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"Estache and Pinglo present a basic assessment of the financial performance of infrastructure service operators in developing Countries. They rely on a new database of 120 companies put together to track the evolution of the cost of capital , the cost of equity, and the return of equity for electricity, water and sanitation, railways, and port operators in 32 developing Countries distributed evenly across low-income, low-middle-income, and upper-middle-income countries. The authors show that between 1998 and 2002, the average cost of capital in developing Countries varied from less than 11 percent to over 15 percent across regions and sectors, while the cost of equity varied from around 13 percent to over 22 percent. Low-middle-income countries have recovered relatively well from the East Asia crisis, while low-income and upper-middle-income countries have seen their situation deter

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