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.

中文翻译：

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公共部门的资本成本：佩尔兹曼猜想的实证检验*

我测试了公共部门所有权是否通过使用航空运输部门的外生事件来降低市场风险的传统衡量标准。我发现政府资助的企业比非政府资助的企业表现出更低的价格波动，这可以说是因为政府有能力缓冲政府资助的企业以应对需求和成本冲击。具有财政空间的司法管辖区的结果是，公共部门提供的现金流的折现率应低于私营部门提供的现金流的折现率。