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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.publisher|aCenter for Entrepreneurial and Financial Studies (CEFS) |cMunichen_US
dc.relation.ispartofseries|aCEFS working paper series |x2012-01en_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

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