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La prima de riesgo del mercado según 100 Libros

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  • Fernandez, Pablo

    () (IESE Business School)

Abstract

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.

Suggested Citation

  • Fernandez, Pablo, 2009. "La prima de riesgo del mercado según 100 Libros," IESE Research Papers D/823, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0823
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    Keywords

    prima riesgo; prima riesgo mercado; rentabilidad exigida; prima histórica; prima exigida; prima esperada;

    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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