{"product_id":"infrastructure-investing-isbn-9780470537312","title":"Infrastructure Investing","description":"\u003cp\u003eInvaluable information regarding one of the biggest worldwide growth areas in investing-infrastructure assets\u003c\/p\u003e \u003cp\u003eInfrastructure investing is about to explode on the worldwide scene. The fact is that real money will need to be spent on real projects-which will present real opportunities for stable, long-term returns. But infrastructure assets have unique characteristics and the investments and funds that will likely rise up must be suitably structured to serve investor needs.\u003c\/p\u003e \u003cp\u003eAuthor Rajeev Sawant has been analyzing infrastructure investments, funds, and project financing programs for nearly five years, and with this book, he presents information that will be invaluable to lenders, pension funds, insurance companies, investment funds, rating agencies, and even governments.\u003c\/p\u003e \u003cul\u003e \u003cli\u003ePresents comprehensive data analysis on infrastructure cases worldwide\u003c\/li\u003e \u003cli\u003eAnalyzes the opportunities as well as the pitfalls of infrastructure investing\u003c\/li\u003e \u003cli\u003eFocuses on the needs of pensions, insurance companies, and endowments interested in infrastructure investing\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eFor the next decade, worldwide economic growth and increased employment-as well as investment returns-will come from infrastructure projects. This book will help you understand today's dynamic infrastructure asset class and quickly get you up to speed on the unique risks and rewards associated with it.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Infrastructure Demand and Investment Funds 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAn Overview of Infrastructure Demand 2\u003c\/p\u003e \u003cp\u003eAvailability of Funds 19\u003c\/p\u003e \u003cp\u003eConclusion 26\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Infrastructure Asset Characteristics 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining Asset Classes 28\u003c\/p\u003e \u003cp\u003ePortfolio Perspective on Asset Classification 29\u003c\/p\u003e \u003cp\u003eLarge Up-front Investments 32\u003c\/p\u003e \u003cp\u003eStrong Cash Flows 34\u003c\/p\u003e \u003cp\u003eStable Cash Flows 36\u003c\/p\u003e \u003cp\u003eLong Life 38\u003c\/p\u003e \u003cp\u003eIrreversible Investments 38\u003c\/p\u003e \u003cp\u003eLocation Specificity 39\u003c\/p\u003e \u003cp\u003eGrowth Options 39\u003c\/p\u003e \u003cp\u003eValue under Default 44\u003c\/p\u003e \u003cp\u003eConclusion 47\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Equity Infrastructure Indexes 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInfrastructure Investment Options 49\u003c\/p\u003e \u003cp\u003eEquity Infrastructure Indexes 51\u003c\/p\u003e \u003cp\u003eMacquarie Global Infrastructure Index 54\u003c\/p\u003e \u003cp\u003eS\u0026amp;P Global Infrastructure Index 58\u003c\/p\u003e \u003cp\u003eCSFB Emerging Markets Infrastructure Index 59\u003c\/p\u003e \u003cp\u003eInfrastructure Equity Indexes Correlations 63\u003c\/p\u003e \u003cp\u003eEfficient Frontier 65\u003c\/p\u003e \u003cp\u003eConclusion 69\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Debt versus Equity Mode of Investment 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTheories of Capital Structure 71\u003c\/p\u003e \u003cp\u003ePecking Order Theory 74\u003c\/p\u003e \u003cp\u003eFree Cash Flow Theory 76\u003c\/p\u003e \u003cp\u003eTrade-off Theory of Capital Structure 78\u003c\/p\u003e \u003cp\u003eGovernance and Capital Structure 81\u003c\/p\u003e \u003cp\u003eOptions Approach 82\u003c\/p\u003e \u003cp\u003ePrivate Equity Model of Investing 86\u003c\/p\u003e \u003cp\u003eConclusion 94\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Infrastructure and the Threat of Holdup 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTransaction Cost Economics 95\u003c\/p\u003e \u003cp\u003eSolutions for the Holdup Problem 102\u003c\/p\u003e \u003cp\u003eConclusion 113\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Infrastructure Assets and Political Risk 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePolitical Risk Typology 115\u003c\/p\u003e \u003cp\u003eSovereign Holdup 120\u003c\/p\u003e \u003cp\u003eTypes of Risk 124\u003c\/p\u003e \u003cp\u003eHedging Sovereign Holdup 130\u003c\/p\u003e \u003cp\u003eRisk Mitigation Strategies 134\u003c\/p\u003e \u003cp\u003eConclusion 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Project Finance and Infrastructure 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProject Finance Structure 146\u003c\/p\u003e \u003cp\u003eProject Finance versus Corporate Finance 147\u003c\/p\u003e \u003cp\u003eRas Laffan Revisited 156\u003c\/p\u003e \u003cp\u003eProject Risk Analysis 161\u003c\/p\u003e \u003cp\u003eCredit Rating Agencies 165\u003c\/p\u003e \u003cp\u003eUsing the Project Finance Structure 169\u003c\/p\u003e \u003cp\u003eRole of Government 172\u003c\/p\u003e \u003cp\u003eConclusion 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Infrastructure Asset Valuation and Bond Returns 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAn Overview of Infrastructure Valuation Theory 178\u003c\/p\u003e \u003cp\u003eBasel II and Infrastructure Lending 187\u003c\/p\u003e \u003cp\u003eInfrastructure Bond Returns 