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Technische Universität München >
Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München >
CEFS Working Paper Series, Center for Entrepreneurial and Financial Studies, Technische Universität München >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/55145
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| Title: | | Do investors value cash flow stability of listed infrastructure funds?  |
| Authors: | | Bitsch, Florian |
| Issue Date: | | 2012 |
| Series/Report no.: | | CEFS working paper series 2012-01 |
| 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. |
| Subjects: | | infrastructure funds cash flow volatility |
| JEL: | | G23 G24 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CEFS Working Paper Series, Center for Entrepreneurial and Financial Studies, Technische Universität München
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