Required market risk premium among countries in 2012
This paper contains the statistics of the Equity Premium or Market Risk Premium (MRP) used in 2012 for 82 countries. We got 7192 answers for 93 countries, but we only report the results for 82 countries with more than 5 answers. Most previous surveys have been interested in the Expected MRP, but thi...
| Autores: | , , |
|---|---|
| Tipo de documento: | artigo |
| Data de publicação: | 2015 |
| País: | España |
| Recursos: | Universidad de Navarra |
| Repositório: | Dadun. Depósito Académico Digital de la Universidad de Navarra |
| Idioma: | inglês |
| OAI Identifier: | oai:dadun.unav.edu:10171/69280 |
| Acesso em linha: | https://hdl.handle.net/10171/69280 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Equity premium Required equity premium Expected equity premium Historical equity premium Market risk premium |
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Required market risk premium among countries in 2012Fernández, P. (Pablo)|||/items/a6e0c9a2-2906-404e-b688-e21cc34cfda0Aguirreamalloa, J. (Javier)|||/items/34052323-37fd-4eee-a728-dd9f22ff1913Fernandez-Acín, I. (Isabel)|||/items/726c6c3e-783c-4053-aefe-5b7917b4136eEquity premiumRequired equity premiumExpected equity premiumHistorical equity premiumMarket risk premiumThis paper contains the statistics of the Equity Premium or Market Risk Premium (MRP) used in 2012 for 82 countries. We got 7192 answers for 93 countries, but we only report the results for 82 countries with more than 5 answers. Most previous surveys have been interested in the Expected MRP, but this survey asks about the Required MRP. The paper also contains the references used to justify the MRP. The great dispersion of the answers to the survey shows that the assumption of a representative investor (or homogeneous expectations …) has little to do with the real world. This survey also links with the Equity Premium Puzzle. It may be explained by the fact that many market participants use historical data and advice from textbooks and finance professors. Consequently, ex-ante equity premia have been high, most market prices have been consistently undervalued, and the ex-post risk premia has been also high. Many investors use historical data and textbook prescriptions to estimate the required and the expected equity premium, the undervaluation and the high ex-post risk premium are self fulfilling prophecies.KeAi Communications Co. LtdDadun. Depósito Académico Digital Universidad de Navarra20242024-03-2620152015-07-2620152015-07-26journal articlehttp://purl.org/coar/resource_type/c_6501info:eu-repo/semantics/articleapplication/pdfhttps://hdl.handle.net/10171/69280reponame:Dadun. Depósito Académico Digital de la Universidad de Navarrainstname:Universidad de NavarraInglésengopen accesshttp://purl.org/coar/access_right/c_abf2info:eu-repo/semantics/openAccessoai:dadun.unav.edu:10171/692802026-06-21T12:47:57Z |
| dc.title.none.fl_str_mv |
Required market risk premium among countries in 2012 |
| title |
Required market risk premium among countries in 2012 |
| spellingShingle |
Required market risk premium among countries in 2012 Fernández, P. (Pablo)|||/items/a6e0c9a2-2906-404e-b688-e21cc34cfda0 Equity premium Required equity premium Expected equity premium Historical equity premium Market risk premium |
| title_short |
Required market risk premium among countries in 2012 |
| title_full |
Required market risk premium among countries in 2012 |
| title_fullStr |
Required market risk premium among countries in 2012 |
| title_full_unstemmed |
Required market risk premium among countries in 2012 |
| title_sort |
Required market risk premium among countries in 2012 |
| dc.creator.none.fl_str_mv |
Fernández, P. (Pablo)|||/items/a6e0c9a2-2906-404e-b688-e21cc34cfda0 Aguirreamalloa, J. (Javier)|||/items/34052323-37fd-4eee-a728-dd9f22ff1913 Fernandez-Acín, I. (Isabel)|||/items/726c6c3e-783c-4053-aefe-5b7917b4136e |
| author |
Fernández, P. (Pablo)|||/items/a6e0c9a2-2906-404e-b688-e21cc34cfda0 |
| author_facet |
Fernández, P. (Pablo)|||/items/a6e0c9a2-2906-404e-b688-e21cc34cfda0 Aguirreamalloa, J. (Javier)|||/items/34052323-37fd-4eee-a728-dd9f22ff1913 Fernandez-Acín, I. (Isabel)|||/items/726c6c3e-783c-4053-aefe-5b7917b4136e |
| author_role |
author |
| author2 |
Aguirreamalloa, J. (Javier)|||/items/34052323-37fd-4eee-a728-dd9f22ff1913 Fernandez-Acín, I. (Isabel)|||/items/726c6c3e-783c-4053-aefe-5b7917b4136e |
| author2_role |
author author |
| dc.contributor.none.fl_str_mv |
Dadun. Depósito Académico Digital Universidad de Navarra |
| dc.subject.none.fl_str_mv |
Equity premium Required equity premium Expected equity premium Historical equity premium Market risk premium |
| topic |
Equity premium Required equity premium Expected equity premium Historical equity premium Market risk premium |
| description |
This paper contains the statistics of the Equity Premium or Market Risk Premium (MRP) used in 2012 for 82 countries. We got 7192 answers for 93 countries, but we only report the results for 82 countries with more than 5 answers. Most previous surveys have been interested in the Expected MRP, but this survey asks about the Required MRP. The paper also contains the references used to justify the MRP. The great dispersion of the answers to the survey shows that the assumption of a representative investor (or homogeneous expectations …) has little to do with the real world. This survey also links with the Equity Premium Puzzle. It may be explained by the fact that many market participants use historical data and advice from textbooks and finance professors. Consequently, ex-ante equity premia have been high, most market prices have been consistently undervalued, and the ex-post risk premia has been also high. Many investors use historical data and textbook prescriptions to estimate the required and the expected equity premium, the undervaluation and the high ex-post risk premium are self fulfilling prophecies. |
| publishDate |
2015 |
| dc.date.none.fl_str_mv |
2015 2015-07-26 2015 2015-07-26 2024 2024-03-26 |
| dc.type.none.fl_str_mv |
journal article http://purl.org/coar/resource_type/c_6501 |
| dc.type.openaire.fl_str_mv |
info:eu-repo/semantics/article |
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article |
| dc.identifier.none.fl_str_mv |
https://hdl.handle.net/10171/69280 |
| url |
https://hdl.handle.net/10171/69280 |
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Inglés eng |
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Inglés |
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eng |
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open access http://purl.org/coar/access_right/c_abf2 |
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info:eu-repo/semantics/openAccess |
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open access http://purl.org/coar/access_right/c_abf2 |
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openAccess |
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application/pdf |
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KeAi Communications Co. Ltd |
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KeAi Communications Co. Ltd |
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reponame:Dadun. Depósito Académico Digital de la Universidad de Navarra instname:Universidad de Navarra |
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Universidad de Navarra |
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Dadun. Depósito Académico Digital de la Universidad de Navarra |
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Dadun. Depósito Académico Digital de la Universidad de Navarra |
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1869418076201549824 |
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15,300724 |