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Patient and impatient capital: time horizons as market boundaries

Abstract:

Since the 1980s privatisation and outsourcing have been promoted on grounds of efficiency and fiscal convenience. The argument here is that the appropriate choice between business and public enterprise is determined by the interaction between two time horizons, a financial time horizon and a project time horizon. The prevailing interest rate defines a credit time horizon. Among project appraisal methods, the payback period defines a unique temporal outer bound for private sector break-even. ...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
Oxford Economic and Social History Working Papers
Publication date:
2018-08-01
Paper number:
165
Pubs id:
1143525
Local pid:
pubs:1143525
Deposit date:
2020-12-14

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