Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine
La financiación Mezzanine para proyectos de infraestructuras representa gran atractivo para diferentes tipos de inversores, aquí se valora la opción de conversión, del financiador a accionista, de un proyecto de infraestructura con enfoque sostenible empleando el análisis de opciones reales. El caso...
- Autores:
-
Aguilar Pedrozo, Luis Alejandro
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2020
- Institución:
- Universidad Nacional de Colombia
- Repositorio:
- Universidad Nacional de Colombia
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.unal.edu.co:unal/78803
- Acceso en línea:
- https://repositorio.unal.edu.co/handle/unal/78803
- Palabra clave:
- 330 - Economía::332 - Economía financiera
650 - Gerencia y servicios auxiliares::658 - Gerencia general
Sustainable Infrastructure
Mezzanine Debt
Real Options
Project finance
Infrastructure projects
Public-Private Partnership
Infraestructura sostenible
Deuda Mezzanine
Opciones reales
Financiación de proyectos
proyectos de infraestructuras
Asociación Publico Privada
- Rights
- openAccess
- License
- Atribución-SinDerivadas 4.0 Internacional
| id |
UNACIONAL2_037ed51c90388ff9d2c2a5893eaef2e9 |
|---|---|
| oai_identifier_str |
oai:repositorio.unal.edu.co:unal/78803 |
| network_acronym_str |
UNACIONAL2 |
| network_name_str |
Universidad Nacional de Colombia |
| repository_id_str |
|
| dc.title.spa.fl_str_mv |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| dc.title.alternative.spa.fl_str_mv |
Decision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing scheme |
| title |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| spellingShingle |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine 330 - Economía::332 - Economía financiera 650 - Gerencia y servicios auxiliares::658 - Gerencia general Sustainable Infrastructure Mezzanine Debt Real Options Project finance Infrastructure projects Public-Private Partnership Infraestructura sostenible Deuda Mezzanine Opciones reales Financiación de proyectos proyectos de infraestructuras Asociación Publico Privada |
| title_short |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| title_full |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| title_fullStr |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| title_full_unstemmed |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| title_sort |
Modelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo Mezzanine |
| dc.creator.fl_str_mv |
Aguilar Pedrozo, Luis Alejandro |
| dc.contributor.advisor.spa.fl_str_mv |
González Ruiz, Juan David Botero Botero, Sergio |
| dc.contributor.author.spa.fl_str_mv |
Aguilar Pedrozo, Luis Alejandro |
| dc.contributor.corporatename.spa.fl_str_mv |
Universidad Nacional de Colombia - Sede Medellín |
| dc.subject.ddc.spa.fl_str_mv |
330 - Economía::332 - Economía financiera 650 - Gerencia y servicios auxiliares::658 - Gerencia general |
| topic |
330 - Economía::332 - Economía financiera 650 - Gerencia y servicios auxiliares::658 - Gerencia general Sustainable Infrastructure Mezzanine Debt Real Options Project finance Infrastructure projects Public-Private Partnership Infraestructura sostenible Deuda Mezzanine Opciones reales Financiación de proyectos proyectos de infraestructuras Asociación Publico Privada |
| dc.subject.proposal.eng.fl_str_mv |
Sustainable Infrastructure Mezzanine Debt Real Options Project finance Infrastructure projects Public-Private Partnership |
| dc.subject.proposal.spa.fl_str_mv |
Infraestructura sostenible Deuda Mezzanine Opciones reales Financiación de proyectos proyectos de infraestructuras Asociación Publico Privada |
| description |
La financiación Mezzanine para proyectos de infraestructuras representa gran atractivo para diferentes tipos de inversores, aquí se valora la opción de conversión, del financiador a accionista, de un proyecto de infraestructura con enfoque sostenible empleando el análisis de opciones reales. El caso de estudio consiste en la aplicabilidad en una infraestructura de transporte en Colombia llamado el túnel del Oriente, considerando que este cumple con los criterios sostenibles para acceder a un crédito por medio de un bono sostenible. Para la valoración del derecho de conversión se emplea el análisis de opciones reales con enfoque binomial bajo el concepto de una opción tipo Call y apreciando que los activos subyacentes están basados en los ingresos por el pronóstico de la demanda estimada y la alternativa de la reducción de dióxido de carbono como factor sostenible. Los resultados arrojados indican que el beneficio de captura financiera con coeficiente de conversión 1 puede ser de hasta 39.10% del aporte por deuda, por la conversión accionista y puede crecer hasta el 6% si se monetiza los ingresos por el factor sostenible, destacando que la reducción de renta en impuestos se interpreta en un 11% de ganancia del FCV y el valor de la opción de conversión es 39.09% de la inversión. Para finalizar se concluye que la financiación de proyectos con la deuda Mezzanine es un método efectivo y atractivo para todo tipo de acreedores o financiadores que deseen potenciar sus retornos, inclinándose por proyectos sostenibles e inversiones responsables. |
| publishDate |
2020 |
| dc.date.issued.spa.fl_str_mv |
2020-12-23 |
| dc.date.accessioned.spa.fl_str_mv |
2021-01-18T20:34:35Z |
| dc.date.available.spa.fl_str_mv |
2021-01-18T20:34:35Z |
| dc.type.spa.fl_str_mv |
Documento de trabajo |
| dc.type.driver.spa.fl_str_mv |
info:eu-repo/semantics/workingPaper |
| dc.type.version.spa.fl_str_mv |
info:eu-repo/semantics/acceptedVersion |
| dc.type.coar.spa.fl_str_mv |
http://purl.org/coar/resource_type/c_8042 |
| dc.type.content.spa.fl_str_mv |
Text |
| dc.type.redcol.spa.fl_str_mv |
http://purl.org/redcol/resource_type/WP |
| format |
http://purl.org/coar/resource_type/c_8042 |
| status_str |
acceptedVersion |
| dc.identifier.citation.spa.fl_str_mv |
L. Aguilar-Pedrozo, J. González-Ruíz and S. Botero, “Decision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing scheme”, Universidad Nacional de Colombia, 2020. |
| dc.identifier.uri.none.fl_str_mv |
https://repositorio.unal.edu.co/handle/unal/78803 |
| identifier_str_mv |
L. Aguilar-Pedrozo, J. González-Ruíz and S. Botero, “Decision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing scheme”, Universidad Nacional de Colombia, 2020. |
| url |
https://repositorio.unal.edu.co/handle/unal/78803 |
| dc.language.iso.spa.fl_str_mv |
eng |
| language |
eng |
| dc.relation.references.spa.fl_str_mv |
J. Gonzalez-Ruiz, A. Arboleda, S. Botero, and J. Rojo, “Investment valuation model for sustainable infrastructure systems: Mezzanine debt for water projects,” Eng. Constr. Archit. Manag., vol. 26, no. 5, pp. 850–884, 2019. K. Kim, H. Cho, and D. Yook, “Financing for a sustainable PPP development: Valuation of the contractual rights under exercise conditions for an urban railway PPP Project in Korea,” Sustain., vol. 11, no. 6, 2019. J. Liu, X. Yu, and C. Cheah, “Evaluation of restrictive competition in PPP projects using real option approach,” Int. J. Proj. Manag., vol. 32, no. 3, pp. 473–481, 2014. D. Ford, D. Lander, and J. Voyer, “A real options approach to valuing strategic flexibility in uncertain construction projects,” Constr. Manag. Econ., vol. 20, no. 4, pp. 343–351, 2002. M. Ahmed, “Successful delivery of public-private partnerships for infrastructure development,” J. Constr. Eng. Manag., vol. 133, no. 12, pp. 918–931, 2007. M. Garvin and C. Cheah, “Valuation techniques for infrastructive investment decisions,” Constr. Manag. Econ., vol. 22, no. 4, pp. 373–383, 2004. X. Zhang, “Critical success factors for public-private partnerships in infrastructure development,” J. Constr. Eng. Manag., vol. 131, no. 1, pp. 3–14, 2005. M. Siemiatycki, “Public-Private Partnership Networks: Exploring Business-Government Relationships in United Kingdom Transportation Projects,” Econ. Geogr., vol. 87, no. 3, pp. 309–334, 2011. C.-Y. Liu, H.-H. Chang, and C.