199\u003c\/p\u003e \u003cp\u003eConclusion 208\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Case Studies 211\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCase Study 1: Aguas Argentinas S.A. 211\u003c\/p\u003e \u003cp\u003eCase Study 2: Dabhol Power Company 223\u003c\/p\u003e \u003cp\u003eConclusion 230\u003c\/p\u003e \u003cp\u003eConclusion 233\u003c\/p\u003e \u003cp\u003eNotes 237\u003c\/p\u003e \u003cp\u003eAbout the Author 253\u003c\/p\u003e \u003cp\u003eIndex 255\u003c\/p\u003e \u003cb\u003eRAJEEV J. SAWANT\u003c\/b\u003e is a Research Fellow at the Center for Emerging Market Enterprises at the Fletcher School, Tufts University. Prior to this, heconsulted for JSA Partners (an A.T. Kearney spin-off) in international strategic alliances in aerospace and defense. Sawant is a member of the Academy ofManagement and the Financial Management Association, is an Inlaks Shivdasani Foundation scholar, and has served as Aide de Camp to the President of India. He holds a PhD inbusiness strategy and international management.  \u003cp\u003eInfrastructure investing has exploded onto the worldwide scene. The fact is that real money will need to be spent on real projects—which will present real opportunities for stable, long-term returns. But infrastructure assets have unique characteristics, and the investments and funds that will likely rise up must be suitably structured to serve investor needs.\u003c\/p\u003e \u003cp\u003eFinancial markets researcher Rajeev Sawant has been analyzing infrastructure investments, funds, and project financing programs for nearly five years, and now, with this book, he presents information that will be invaluable to lenders, pension funds, endowments, insurance companies, investment funds, rating agencies, and even governments.\u003c\/p\u003e \u003cp\u003eWritten with the serious professional in mind, this reliable resource focuses on infrastructure's economic characteristics, highlights the rewards and perils that infrastructure investors face, and addresses the strategic threats they must mitigate. Chapter by chapter, this informative guide:\u003c\/p\u003e \u003cul\u003e \u003cli\u003e \u003cp\u003eExamines the characteristics of debt versus equity funding by applying the latest theoretical capital structure research to infrastructure funding\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eDiscusses project finance and the strategic use of capital structure as a risk-mitigation tool\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eExplores infrastructure asset valuation issues and the return characteristics of a project finance infrastructure bond portfolio\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eOutlines infrastructure risk factors, in particular, the threat of counterparty hold-up and the incentives this threat engenders\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eCompares existing equity-based infrastructure indices to broad indices for equities, bonds, and commodities in terms of risk, return, and correlations\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eLooks at two case studies that did not live up to the promise of infrastructure and applies the frameworks developed throughout the book\u003c\/p\u003e \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eFor the next decade, worldwide economic growth and increased employment, as well as investment returns, will come from infrastructure projects. This book will help you understand today's dynamic infrastructure asset class and enhance the returns you are able to obtain from it—all while improving the quality of life for people around the globe.\u003c\/p\u003e  \"Over the next decade, North America, Europe, and the developing world will experience an unprecedented surge of investment in infrastructure. The promise for investors is great; the risks are similarly huge. In his \u003ci\u003eInfrastructure Investing: Managing Risks and Rewards for Pensions, Insurance Companies, and Endowments\u003c\/i\u003e, Rajeev Sawant has given us a road map to investing in infrastructure. His analysis and writing is crisp, clear, and politically and economically sophisticated. Rajeev's book is must reading for smart investors.\"—Frank G. Wisner, International Affairs Advisor, Patton Boggs, LLP, Vice Chairman External Affairs AIG, U.S. Ambassador to India  \u003cp\u003e\"Rajeev Sawant's \u003ci\u003eInfrastructure Investing\u003c\/i\u003e is at the intersection of two of the most daunting challenges of the first half of the twenty-first century: the surge of infrastructure investing necessary to sustain population growth and to improve living standards, and finding long-tenor assets for pension funds and insurance companies on behalf of an aging population with ever longer life expectancies. By unlocking the alchemy of project finance, Sawant uniquely establishes infrastructure investing as an asset class. A must-read for all asset managers and any serious student of global investing.\"—Laurent L. Jacque, Walter B. Wriston Professor of International Finance \u0026amp; Banking, Fletcher School, Tufts University\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989424521445,"sku":"NP9780470537312","price":100.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470537312.jpg?v=1761784052","url":"https:\/\/k12savings.com\/products\/infrastructure-investing-isbn-9780470537312","provider":"K12savings","version":"1.0","type":"link"}