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The availability of clean water and adequate infrastructures represents one of the most widespread challenges in today’s world, especially in developing countries. Although the reach of distribution and the quality of water have been improving for the last decades thanks to the support of international organizations and the establishment of common standards, our ability to meet forthcoming needs for water is still uncertain. Indeed, the growing consumption as well as climate change and the deterioration of natural supply are pushing water concerns at stress for the years to come.
In order to face this challenge and to address limitations of the public sector, the implication of private companies for the conception and management of infrastructures is becoming a common standard in many places of the world. This study briefly reviews the role of the private sector through the implementation of public-private partnership contracts (PPP). 
Amongst the different ways for private or institutional investors to invest in this precious liquid, water oriented funds have been proliferating since the beginning of the last decade.
This study then aims to assess the risk-return profile of these funds, in order to conclude on a potential over/underperformance, by comparing their alpha, as well as their Sharpe and Treynor ratios to a market proxy, based on weekly returns from june 2012 to 2017. It subsequently intends to evaluate the diversification benefits associated to an index representative of the water funds market by incorporating it into a classical portfolio, made of global bond and stock indexes.
The results of the analytical research first induce that, even though no statistically significant underperformance can be observed on the water funds market, the risk-return profile of these investments is generally inferior to the overall market benchmark from an economical point of view. It then shows that the adjustment to the size and style factors from the Fama & French model brings no considerable change in the excess returns observed with the CAPM. This research finally indicates that the inclusion of the water funds index results in no significant improvement of the risk-return profile of the classical portfolio, from both statistical and economical point of view. Water funds generally tend to be quite well diversified amongst the different asset classes and show a slighter volatility than the market over the sample period.

eau --- fonds --- investissement --- capm --- fama & french --- diversification --- Sciences économiques & de gestion > Finance

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Economics --- Portfolio management --- Econometric models. --- AA / International- internationaal --- 305.91 --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles. --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles --- Portfolio management - Econometric models.

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AA / International- internationaal --- 305.91 --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles. --- International financial management --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles

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Net zoals in de ondernemerswereld is in de financiële wereld rendement en risicoonlosmakelijk met elkaar verbonden. Het is niet mogelijk om hogere winsten te behalenzonder een hoger risico te nemen.In deze thesis wordt er gebruik gemaakt van een model dat gebaseerd is op het CAPM. HetCAPM wordt in de praktijk vaak gebruikt om het rendement van aandelen te verklaren. In ditmodel wordt het rendement van een aandeel gerelateerd aan het rendement van eengekende marktindex.Er werd gekozen om de BEL20- en de Alternext-index te gebruiken als verklarendemarktindexen. Vaak is met een index alleen echter niet het volledige rendement van aandelente verklaren. Daarmee start dan ook de zoektocht naar extra factoren voor het verklaren vanhet excess rendement van aandelen.In de literatuurstudie worden er meerdere liquiditeitsmaatstaven besproken. Aan de handvan deze maatstaven wordt in het onderzoek geprobeerd om het excess rendement vanaandelen verder te verklaren. Hiermee wordt mogelijks het bewijs van een liquiditeitspremieaangetoond. De economische gedachte zegt immers dat aandelen die minder liquide zijn,meer risico met zich meebrengen. De personen die bereid zijn dit hoger risico te lopen, zullenhiervoor een extra rendement eisen. Concreet zullen er regressies getrokken worden waarbijhet excess rendement van aandelen de afhankelijke variabele vormt en deliquiditeitsmaatstaven (samen met het excess marktrendement) de onafhankelijke variabelen.De resultaten worden geanalyseerd en vervolgens besproken.

Alternext. --- Amihud measure. --- Amihud. --- BEL20. --- Bid-ask spreads. --- CAPM. --- Effectieve spread. --- Liquiditeitsdimensies. --- Liquiditeitspremie. --- Ordergedreven markt. --- Panel data. --- Transactiekosten. --- Volume.

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This introduction to general equilibrium modelling takes an integrated approach to the analysis of macroeconomics and finance. It provides students, practitioners, and policymakers with an easily accessible set of tools that can be used to analyze a wide range of economic phenomena. Key features: • Provides a consistent framework for understanding dynamic economic models • Introduces key concepts in finance in a discrete time setting • Develops simple recursive approach for analyzing a variety of problems in a dynamic, stochastic environment • Sequentially builds up the analysis of consumption, production, and investment models to study their implications for allocations and asset prices • Reviews business cycle analysis and the business cycle implications of monetary and international models • Covers latest research on asset pricing in overlapping generations models and on models with borrowing constraints and transaction costs • Includes end-of-chapter exercises allowing readers to monitor their understanding of each topic Online resources are available at www.cambridge.org/altug_labadie

Pricing --- International finance --- Capital assets pricing model --- AA / International- internationaal --- 305.91 --- 339.40 --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles. --- Vermogenbeheer. financiële analyse (algemeenheden). --- Capital asset pricing model --- CAPM (Capital assets pricing model) --- Pricing model, Capital assets --- Capital --- Finance --- Investments --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles --- Vermogenbeheer. financiële analyse (algemeenheden) --- Mathematical models --- Capital assets pricing model. --- Finance. --- Funding --- Funds --- Economics --- Currency question --- Business, Economy and Management