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The Journal of Structured Finance

The Journal of Structured Finance

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Primary Article

Default Risk in Project Finance

Richard Klompjan and Marc J.F. Wouters
The Journal of Structured Finance Fall 2002, 8 (3) 10-21; DOI: https://doi.org/10.3905/jsf.2002.320283
Richard Klompjan
A financial engineer at the Strukton Integrale Projecten BV in the Netherlands.
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  • For correspondence: rklompjan@strukton.com
Marc J.F. Wouters
A professor of managerial accounting at the School of Technology and Management at the University of Twente in the Netherlands.
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  • For correspondence: m.j.f.wouters@sms.utwente.nl
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Abstract

Understanding default risk in project finance is relevant to investors. This article investigates which factors are most strongly associated with the occurrence of project finance default, using data from 210 projects, of which 37 were in default. The authors found that the use of proven technology, a sponsor with experience, a high debt service coverage ratio, and the absence of commercial risk cover are associated with lower default risk. The article also provides further insights into the relationships among the factors associated with default risk, and it discusses managerial implications for managing project finance default risk.

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The Journal of Structured Finance
Vol. 8, Issue 3
Fall 2002
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Default Risk in Project Finance
Richard Klompjan, Marc J.F. Wouters
The Journal of Structured Finance Oct 2002, 8 (3) 10-21; DOI: 10.3905/jsf.2002.320283

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Default Risk in Project Finance
Richard Klompjan, Marc J.F. Wouters
The Journal of Structured Finance Oct 2002, 8 (3) 10-21; DOI: 10.3905/jsf.2002.320283
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