-C. Ko, “Evaluating carbon emissions trading strategy for sustainable energy,” Energy Procedia, vol. 61, pp. 739–742, 2014. M. Garvin, “Enabling development of the transportation public-private partnership market in the United States,” J. Constr. Eng. Manag., vol. 136, no. 4, pp. 402–411, 2010. M. Jefferies and W. McGeorge, “Using public-private partnerships (PPPs) to procure social infrastructure in Australia,” Eng. Constr. Archit. Manag., vol. 16, pp. 415–437, Sep. 2009. L. Brandao and E. Saraiva, “The option value of government guarantees in infrastructure projects,” Constr. Manag. Econ., vol. 26, no. 11, pp. 1171–1180, 2008. C. Arboleda and D. Abraham, “Evaluation of flexibility in capital investments of infrastructure systems,” Eng. Constr. Archit. Manag., vol. 13, no. 3, pp. 254–274, 2006. Y. Xenidis and D. Angelides, “The financial risks in build-operate-transfer projects,” Constr. Manag. Econ., vol. 23, no. 4, pp. 431–441, 2005. S. Menheere, S. Pollalis, and R. Huijbregts, Case studies on build operate transfer. Delft, Netherlands: Delft University of Technology, Faculty of Architecture : Project Management and Real Estate Development, 1996. A. Marco, G. Mangano, and X. Y. Zou, “Factors influencing the equity share of build-operate-transfer projects,” Built Environ. Proj. Asset Manag., vol. 2, no. 1, pp. 70–85, 2012. J. Finnerty, “Project financing : asset-based financial engineering.” 2013. S. Bakatjan, M. Arikan, and R. Tiong, “Optimal capital structure model for BOT power projects in Turkey,” J. Constr. Eng. Manag., vol. 129, no. 1, pp. 89–97, 2003. X. Zhang, “Financial Viability Analysis and Capital Structure Optimization in Privatized Public Infrastructure Projects,” J. Constr. Eng. Manag., vol. 131, Jun. 2005. T. Zayed and L.-M. Chang, “Prototype Model for Build-Operate-Transfer Risk Assessment,” J. Manag. Eng., vol. 18, no. 1, pp. 7–16, Jan. 2002. L. Shen, A. Platten, and X. P. Deng, “Role of public private partnerships to manage risks in public sector projects in Hong Kong,” Int. J. Proj. Manag., vol. 24, no. 7, pp. 587–594, 2006. B. Li, A. Akintoye, P. Edwards, and C. Hardcastle, “The allocation of risk in PPP/PFI construction projects in the UK,” Int. J. Proj. Manag., vol. 23, no. 1, pp. 25–35, 2005. A. Akintola, T. Craig, and F. Eamon, “Risk analysis and management of Private Finance Initiative projects,” Eng. Constr. Archit. Manag., vol. 5, no. 1, pp. 9–21, Jan. 1998. B. Ashuri, H. Kashani, K. R. Molenaar, S. Lee, and J. Lu, “Risk-neutral pricing approach for evaluating BOT highway projects with government minimum revenue guarantee options,” J. Constr. Eng. Manag., vol. 138, no. 4, pp. 545–557, 2012. H. Mattar and C. Cheah, “Valuing large engineering projects under uncertainty: Private risk effects and real options,” Constr. Manag. Econ., vol. 24, no. 8, pp. 847–860, 2006. J. Schaufelberger and I. Wipadapisut, “Alternate Financing Strategies for Build-Operate-Transfer Projects,” J. Constr. Eng. Manag., vol. 129, no. 2, pp. 205–213, Apr. 2003. B. Eales, “Financial Risk Management,” McGraw-Hill Companies, Berksh. U.K., 1994. M. Kumaraswamy and X. Zhang, “Governmental Role in BOT-Led Infrastructure Development,” Int. J. Proj. Manag., vol. 19, pp. 195–205, May 2001. R. L. Tiong, “Risks and Guarantees in BOT Tender,” J. Constr. Eng. Manag., vol. 121, no. 2, pp. 183–188, Jun. 1995. D. Mauer and S. Sarkar, “Real options, agency conflicts, and optimal capital structure,” J. Bank. Financ., vol. 29, no. 6, pp. 1405–1428, 2005. O. Adetunji and A. Owolabi, “Real Options and Government Supports to Infrastructure Investments: An Empirical Study,” J. Mod. Account. Audit., vol. 13, no. 5, pp. 196–215, 2017. G. Power, D. Tandja M., J. Bastien, and P. Gregoire, “Measuring infrastructure investment option value,” J. Risk Financ., vol. 16, no. 1, pp. 49–72, 2015. C. Cui, Y. Liu, A. Hope, and J. Wang, “Review of studies on the public–private partnerships (PPP) for infrastructure projects,” Int. J. Proj. Manag., vol. 36, no. 5, pp. 773–794, 2018. E. Effah and A. Chan, “Identifying public‐private partnership (PPP) risks in managing water supply projects in Ghana,” J. Facil. Manag., vol. 11, no. 2, pp. 152–182, Jan. 2013. Y. Ke, S. Wang, A. Chan, and P. Lam, “Preferred risk allocation in China’s public–private partnership (PPP) projects,” Int. J. Proj. Manag., vol. 28, no. 5, pp. 482–492, 2010. C. Chen, “Can the pilot BOT Project provide a template for future projects? A case study of the Chengdu No. 6 Water Plant B Project,” Int. J. Proj. Manag., vol. 27, no. 6, pp. 573–583, 2009. Y. Huang and S. Chou, “Valuation of the minimum revenue guarantee and the option to abandon in BOT infrastructure projects,” Constr. Manag. Econ., vol. 24, no. 4, pp. 379–389, Apr. 2006. M. Durica, D. Guttenova, L. Pinda, and L. Svabova, “Sustainable value of investment in real estate: Real options approach,” Sustain., vol. 10, no. 12, 2018. R. Bybee, “Planet Earth in Crisis: How Should Science Educators Respond?,” Am. Biol. Teach., vol. 53, no. 3, pp. 146 LP – 153, Mar. 1991. M. Spackman, “Handling non-monetised factors in project , programme and policy appraisal Michael Spackman Policy paper Grantham Research Institute on Climate Change and,” no. May, pp. 1–37, 2013. P. Johnston, M. Everard, D. Santillo, and K.-H. Robèrt, “Reclaiming the Definition of Sustainability,” Environ. Sci. Pollut. Res. - Int., vol. 14, no. 1, pp. 60–66, 2007. M. O’Connor, “The ‘Four Spheres’ framework for sustainability,” Ecol. Complex. - ECOL COMPLEX, vol. 3, pp. 285–292, Dec. 2006. L. Xu and D. Marinova, “Resilience thinking: a bibliometric analysis of socio-ecological research,” Scientometrics, vol. 96, no. 3, pp. 911–927, 2013. D. Basu, A. Misra, and A. Puppala, “Sustainability and geotechnical engineering: Perspectives and review,” Can. Geotech. J., vol. 52, pp. 96–113, Jan. 2015. C.-C. Ko, C.-Y. Liu, Z.-Y. Chen, and J. Zhou, “Analysis of subsidy strategy for sustainable development of environmental protection policy,” in 2nd International Workshop on Environment and Geoscience, IWEG 2019, 2019, vol. 349, no. 1. D. Stanners et al., “Frameworks for environmental assessment and indicators at the EEA,” Sustain. Indic., pp. 127–144, 2007. G. Shaw, J. Kenny, A. Kumar, and D. Hood, “Sustainable infrastructure operations: A review of assessment schemes and decision support,” in Proceedings of the 25th Australian Road Research Board Conference, L. Chong, Ed. Australia: Australian Road Research Board (ARRB), 2012, pp. 1–18. A. Umer, K. Hewage, H. Haider, and R. Sadiq, “Sustainability assessment of roadway projects under uncertainty using Green Proforma: An index-based approach,” Int. J. Sustain. Built Environ., vol. 5, no. 2, pp. 604–619, 2016. S. Whistler, J. Leitner, and W. Stewart, “Are national infrastructure plans SDG-Aligned, and how can investors play their part?,” Initiat. Unep Financ. Compact. U N Glob., p. 17, 2020. M. Ferreira, V. Sobreiro, H. Kimura, and F. Barboza, “A systematic review of literature about finance and sustainability,” J. Sustain. Financ. Invest., vol. 6, no. 2, pp. 112–147, 2016. A. Reidy, A. Kumar, and S. Kajewski, “Front end decision making for road projects-A sustainability framework,” 8th Int. Conf. Maint. Rehabil. Pavements, pp. 828–837, 2016. A. Shaydurova, S. Panova, R. Fedosova, and G. Zlotnikova, “Investment attractiveness of ‘Green’ financial instruments,” J. Rev. Glob. Econ., vol. 7, no. Special Issue, pp. 710–715, 2018. World Commission on Environment and Development, Our Common Future. Oxford University Press, 1987. H. Egler and R. Frazao, “Sustainable infrastructure and finance: how to contribute to a sustainable future,” no. June, p. 41, 2016. A. Bhattacharya, C. Contreras, M. Jeong, A.