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dc.contributor.advisorRoca, Eduardo
dc.contributor.authorJin, Yizheng
dc.date.accessioned2018-01-23T02:54:41Z
dc.date.available2018-01-23T02:54:41Z
dc.date.issued2015
dc.identifier.doi10.25904/1912/1506
dc.identifier.urihttp://hdl.handle.net/10072/367605
dc.description.abstractWater 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.
dc.languageEnglish
dc.publisherGriffith University
dc.publisher.placeBrisbane
dc.rights.copyrightThe author owns the copyright in this thesis, unless stated otherwise.
dc.subject.keywordsWater industry
dc.subject.keywordsWater investment
dc.subject.keywordsWater sustainability
dc.titleEssays on the Risks and Returns of Water Investments
dc.typeGriffith thesis
gro.facultyGriffith Business School
gro.description.notepublicOne article is embargoed until 4 February 2017.
gro.rights.copyrightThe author owns the copyright in this thesis, unless stated otherwise.
gro.hasfulltextFull Text
dc.contributor.otheradvisorLi, Bin
dc.contributor.otheradvisorWong, Victor
dc.rights.accessRightsPublic
gro.identifier.gurtIDgu1471584925393
gro.source.ADTshelfnoADT0
gro.source.GURTshelfnoGURT
gro.thesis.degreelevelThesis (PhD Doctorate)
gro.thesis.degreeprogramDoctor of Philosophy (PhD)
gro.departmentGriffith Business School
gro.griffith.authorJin, Yizheng


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