Infrastructure as an asset class.pdf英文资料.pdfVIP

DISCUSSION PAPER PI-1103 Infrastructure as an Asset Class Georg Inderst Note: This article was first published in volume 15 (1) of the EIB papers 2010. The author acknowledges financial support from the EIB for this article. ISSN 1367-580X The Pensions Institute Cass Business School City University 106 Bunhill Row London EC1Y 8TZ UNITED KINGDOM / ABSTRACT 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