. (2005) find that investors care more about “visible” fees such as front- and back-end load fees, but not operating expenses, so this could potentially be one reason behind this puzzling finding. 4

emissions per p-km and t-km than other modes of travel. Table 4 shows various relevant emissions estimates from the literature for rail and road. From these figures it can reasonably be inferred that direct

; Madueno et al., 2016; Nicolosi et al., 2014). A latent variable is not directly observed but rather inferred from other proxies that can be measured. Given several sub-varieties of latent variable analysis