-L. Amin, G. Watkins, and M. Silva, “Atributos y Marco para la Infraestructura Sostenible,” 2019. J. González-Ruíz, S. Botero, and E. Duque, “Financial eco-innovation as a mechanism for fostering the development of sustainable infrastructure systems,” Sustain., vol. 10, no. 12, 2018. S. Arvidsson, Challenges in managing sustainable business reporting, taxation, ethics and governance. Springer International Publishing, 2018. N. Kokkaew and T. Sampima, “Improving Economic Assessments of Clean Development Mechanism Projects Using Real Options,” Energy Procedia, vol. 52, pp. 449–458, Jan. 2014. C. Radavoi and Y. Bian, “The Asian Infrastructure Investment Bank’s environmental and social policies: a critical discourse analysis,” J. Int. Comp. Soc. Policy, vol. 34, no. 1, pp. 1–18, 2018. S. Alam and A. Kumar, “Sustainability outcomes of infrastructure sustainability rating schemes for road projects,” Australas. Transp. Res. Forum, no. October, pp. 1–9, 2013. R. Gupta, J. Morris, and D. Espinoza, “Financial Sustainability as a Metric for Infrastructure Projects,” pp. 653–662. J. Diaz-Sarachaga, D. Jato-Espino, B. Alsulami, and D. Castro-Fresno, “Evaluation of existing sustainable infrastructure rating systems for their application in developing countries,” Ecol. Indic., vol. 71, pp. 491–502, 2016. O. Ugwu and T. Haupt, “Key performance indicators for infrastructure sustainability – a comparative study between Hong Kong and South Africa,” J. Eng. Des. Technol., vol. 3, no. 1, pp. 30–43, Jan. 2005. I. Cadez and S. Hofmann, “Sustainability assessment scheme for transport infrastructure projects,” Bautechnik, vol. 90, no. 10, pp. 609–613, 2013. D. Marlow, D. Beale, and S. Burn, “A pathway to a more sustainable water sector: Sustainability-based asset management,” Water Sci. Technol., vol. 61, pp. 1245–1255, Mar. 2010. R. Flores, C. Montoliu, and E. Guedella Bustamante, “Life Cycle Engineering for Roads (LCE4ROADS), the New Sustainability Certification System for Roads from the LCE4ROADS FP7 Project,” Transp. Res. Procedia, vol. 14, pp. 896–905, 2016. E. Boschmann and M.-P. Kwan, “Toward Socially Sustainable Urban Transportation: Progress and Potentials,” Int. J. Sustain. Transp., vol. 2, no. 3, pp. 138–157, Mar. 2008. C. Clevenger, M. Ozbek, and S. Simpson, “Review of sustainability rating systems used for infrastructure projects,” Proc. 49th ASC Annu. Int, pp. 10–13, Jan. 2013. K. Griffiths, C. Boyle, and T. Henning, “Comparison of project performance assessed by infrastructure sustainability rating tools,” Proc. Inst. Civ. Eng. Eng. Sustain., vol. 172, no. 5, pp. 232–240, 2018. K. Griffiths, C. Boyle, and T. Henning, “Beyond the certification badge-How infrastructure sustainability rating tools impact on individual, organizational, and industry practice,” Sustain., vol. 10, no. 4, 2018. O. Chupin, J. Piau, and A. Chabot, “Evaluation of the structure-induced rolling resistance (SRR) for pavements including viscoelastic material layers,” Mater. Struct., vol. 46, no. 4, pp. 683–696, 2013. S. Lim, “Framework and Processes for Enhancing Sustainability Deliverables in Australian Road Infrastructure Projects,” Supply Chain Manag., pp. 1–347, 2009. K. Griffiths, Project sustainability management in infrastructure projects. 2007. D. Papajohn, C. Brinker, and M. El-Asmar, “MARS: Metaframework for Assessing Ratings of Sustainability for Buildings and Infrastructure,” J. Manag. Eng., vol. 33, no. 1, 2017. I. Linkov, F. K. Satterstrom, G. Kiker, C. Batchelor, T. Bridges, and E. Ferguson, “From comparative risk assessment to multi-criteria decision analysis and adaptive management: Recent developments and applications,” Environ. Int., vol. 32, no. 8, pp. 1072–1093, 2006. R. B. Gibson, “Sustainability assessment: basic components of a practical approach,” Impact Assess. Proj. Apprais., vol. 24, no. 3, pp. 170–182, Sep. 2006. D. Espinoza and J. Morris, “Decoupled NPV: a simple, improved method to value infrastructure investments,” Constr. Manag. Econ., vol. 31, no. 5, pp. 471–496, 2013. D. Aggarwal and V. Elembilassery, “Sustainable finance in emerging markets: A venture capital investment decision Dilemma,” South Asian J. Bus. Manag. Cases, vol. 7, no. 2, pp. 131–143, 2018. L. Shen, V. Tam, L. Gan, K. Ye, and Z. Zhao, “Improving sustainability performance for public-private-partnership (PPP) projects,” Sustain., vol. 8, no. 3, 2016. P. Love, J. Liu, J. Matthews, C.-P. Sing, and J. Smith, “Future proofing PPPs: Life-cycle performance measurement and Building Information Modelling,” Autom. Constr., vol. 56, pp. 26–35, 2015. J. Yuan, C. Wang, M. Skibniewski, and Q. Li, “Developing Key Performance Indicators for Public-Private Partnership Projects: Questionnaire Survey and Analysis,” J. Manag. Eng., vol. 28, no. 3, pp. 252–264, Jul. 2012. J. L. Ibarguen-Valverde, J. E. Angulo-López, J. Rodríguez-Salcedo, and O. Prías-Caicedo, “Indicators of energetic performance: A path to sustainability. ‘a case study of a high-roasting industry of coffee,’” DYNA, vol. 84, no. 203, pp. 184–191, 2017. C. Vergara, G. Mendoza, J. Bravo, and M. Contreras, “Evaluation of the Carbon Footprint in the Production of Aggregate Materials for Construction in the Municipality of Toluviejo,” no. July 2018, pp. 19–21. M. Petrović-Ranđelović, P. Mitić, A. Zdravković, D. Cvetanović, and S. Cvetanović, “Economic growth and carbon emissions: evidence from CIVETS countries,” Appl. Econ., vol. 52, no. 16, pp. 1806–1815, 2020. P. Wesseh and B. Lin, “A real options valuation of Chinese wind energy technologies for power generation: Do benefits from the feed-in tariffs outweigh costs?,” J. Clean. Prod., vol. 112, pp. 1591–1599, 2016. G. Romero, A. Álvarez, S. Calderón, and D. Ordónez, “Impactos distributivos de un impuesto al carbono en Colombia: vínculo entre modelos de microsimulaciones y equilibrio general,” Lect. Econ., no. 89, pp. 163–198, 2018. Corporación autonoma regional de Cundinamarca CAR, “Guía metodológica para el cálculo de la huella de carbono corporativa a nivel sectorial.” 2013. T. Luehrman, “What’s it worth? A general manager’s guide to valuation,” Harv. Bus. Rev., vol. 75, no. 3, pp. 132–42, 1997. Y. Kim, K. Shin, J. Ahn, and E.-B. Lee, “Probabilistic cash flow-based optimal investment timing using two-color rainbow options valuation for economic sustainability appraisement,” Sustain., vol. 9, no. 10, 2017. R. Brealey and S. Myers, Principles of Corporate Finance with Cdrom, 6th ed. McGraw-Hill Higher Education, 2000. F. Kabir and R. Parra, Financing large projects : using project finance techniques and practices. Singapore: Pearson/Prentice Hall, 2003. S.-H. Ho and S.-H. Liao, “A fuzzy real option approach for investment project valuation,” Expert Syst. Appl., vol. 38, no. 12, pp. 15296–15302, 2011. Z. Tong and T. Chung-Li, “Valuing Flexibility in Infrastructure Expansion,” J. Infrastruct. Syst., vol. 9, no. 3, pp. 89–97, Sep. 2003. L. Trigeorgis, “Making use of real option simple: an overview and applications in flexible/ modular decision making,” Eng. Econ., vol. 50, no. 1, pp. 25–53, Mar. 2005. J. Shi, K. Duan, S. Wen, and R. Zhang, “Investment Valuation Model of Public Rental Housing PPP Project for Private Sector: A Real Option Perspective,” Sustainability, vol. 11, no. 7, p. 1857, Mar. 2019. F. Gijsen, “Added Value Of Different Approaches Of Real Options In Transportation Infrastructure Projects Decision-making,” TU Delft, pp. 1–10, 2016. R. Merton, “The Theory of Rational Option Pricing,” Bell J Econ Manag. Sci, vol. 4, pp. 141–183, Mar. 1973. J. Martins, R. Marques, and C. Cruz, “Real options in infrastructure: Revisiting the literature,” J. Infrastruct. Syst., vol. 21, no. 1, Mar. 2015. B. Lambrecht, “Real options in finance,” J. Bank. Financ., vol. 81, pp. 166–171, Aug. 2017. L. Trigeorgis and S. P. Mason, “Valuing Managerial Flexibility,” Midl. Corp. Financ. J., vol. 5, pp. 14–21, 1987. M. Mendez and P. Lamothe, Opciones reales: Métodos de simulación y valoración. 2013. A. Calle and V. Tamayo, “Decisiones de inversión a través de opciones reales,” Estud. Gerenciales, vol. 25, no. 111, pp. 107–126, 2009. W. Meszek and A. Dziadosz, “Estimation of certain parameters of Black-Scholes model in analysing effectiveness of development investments,” in 3rd International Workshop on Flexibility in Sustainable Construction, ORSDCE 2018, 2018, vol. 222. A. Berk and D. Podhraski, “Superiority of Monte Carlo simulation in valuing real options within public-private partnerships,” Risk Manag., vol. 20, no. 1, pp. 1–28, 2018. J. Cox, S. Ross, and M. Rubinstein, “Option pricing: A simplified approach,” J. financ. econ., vol. 7, no. 3, pp. 229–263, 1979. P. Boyle, “A lattice framework for option pricing with two state variables,” Journal of financial and quantitative analysis, vol. 23, no. 1. Cambridge University Press, New York, NY [u.a.], pp. 1–12, 1988. P. Pichayapan, K. Kishi, S. Hino, and K. Sato, “Real Option Analysis (ROA) in Evaluation of Expressway Projects Under Uncertainties,” J. East. Asia Soc. Transp. Stud., vol. 5 (CD-ROM), 2003. N. Chiara, S. Asce, M. Garvin, M. Asce, and J. Vecer, “Valuing simple multiple-exercise real options in infrastructure projects,” J. Infrastruct. Syst., vol. 13, no. 2, pp. 97–104, 2007. S. Ho and L. Liu, “An option pricing-based model for evaluating the financial viability of privatized infrastructure projects,” Constr. Manag. Econ., vol. 20, no. 2, pp. 143–156, 2002. T. Zhao, S. Sundararajan, and C.