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Publicação
Iberian alpha - infrastructure industry analysis
| Nome: | Descrição: | Tamanho: | Formato: | |
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| 3.88 MB | Adobe PDF |
Orientador(es)
Resumo(s)
Convinced that financial markets can comprehensively capture firm-specific and macroeconomic variables that affect securities' risk profiles and stock returns, investors have increasingly relied on factor investing models. However, the analysis of Fama-French's five factors plus Carhart's momentum premium proves that such broadly adopted models are not yet able to adequately explain the variation in average returns of Iberian infrastructure companies operating under concession regimes. Hence, the analysis of A en a and Ferrovial's historical stock performance suggests that practitioners might benefit from integrating infrastructure-specific investment strategies, without disregarding the role that environmental, social and governance practices can play in security valuation.
Descrição
Palavras-chave
Infrastructure Concessions Factor investing Esg integration Ferrovial Aena