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Infrastructure as an Asset Class

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7799
Author
Georg Inderst Georg Inderst Martin Lawrence Geofrey P. Stapledon Michael Francis Howard Robert J. Bianchi Susan Newberry Deborah Brennan Georg Inderst
Category
Financial
Date Posted
2011/06/11
Date Retrieved
2022/07/01
Date Revised
2022/07/01
Date Written
2011/06/09
Description
Infrastructure as a new asset class is said to have several distinct and attractive investment characteristics. This article reviews concepts market developments and empirical evidence on the risk-return and cash flow profile and the potential for diversification and inflation protection in investor portfolios. Furthermore a new global analysis of the historical performance of infrastructure funds is undertaken. There is no proper financial theory to back the proposition of infrastructure as a separate asset class. Infrastructure assets are very heterogeneous and empirical evidence suggests an alternative proposition that treats infrastructure simply as a sub-asset class or particular sectors within the conventional financing vehicle on which it comes (e.g. listed and private equity bonds).
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JEL Classifications
G11 G15 G22 G23 H54
Keywords
Infrastructure investment Infrastructure fund Alternative asset Real asset Asset allocation Performance analysis
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Pages
36
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