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La prima de riesgo del mercado según 100 Libros


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  • Fernandez, Pablo

    (IESE Business School)


Las recomendaciones sobre la Prima de Riesgo del Mercado de los 100 libros sobre valoración y finanzas analizados (publicados entre 1979 y 2008 por autores como Brealey y Myers, Copeland, Damodaran, Merton, Ross, Bruner, Bodie, Penman, Arzac¿) oscilan entre el 3% y el 10%. Varios libros utilizan distintas Primas de Riesgo del Mercado en distintas páginas. En valoraciones de proyectos de inversión de las empresas, en informes de valoración y también en sentencias judiciales se observa cierta confusión sobre la magnitud razonable de la prima de riesgo del mercado. Parte de la confusión se debe a no distinguir entre las cuatro acepciones de la prima de riesgo del mercado: histórica, esperada, exigida e implícita. 88 de los libros identifican la prima de riesgo del mercado esperada y la exigida, y 59 identifican la esperada y la histórica. Los libros de finanzas deberían definir claramente las cuatro acepciones de la prima de riesgo del mercado, aclarar a cuál de ellas se refieren en cada momento e incorporar mensajes más claros sobre sus magnitudes razonables, especialmente sobre la prima exigida.

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Bibliographic Info

Paper provided by IESE Business School in its series IESE Research Papers with number D/823.

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Length: 26 pages
Date of creation: 11 Sep 2009
Date of revision:
Handle: RePEc:ebg:iesewp:d-0823

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Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
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Keywords: prima riesgo; prima riesgo mercado; rentabilidad exigida; prima histórica; prima exigida; prima esperada;

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