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Cookie akzeptierenHannes Gsell
Estimation of the Expected Market Risk Premium for Corporate Valuations
- Peter Lang
- 2011
- Gebunden
- 476 Seiten
- ISBN 9783631614013
The expected market risk premium (MRP) is a crucial parameter for corporate valuations using risk-adjusted discount rates. Despite its importance, there is no consensus on its correct estimation. This book provides a conceptual review of several estimation methods focused on implied cost of capital but also including historical averages and return decomposition. In addition, these methods are applied in a comprehensive empirical study for six key equity markets (Canada, France, Germany, Japan, UK, and USA). While professionals predominantly rely on historical averages, the empirical results demonstrate that the expected MRP is volatile over time and related to the market price level particularly during the recent financial
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