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Public private partnership (P3) projects can face many internal and external risks affecting their development and implementation. As a result, this research explores the understudied risk factors underlying the U.S.' cancelled, deferred, and terminated (CDT) P3 projects. A database of CDT projects is developed. Of the projects identified as the U.S. surface transportation P3 population, 46% (31 out of 68) experienced cancellation, deferment or early contract termination. The research then applied a risk typology and a multi-case study method to the troubled cases to identify common risk factors. Data collection focused primarily on the identification of political (public and political voice, bureaucratic complexity) and economic risk factors. The most frequently identified factors across the 31 cancelled, deferred, or terminated cases include political opposition, local opposition, and inadequate demand projections. Since the paper studies the entire U.S. surface transportation P3 project population, the results serve to inform public agencies and private sector actors of possible friction points meriting consideration during P3 procurement planning. • 46% of U.S. surface transportation P3 projects have been cancelled, deferred, or terminated. • Political risk drivers can overwhelm an otherwise viable P3 project. • Exogenous economic shocks play an important role in project cancellation. • Some projects are structurally flawed and do not become viable via a P3 delivery method. • Citizen engagement in the political process influences decision-making. [ABSTRACT FROM AUTHOR]

As global economic activities expand, ecological deterioration has become an increasingly pressing issue. Achieving the Sustainable Development Goals (SDGs) require striking a balance between environmental sustainability and economic development. Consequently, examining the United States' efforts to foster ecological sustainability becomes crucial, given its status as the globe's largest economy. Thus, this study explores the effect of socioeconomic conditions, eco-innovation, financial risk, renewable energy, and political risk on CO 2 from 1985Q1 to 2020Q4. In pursuit of this objective, we introduce two new advanced techniques, including wavelet quantile regression (WQR) and wavelet nonparametric causality (WNQC). WQR allowed us to assess the strength and direction of the interrelationships, while WNQC helped determine causality. Moreover, these approaches enabled us to comprehensively explore the dynamic interactions between CO 2 and their driving factors across various quantiles and periods. The results consistently indicate the negative effects of eco-innovation and renewable energy on CO 2 across all quantiles and periods. Additionally, socioeconomic conditions, political risk, and financial risk were found to contribute to CO 2 in each quantile and time frame. Furthermore, the wavelet nonparametric causality analysis aligns with the results of wavelet quantile regression, reinforcing the significance of socioeconomic conditions, renewable energy, eco-innovation, political risk, and financial risk in influencing CO 2 across various quantiles and periods. These results have led to the implementation of various policies. [ABSTRACT FROM AUTHOR]

The many risks associated with fisheries management can be attributed to the substantial uncertainties that exist within fishery systems and their numerous possible consequences for fishers and fish stocks. Compounding these risks are the possible disparities between different fisheries professionals on the nature and source of these risks. This paper attempts to categorise the risks as reported by fishery scientists and managers in Australia and along the US Atlantic Coast. Through the use of semi-structured interview data, this paper attempts to provide a categorisation of the risks identified by fisheries professionals; and to compare the identified risks by professional group and by country. The analysis yields three broad categories and 12 subcategories of risk found in both nations. Results indicate that: (1) fisheries management risks can be broadly categorised through interview data; (2) the frequency of identification of a particular risk category reflects the management system in which they operate; and (3) risk categorisation could be useful from a risk management perspective as risks in different categories may be evaluated and managed using different risk management approaches. [ABSTRACT FROM AUTHOR]

This paper investigates the effect of resource nationalism on the value of petroleum (crude oil and natural gas) reserves. We develop a framework for treating resource nationalism as political risk, and utilize data on reserve transactions (from John S. Herold) and political risk ratings (from International Country Risk Guide and Institutional Investor) for the period 2000-2006. Controlling for other factors that affect reserve value, we demonstrate the value destruction of political risk, and estimate the political risk discount for 37 countries. The paper contributes to both the international business literature and practitioner approaches to political risk analysis in demonstrating use of publicly available market data from real-asset transactions to measure the cost of political risk. We also show that the discount depends on market conditions: the higher expected future petroleum prices are, the larger is the discount at any level of political risk. This insight adds a new dimension to analysis of political risk, which is typically measured and examined without regard to market conditions. [ABSTRACT FROM AUTHOR]

The case of the Danish construction company Christiani & Nielsen in the period 1941-1945 shows that Scandinavian companies were not just pawns in a bigger political game but were to a certain degree capable of promoting their own interests. This paper reveals that the political imperative is not only a matter of political risk but also of political opportunity. The history of Christiani & Nielsen offers a useful case of the political risks and fiscal opportunities faced by multinationals working in dictatorial settings. The paper concludes that, in a choice between a forestalling strategy and an absorption strategy, the latter offers a better way of managing such risks and to minimise exposure. [ABSTRACT FROM AUTHOR]

• This paper examines cross-border mergers and acquisitions undertaken by U.S. companies to determine whether geographic distance directly affects these firms' governance decisions. • We find that U.S. firms tend to acquire higher stakes in geographically proximate targets than in remote ones. • The paper also investigates the moderating effect of geographic distance on cultural distance and political risk. We find that as these two hazards increase, acquirers prefer shared ownership for proximate deals, and full ownership for acquisitions of geographically distant targets. These findings indicate that the previously-reported effects of cultural distance and political risk on FDI are not absolute, but they are moderated by geographic distance. [ABSTRACT FROM AUTHOR]

This research tests United States industry equity indices returns in order to determine if terrorism has some industry-specific effect. I use the event-study approach applied to 135 industrial equity return series in assessing industry level reaction to 11 September, the Bali bombing and the Madrid bombing. The event study method used in this paper is adjusted for GARCH effects. The results show that industries react unevenly to terrorism. Following 11 September, airline, hotel and leisure industries exhibit negative abnormal returns while water, defence and telecom experienced positive returns. There was little impact on the US industry equity returns with the Bali and the Madrid attacks, suggesting that US industries were only moderately sensitive to these attacks. [ABSTRACT FROM AUTHOR]