Article comparant les processus de privatisation des concessions d'autoroutes en France et aux US :
"The second possible explanation [for the winning bidder of the US concessions to be an outlier] is that in a market that is the early stages of privatization, bidders are willing to make abnormally high bids in order to achieve a leading position for subsequent privatizations (Miralles, 2006). Certainly, the privatization markets in France and the US are in very different stages. Private tollways in France are well-established and represent a mature investment opportunity. In fact, no significant privatizations are expected in the foreseeable future. In contrast, privatization of toll roads is an emerging market in the US, and most industry observers expect that there will be significant privatization activity over the next several years. Skyway and the Indiana Toll Road have played the role of ‘opening’ the US market, and winning these concessions has given Macquaire and Cintra visibility, and positioned them as leading firms in this new area. (Even if Macquarie and Cintra “over paid” for these concessions, their downside risk, from a corporate perspective, is minimal. This is due to the relatively small size of the deals and the fact that in the case of Skyway, they were able to structure the financing so that it shifted much of the financial risk of the enterprise to the lenders through the use of leverage, bond insurance, and liberal dividend provisions.)"
Explanation: Explication détaillée au lien lexilis. En bref, l'assurance caution est avantageuse pour les assureurs, parce qu'elle diminue leur risque.
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