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    <title>EconStor Collection:</title>
    <link>https://hdl.handle.net/10419/48399</link>
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    <pubDate>Wed, 29 Apr 2026 21:59:02 GMT</pubDate>
    <dc:date>2026-04-29T21:59:02Z</dc:date>
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      <title>Do investors value cash flow stability of listed infrastructure funds?</title>
      <link>https://hdl.handle.net/10419/55145</link>
      <description>Title: Do investors value cash flow stability of listed infrastructure funds?
Authors: Bitsch, Florian
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.</description>
      <pubDate>Sun, 01 Jan 2012 00:00:00 GMT</pubDate>
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      <dc:date>2012-01-01T00:00:00Z</dc:date>
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      <title>Modeling electricity spot prices - Combining mean-reversion, spikes and stochastic volatility</title>
      <link>https://hdl.handle.net/10419/48424</link>
      <description>Title: Modeling electricity spot prices - Combining mean-reversion, spikes and stochastic volatility
Authors: Mayer, Klaus; Schmid, Thomas; Weber, Florian
Abstract: Starting with the liberalization of electricity trading, this market grew rapidly over the last decade. However, while spot and future markets are rather liquid nowadays, option trading is still limited. One of the potential reasons for this is that the spot price process of electricity is still puzzling researchers and practitioners. In this paper, we propose an approach to model spot prices that combines mean-reversion, spikes and stochastic volatility. Thereby we use different mean-reversion rates for 'normal' and 'extreme' (spike) periods. Another feature of the model is its ability to capture correlation structures of electricity price spikes. Furthermore, all model parameters can easily be estimated with help of historical data. Consequently, we argue that this model does not only extend academic literature on electricity spot price modeling, but is also suitable for practical purposes, e.g. as underlying price model for option pricing.</description>
      <pubDate>Sat, 01 Jan 2011 00:00:00 GMT</pubDate>
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      <dc:date>2011-01-01T00:00:00Z</dc:date>
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      <title>Risikofaktoren und Multifaktormodelle für den Deutschen Aktienmarkt (Risk Factors and Multi-Factor Models for the German Stock Market)</title>
      <link>https://hdl.handle.net/10419/52391</link>
      <description>Title: Risikofaktoren und Multifaktormodelle für den Deutschen Aktienmarkt (Risk Factors and Multi-Factor Models for the German Stock Market)
Authors: Hanauer, Matthias; Kaserer, Christoph; Rapp, Marc Steffen
Abstract: Der deutsche Aktienmarkt sah sich in den letzten 15 Jahren substantiellen Veränderungen gegenüber, welche unter anderem in eine zunehmende Internationalisierung und deutlich erhöhten Streubesitz mündeten. In der vorliegenden Arbeit untersuchen wir, inwieweit dies die aus klassischen Multifaktormodellen bekannten Risikofaktoren beeinflusste. Basierend auf den Renditen derCDAX-Unternehmen von Juli 1996 bis Juni 2011 dokumentieren wir vier wesentliche Ergebnisse. Erstens finden wir eine insignifikant (positive) Marktrisikoprämie, eine signifikant negative Größenprämie (Size Premium), eine signifikant positive Substanzprämie (Value Premium) und eine signifikant positive Momentumprämie (Momentum Premium). Zweitens zeigen sich alle vier Faktoren untereinander nur schwach bzw. negativ korreliert und teilweise mit internationalen Gegenstücken nur schwach korreliert. Drittens zeigt sich, dass Renditen von Aktienportfolios, sortiert nach Marktkapitalisierung und Buch-Marktwert-Verhältnis, durch ein Dreifaktorenmodell nach Fama French (1993) substantiell besser erklärt werden, als durch ein Einfaktormodell in Anlehnung an das klassische Capital Asset Pricing Model. Der zusätzliche Erklärungsbeitrag des Momentumfaktors in Anlehnung an Carhart (1997) ist hingegen marginal. Letztendlich argumentieren wir daher vor dem Hintergrund der bekannten Literatur und unserer Ergebnisse für eine länderspezifische Erweiterung des Capital Asset Pricing Models.</description>
      <pubDate>Sat, 01 Jan 2011 00:00:00 GMT</pubDate>
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      <dc:date>2011-01-01T00:00:00Z</dc:date>
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      <title>The capital gains tax: A curse but also a blessing for venture capital investment</title>
      <link>https://hdl.handle.net/10419/50558</link>
      <description>Title: The capital gains tax: A curse but also a blessing for venture capital investment
Authors: Achleitner, Ann-Kristin; Bock, Carolin; Watzinger, Martin
Abstract: This article documents a statistical association between the number and success of venture capital investments and the capital gains tax rate. To do this, we analyze investment data and taxes of 32 countries from 2000 to 2010. In our data, higher capital gains tax rates are associated with fewer firms financed and a lower probability for ventures receiving follow-up funding. However, if the first investment is received when taxes are high, the probability of a firm eventually going public or being acquired increases. We conclude that high tax rates are associated with fewer, but on average more successful companies.</description>
      <pubDate>Sat, 01 Jan 2011 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/50558</guid>
      <dc:date>2011-01-01T00:00:00Z</dc:date>
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