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Prima de riesgo del mercado utilizada para España: Encuesta 2011

  • Fernandez, Pablo

    ()

    (IESE Business School)

  • Aguirreamalloa, Javier

    (IESE Business School)

  • Corres, Luis

    (IESE Business School)

Este documento resume 1.502 respuestas a una encuesta por e-mail realizada a directivos de empresas, a analistas y a profesores de universidad. Los resultados más relevantes de la encuesta son: 1) gran dispersión de las repuestas (los profesores utilizan primas entre 3 y 8%, los analistas entre 2 y 11,9%, y las empresas entre 1,5 y 15%); 2) un elevado número de empresas no utilizan la prima de riesgo del mercado (bastantes de ellas utilizan un WACC mínimo, una TIR mínima... otras utilizan criterios como ebitda/ventas, PER…); 3) la prima promedio utilizada por las empresas (6,1%) es superior a la utilizada por los profesores (5,5%) y a la utilizada por los analistas (5,6%); 4) muchos profesores y directivos justifican la prima que utilizan con libros y artículos publicados (aunque con la misma fuente se utilizan primas de mercado muy diferentes).

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Paper provided by IESE Business School in its series IESE Research Papers with number D/921.

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Length: 18 pages
Date of creation: 03 May 2011
Date of revision:
Handle: RePEc:ebg:iesewp:d-0921
Contact details of provider: Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
Web page: http://www.iese.edu/

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  1. Ivo Welch, 2000. "Views of Financial Economists on the Equity Premium and on Professional Controversies," Yale School of Management Working Papers ysm122, Yale School of Management.
  2. James Claus, 2001. "Equity Premia as Low as Three Percent? Evidence from Analysts' Earnings Forecasts for Domestic and International Stock Markets," Journal of Finance, American Finance Association, vol. 56(5), pages 1629-1666, October.
  3. Tim Brailsford & John C. Handley & Krishnan Maheswaran, 2008. "Re-examination of the historical equity risk premium in Australia," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 48(1), pages 73-97.
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