Arbeitspapier
Do investors value cash flow stability of listed infrastructure funds?
I analyze cash flow characteristics of listed infrastructure investment companies and funds and compare this unique infrastructure sample with a non-infrastructure reference group. I confirm that infrastructure investment provide more stable cash flows than non-infrastructure investments. However, I do not find that investors positively value this cash flow stability. Instead, more volatile cash flows are valued with a premium. On the other hand, earnings management proxied by accrual volatility is valued with a discount. My paper offers evidence that higher infrastructure investments in general are valued with a positive 'infrastructure premium' that is not driven by more stable cash flows. I find additional indications that transparent financial and governance structures as well as regulatory risk play a significant role for the valuation of infrastructure investment companies and funds.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2012-01
- Klassifikation
-
Wirtschaft
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
- Thema
-
infrastructure funds
cash flow volatility
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bitsch, Florian
- Ereignis
-
Veröffentlichung
- (wer)
-
Technische Universität München, Center for Entrepreneurial and Financial Studies (CEFS)
- (wo)
-
München
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Bitsch, Florian
- Technische Universität München, Center for Entrepreneurial and Financial Studies (CEFS)
Entstanden
- 2012
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