-L. Tseng, “Highway Development Decision-Making under Uncertainty: A Real Options Approach,” J. Infrastruct. Syst., vol. 10, no. 1, pp. 23–32, Mar. 2004. F. Buyukyoran and S. Gundes, “Optimized real options-based approach for government guarantees in PPP toll road projects,” Constr. Manag. Econ., pp. 1–14, Jul. 2017. M. Esders, B. Adey, and N. Lethanh, “Using real option methods as a tool to determine optimal building work programs.,” Struct. Infrastruct. Eng. Maintenance, Manag. Life-Cycle Des. Perform., vol. 12, no. 11, pp. 1395–1410, Nov. 2016. G. Fitch, I. Odeh, F. Kautz, and C. Ibbs, “System dynamics models for the valuation of real options in P3 concession project agreements,” J. Infrastruct. Syst., vol. 24, no. 1, pp. 1–13, 2018. C. Dolan, J. Blanchet, G. Iyengar, and U. Lall, “A model robust real options valuation methodology incorporating climate risk,” Resour. Policy, vol. 57, no. January, pp. 81–87, 2018. International Federation of Accountants IFAC, “Project and Investment Appraisal for Sustainable Value Creation,” no. November 2012. p. 31, 2013. M. Linnenluecke, T. Smith, and B. McKnight, “Environmental finance: A research agenda for interdisciplinary finance research,” Econ. Model., vol. 59, pp. 124–130, 2016. T. Grzeszczyk and M. Waszkiewicz, “Sustainable investment project evaluation,” Entrep. Sustain. Issues, vol. 7, no. 3, pp. 2363–2381, 2020. M. Rodrigues et al., “Financial Analysis of Investments in Forest Concession for Amazon Brazilian By Deterministic and Stochastic Methods,” Cerne, vol. 25, no. 4, pp. 482–490, 2019. C.-C. Ko, C.-Y. Liu, Z.-Y. Chen, and J. Zhou, “Sustainable development economic strategy model for reducing carbon emission by using real options approach,” Sustain., vol. 11, no. 19, p. 14, 2019. T. Lin, C.-C. Ko, and H.-N. Yeh, “Applying real options in investment decisions relating to environmental pollution,” Energy Policy, vol. 35, no. 4, pp. 2426–2432, 2007. K. Torani, G. Rausser, and D. Zilberman, “Innovation subsidies versus consumer subsidies: A real options analysis of solar energy,” Energy Policy, vol. 92, pp. 255–269, 2016. J. Kim, H. Park, J. Chun, and S. Li, “Adaptation strategies under climate change for sustainable agricultural productivity in Cambodia,” Sustainability, vol. 10, no. 12. 01-Dec-2018. A. Ansaripoor and F. Oliveira, “Flexible lease contracts in the fleet replacement problem with alternative fuel vehicles: A real-options approach,” Eur. J. Oper. Res., vol. 266, no. 1, pp. 316–327, 2018. H. Herath, T. Herath, and P. Dunn, “Profit-Driven Corporate Social Responsibility as a Bayesian Real Option in Green Computing,” J. Bus. Ethics, vol. 158, no. 2, pp. 387–402, 2019. N. Ochi, “Reporting of real option value related to ESG: Including complementary systems for disclosure incentives,” Int. J. Financ. Res., vol. 9, no. 4, pp. 19–34, 2018. T. Lin, S.-Y. Hsu, and C.-C. Chang, “Evaluation of decision-making for the optimal value of sustainable enterprise development under global 100 index thinking,” Sustain., vol. 11, no. 4, 2019. N. Boonchanta, “A Tool for the Analysis of Real Options in Sustainability Improvement Projects,” vol. 5, no. August, 2012. I. Marfori, A. Culaba, A. Ubando, R. Almonares, and W. Chen, “Determining the Sustainability of a Community Micro Hydro Power System using Real Options Analysis,” IOP Conf. Ser. Earth Environ. Sci., vol. 268, no. 1, 2019. J. Marques, M. Cunha, and D. Savić, “Using real options for an eco-friendly design of water distribution systems,” J. Hydroinformatics, vol. 17, no. 1, pp. 20–35, 2015. M. Knoope, A. Ramírez, and A. Faaij, “The influence of uncertainty in the development of a CO2 infrastructure network.,” Appl. Energy, vol. 158, pp. 332–347, Nov. 2015. K. Kim, T. Park, S. Bang, and H. Kim, “Real Options-Based Framework for Hydropower Plant Adaptation to Climate Change,” J. Manag. Eng., vol. 33, no. 3, pp. 1–11, 2017. R. Pringles, F. Olsina, and F. Garcés, “Power transmission investment under uncertainty: A Real Option framework,” 2015 18th Int. Conf. Intell. Syst. Appl. to Power Syst. ISAP 2015, pp. 1–7, 2015. M. Jeuland and D. Whittington, “Water resources planning under climate change: Assessing the robustness of real options for the Blue Nile,” Water Resour. Res., vol. 50, no. 3, pp. 2086–2107, 2014. S. Sazonov, I. Ezangina, E. Makarova, N. Gorshkova, and K. Vaysbeyn, “Alternative sources of business development: Mezzanine financing,” Sci. Pap. Univ. Pardubice. Ser. D Fac. Econ. Adm., vol. 23, no. 37, pp. 143–155, May 2016. S. Jain, “Investing in Credit Series: Mezzanine Debt,” Ssrn, no. June, pp. 1–15, 2012. C. Silbernagel, “Mezzanine finance,” ACT Companion to Treas. Manag., p. 106, 1999. J. Svedik and L. Tetrevova, “Mezzanine financing instruments as alternative sources of financing industrial enterprises,” in METAL 2014 - 23rd International Conference on Metallurgy and Materials, Conference Proceedings, 2014, pp. 1908–1913. T. Hartmann-Wendels, G. Keienburg, and S. Sievers, “Adverse selection, investor experience and security choice in venture capital finance: Evidence from Germany,” Eur. Financ. Manag., vol. 17, no. 3, pp. 464–499, 2011. B. Espen-Eckbo and K. Thorburn, “Corporate restructuring,” Found. Trends Financ., vol. 7, no. 3, pp. 159–288, 2012. L. Pate and C. Wankel, “Emerging research directions in social entrepreneurship,” Emerg. Res. Dir. Soc. Entrep., pp. 1–231, 2014. A.-K. Achleitner, A. Heinecke, A. Noble, M. Schöning, and W. Spiess-Knafl, “Unlocking the Mystery: An Introduction to Social Investment,” Innov. Technol. Governance, Glob., vol. 6, pp. 145–154, Jul. 2011. R. Buttimer, S. Clark, and S. Ott, “Land development: Risk, return and risk management,” J. Real Estate Financ. Econ., vol. 36, no. 1, pp. 81–102, 2008. J. Węcławski, “Capital market financing of family enterprises,” Bus. Econ. Horizons, vol. 10, no. 4, pp. 272–280, 2015. R. Chatterjee, “The financial performance of companies acquiring very large takeover targets,” Appl. Financ. Econ., vol. 10, no. 2, pp. 185–191, 2000. B. Ananth, “Financing microfinance - The ICICI Bank partnership model,” Small Enterp. Dev., vol. 16, no. 1, pp. 57–65, 2005. G. Franke and J. Hein, “Securitization of mezzanine capital in Germany,” Financ. Mark. Portf. Manag., vol. 22, no. 3, pp. 219–240, 2008. J. Madura, International Financial Management. Cengage Learning, 2011. F. Strobel, “International tax arbitrage, currency options and put-call parity conditions,” J. Int. Financ. Mark. Institutions Money, vol. 22, pp. 473–486, Jul. 2012. J. González-Ruíz, C. Arboleda, and S. Botero, “A Proposal for Green Financing as a Mechanism to Increase Private Participation in Sustainable Water Infrastructure Systems: The Colombian Case,” Procedia Eng., vol. 145, pp. 180–187, 2016. G. Milanesi, “Teoria de opciones: modelos especificos y aplicaciones para valorar estrategias, activos reales e instrumentos financieros,” Editor. la Univ. Nac. del Sur, p. 256, 2013. P. Lamothe and M. Mendez, Opciones reales: metodos de simulacion y valoracion. Ecobook - Editorial del Economista, 2013. T. Copeland and V. Antikarov, Real Options: A Practitioner’s Guide, Ilustrada. la Universidad de Michigan, 2001. J. Ruiz and J. Navarro, “Valoración y análisis de riesgo para concesiones viales en Colombia marco teórico y desarrollo,” Bogotá - Uniandes, 2010. J. Posada, I. Sarmiento, and A. Correa, “Consumo de combustible en camiones según peso del vehículo y otras variables,” Universidad Nacional de Colombia, 2014. |
| dc.rights.spa.fl_str_mv |
Derechos reservados - Universidad Nacional de Colombia |
| dc.rights.coar.fl_str_mv |
http://purl.org/coar/access_right/c_abf2 |
| dc.rights.license.spa.fl_str_mv |
Atribución-SinDerivadas 4.0 Internacional Atribución-SinDerivadas 4.0 Internacional |
| dc.rights.spa.spa.fl_str_mv |
Acceso abierto |
| dc.rights.uri.spa.fl_str_mv |
http://creativecommons.org/licenses/by-nd/4.0/ |
