We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited partner. While non U.S. institutional investors gain exposure to infrastructure assets through a mix of direct investments and private fund vehicles, U.S. investors predominantly...

We study the effects of market ESG perceptions, as proxied by ESG ratings, on public firms' security issuance and asset accumulation decisions. Higher ESG scores are followed by capital structure adjustments, specifically increases in equity issuance and decreases in net debt issuance of similar...

We estimate the risk and expected returns of private equity investments based on the market prices of exchange-traded funds of funds that invest in unlisted private equity funds. Our results indicate that the market expects unlisted private equity funds to earn abnormal returns of approximately...