance payments for oil, gas or coal payments
Example of an advance payment for gas and oil
Oil and gas development funding outside the US
Comparison of advance gas payment contract with carved-out development production payments
Supplier project facility financing supported by user-sponsor’s advances
Using financial support from other group members in a consortium to assist in financing through carried interests and farm-in/farm-out approaches
A carried interest
A farm in/farm out
Net profits interest
5 Limited partnership drilling funds
Example of a limited partnership drilling fund
6 POGO type plans: financing offshore exploration through a newly formed controlled subsidiary
7 Combination of POGO-controlled subsidiary and limited partnership

29 Restructuring
1 Asset sales, acquisitions and mergers
2 Leveraged buyouts of companies
Cash is king
Debt structures
Senior debt
Junior and subordinated debt
Equity
Collateralised loan obligations
Project finance structures used in LBOs
Leveraged buyout housed in a subsidiary
Leveraged buyout in which the acquired subsidiary or division is
merged into the acquiring corporation
Retention of key personnel
Valuation of an acquisition
Due diligence in the analysis of a proposed acquisition
Industry reports and analyses
Corporate documents
Insurance
Group insurance and welfare benefits
Environmental/OSHA compliance
Product development
Manufacturing inputs and costs
Financial information
Tax matters
Projections
Miscellaneous
3 Employee stock ownership plans
Securitised ESOP loans
Use of an ESOP to cash out a shareholder sponsor from a project company
Use of an ESOP to divest a profitable division
Use of an ESOP to acquire a project company or to increase stockholdings in a
project company with pre-tax dollars
Use of an ESOP to permit repayment of a bank loan by the ESOP’s sponsor
company using pre-tax dollars
Converting debt to equity in a leveraged buyout
Downsides of ESOPS

30 Public-private partnerships and the private finance initiative
1 Background and rationale for public-private partnering
2 Key requirements for a PPP transaction
Value for money
Reallocation of risk and risk management
Innovation
Enhanced performance and more transparent performance management
Lower cost than an equivalent public sector comparator
3 Key components for a PPP/PFI
4 Classic form of a PPP/PFI
5 Different forms of PPPs and PFIs
‘Pure’ concession agreements
LIFT as a special case
Design-build-operate-transfer and build-operate-transfer projects
Design-build-finance-operate
Build-own-operate
6 Accounting issues for PPPs and PFIs
7 Different forms of PFI projects
The freestanding or commercial partnership
Joint ventures
Services sold to the public sector
8 PFI financing lifecycles: evidence and challenges

Case studies
Glossary


Case studies
Case study updates
Pertamina Blue Sky Project
Ilisu Dam
St Louis Cardinals Stadium
Maputo Port Project
Dabhol
Safaricom CELC secured medium term note
The Equate Project
Azito
Phoenix Park Gas Processors
TermoEmcali
Case studies
1 Petroleum refinery projects
2 Public-private partnerships
3 Pertamina Blue Sky Project
4 Ilisu Dam Project
5 St Louis Cardinals Stadium
6 Maputo Port Project
7 Dabhol
8 Safaricom CELC secured medium term note
9 The Equate Project
10 Azito
11 Phoenix Park Gas Processors
12 TermoEmcali

Frank J. Fabozzi is Professor of Finance at EDHEC Business School and a member of the EDHEC Risk Institute.

He held various professorial positions in finance at Yale University’s School of Management from 1994 to 2011 and from 1986 to 1992 was a visiting professor of finance and accounting at MIT’s Sloan School of Management. In the 2011-2012 academic year, he was a visiting fellow in the Department of Operations Research and Financial Engineering at Princeton University where he also served for eight years on that department’s Advisory Council. From 2008 to 2011, Professor Fabozzi was an affiliated professor at the Institute of Statistics, Econometrics and Mathematical Finance at Karlsruhe Institute of Technology (KIT) in Germany. Editor of the Journal of Portfolio Management and an associate editor for the Journal of Structured Finance, Review of Futures Market, and Journal of Fixed Income, he has authored numerous books and research papers. Professor Fabozzi is a trustee for the BlackRock family of closed-end funds and previously a trustee for the Guardian family of open-end funds and variable annuities. In 2002, he was inducted into the Fixed Income Analysts Society’s Hall of Fame and is the 2007 recipient of the C. Stewart Sheppard Award given by the CFA Institute. He earned a Ph.D. in economics from the City University of New York in 1972, both a B.A. and MA in economics and statistics degree in economics (magna cum laude and honors in economics) from the City College of New York in 1970, and awarded an honorary doctorate from Nova Southeastern University in June 1994. In 1969, he was elected to Phi Beta Kappa. He earned the designation of Chartered Financial Analyst and Certified Public Accountant.

Carmel F. de Nahlik is a Teaching Fellow in Finance and Accounting at Aston Business School.

She has delivered executive programs focusing on project finance and project management and taught at a number of universities in the UK including Imperial, Cranfield and the Open University and in Ireland at the University of Limerick. Prior to joining, Aston Business School, she was the Head of Ethics and Governance for the Faculty of Business, Environment and Society at Coventry University. Dr. de Nahlik’s background is in project finance and prior to her academic career, she worked for a number of financial institutions as a commercial lender, investment banker/advisor and as an equity/debt provider with experience in finding creative solutions for problem projects. She received her undergraduate degree in chemistry from UMIST, an MBA from Manchester Business School where she received the Conoco Oil Scholarship and a PhD from Cranfield University School of Management where she studied the survival of small oil firms in the UK. She also holds an MA in Online and Distance Learning from the Open University. Dr. de Nahlik is a former Council member of the Institute of Petroleum, a member of the Association for Project Management. Her research interests include project finance and attitudes towards risk in financial decision-making.

Order Online - visit http://www.researchandmarkets.com/reports/1582661

Order by Fax - using the order form below

Order By Post - print the order form below and send to

Research and Markets,
Guinness Centre,
Taylors Lane,
Dublin 8,
Ireland.