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http://hdl.handle.net/10419/55145
  

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dc.contributor.authorBitsch, Florianen_US
dc.date.accessioned2012-02-02en_US
dc.date.accessioned2012-02-08T10:00:54Z-
dc.date.available2012-02-08T10:00:54Z-
dc.date.issued2012en_US
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_US
dc.language.isoengen_US
dc.publisherCenter for Entrepreneurial and Financial Studies (CEFS) Munichen_US
dc.relation.ispartofseriesCEFS working paper series 2012-01en_US
dc.subject.jelG23en_US
dc.subject.jelG24en_US
dc.subject.ddc330en_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
dc.identifier.ppn684665379en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cefswp:20121-
Appears in Collections:CEFS Working Paper Series, Center for Entrepreneurial and Financial Studies, Technische Universität München

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