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Market risk premium used in 56 countries in 2011: A survey with 6,014 answers

Author

Listed:
  • Fernandez, Pablo

    (IESE Business School)

  • Aguirreamalloa, Javier

    (IESE Business School)

  • Corres, Luis

    (IESE Business School)

Abstract

This paper contains the statistics of the Equity Premium or Market Risk Premium (MRP) used in 2011 for 56 countries. We got answers for 85 countries, but we only report the results for 56 countries with more than 6 answers. Most previous surveys have been interested in the Expected MRP, but this survey asks about the Required MRP. The paper also contains the references used to justify the MRP, comments from persons that do not use MRP, and comments from persons that do use MRP.

Suggested Citation

  • Fernandez, Pablo & Aguirreamalloa, Javier & Corres, Luis, 2011. "Market risk premium used in 56 countries in 2011: A survey with 6,014 answers," IESE Research Papers D/920, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-0920
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    File URL: http://www.iese.edu/research/pdfs/DI-0920-E.pdf
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    2. Bertolini, Marina & D’Alpaos, Chiara & Moretto, Michele, 2016. "Investing in Photovoltaics: Timing, Plant Sizing and Smart Grids Flexibility," MITP: Mitigation, Innovation and Transformation Pathways 244540, Fondazione Eni Enrico Mattei (FEEM).
    3. Pengguo Wang & Wei Huang, 2015. "The implied growth rates and country risk premium: evidence from Chinese stock markets," Review of Quantitative Finance and Accounting, Springer, vol. 45(3), pages 641-663, October.
    4. Vit Posta, 2012. "Time-Varying Risk Premium in the Czech Capital Market: Did the Market Experience a Structural Shock in 2008–2009?," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 62(5), pages 450-470, November.
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    6. Xiaoqing Maggie Fu & Yongjia Rebecca Lin & Philip Molyneux, 2015. "Bank Efficiency and Shareholder Value in Asia Pacific," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Bank Competition, Efficiency and Liquidity Creation in Asia Pacific, chapter 4, pages 72-95, Palgrave Macmillan.
    7. Fernández, Pablo & Aguirreamalloa, Javier & Corres, Luis, 2013. "Market Risk Premium Used in 82 Countries in 2012: A Survey with 7,192 Answers," IESE Research Papers D/1059, IESE Business School.
    8. Biondi, Tommaso & Moretto, Michele, 2015. "Solar Grid Parity dynamics in Italy: A real option approach," Energy, Elsevier, vol. 80(C), pages 293-302.
    9. Gupta, Anshul & Akuzawa, Toshinao & Nishiyama, Yoshihiko, 2013. "Quantitative evaluation of contingent capital and its applications," The North American Journal of Economics and Finance, Elsevier, vol. 26(C), pages 457-486.
    10. Dimitrios Angelopoulos & Robert Brückmann & Filip JirouÅ¡ & Inga KonstantinaviÄ iÅ«tÄ— & Paul Noothout & John Psarras & Lucie Tesnière & Barbara Breitschopf, 2016. "Risks and cost of capital for onshore wind energy investments in EU countries," Energy & Environment, , vol. 27(1), pages 82-104, February.
    11. Péter Benczúr & Gábor Kátay & Áron Kiss, 2012. "Assessing changes of the Hungarian tax and transfer system: A general-equilibrium microsimulation approach," MNB Working Papers 2012/7, Magyar Nemzeti Bank (Central Bank of Hungary).
    12. Eleftherios Angelopoulos & Antonios Georgopoulos, 2015. "The Determinants of Shareholder Value in Retail Banking During Crisis Years: The Case of Greece," Multinational Finance Journal, Multinational Finance Journal, vol. 19(2), pages 109-147, June.
    13. George M. von Furstenberg, 2012. "Mega-Banks' Self-Insurance with Cocos: A Work in Progress," Global Credit Review (GCR), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 53-77.
    14. Chiara D'Alpaos & Marina Bertolini & Michele Moretto, 2016. "Do Smart Grids Boost Investment in Photovoltaics? The Prosumer Investment Decision," "Marco Fanno" Working Papers 0203, Dipartimento di Scienze Economiche "Marco Fanno".
    15. Robert Simons & Yuval Arbel & Eugene Choi & Danny Ben Shahar, 2011. "Explaining the Variation in Residential Capitalization Rates Worldwide: A Preliminary Investigation," ERES eres2011_32, European Real Estate Society (ERES).
    16. Grzegorz Michalski, 2012. "Crisis Caused Changes In Intrinsic Liquidity Value In Non-Profit Institutions," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 7(2), pages 139-158, June.
    17. Alfranseder, Emanuel & zhang, Xiang, 2015. "The Effect of Pessimism and Doubt on the Equity Premium," Knut Wicksell Working Paper Series 2015/5, Lund University, Knut Wicksell Centre for Financial Studies.
    18. Fleten, Stein-Erik & Linnerud, Kristin & Molnár, Peter & Tandberg Nygaard, Maria, 2016. "Green electricity investment timing in practice: Real options or net present value?," Energy, Elsevier, vol. 116(P1), pages 498-506.
    19. Tesfaye T. Lemma & Martin Feedman & Mthokozisi Mlilo & Jin Dong Park, 2019. "Corporate carbon risk, voluntary disclosure, and cost of capital: South African evidence," Business Strategy and the Environment, Wiley Blackwell, vol. 28(1), pages 111-126, January.
    20. Ekholm, Tommi & Ghoddusi, Hamed & Krey, Volker & Riahi, Keywan, 2013. "The effect of financial constraints on energy-climate scenarios," Energy Policy, Elsevier, vol. 59(C), pages 562-572.
    21. Mazet-Sonilhac, C. & Mésonnier, J.-S., 2016. "Le coût des capitaux propres des grandes entreprises non financières en zone euro : une évaluation sur la dernière décennie," Bulletin de la Banque de France, Banque de France, issue 207, pages 33-45.
    22. Vecchi, Veronica & Hellowell, Mark & Gatti, Stefano, 2013. "Does the private sector receive an excessive return from investments in health care infrastructure projects? Evidence from the UK," Health Policy, Elsevier, vol. 110(2), pages 243-270.
    23. Grzegorz Michalski & Aleksander Mercik, 2013. "Polish and Silesian Non-Profit Organizations Liquidity Strategies," Papers 1301.3825, arXiv.org.
    24. Aschfalk-Evertz, Agnes & Oliver, Rüttler, 2013. "Goodwill impairment testing according to IFRS in the United Kingdom: An empirical analysis of the discount rates used by the thirty largest FTSE 100 companies," Working Papers 75, Berlin School of Economics and Law, Institute of Management Berlin (IMB).
    25. Carlos Alberto Soto Quintero & Alejandra Arboleda Bedoya & Juan Carlos Gutiérrez Betancur, 2012. "Trayectorias óptimas de inversión durante el ciclo de vida en un sistema de multifondos," Documentos de Trabajo de Valor Público 10713, Universidad EAFIT.

    More about this item

    Keywords

    equity premium; required equity premium; expected equity premium; historical equity premium;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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