| dc.rights.accessrights.spa.fl_str_mv |
info:eu-repo/semantics/openAccess |
| rights_invalid_str_mv |
Atribución-SinDerivadas 4.0 Internacional Derechos reservados - Universidad Nacional de Colombia Acceso abierto http://creativecommons.org/licenses/by-nd/4.0/ http://purl.org/coar/access_right/c_abf2 |
| eu_rights_str_mv |
openAccess |
| dc.format.extent.spa.fl_str_mv |
131 |
| dc.format.mimetype.spa.fl_str_mv |
application/pdf |
| dc.publisher.program.spa.fl_str_mv |
Medellín - Minas - Maestría en Ingeniería Administrativa |
| dc.publisher.department.spa.fl_str_mv |
Departamento de Ingeniería de la Organización |
| dc.publisher.branch.spa.fl_str_mv |
Universidad Nacional de Colombia - Sede Medellín |
| institution |
Universidad Nacional de Colombia |
| bitstream.url.fl_str_mv |
https://repositorio.unal.edu.co/bitstream/unal/78803/4/1098708854.2020.pdf https://repositorio.unal.edu.co/bitstream/unal/78803/6/license_rdf https://repositorio.unal.edu.co/bitstream/unal/78803/5/license.txt https://repositorio.unal.edu.co/bitstream/unal/78803/7/1098708854.2020.pdf.jpg |
| bitstream.checksum.fl_str_mv |
49e31ad5bbf5e35048000ce48d966aa7 dab767be7a093b539031785b3bf95490 cccfe52f796b7c63423298c2d3365fc6 4933b26707c563ba94a30e2bfe6904a8 |
| bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 |
| repository.name.fl_str_mv |
Repositorio Institucional Universidad Nacional de Colombia |
| repository.mail.fl_str_mv |
repositorio_nal@unal.edu.co |
| _version_ |
1814090217257172992 |
| spelling |
Atribución-SinDerivadas 4.0 InternacionalAtribución-SinDerivadas 4.0 InternacionalDerechos reservados - Universidad Nacional de ColombiaAcceso abiertohttp://creativecommons.org/licenses/by-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2González Ruiz, Juan David22471128-876b-43c4-9a49-6545c2f1c1bd-1Botero Botero, Sergioc1b34fab-305b-41c2-9270-3115a0d75021-1Aguilar Pedrozo, Luis Alejandro0a3a3fe7-fb14-45dc-89fe-94dc6beb2e69Universidad Nacional de Colombia - Sede Medellín2021-01-18T20:34:35Z2021-01-18T20:34:35Z2020-12-23L. Aguilar-Pedrozo, J. González-Ruíz and S. Botero, “Decision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing scheme”, Universidad Nacional de Colombia, 2020.https://repositorio.unal.edu.co/handle/unal/78803La financiación Mezzanine para proyectos de infraestructuras representa gran atractivo para diferentes tipos de inversores, aquí se valora la opción de conversión, del financiador a accionista, de un proyecto de infraestructura con enfoque sostenible empleando el análisis de opciones reales. El caso de estudio consiste en la aplicabilidad en una infraestructura de transporte en Colombia llamado el túnel del Oriente, considerando que este cumple con los criterios sostenibles para acceder a un crédito por medio de un bono sostenible. Para la valoración del derecho de conversión se emplea el análisis de opciones reales con enfoque binomial bajo el concepto de una opción tipo Call y apreciando que los activos subyacentes están basados en los ingresos por el pronóstico de la demanda estimada y la alternativa de la reducción de dióxido de carbono como factor sostenible. Los resultados arrojados indican que el beneficio de captura financiera con coeficiente de conversión 1 puede ser de hasta 39.10% del aporte por deuda, por la conversión accionista y puede crecer hasta el 6% si se monetiza los ingresos por el factor sostenible, destacando que la reducción de renta en impuestos se interpreta en un 11% de ganancia del FCV y el valor de la opción de conversión es 39.09% de la inversión. Para finalizar se concluye que la financiación de proyectos con la deuda Mezzanine es un método efectivo y atractivo para todo tipo de acreedores o financiadores que deseen potenciar sus retornos, inclinándose por proyectos sostenibles e inversiones responsables.Mezzanine debt for infrastructure projects can be a great attraction to many types of investors. This research values the conversion option of a funder of a sustainable infrastructure project, using real options analysis. The case is a transport infrastructure in Colombia called Tunel del Oriente, considering that it meets sustainable criteria to allow access to credit through a sustainable bond. The valuation of the right to exercise the conversion option employs the real options analysis with the binomial approach under the concept of a call option, and the underlying assets are based on revenues from the forecast of estimated demand and the alternative of sales carbon dioxide saved as the sustainable factor. The results released say the financial capture value, with 1 as conversion ratio, it could be up to 39.10% of the investment, when the lender makes a decision to become a shareholder and FCV can also increase by 6% more if the project sells TonCO2e saved by the sustainable factor, all highlighting that the tax benefits are around 11% of FCV if the project is sustainable, besides, the value of the option is 39.09% of the amount of the debt. Finally, project finance using Mezzanine debt proves to be an effective and attractive method for any type of creditor, who wants to boost profit while supporting the community and the environment with sustainable projects and responsible investment.Maestría131application/pdfeng330 - Economía::332 - Economía financiera650 - Gerencia y servicios auxiliares::658 - Gerencia generalSustainable InfrastructureMezzanine DebtReal OptionsProject financeInfrastructure projectsPublic-Private PartnershipInfraestructura sostenibleDeuda MezzanineOpciones realesFinanciación de proyectosproyectos de infraestructurasAsociación Publico PrivadaModelo de decisión de ejercicio de una opción de accionista en proyectos de infraestructura sostenible bajo un esquema de financiación tipo MezzanineDecision model to exercise a shareholder option in sustainable infrastructure projects under a Mezzanine financing schemeDocumento de trabajoinfo:eu-repo/semantics/workingPaperinfo:eu-repo/semantics/acceptedVersionhttp://purl.org/coar/resource_type/c_8042Texthttp://purl.org/redcol/resource_type/WPMedellín - Minas - Maestría en Ingeniería AdministrativaDepartamento de Ingeniería de la OrganizaciónUniversidad Nacional de Colombia - Sede MedellínJ. Gonzalez-Ruiz, A. Arboleda, S. Botero, and J. Rojo, “Investment valuation model for sustainable infrastructure systems: Mezzanine debt for water projects,” Eng. Constr. Archit. Manag., vol. 26, no. 5, pp. 850–884, 2019.K. Kim, H. Cho, and D. Yook, “Financing for a sustainable PPP development: Valuation of the contractual rights under exercise conditions for an urban railway PPP Project in Korea,” Sustain., vol. 11, no. 6, 2019.J. Liu, X. Yu, and C. Cheah, “Evaluation of restrictive competition in PPP projects using real option approach,” Int. J. Proj. Manag., vol. 32, no. 3, pp. 473–481, 2014.D. Ford, D. Lander, and J. Voyer, “A real options approach to valuing strategic flexibility in uncertain construction projects,” Constr. Manag. Econ., vol. 20, no. 4, pp. 343–351, 2002.M. Ahmed, “Successful delivery of public-private partnerships for infrastructure development,” J. Constr. Eng. Manag., vol. 133, no. 12, pp. 918–931, 2007.M. Garvin and C. Cheah, “Valuation techniques for infrastructive investment decisions,” Constr. Manag. Econ., vol. 22, no. 4, pp. 373–383, 2004.X. Zhang, “Critical success factors for public-private partnerships in infrastructure development,” J. Constr. Eng. Manag., vol. 131, no. 1, pp. 3–14, 2005.M. Siemiatycki, “Public-Private Partnership Networks: Exploring Business-Government Relationships in United Kingdom Transportation Projects,” Econ. Geogr., vol. 87, no. 3, pp. 309–334, 2011.C.-Y. Liu, H.-H. Chang, and C.