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Ali, M M and Elazouni, A (2009) Finance-based CPM/LOB scheduling of projects with repetitive non-serial activities. Construction Management and Economics, 27(09), 839–56.

Castro, I, Galán, J L and Casanueva, C (2009) Antecedents of construction project coalitions: a study of the Spanish construction industry. Construction Management and Economics, 27(09), 809–22.

Damnjanovic, I and Zhou, X (2009) Impact of crude oil market behaviour on unit bid prices: the evidence from the highway construction sector. Construction Management and Economics, 27(09), 881–90.

  • Type: Journal Article
  • Keywords: unit bid cost; crude oil price; implied volatility; Extreme Bounds Analysis
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446190903171204
  • Abstract:
    It is well known that the cost of highway construction is affected by the cost of crude oil. While this relationship is highly visible for construction items such as asphalt cement (a by-product in the process of refining oil), the effects of the crude oil prices on the cost of other construction items, such as concrete cement or construction operations are less direct, but equally important. For unit-based contracts without price adjustment clauses, this relationship is of a particular significance. In fact, an increase in price of fuel could result in substantial losses, as contractors are not protected. Hence, to hedge against this risk, contractors are likely to incorporate a premium in bid prices to manage project risks. The objective of this paper is to investigate the evidence of this behaviour. New evidence shows that the expected change in oil prices (the difference between future and spot price) and the implied volatility in the oil market affect the price of bid items for contracts without price adjustment clauses. Such results allow for more effective implementation of risk management on project- and programme-level basis.

Kulatunga, U, Amaratunga, D and Haigh, R (2009) Critical success factors of construction research and development. Construction Management and Economics, 27(09), 891–900.

Laishram, B S and Kalidindi, S N (2009) Desirability rating analysis for debt financing of public–private partnership road projects. Construction Management and Economics, 27(09), 823–37.

Powell, A, Hassan, T M, Dainty, A R J and Carter, C (2009) Exploring gender differences in construction research: a European perspective. Construction Management and Economics, 27(09), 803–7.

Ruddock, L and Ruddock, S (2009) Reassessing productivity in the construction sector to reflect hidden innovation and the knowledge economy. Construction Management and Economics, 27(09), 871–9.

Shu-Shun, L and Shih, K-C (2009) A framework of critical resource chain for project schedule analysis. Construction Management and Economics, 27(09), 857–69.