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  • Essays on the Risks and Returns of Water Investments

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    Jin_2015_02Thesis.pdf (1001.Kb)
    Author(s)
    Jin, Yizheng
    Primary Supervisor
    Roca, Eduardo
    Other Supervisors
    Li, Bin
    Wong, Victor
    Year published
    2015
    Metadata
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    Abstract
    Water is a vital commodity; essential to life, agriculture and industry. The water industry is one of the largest industries in the world, and is continuously expanding. Humans have been facing substantial water scarcity, especially those in developing countries. However, the severe water stress is not primarily a result of the lack of water resources, but surprisingly, a product of financial underinvestment. Researchers tackle this problem with water mainly from a policymaking perspective, and the driving force of private investments – profit – has been ignored. Hence, there is a need to examine the water industry from the ...
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    Water is a vital commodity; essential to life, agriculture and industry. The water industry is one of the largest industries in the world, and is continuously expanding. Humans have been facing substantial water scarcity, especially those in developing countries. However, the severe water stress is not primarily a result of the lack of water resources, but surprisingly, a product of financial underinvestment. Researchers tackle this problem with water mainly from a policymaking perspective, and the driving force of private investments – profit – has been ignored. Hence, there is a need to examine the water industry from the point of view of risks and returns. To fill this gap, the thesis conducts three studies. The first study investigates the profitability and diversification effect of water investments. Value at Risk and Conditional Value at Risk are estimated for optimal risky portfolios. The results indicate that the water asset class outperforms the traditional asset classes (stocks and bonds), and has the capacity to produce diversification effects in portfolios primarily comprised of listed equity and bond assets. To further understand the factors associated with expected returns, the second study investigates the impact of asset liquidity risk on water companies’ stock returns.
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    Thesis Type
    Thesis (PhD Doctorate)
    Degree Program
    Doctor of Philosophy (PhD)
    School
    Griffith Business School
    DOI
    https://doi.org/10.25904/1912/1506
    Copyright Statement
    The author owns the copyright in this thesis, unless stated otherwise.
    Item Access Status
    Public
    Note
    One article is embargoed until 4 February 2017.
    Subject
    Water industry
    Water investment
    Water sustainability
    Publication URI
    http://hdl.handle.net/10072/367605
    Collection
    • Theses - Higher Degree by Research

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