{"title":"股票风险溢价的新估计以及为什么商业经济学家需要它们","authors":"Douglas J. Lamdin","doi":"10.2139/ssrn.296857","DOIUrl":null,"url":null,"abstract":"The equity risk premium (ERP) is used to estimate a firm's cost of equity and overall cost of capital. It therefore is relevant to, for example, capital budgeting analyses and calculation of economic value added. Unfortunately, current estimates of the ERP range widely. Some claim it has fallen to as low as around 2%, while others place it at 3 to 4 times this amount. Using a model that extracts the required return on equity from a valuation model based on dividends and repurchases of shares the ERP is estimated. This approach leads to estimates of the ERP of 3% to 6%.","PeriodicalId":272257,"journal":{"name":"Corporate Finance and Organizations eJournal","volume":"46 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2002-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"4","resultStr":"{\"title\":\"New Estimates of the Equity Risk Premium and Why Business Economists Need Them\",\"authors\":\"Douglas J. Lamdin\",\"doi\":\"10.2139/ssrn.296857\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The equity risk premium (ERP) is used to estimate a firm's cost of equity and overall cost of capital. It therefore is relevant to, for example, capital budgeting analyses and calculation of economic value added. Unfortunately, current estimates of the ERP range widely. Some claim it has fallen to as low as around 2%, while others place it at 3 to 4 times this amount. Using a model that extracts the required return on equity from a valuation model based on dividends and repurchases of shares the ERP is estimated. This approach leads to estimates of the ERP of 3% to 6%.\",\"PeriodicalId\":272257,\"journal\":{\"name\":\"Corporate Finance and Organizations eJournal\",\"volume\":\"46 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2002-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"4\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Finance and Organizations eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.296857\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Finance and Organizations eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.296857","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
New Estimates of the Equity Risk Premium and Why Business Economists Need Them
The equity risk premium (ERP) is used to estimate a firm's cost of equity and overall cost of capital. It therefore is relevant to, for example, capital budgeting analyses and calculation of economic value added. Unfortunately, current estimates of the ERP range widely. Some claim it has fallen to as low as around 2%, while others place it at 3 to 4 times this amount. Using a model that extracts the required return on equity from a valuation model based on dividends and repurchases of shares the ERP is estimated. This approach leads to estimates of the ERP of 3% to 6%.
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