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...
(2009a) "Equity Risk Premiums (ERP): Determinants, Estimation and Implications - a Post-Crisis Update". Financial Markets, Institutions and Instruments: Vol. 18, 289-370.Damodaran, A. (2009). Equity Risk Premiums (ERP): Determinants, Estimation and Implications - A Post-Crisis Update./ ...
Elroy Dimson, Paul Marsh, and Mike Staunton, “Global Evidence on the Equity Risk Premium,” Aug. 2003. Roger G. Ibbotson and Peng Chen, “Stock Market Returns in the Long Run: Participating in the Real Economy,” Mar 2002 Aswath Damodaran, “Equity Risk Premiums (ERP): Determinants, Esti...
作者: A Damodaran 摘要: The following sections are included:Equity Risk Premiums: Importance and DeterminantsWhy Does the Equity Risk Premium Matter?A price for riskExpected returns and discount ratesInvestment and policy implicationsWhat are the Determinants of Equity Risk Premiums?Risk aversion and ...
Damodaran, A. (2011)Equity Risk Premiums (ERP): Determinants, Estimation and Implications – The 2011 EditionStern School of Business Dimson, E., Marsh, P., and Staunton, M. (2002)Triumph of the Optimists: 101 Years of Global Investment ReturnsPrinceton University Press ...
作者: A Damodaran 摘要: We analyze the history of the equity risk premium from surveys of U.S. Chief Financial Officers (CFOs) conducted every quarter from June 2000 to March 2012. The risk premium is the expected 10-year S&P 500 return relative to a 10-year U.S. Treasury bond yield....
This video is a part of online course on Valuation by Professor Aswath Damodaran of NYU. This lecture discusses: Implied equity risk premiums More on estimation Interaction with other "risk" premiums First steps on betas The class is currently being taught by Prof. Aswath Damodaran at the NYU’...
Equity risk premium is a central component of every risk and return model in finance and a key input to estimate costs of equity and capital in both corporate finance and valuation. An article by Damodaran examines three broad approaches... E Busseti - 《Papers》 被引量: 0发表: 2019年 Th...
The estimate is also affected by the time horizon used for calculating the premium. Note: This approach was suggested by Aswath Damodaran in his paper "Estimating Equity Risk Premiums". Previous LessonNext LessonRelated DownloadsCost of Capital - PDF (free)...
market return minus the risk-free rate. However, you can simplify calculations by using published average risk premiums. Damodaran's summary tables show historical equity risk premiums in the 3 to 7 percent range. Adjust this rate for other risk factors, such as country risk and liquidity risk...