根据Damodaran(2022)引用格雷厄姆和哈维公司对首席财务官(CFO)或公司进行的年度调查,股权风险溢价在经济危机后往往较高,如调查溢价在危机刚结束的2009年2月达到峰值,为4.56%,而在繁荣时期往往较低,如2006年3月达到最低记录的2.42%。2008年金融危机之后,调查答复的标准差有所增加。 学者从学术层面对股权风险溢价进行估...
Country Risk PremiumCost of EquityCost of CapitalEquity risk premiums are a central component of every risk and return model in finance and are a key input into estimating costs of equity and capital in both cdoi:10.2139/ssrn.1274967Damodaran, Aswath...
(a) 是的，value risk premium只是个股收益来源之一，个股还通过其他风险获得补偿。P/E 粗略地度量了...
作者: A Damodaran 摘要: Equity risk premiums are a central component of every risk and return model in finance. Given their importance, it is surprising how haphazard the estimation of equity risk premiums remains in practice. The standard approach to estimating equity risk premiums remains the ...
most relevant to the investment being considered and from this the risk premium may be determined. Damodaran (2011, p.81) summarises this concisely, no “matter what the premium used by an analyst, whether it be 3% or 12%, there is back-up evidence offered that the premium is appropriate...
Definition of Equity Risk Premium (Operating Country) Equity risk premium in the country where the company operates as estimated by professor Aswath Damodaran at NYU Stern. Source: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html. Sector Benchmark Analysis Sector No ...
Aswath Damodaran https://doi.org/10.1142/9789814417501_0012Cited by:9(Source: Crossref) Previous Next PDF/EPUB Tools Share Cite Recommend Abstract: The following sections are included: Equity Risk Premiums: Importance and Determinants Why Does the Equity Risk Premium Matter?
Professor Damodaran (2006) calculates the implied ERP estimates for the S&P 500 data using a multistage model. Duff and Phelps recommends ERP of 5% and an expected (normalized) risk-free rate of 4% as of December 31, 2013.3 4.1.2.3 Research discussions on ERP The existing empirical research...
Damodaran, A. (2017). Annual returns on stocks, bonds, and bills, 1928-current. Downloaded from http://www.stern.nyu.edu/~adamodar/pc/datasets/histretSP.xls. Epstein, L. G., & Zin, S. E. (1989). Substitution, risk aversion, and the temporal behavior of consumption and asset return...
Estimating Equity Risk Premiums Aswath Damodaran Stern School of Business 44 West Fourth Street New York, NY 10012 Adamodar@stern.nyu.edu Estimating Equity Risk Premiums Equity risk premiums are a central component of every risk and return model in finance. ...