| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15946 |
| DP15946 Institutional Investors and Infrastructure Investing | |
| Aleksandar Andonov; Roman Kräussl; Joshua Rauh | |
| 发表日期 | 2021-03-20 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Institutional investors expect infrastructure to deliver long-term stable returns but gain exposure to infrastructure predominantly through finite-horizon closed private funds. The cash flows delivered by infrastructure funds display similar volatility and cyclicality as other private equity investments, and their performance depends similarly on quick deal exits. Despite weak risk-adjusted performance and failure to match the supposed characteristics of infrastructure assets, closed funds have received more commitments over time, particularly from public investors. Public institutional investors perform worse than private institutional investors, and ESG preferences and regulations explain 25-40% of their increased allocation to infrastructure and 30% of their underperformance. |
| 主题 | Financial Economics ; Public Economics |
| 关键词 | Infrastructure Public pension funds Institutional investors Esg regulation |
| URL | https://cepr.org/publications/dp15946 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544936 |
| 推荐引用方式 GB/T 7714 | Aleksandar Andonov,Roman Kräussl,Joshua Rauh. DP15946 Institutional Investors and Infrastructure Investing. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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