EconStor >
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:

Full metadata record

DC FieldValueLanguage
dc.contributor.authorBitsch, Florianen_US
dc.description.abstractI 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.publisherCenter for Entrepreneurial and Financial Studies (CEFS) Munichen_US
dc.relation.ispartofseriesCEFS working paper series 2012-01en_US
dc.subject.keywordinfrastructure fundsen_US
dc.subject.keywordcash flow volatilityen_US
dc.titleDo investors value cash flow stability of listed infrastructure funds?en_US
dc.typeWorking Paperen_US
Appears in Collections:CEFS Working Paper Series, Center for Entrepreneurial and Financial Studies, Technische Universität München

Files in This Item:
File Description SizeFormat
684665379.pdf259.47 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.