Percorrer por autor "Matos, Pedro Verga"
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- Contracting out public transit services: an incentive performance-based approachPublication . Pinto, João; Santos, Mário C.; Matos, Pedro VergaThe literature on public transit services contracting, emphasizes the need of efficient contracting designs to promote parties’ interest alignment. There is, however, limited research addressing specific incentive mechanisms. The paper contributes to that literature by developing a performance-based model with an embedded incentive bonus/malus (B/M) mechanism for contracting out transit services. Monte Carlo simulation documents that model’s performance appears sensitive to stochastic specification of some of the B/M drivers, and responsive to changes in the contractual performance factors out of the sub-concessionaire’s control. Evidence on the operation of a light-rail transit system designed based on a version of the model, document that it may contribute to promote ridership patronage, increase the average ride, and ultimately promote the economic operating efficiency of the system. Some policy implications are drawn, namely in terms of public funds allocative efficiency, and promotion of social welfare in contracting transit services.
- Governance of PPP infrastructure projects: a variable capital structure valuation approachPublication . Pinto, João Monteiro; Santos, Mário Coutinho dos; Matos, Pedro VergaOver the next decade, governments around the world will invest massively in new projects, aiming at closing the long-identified infrastructure gap, in order to sustain economic and social development, and recover from recent adverse shocks. This paper examines this topic from two perspectives: (i) how should these projects be valued and selected? and (ii) how should these projects be financed? We discuss conceptual, methodological and governance issues raised in the context of infrastructure investment project valuation with variable capital structures. The commonly used free cash flow (FCF) valuation approach may prove inappropriate, or even imprudent, for valuing, namely, very long-term infrastructure projects financed with variable capital structure arrangements. Under this framework, the literature recommends using the Capital Cash Flow (CCF) or the Adjusted Present Value models to mitigate some of the biases of the standard FCF approach. We show that despite dealing with tax benefits differently, FCF and CCF models are algebraically equivalent, the latter being a way to value future cash flows using the same assumptions made in the context of the FCF methodology, while overcoming some of its shortcomings.
- Meta-analysis on the impact of corporate social responsibility initiatives on consumer attitudes and behaviorPublication . Vale, Rita Coelho do; Matos, Pedro Verga; Almeida, Filipa deThe present research conducts a thorough meta-analysis to better understand the relationship and magnitude of the effect of corporate social responsibility (CSR) initiatives on consumers’ behavior and attitudes, including multiple moderators (e.g., type of CSR initiatives, type of industry, and country development level). Data comprises 744 effect sizes, extracted from 165 research articles encompassing 67,270 participants. Altogether, the findings reinforce the importance of CSR to consumers, suggesting that companies benefit from incorporating CSR initiatives in their business practices, having a positive effect of medium magnitude when no specific moderators are considered in the analysis (r?=?.38; linear models?=?.25; correlations?=?.44). However, findings also indicate that when considering specific moderators (e.g., country development, industry type, and cultural characteristics) and consumer responses type (e.g., attitudinal vs behavioral), this magnitude can differ significantly, providing evidence that consumer engagement in CSR activities is multifaceted and does not always translate into the expected outcomes.
- Performance-based contracting of urban transport operation services: evidence from Porto's light-railPublication . Santos, Mário Coutinho dos; Pinto, João M.; Matos, Pedro VergaThis paper develops a bonus/malus incentive model for contracting out the provision of urban railroad operation services, and testing parts of its performance using Monte Carlo methods. We also provide evidence on the performance measures of Metro do Porto's (MdP) light-rail network operation, during the 2010–2016 term of a bonus/malus-based contract, incorporating some features of our model. Results document that the implementation of a performance-based contract with an embedded incentive bonus/malus mechanism may contribute to promoting ridership patronage, increasing the average ride, and ultimately promoting the overall economic operating efficiency of the system. The comparative operating performance analysis of MdP versus Metropolitano de Lisboa, a vertically integrated, governmentally-owned metro network, shows that MdP exhibits higher revenue, cost, and operating efficiency in the 2010–2016 period, and that the bonus/malus mechanism induces the private sub-concessionaire to respond more efficiently to changes in demand.