摘要：We analyze the risk, return and cash flow
characteristics of infrastructure investments by using
a unique dataset of deals done by private equity-like
investment funds. We show that infrastructure deals
have a performance that is higher than that of noninfrastructure
deals, despite lower default frequencies.
However, we do not find that infrastructure deals offer
more stable cash flows. Our study offers some evidence
in favour of the hypothesis that higher infrastructure
returns could be driven by higher market risk. In
fact, these investments appear to be highly levered
and their returns are positively correlated to publicequity
markets, but uncorrelated to GDP growth. Our
results also indicate that returns could be influenced
by the regulatory framework as well as by defective
privatization mechanisms. By contrast, returns are
neither linked to inflation nor subject to the “money
chasing deals” phenomenon.
