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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Bitsch, Florian | en |
dc.date.accessioned | 2012-02-02 | - |
dc.date.accessioned | 2012-02-08T10:00:54Z | - |
dc.date.available | 2012-02-08T10:00:54Z | - |
dc.date.issued | 2012 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aTechnische Universität München, Center for Entrepreneurial and Financial Studies (CEFS) |cMünchen | en |
dc.relation.ispartofseries | |aWorking Paper |x2012-01 | en |
dc.subject.jel | G23 | en |
dc.subject.jel | G24 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | infrastructure funds | en |
dc.subject.keyword | cash flow volatility | en |
dc.title | Do investors value cash flow stability of listed infrastructure funds? | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 684665379 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:cefswp:20121 | en |
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