-C. Ko, “Evaluating carbon emissions trading strategy for sustainable energy,” Energy Procedia, vol. 61, pp. 739–742, 2014.M. Garvin, “Enabling development of the transportation public-private partnership market in the United States,” J. Constr. Eng. Manag., vol. 136, no. 4, pp. 402–411, 2010.M. Jefferies and W. McGeorge, “Using public-private partnerships (PPPs) to procure social infrastructure in Australia,” Eng. Constr. Archit. Manag., vol. 16, pp. 415–437, Sep. 2009.L. Brandao and E. Saraiva, “The option value of government guarantees in infrastructure projects,” Constr. Manag. Econ., vol. 26, no. 11, pp. 1171–1180, 2008.C. Arboleda and D. Abraham, “Evaluation of flexibility in capital investments of infrastructure systems,” Eng. Constr. Archit. Manag., vol. 13, no. 3, pp. 254–274, 2006.Y. Xenidis and D. Angelides, “The financial risks in build-operate-transfer projects,” Constr. Manag. Econ., vol. 23, no. 4, pp. 431–441, 2005.S. Menheere, S. Pollalis, and R. Huijbregts, Case studies on build operate transfer. Delft, Netherlands: Delft University of Technology, Faculty of Architecture : Project Management and Real Estate Development, 1996.A. Marco, G. Mangano, and X. Y. Zou, “Factors influencing the equity share of build-operate-transfer projects,” Built Environ. Proj. Asset Manag., vol. 2, no. 1, pp. 70–85, 2012.J. Finnerty, “Project financing : asset-based financial engineering.” 2013.S. Bakatjan, M. Arikan, and R. Tiong, “Optimal capital structure model for BOT power projects in Turkey,” J. Constr. Eng. Manag., vol. 129, no. 1, pp. 89–97, 2003.X. Zhang, “Financial Viability Analysis and Capital Structure Optimization in Privatized Public Infrastructure Projects,” J. Constr. Eng. Manag., vol. 131, Jun. 2005.T. Zayed and L.-M. Chang, “Prototype Model for Build-Operate-Transfer Risk Assessment,” J. Manag. Eng., vol. 18, no. 1, pp. 7–16, Jan. 2002.L. Shen, A. Platten, and X. P. Deng, “Role of public private partnerships to manage risks in public sector projects in Hong Kong,” Int. J. Proj. Manag., vol. 24, no. 7, pp. 587–594, 2006.B. Li, A. Akintoye, P. Edwards, and C. Hardcastle, “The allocation of risk in PPP/PFI construction projects in the UK,” Int. J. Proj. Manag., vol. 23, no. 1, pp. 25–35, 2005.A. Akintola, T. Craig, and F. Eamon, “Risk analysis and management of Private Finance Initiative projects,” Eng. Constr. Archit. Manag., vol. 5, no. 1, pp. 9–21, Jan. 1998.B. Ashuri, H. Kashani, K. R. Molenaar, S. Lee, and J. Lu, “Risk-neutral pricing approach for evaluating BOT highway projects with government minimum revenue guarantee options,” J. Constr. Eng. Manag., vol. 138, no. 4, pp. 545–557, 2012.H. Mattar and C. Cheah, “Valuing large engineering projects under uncertainty: Private risk effects and real options,” Constr. Manag. Econ., vol. 24, no. 8, pp. 847–860, 2006.J. Schaufelberger and I. Wipadapisut, “Alternate Financing Strategies for Build-Operate-Transfer Projects,” J. Constr. Eng. Manag., vol. 129, no. 2, pp. 205–213, Apr. 2003.B. Eales, “Financial Risk Management,” McGraw-Hill Companies, Berksh. U.K., 1994.M. Kumaraswamy and X. Zhang, “Governmental Role in BOT-Led Infrastructure Development,” Int. J. Proj. Manag., vol. 19, pp. 195–205, May 2001.R. L. Tiong, “Risks and Guarantees in BOT Tender,” J. Constr. Eng. Manag., vol. 121, no. 2, pp. 183–188, Jun. 1995.D. Mauer and S. Sarkar, “Real options, agency conflicts, and optimal capital structure,” J. Bank. Financ., vol. 29, no. 6, pp. 1405–1428, 2005.O. Adetunji and A. Owolabi, “Real Options and Government Supports to Infrastructure Investments: An Empirical Study,” J. Mod. Account. Audit., vol. 13, no. 5, pp. 196–215, 2017.G. Power, D. Tandja M., J. Bastien, and P. Gregoire, “Measuring infrastructure investment option value,” J. Risk Financ., vol. 16, no. 1, pp. 49–72, 2015.C. Cui, Y. Liu, A. Hope, and J. Wang, “Review of studies on the public–private partnerships (PPP) for infrastructure projects,” Int. J. Proj. Manag., vol. 36, no. 5, pp. 773–794, 2018.E. Effah and A. Chan, “Identifying public‐private partnership (PPP) risks in managing water supply projects in Ghana,” J. Facil. Manag., vol. 11, no. 2, pp. 152–182, Jan. 2013.Y. Ke, S. Wang, A. Chan, and P. Lam, “Preferred risk allocation in China’s public–private partnership (PPP) projects,” Int. J. Proj. Manag., vol. 28, no. 5, pp. 482–492, 2010.C. Chen, “Can the pilot BOT Project provide a template for future projects? A case study of the Chengdu No. 6 Water Plant B Project,” Int. J. Proj. Manag., vol. 27, no. 6, pp. 573–583, 2009.Y. Huang and S. Chou, “Valuation of the minimum revenue guarantee and the option to abandon in BOT infrastructure projects,” Constr. Manag. Econ., vol. 24, no. 4, pp. 379–389, Apr. 2006.M. Durica, D. Guttenova, L. Pinda, and L. Svabova, “Sustainable value of investment in real estate: Real options approach,” Sustain., vol. 10, no. 12, 2018.R. Bybee, “Planet Earth in Crisis: How Should Science Educators Respond?,” Am. Biol. Teach., vol. 53, no. 3, pp. 146 LP – 153, Mar. 1991.M. Spackman, “Handling non-monetised factors in project , programme and policy appraisal Michael Spackman Policy paper Grantham Research Institute on Climate Change and,” no. May, pp. 1–37, 2013.P. Johnston, M. Everard, D. Santillo, and K.-H. Robèrt, “Reclaiming the Definition of Sustainability,” Environ. Sci. Pollut. Res. - Int., vol. 14, no. 1, pp. 60–66, 2007.M. O’Connor, “The ‘Four Spheres’ framework for sustainability,” Ecol. Complex. - ECOL COMPLEX, vol. 3, pp. 285–292, Dec. 2006.L. Xu and D. Marinova, “Resilience thinking: a bibliometric analysis of socio-ecological research,” Scientometrics, vol. 96, no. 3, pp. 911–927, 2013.D. Basu, A. Misra, and A. Puppala, “Sustainability and geotechnical engineering: Perspectives and review,” Can. Geotech. J., vol. 52, pp. 96–113, Jan. 2015.C.-C. Ko, C.-Y. Liu, Z.-Y. Chen, and J. Zhou, “Analysis of subsidy strategy for sustainable development of environmental protection policy,” in 2nd International Workshop on Environment and Geoscience, IWEG 2019, 2019, vol. 349, no. 1.D. Stanners et al., “Frameworks for environmental assessment and indicators at the EEA,” Sustain. Indic., pp. 127–144, 2007.G. Shaw, J. Kenny, A. Kumar, and D. Hood, “Sustainable infrastructure operations: A review of assessment schemes and decision support,” in Proceedings of the 25th Australian Road Research Board Conference, L. Chong, Ed. Australia: Australian Road Research Board (ARRB), 2012, pp. 1–18.A. Umer, K. Hewage, H. Haider, and R. Sadiq, “Sustainability assessment of roadway projects under uncertainty using Green Proforma: An index-based approach,” Int. J. Sustain. Built Environ., vol. 5, no. 2, pp. 604–619, 2016.S. Whistler, J. Leitner, and W. Stewart, “Are national infrastructure plans SDG-Aligned, and how can investors play their part?,” Initiat. Unep Financ. Compact. U N Glob., p. 17, 2020.M. Ferreira, V. Sobreiro, H. Kimura, and F. Barboza, “A systematic review of literature about finance and sustainability,” J. Sustain. Financ. Invest., vol. 6, no. 2, pp. 112–147, 2016.A. Reidy, A. Kumar, and S. Kajewski, “Front end decision making for road projects-A sustainability framework,” 8th Int. Conf. Maint. Rehabil. Pavements, pp. 828–837, 2016.A. Shaydurova, S. Panova, R. Fedosova, and G. Zlotnikova, “Investment attractiveness of ‘Green’ financial instruments,” J. Rev. Glob. Econ., vol. 7, no. Special Issue, pp. 710–715, 2018.World Commission on Environment and Development, Our Common Future. Oxford University Press, 1987.H. Egler and R. Frazao, “Sustainable infrastructure and finance: how to contribute to a sustainable future,” no. June, p. 41, 2016.A. Bhattacharya, C. Contreras, M. Jeong, A.-L. Amin, G. Watkins, and M. Silva, “Atributos y Marco para la Infraestructura Sostenible,” 2019.J. González-Ruíz, S. Botero, and E. Duque, “Financial eco-innovation as a mechanism for fostering the development of sustainable infrastructure systems,” Sustain., vol. 10, no. 12, 2018.S. Arvidsson, Challenges in managing sustainable business reporting, taxation, ethics and governance. Springer International Publishing, 2018.N. Kokkaew and T. Sampima, “Improving Economic Assessments of Clean Development Mechanism Projects Using Real Options,” Energy Procedia, vol. 52, pp. 449–458, Jan. 2014.C. Radavoi and Y. Bian, “The Asian Infrastructure Investment Bank’s environmental and social policies: a critical discourse analysis,” J. Int. Comp. Soc. Policy, vol. 34, no. 1, pp. 1–18, 2018.S. Alam and A. Kumar, “Sustainability outcomes of infrastructure sustainability rating schemes for road projects,” Australas. Transp. Res. Forum, no. October, pp. 1–9, 2013.R. Gupta, J. Morris, and D. Espinoza, “Financial Sustainability as a Metric for Infrastructure Projects,” pp. 653–662.J. Diaz-Sarachaga, D. Jato-Espino, B. Alsulami, and D. Castro-Fresno, “Evaluation of existing sustainable infrastructure rating systems for their application in developing countries,” Ecol. Indic., vol. 71, pp. 491–502, 2016.O. Ugwu and T. Haupt, “Key performance indicators for infrastructure sustainability – a comparative study between Hong Kong and South Africa,” J. Eng. Des. Technol., vol. 3, no. 1, pp. 30–43, Jan. 2005.I. Cadez and S. Hofmann, “Sustainability assessment scheme for transport infrastructure projects,” Bautechnik, vol. 90, no. 10, pp. 609–613, 2013.D. Marlow, D. Beale, and S. Burn, “A pathway to a more sustainable water sector: Sustainability-based asset management,” Water Sci. Technol., vol. 61, pp. 1245–1255, Mar. 2010.R. Flores, C. Montoliu, and E. Guedella Bustamante, “Life Cycle Engineering for Roads (LCE4ROADS), the New Sustainability Certification System for Roads from the LCE4ROADS FP7 Project,” Transp. Res. Procedia, vol. 14, pp. 896–905, 2016.E. Boschmann and M.