@techreport{Bitsch2012investors,
abstract = {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.},
address = {Munich},
author = {Florian Bitsch},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {G23; G24; 330; infrastructure funds; cash flow volatility},
language = {eng},
number = {2012-01},
publisher = {Center for Entrepreneurial and Financial Studies (CEFS)},
title = {Do investors value cash flow stability of listed infrastructure funds?},
type = {CEFS working paper series},
url = {http://hdl.handle.net/10419/55145},
year = {2012}
}
