Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/55145 
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dc.contributor.authorBitsch, Florianen
dc.date.accessioned2012-02-02-
dc.date.accessioned2012-02-08T10:00:54Z-
dc.date.available2012-02-08T10:00:54Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/55145-
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
dc.language.isoengen
dc.publisher|aTechnische Universität München, Center for Entrepreneurial and Financial Studies (CEFS) |cMünchenen
dc.relation.ispartofseries|aWorking Paper |x2012-01en
dc.subject.jelG23en
dc.subject.jelG24en
dc.subject.ddc330en
dc.subject.keywordinfrastructure fundsen
dc.subject.keywordcash flow volatilityen
dc.titleDo investors value cash flow stability of listed infrastructure funds?-
dc.typeWorking Paperen
dc.identifier.ppn684665379en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cefswp:20121en

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