Infrastructure Indices: Comparative Analysis of Performance, Risk and Representation of Global Listed Proxies
Povzetek
Soočeni z zgodovinsko nizkimi obrestnimi merami investitorji v iskanju alternativnih virov zaslužkov, boljše diverzifikacije in dolgoročne investicijske perspektive še nadalje raziskujejo nelikvidno premoženje, kot je infrastruktura. Ta članek analizira ključne značilnosti uspešnosti in tveganj globalno objavljenega infrastrukturnega indeksa EDHECinfra v primerjavi s ključnimi globalno objavljenimi infrastrukturnimi indeksi v obdobju 2001–2018. Za določitev reprezentativnosti običajno uporabljenih benchmarkingov infrastrukturnih investicij med investitorji smo uporabili deskriptivno statistiko. Z namenom tržne beta analize v linearnem regresijskem modelu uporabimo tudi MSCI World Index kot oceno globalnih delnic.
V indekse vključena infrastruktura je pogosto obravnavana kot dohodkovni donos in obrambna lastniška strategija, ki zagotavlja likvidno oceno za alternativno premoženje (npr. infrastrukturo). Vendar pa rezultati v članku nakazujejo, da neto učinek investiranja v objavljen infrastrukturni indeks ostaja vprašljiv, celo neznan. Nedavni empirični rezultati kažejo različne poglede na benchmarking infrastrukture. Visoka korelacija ključnih objavljenih indeksov infrastrukture s širokim indeksom lastniškega kapitala MSCI World in nekonsistentnost raziskovalnih rezultatov tako močno nakazujeta, da je infrastruktura šibko definirana investicijska kategorija z manjkajočimi zanesljivimi in uporabnimi benchmarkingi. Običajno uporabljena in daljnosežna razvrstitev podjetij s širokim industrijskim značajem in manj relevantnimi poslovnimi aktivnostmi za infrastrukturo lahko vpliva na splošen prikaz legitimnih značilnosti infrastrukturnega premoženja sredi naraščajočega navdušenja med investitorji.
Prenosi
Literatura
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