-P. Kwan, “Toward Socially Sustainable Urban Transportation: Progress and Potentials,” Int. J. Sustain. Transp., vol. 2, no. 3, pp. 138–157, Mar. 2008.C. Clevenger, M. Ozbek, and S. Simpson, “Review of sustainability rating systems used for infrastructure projects,” Proc. 49th ASC Annu. Int, pp. 10–13, Jan. 2013.K. Griffiths, C. Boyle, and T. Henning, “Comparison of project performance assessed by infrastructure sustainability rating tools,” Proc. Inst. Civ. Eng. Eng. Sustain., vol. 172, no. 5, pp. 232–240, 2018.K. Griffiths, C. Boyle, and T. Henning, “Beyond the certification badge-How infrastructure sustainability rating tools impact on individual, organizational, and industry practice,” Sustain., vol. 10, no. 4, 2018.O. Chupin, J. Piau, and A. Chabot, “Evaluation of the structure-induced rolling resistance (SRR) for pavements including viscoelastic material layers,” Mater. Struct., vol. 46, no. 4, pp. 683–696, 2013.S. Lim, “Framework and Processes for Enhancing Sustainability Deliverables in Australian Road Infrastructure Projects,” Supply Chain Manag., pp. 1–347, 2009.K. Griffiths, Project sustainability management in infrastructure projects. 2007.D. Papajohn, C. Brinker, and M. El-Asmar, “MARS: Metaframework for Assessing Ratings of Sustainability for Buildings and Infrastructure,” J. Manag. Eng., vol. 33, no. 1, 2017.I. Linkov, F. K. Satterstrom, G. Kiker, C. Batchelor, T. Bridges, and E. Ferguson, “From comparative risk assessment to multi-criteria decision analysis and adaptive management: Recent developments and applications,” Environ. Int., vol. 32, no. 8, pp. 1072–1093, 2006.R. B. Gibson, “Sustainability assessment: basic components of a practical approach,” Impact Assess. Proj. Apprais., vol. 24, no. 3, pp. 170–182, Sep. 2006.D. Espinoza and J. Morris, “Decoupled NPV: a simple, improved method to value infrastructure investments,” Constr. Manag. Econ., vol. 31, no. 5, pp. 471–496, 2013.D. Aggarwal and V. Elembilassery, “Sustainable finance in emerging markets: A venture capital investment decision Dilemma,” South Asian J. Bus. Manag. Cases, vol. 7, no. 2, pp. 131–143, 2018.L. Shen, V. Tam, L. Gan, K. Ye, and Z. Zhao, “Improving sustainability performance for public-private-partnership (PPP) projects,” Sustain., vol. 8, no. 3, 2016.P. Love, J. Liu, J. Matthews, C.-P. Sing, and J. Smith, “Future proofing PPPs: Life-cycle performance measurement and Building Information Modelling,” Autom. Constr., vol. 56, pp. 26–35, 2015.J. Yuan, C. Wang, M. Skibniewski, and Q. Li, “Developing Key Performance Indicators for Public-Private Partnership Projects: Questionnaire Survey and Analysis,” J. Manag. Eng., vol. 28, no. 3, pp. 252–264, Jul. 2012.J. L. Ibarguen-Valverde, J. E. Angulo-López, J. Rodríguez-Salcedo, and O. Prías-Caicedo, “Indicators of energetic performance: A path to sustainability. ‘a case study of a high-roasting industry of coffee,’” DYNA, vol. 84, no. 203, pp. 184–191, 2017.C. Vergara, G. Mendoza, J. Bravo, and M. Contreras, “Evaluation of the Carbon Footprint in the Production of Aggregate Materials for Construction in the Municipality of Toluviejo,” no. July 2018, pp. 19–21.M. Petrović-Ranđelović, P. Mitić, A. Zdravković, D. Cvetanović, and S. Cvetanović, “Economic growth and carbon emissions: evidence from CIVETS countries,” Appl. Econ., vol. 52, no. 16, pp. 1806–1815, 2020.P. Wesseh and B. Lin, “A real options valuation of Chinese wind energy technologies for power generation: Do benefits from the feed-in tariffs outweigh costs?,” J. Clean. Prod., vol. 112, pp. 1591–1599, 2016.G. Romero, A. Álvarez, S. Calderón, and D. Ordónez, “Impactos distributivos de un impuesto al carbono en Colombia: vínculo entre modelos de microsimulaciones y equilibrio general,” Lect. Econ., no. 89, pp. 163–198, 2018.Corporación autonoma regional de Cundinamarca CAR, “Guía metodológica para el cálculo de la huella de carbono corporativa a nivel sectorial.” 2013.T. Luehrman, “What’s it worth? A general manager’s guide to valuation,” Harv. Bus. Rev., vol. 75, no. 3, pp. 132–42, 1997.Y. Kim, K. Shin, J. Ahn, and E.-B. Lee, “Probabilistic cash flow-based optimal investment timing using two-color rainbow options valuation for economic sustainability appraisement,” Sustain., vol. 9, no. 10, 2017.R. Brealey and S. Myers, Principles of Corporate Finance with Cdrom, 6th ed. McGraw-Hill Higher Education, 2000.F. Kabir and R. Parra, Financing large projects : using project finance techniques and practices. Singapore: Pearson/Prentice Hall, 2003.S.-H. Ho and S.-H. Liao, “A fuzzy real option approach for investment project valuation,” Expert Syst. Appl., vol. 38, no. 12, pp. 15296–15302, 2011.Z. Tong and T. Chung-Li, “Valuing Flexibility in Infrastructure Expansion,” J. Infrastruct. Syst., vol. 9, no. 3, pp. 89–97, Sep. 2003.L. Trigeorgis, “Making use of real option simple: an overview and applications in flexible/ modular decision making,” Eng. Econ., vol. 50, no. 1, pp. 25–53, Mar. 2005.J. Shi, K. Duan, S. Wen, and R. Zhang, “Investment Valuation Model of Public Rental Housing PPP Project for Private Sector: A Real Option Perspective,” Sustainability, vol. 11, no. 7, p. 1857, Mar. 2019.F. Gijsen, “Added Value Of Different Approaches Of Real Options In Transportation Infrastructure Projects Decision-making,” TU Delft, pp. 1–10, 2016.R. Merton, “The Theory of Rational Option Pricing,” Bell J Econ Manag. Sci, vol. 4, pp. 141–183, Mar. 1973.J. Martins, R. Marques, and C. Cruz, “Real options in infrastructure: Revisiting the literature,” J. Infrastruct. Syst., vol. 21, no. 1, Mar. 2015.B. Lambrecht, “Real options in finance,” J. Bank. Financ., vol. 81, pp. 166–171, Aug. 2017.L. Trigeorgis and S. P. Mason, “Valuing Managerial Flexibility,” Midl. Corp. Financ. J., vol. 5, pp. 14–21, 1987.M. Mendez and P. Lamothe, Opciones reales: Métodos de simulación y valoración. 2013.A. Calle and V. Tamayo, “Decisiones de inversión a través de opciones reales,” Estud. Gerenciales, vol. 25, no. 111, pp. 107–126, 2009.W. Meszek and A. Dziadosz, “Estimation of certain parameters of Black-Scholes model in analysing effectiveness of development investments,” in 3rd International Workshop on Flexibility in Sustainable Construction, ORSDCE 2018, 2018, vol. 222.A. Berk and D. Podhraski, “Superiority of Monte Carlo simulation in valuing real options within public-private partnerships,” Risk Manag., vol. 20, no. 1, pp. 1–28, 2018.J. Cox, S. Ross, and M. Rubinstein, “Option pricing: A simplified approach,” J. financ. econ., vol. 7, no. 3, pp. 229–263, 1979.P. Boyle, “A lattice framework for option pricing with two state variables,” Journal of financial and quantitative analysis, vol. 23, no. 1. Cambridge University Press, New York, NY [u.a.], pp. 1–12, 1988.P. Pichayapan, K. Kishi, S. Hino, and K. Sato, “Real Option Analysis (ROA) in Evaluation of Expressway Projects Under Uncertainties,” J. East. Asia Soc. Transp. Stud., vol. 5 (CD-ROM), 2003.N. Chiara, S. Asce, M. Garvin, M. Asce, and J. Vecer, “Valuing simple multiple-exercise real options in infrastructure projects,” J. Infrastruct. Syst., vol. 13, no. 2, pp. 97–104, 2007.S. Ho and L. Liu, “An option pricing-based model for evaluating the financial viability of privatized infrastructure projects,” Constr. Manag. Econ., vol. 20, no. 2, pp. 143–156, 2002.T. Zhao, S. Sundararajan, and C.