When Government owns 100% of an asset, there is zero volatility in its price since there is no market price – it’s not traded.  When government owns a controlling interest of the asset, the volatility of its price is dampened.  However, market price does not rise  as a result of this decline in volatility as might be expected.  This is because liquidity has been reduced – there are less shares traded and those that are traded represent only a minority ownership interest which can never fully realize the full potential value of the asset.  This is the whole reason the IRS allows discounts for minority and undivided interests for estate tax purposes…  For more on the volatility-value question, see at Zero Hedge: Pascal’s Wager For The Neomarxist Generation (Or The Rampant Confusion Among Risk Traders)