Bjornlund, HenningRossini, Peter2026-06-112026-06-111444-5921ORCID:/0000-0003-3341-5635/work/217155801https://hdl.handle.net/1885/733810992Using thirteen years of market data from the Goulburn-Murray Irrigation District in Victoria, Australia, cash-flow analyses are used to assess returns that investors could have achieved through an investment in water entitlements under different cash-flow management scenarios. Cycle factor analyses were conducted to determine the extent to which entitlement prices follow allocation prices. Returns from investments in water entitlements seem to be higher but more risky than investments in the share market. The movement in prices of water entitlements and allocations are reasonably synchronized, while price fluctuations of allocation prices are about twice that of water entitlements.This research is part of a larger project funded by the Australian Research Council and six industry partners: Murray-Darling Basin Commission, Department of Natural Resources; Department of Sustainability and Environment, Goulburn-Murray Water, Department of Water, Land and Biodiversity Conservation and UpMarket Software Services.17enDiscounted cash flowTime series analysisWater entitlementsWater investmentWater tradingWater value200710.1080/14445921.2007.1110423738849120562