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Top 1000 funds: "infra risks misunderstood"READ MORE
The 2019 EDHECinfra/G20 survey of infrastructure investors is a detailed study of benchmarking practices amongst asset owners and managers and brought to light a significant issue with regard to the investment process in infrastructure: investors do know how much risk they are taking and they are not happy about it. -
2019 Global Infrastructure Investor Survey - BenchmarkingREAD MORE
April 2019The 2019 EDHECinfra / Global Infrastructure Hub survey of infrastructure investors focused on the role of benchmarks and revealed a number of key findings about the benchmarking practices in the unlisted-infrastructure-investment space for asset allocation, performance monitoring and risk management. Although it is often neglected, the choice of benchmark is a foundational element in the... -
The Pricing of Private Infrastructure Debt - a dynamic approachREAD MORE
March 2019This paper examines the drivers and evolution of credit spreads in private infrastructure debt. We ask two main questions: Which factors explain private infrastructure credit spreads (and discount rates) and how do they evolve over time? Are infrastructure project finance spreads and infrastructure corporate spreads driven by common factors? We show that common risk factors partly... -
EDHEC Research InsightsREAD MORE
March 2019In new research from the EDHEC Infrastructure Institute (EDHECinfra), supported by the Long-Term Infrastructure Investors’ Association (LTIIA) as part of the EDHEC/LTIIA research chair on Infrastructure Equity Benchmarking, we show that systematic risk factors can largely explain the evolution of average prices but also that valuations have shifted to a higher level. We show... -
Les Echos: "Infrastructures: Why managers need not fear a bubble"READ MORE
Our recent paper on the factors that drive unlisted infrastructure equity valuations and recent market trends was highlighted in French Business Newspaper Les Echos, ahead of its key note presentation by Frederic Blanc-Brude at the Infrastructure Investor Global Summit in Berlin. -
FT: ESG has no financial benefit for infrastructure groups, study findsREAD MORE
The first ever study on ESG reporting and financial returns by Tim Whittaker and Silvia Garcia was highlighted by the Financial Times. “This paper challenges the oft-reported notion that better ESG ratings should somehow systematically increase or decrease returns,” said Tim Whittaker, research director at EDHECinfra." -
ESG Reporting and Financial Performance: the Case of InfrastructureREAD MORE
March 2019This paper represents the first attempt at studying the relationship between the Economic, Social and Governance (ESG) and the financial characteristics of infrastructure companies. The relationship between the impact of certain companies' activities on their social and natural environment on the one hand, and their ability to deliver a certain level of financial performance on...
A Modern Approach to Asset Pricing for Unlisted Assets
EDHECinfra has developed a Modern Asset Pricing Methodology to derive produces fair value estimates for equity and senior debt instruments in each infrastructure firm in its Sampled Universe. Given enough data, this form of `hedonic factor pricing’ addresses the biases of observable transaction data and of the uniqueness of each transaction, and focuses on deriving average valuations driven by the price of systematic risk factors that can be extracted from actual transactions i.e. in line with IFRS-13 guidelines.
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Infrastructure prices don’t show bubble
The 2019 TICCS Consultation has opened! Make sure you contribute to the next definition of the infrastructure asset class
EDHECinfra Days 2019
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A few words on the creation of a new generation of #infrastructure investment #benchmarks for #TICCS partner RICS:… t.co/KBM8XdJKhL
#investors do not understand the risks they are taking when investing in #infrastructure. You take a look at… t.co/Mouo6AdxLS
Our third global report in partnership with @EDHECinfra reveals new investor insights on changing #infrastructure m… t.co/GDiiNkqX8Z
L'@EDHECinfra estime les benchmarks ne permettent pas de mesurer correctement le #risque sur les #infrastructures n… t.co/aOTpjjgQYl
@EDHECinfra publie une nouvelle étude à destination des investisseurs du secteur des #infrastructures. The survey s… t.co/juPDRGEZW4
EDHECinfra is a provider of research and indices on unlisted infrastructure investments.
