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nonfinancial contractsportfolio managementportfolio selectionrisk shiftingshifting nonfinancialcontracts effectseffects loanloan spreadsspreads capitalstructure projectproject financefinance dealsfactor basedbased indexsponsors lendersmathematische optimierungmathematical programmingcapital structureindex trackingdebt financingusing samplesample projectfinance loansloans worthworth billionbillion closedlenders relyrely networkcontracts mechanismmechanism controlcontrol agencyagency costscosts projectproject risksrisks reluctantreluctant priceprice creditcredit cheaplycheaply sponsorssponsors involvedinvolved projectrelevant contractscontracts finallysponsor involvementinvolvement contractualcontractual counterpartyspecial purposepurpose vehicledetermining levellevel leverageproject sponsorscash flowslevel spreaddebt equityequity ratioloan costcost bpsasset backed securitiesdeals riskdeals projectfinance collateralisedcollateralised debtdebt obligationsobligations empiricalempirical analysisanalysis spreadspread determinantsdeterminants riskdeals staying
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