The Public‐Sector Cost of Capital: An Empirical Test of Peltzman’s Conjecture*
利用航空运输业的外生事件，检验公共部门所有权是否降低市场风险，发现政府支持企业价格波动更低，表明有财政空间的地区对公共部门现金流应采用更低折现率。
Abstract I test whether public‐sector ownership reduces conventional measures of market risk by using an event exogenous to the air transportation sector. I find that government‐sponsored enterprises show lower price volatility than non‐government‐sponsored enterprises, arguably due to the government’s ability to buffer government‐sponsored enterprises against demand and cost shocks. The upshot for jurisdictions with fiscal space is that cash flows under public‐sector provision should be discounted at a lower rate than cash flows under private‐sector provision.