All Clear for Takeoff: Evidence from Airports on the Effects of Infrastructure Privatization

• 成果类型: Article; Early Access
• 署名作者: Howell, Sabrina T.; Jang, Yeejin; Kim, Hyeik; Weisbach, Michael S.
• 署名单位: Harvard University; National Bureau of Economic Research; University of New South Wales Sydney; University of California System; University of California Riverside; University System of Ohio; Ohio State University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag023
• 发表日期: 2026-07-10
• 关键词: G32; G38; L32; R42; H54; PRIVATE EQUITY PERFORMANCE; institutional investors; operating performance; Government ownership; economic-regulation; JOINT IMPACT; FIRMS; buyouts; state; TRANSITION

摘要

We study privatization and corporate ownership in transportation infrastructure, focusing on global airports. Privatization in general does not improve performance. However, private equity (PE) ownership has strong and persistent positive effects on efficiency, volume, and quality, with positive externalities for the local economy. We address selection using close auctions where PE and non-PE firms bid. PE funds expand physical capacity and encourage larger planes while adding low-cost carriers and international routes. They are especially effective in countries with more corruption or state-owned flag carriers. In contrast, the poorer performance of non-PE acquirers may reflect private benefits and historical state ties.