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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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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Bitsch, Florian | | en_US |
| dc.date.accessioned | | 2012-02-02 | | en_US |
| dc.date.accessioned | | 2012-02-08T10:00:54Z | | - |
| dc.date.available | | 2012-02-08T10:00:54Z | | - |
| dc.date.issued | | 2012 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/55145 | | - |
| dc.description.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. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Center for Entrepreneurial and Financial Studies (CEFS) Munich | | en_US |
| dc.relation.ispartofseries | | CEFS working paper series 2012-01 | | en_US |
| dc.subject.jel | | G23 | | en_US |
| dc.subject.jel | | G24 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | infrastructure funds | | en_US |
| dc.subject.keyword | | cash flow volatility | | en_US |
| dc.title | | Do investors value cash flow stability of listed infrastructure funds? | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 684665379 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| dc.identifier.repec | | RePEc:zbw:cefswp:20121 | | - |
| Appears in Collections: | | CEFS Working Paper Series, Center for Entrepreneurial and Financial Studies, Technische Universität München
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