-L. Tseng, “Highway Development Decision-Making under Uncertainty: A Real Options Approach,” J. Infrastruct. Syst., vol. 10, no. 1, pp. 23–32, Mar. 2004.F. Buyukyoran and S. Gundes, “Optimized real options-based approach for government guarantees in PPP toll road projects,” Constr. Manag. Econ., pp. 1–14, Jul. 2017.M. Esders, B. Adey, and N. Lethanh, “Using real option methods as a tool to determine optimal building work programs.,” Struct. Infrastruct. Eng. Maintenance, Manag. Life-Cycle Des. Perform., vol. 12, no. 11, pp. 1395–1410, Nov. 2016.G. Fitch, I. Odeh, F. Kautz, and C. Ibbs, “System dynamics models for the valuation of real options in P3 concession project agreements,” J. Infrastruct. Syst., vol. 24, no. 1, pp. 1–13, 2018.C. Dolan, J. Blanchet, G. Iyengar, and U. Lall, “A model robust real options valuation methodology incorporating climate risk,” Resour. Policy, vol. 57, no. January, pp. 81–87, 2018.International Federation of Accountants IFAC, “Project and Investment Appraisal for Sustainable Value Creation,” no. November 2012. p. 31, 2013.M. Linnenluecke, T. Smith, and B. McKnight, “Environmental finance: A research agenda for interdisciplinary finance research,” Econ. Model., vol. 59, pp. 124–130, 2016.T. Grzeszczyk and M. Waszkiewicz, “Sustainable investment project evaluation,” Entrep. Sustain. Issues, vol. 7, no. 3, pp. 2363–2381, 2020.M. Rodrigues et al., “Financial Analysis of Investments in Forest Concession for Amazon Brazilian By Deterministic and Stochastic Methods,” Cerne, vol. 25, no. 4, pp. 482–490, 2019.C.-C. Ko, C.-Y. Liu, Z.-Y. Chen, and J. Zhou, “Sustainable development economic strategy model for reducing carbon emission by using real options approach,” Sustain., vol. 11, no. 19, p. 14, 2019.T. Lin, C.-C. Ko, and H.-N. Yeh, “Applying real options in investment decisions relating to environmental pollution,” Energy Policy, vol. 35, no. 4, pp. 2426–2432, 2007.K. Torani, G. Rausser, and D. Zilberman, “Innovation subsidies versus consumer subsidies: A real options analysis of solar energy,” Energy Policy, vol. 92, pp. 255–269, 2016.J. Kim, H. Park, J. Chun, and S. Li, “Adaptation strategies under climate change for sustainable agricultural productivity in Cambodia,” Sustainability, vol. 10, no. 12. 01-Dec-2018.A. Ansaripoor and F. Oliveira, “Flexible lease contracts in the fleet replacement problem with alternative fuel vehicles: A real-options approach,” Eur. J. Oper. Res., vol. 266, no. 1, pp. 316–327, 2018.H. Herath, T. Herath, and P. Dunn, “Profit-Driven Corporate Social Responsibility as a Bayesian Real Option in Green Computing,” J. Bus. Ethics, vol. 158, no. 2, pp. 387–402, 2019.N. Ochi, “Reporting of real option value related to ESG: Including complementary systems for disclosure incentives,” Int. J. Financ. Res., vol. 9, no. 4, pp. 19–34, 2018.T. Lin, S.-Y. Hsu, and C.-C. Chang, “Evaluation of decision-making for the optimal value of sustainable enterprise development under global 100 index thinking,” Sustain., vol. 11, no. 4, 2019.N. Boonchanta, “A Tool for the Analysis of Real Options in Sustainability Improvement Projects,” vol. 5, no. August, 2012.I. Marfori, A. Culaba, A. Ubando, R. Almonares, and W. Chen, “Determining the Sustainability of a Community Micro Hydro Power System using Real Options Analysis,” IOP Conf. Ser. Earth Environ. Sci., vol. 268, no. 1, 2019.J. Marques, M. Cunha, and D. Savić, “Using real options for an eco-friendly design of water distribution systems,” J. Hydroinformatics, vol. 17, no. 1, pp. 20–35, 2015.M. Knoope, A. Ramírez, and A. Faaij, “The influence of uncertainty in the development of a CO2 infrastructure network.,” Appl. Energy, vol. 158, pp. 332–347, Nov. 2015.K. Kim, T. Park, S. Bang, and H. Kim, “Real Options-Based Framework for Hydropower Plant Adaptation to Climate Change,” J. Manag. Eng., vol. 33, no. 3, pp. 1–11, 2017.R. Pringles, F. Olsina, and F. Garcés, “Power transmission investment under uncertainty: A Real Option framework,” 2015 18th Int. Conf. Intell. Syst. Appl. to Power Syst. ISAP 2015, pp. 1–7, 2015.M. Jeuland and D. Whittington, “Water resources planning under climate change: Assessing the robustness of real options for the Blue Nile,” Water Resour. Res., vol. 50, no. 3, pp. 2086–2107, 2014.S. Sazonov, I. Ezangina, E. Makarova, N. Gorshkova, and K. Vaysbeyn, “Alternative sources of business development: Mezzanine financing,” Sci. Pap. Univ. Pardubice. Ser. D Fac. Econ. Adm., vol. 23, no. 37, pp. 143–155, May 2016.S. Jain, “Investing in Credit Series: Mezzanine Debt,” Ssrn, no. June, pp. 1–15, 2012.C. Silbernagel, “Mezzanine finance,” ACT Companion to Treas. Manag., p. 106, 1999.J. Svedik and L. Tetrevova, “Mezzanine financing instruments as alternative sources of financing industrial enterprises,” in METAL 2014 - 23rd International Conference on Metallurgy and Materials, Conference Proceedings, 2014, pp. 1908–1913.T. Hartmann-Wendels, G. Keienburg, and S. Sievers, “Adverse selection, investor experience and security choice in venture capital finance: Evidence from Germany,” Eur. Financ. Manag., vol. 17, no. 3, pp. 464–499, 2011.B. Espen-Eckbo and K. Thorburn, “Corporate restructuring,” Found. Trends Financ., vol. 7, no. 3, pp. 159–288, 2012.L. Pate and C. Wankel, “Emerging research directions in social entrepreneurship,” Emerg. Res. Dir. Soc. Entrep., pp. 1–231, 2014.A.-K. Achleitner, A. Heinecke, A. Noble, M. Schöning, and W. Spiess-Knafl, “Unlocking the Mystery: An Introduction to Social Investment,” Innov. Technol. Governance, Glob., vol. 6, pp. 145–154, Jul. 2011.R. Buttimer, S. Clark, and S. Ott, “Land development: Risk, return and risk management,” J. Real Estate Financ. Econ., vol. 36, no. 1, pp. 81–102, 2008.J. Węcławski, “Capital market financing of family enterprises,” Bus. Econ. Horizons, vol. 10, no. 4, pp. 272–280, 2015.R. Chatterjee, “The financial performance of companies acquiring very large takeover targets,” Appl. Financ. Econ., vol. 10, no. 2, pp. 185–191, 2000.B. Ananth, “Financing microfinance - The ICICI Bank partnership model,” Small Enterp. Dev., vol. 16, no. 1, pp. 57–65, 2005.G. Franke and J. Hein, “Securitization of mezzanine capital in Germany,” Financ. Mark. Portf. Manag., vol. 22, no. 3, pp. 219–240, 2008.J. Madura, International Financial Management. Cengage Learning, 2011.F. Strobel, “International tax arbitrage, currency options and put-call parity conditions,” J. Int. Financ. Mark. Institutions Money, vol. 22, pp. 473–486, Jul. 2012.J. González-Ruíz, C. Arboleda, and S. Botero, “A Proposal for Green Financing as a Mechanism to Increase Private Participation in Sustainable Water Infrastructure Systems: The Colombian Case,” Procedia Eng., vol. 145, pp. 180–187, 2016.G. Milanesi, “Teoria de opciones: modelos especificos y aplicaciones para valorar estrategias, activos reales e instrumentos financieros,” Editor. la Univ. Nac. del Sur, p. 256, 2013.P. Lamothe and M. Mendez, Opciones reales: metodos de simulacion y valoracion. Ecobook - Editorial del Economista, 2013.T. Copeland and V. Antikarov, Real Options: A Practitioner’s Guide, Ilustrada. la Universidad de Michigan, 2001.J. Ruiz and J. Navarro, “Valoración y análisis de riesgo para concesiones viales en Colombia marco teórico y desarrollo,” Bogotá - Uniandes, 2010.J. Posada, I. Sarmiento, and A. Correa, “Consumo de combustible en camiones según peso del vehículo y otras variables,” Universidad Nacional de Colombia, 2014.ORIGINAL1098708854.2020.pdf1098708854.2020.pdfTesis de Maestría en Ingeniería Administrativaapplication/pdf2218971https://repositorio.unal.edu.co/bitstream/unal/78803/4/1098708854.2020.pdf49e31ad5bbf5e35048000ce48d966aa7MD54CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8805https://repositorio.unal.edu.co/bitstream/unal/78803/6/license_rdfdab767be7a093b539031785b3bf95490MD56LICENSElicense.txtlicense.txttext/plain; charset=utf-83964https://repositorio.unal.edu.co/bitstream/unal/78803/5/license.txtcccfe52f796b7c63423298c2d3365fc6MD55THUMBNAIL1098708854.2020.pdf.jpg1098708854.2020.pdf.jpgGenerated Thumbnailimage/jpeg4974https://repositorio.unal.edu.co/bitstream/unal/78803/7/1098708854.2020.pdf.jpg4933b26707c563ba94a30e2bfe6904a8MD57unal/78803oai:repositorio.unal.edu.co:unal/788032024-07-20 23:11:18.01Repositorio Institucional Universidad Nacional de Colombiarepositorio_nal@unal.edu.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 |