| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25045 |
| 来源ID | Working Paper 25045 |
| The Subsidy to Infrastructure as an Asset Class | |
| Aleksandar Andonov; Roman Kräussl; Joshua Rauh | |
| 发表日期 | 2018-09-17 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited partner. While non U.S. institutional investors gain exposure to infrastructure assets through a mix of direct investments and private fund vehicles, U.S. investors predominantly invest in infrastructure through private funds. We find that the stream of cash flows delivered by private infrastructure funds to institutional investors is very similar to that delivered by other types of private equity, as reflected by the frequency and amounts of net cash flows. U.S. public pension funds perform worse than other institutional investors in their infrastructure fund investments, although they are exposed to underlying deals with very similar project stage, concession terms, ownership structure, industry, and geographical location. By selecting funds that invest in projects with poor financial performance, U.S. public pension funds have created an implicit subsidy to infrastructure as an asset class, which we estimate within the range of $730 million to $3.16 billion per year depending on the benchmark. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; National Fiscal Issues ; Subnational Fiscal Issues |
| URL | https://www.nber.org/papers/w25045 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582719 |
| 推荐引用方式 GB/T 7714 | Aleksandar Andonov,Roman Kräussl,Joshua Rauh. The Subsidy to Infrastructure as an Asset Class. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25045.pdf（826KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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