Uma proposta de cálculo do prêmio mínimo de risco em projetos de infraestrutura

Abstract

The many peculiar characteristics of infrastructure investments hinder their evaluation as assets. The finance literature tends to pay little attention to such specifities, focusing on market risk and ignoring idiosyncratic risk, which it deems can be minimized by diversifying its portfolio. However, the necessity of a great amount of capital toward infrastructure projects and other factors hinders such diversification. Following Siffert Filho, Puga, and Ferreira (2021), this study offers a way to directly calculate the value of an infrastructure asset based on the risk matrix of the project, which had been elaborated on its planning phase. The proposed method also helps to evaluate how adopting a contractual structure that mitigates risks can affect projects attractiveness.