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Risk and the Discount Rate for Public Investment · Study

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PreprintRisk and the Discount Rate for Public Investment

Martin J. Bailey2005

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Preprintgreen2005

Risk and the Discount Rate for Public Investment

Martin J. Bailey · Michael C. Jensen

72 citations·0/0 files stored·SSRN Electronic Journal

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Capital Investment and Risk Analysis Public-Private Partnership Projects Fiscal Policy and Economic Growth

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1962Economic Welfare and the Allocation of Resources for Invention 1965The Behavior of Stock-Market Prices 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1966Equilibrium in a Capital Asset Market 1968THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–1964 1969The Adjustment of Stock Prices to New Information

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Year2005

Typepreprint

Published2005-01-01

VenueSSRN Electronic Journal

ISSN-L1556-5068

Languageen

Citations72

Files0 public / 0

ShelfCapital Investment and Risk Analysis

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doi10.2139/ssrn.390110

openalex_workW1583172691

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Cited by

1977The Social Cost of Public Finance 1994TAXATION AND RISK TAKING: A GENERAL EQUILIBRIUM PERSPECTIVE 2005Value-for-money measurement in public-private partnerships 1977Should Government Subsidize Risky Private Projects 2010Some Economics of Mining Taxation 1986Country risk, foreign borrowing, and the social discount rate in an open developing economy 1984Risk Analysis and Technological Hazards: A Policy-Related Bibliography 2006Simple money-based tests for choosing between private and public delivery: a discussion of the issues