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Product Description
This cutting–edge financial casebook is divided into four modules: Structuring Projects, Valuing Projects, Managing Project Risk, and Financing Projects. The cases have been carefully selected to reflect actual use of project finance over the past five years in terms of geographic location (the cases come from 15 different countries) and industrial sectors.
∗ Benjamin Esty, of the Harvard Business School, is one of the leading scholars in project finance.
∗ Project finance is becoming the financing mechanism of choice for many private firms.
∗ Cases require the reader to integrate knowledge from multiple disciplines when making a single managerial decision. This integration of functional areas such as strategy, operations, ethics, and human resource management encourages the reader to adopt a more integrative perspective and understanding of the interconnectedness of managerial decision–making.
∗ Benjamin Esty, of the Harvard Business School, is one of the leading scholars in project finance.
∗ Project finance is becoming the financing mechanism of choice for many private firms.
∗ Cases require the reader to integrate knowledge from multiple disciplines when making a single managerial decision. This integration of functional areas such as strategy, operations, ethics, and human resource management encourages the reader to adopt a more integrative perspective and understanding of the interconnectedness of managerial decision–making.
From the Back Cover
An insider′s look at how companies structure, value, and finance large capital investments.
From the Chad–Cameroon Pipeline to Poland′s A2 Motorway, Modern Project Finance: A Casebook provides a behind–the–scenes look at this dynamic and increasingly important field. Author Benjamin Esty (of Harvard Business School) presents detailed description and analysis of some of the most notable projects in the past five years. By studying these projects, you will gain important insights into the practice of project finance.
Critically acclaimed in the classroom and in the field! “I wish this book (and Ben Esty′s course) had been available when I first started working in project finance. It contains many things it took me years to learn as a project finance practitioner. Project finance has become a big business and is an important method of financing economic development throughout the world, but there has been very little in the way of academic theory and research on project finance. Until now, that is, with Ben Esty′s course. He has broken new ground in the rigor of his analysis, in gathering empirical data, in exploring why companie s use project finance and why bankers engage in it, and in analyzing project capital structures, how project loans should be priced, and why some projects fail.” –Chris Beale, Managing Director and Global Head of Project & Structured Trade Finance, Citigroup.
“Professor Esty is the preeminent scholar in the study of large projects, and this book is an outstanding introduction to the field of project finance. It provides a framework of theoretical coherence and practical insight that reflects the reality of experience. This exciting and important book is a major contribution to the understanding and teaching of project finance.” –Jay Worenklein, Chairman and CEO of U.S. Power Generating Company, and former Head of Project Finance at Milbank Tweed and Société Général.
“Through these case studies and his careful documentation of institutional details in both developed and developing country settings, Esty has provided an extremely valuable service to the finance profession. He opens up this important field and correctly argues that understanding the many and complex reasons why project finance is so widely used informs the general theory of corporate finance, governance, and organizational theory in important ways. His analysis and arguments that there is no simple, single explanation for the success of project finance, and that project finance can dramatically reduce a wide variety of agency costs seem right on the money.” –Michael C. Jensen , Jesse Isidor Straus Professor (Emeritus), Harvard Business School, and Managing Director of the Organizational Strategy Practice, Monitor Co.
“For people interested in project finance or how finance works in emerging markets, I highly recommend this book. These case studies provide lessons not available in traditional finance textbooks, and they do it in very interesting (and real) situations. Having taught these cases, I believe they provide students and finance practitioners with frameworks to analyze the structure of and rationale for various financing decisions made in developing countries.”–Campbell Harvey, J. Paul Sticht Professor of International Business, Fuqua School of Business, Duke University.
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Customer Reviews
Most Helpful Customer Reviews
3 of 3 people found the following review helpful
Format:Paperback
Gives excellent hands on material on real cases.
Very complete on the range of topics covered.
Ideal when combined with a book covering the more theoretical aspects of Project Finance.
Very complete on the range of topics covered.
Ideal when combined with a book covering the more theoretical aspects of Project Finance.
Format:Paperback
A very useful book with examples from different sectors. The only thing is it is a bit out dated. As the previous review says, it would be more useful if yo have it together with a book that explains the theories of project finance.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
6 reviews
44 of 45 people found the following review helpful
Absolutely useless for self-study
15 Feb 2008
Format:Paperback|Amazon Verified Purchase
This book is simply a collection of HBS case studies: nothing more, nothing less. For those who are not familiar with Top 20 MBA case study format (I graduated from Top 20 MBA school as recently as 2006), here is how it works:
"Company X wants to achieve Y result. Here is the data on Company X. Here is why they want to achieve the Y result. Here are some additional factors that affect the Company's decision-making process.
The Company X has options A, B, and C to get to Y. Which one of these options the Company X do you think should choose?" This is where the case ends - the correct answer is not disclosed - it is assumed one would discuss this case further in a classroom setting.
Therefore, unless one is discussing in great details the case with a professor or project finance professional, you won't know the answer / learn how to arrive at solution (read: model) yourself.
Therefore, this book is absolutely USELESS for self-study - i.e. for someone who wants to learn more about the field of project finance. Consider yourself forewarned!
"Company X wants to achieve Y result. Here is the data on Company X. Here is why they want to achieve the Y result. Here are some additional factors that affect the Company's decision-making process.
The Company X has options A, B, and C to get to Y. Which one of these options the Company X do you think should choose?" This is where the case ends - the correct answer is not disclosed - it is assumed one would discuss this case further in a classroom setting.
Therefore, unless one is discussing in great details the case with a professor or project finance professional, you won't know the answer / learn how to arrive at solution (read: model) yourself.
Therefore, this book is absolutely USELESS for self-study - i.e. for someone who wants to learn more about the field of project finance. Consider yourself forewarned!
9 of 11 people found the following review helpful
Good insight in Project Finance
10 Nov 2006
Format:Paperback
The book gives an interesting insight in Project Finance and is especially valuable for giving the rationale in using PF versus traditional Corporate Finance.
It gives evidence of the matter through a step by step procedure so that every case adds some knowledge. Excellent terminology section.
For not experienced professional, maybe it should be read in conjunction with some manual providing the basic principle and more insight in financial and legal technicalities.
It gives evidence of the matter through a step by step procedure so that every case adds some knowledge. Excellent terminology section.
For not experienced professional, maybe it should be read in conjunction with some manual providing the basic principle and more insight in financial and legal technicalities.
5 of 7 people found the following review helpful
Modern Project Finance - A Must-Have Text for all Project Finance Professionals
10 Jan 2007
Format:Paperback
I must admit that I am a great fan of Professor Benjamin Esty.
When I bought this book I knew that I was going to come across well researched project finance case studies. The detail into which he goes into each transaction shows beyond doubt that he actually met/talked to the professionals who were an the coal-face of each transaction.
This book should also be a MUST-READ for all recent graduates who are starting out in Project Finance as it's written in a very user friendly fashion.
At the very beginning of this text book one is informed, contrary to popular belief, that Project Finance has been around for a very long time!
Five Stars material no doubt!
Msingathi "Msi" Mnyengeza
Johannesburg, South Africa
When I bought this book I knew that I was going to come across well researched project finance case studies. The detail into which he goes into each transaction shows beyond doubt that he actually met/talked to the professionals who were an the coal-face of each transaction.
This book should also be a MUST-READ for all recent graduates who are starting out in Project Finance as it's written in a very user friendly fashion.
At the very beginning of this text book one is informed, contrary to popular belief, that Project Finance has been around for a very long time!
Five Stars material no doubt!
Msingathi "Msi" Mnyengeza
Johannesburg, South Africa
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