Abstract

http://ssrn.com/abstract=1822422
 
 

References (13)



 
 

Citations (2)



 


 



Prima de riesgo del mercado utilizada para España: encuesta 2011 (The Equity Premium in Spain: Survey 2011) (in Spanish)


Pablo Fernandez


University of Navarra - IESE Business School

Javier Aguirreamalloa


IESE Business School

Luis Corres Avendaño


IESE

April 15, 2013


Abstract:     
Este documento resume 1.502 respuestas a una encuesta por realizada a directivos de empresas, a analistas y a profesores de universidad. Los resultados más relevantes de la encuesta son:
• 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%);
• 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…);
• 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%);
• 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).

We analyze the 1,502 answers of a recent survey of executives, analysts and finance professors. We present the required equity premium used for Spain in 2011 by 930 of them and their comments. The range of the professors goes from 3% to 8% (average 5.5%); the range of the analysts goes from 2% to 11.9% (average 5.6%); and the range of the executives goes from 1.5% to 15% (average 6.1%). We also present comments from professors, executives and analysts that do not use any required equity premium.

Note: Downloadable document is in Spanish.

Number of Pages in PDF File: 10

Keywords: equity premium, required market risk premium, historical market risk premium, expected market risk premium, market risk premium

JEL Classification: G12, G31, M21

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Date posted: April 26, 2011 ; Last revised: April 18, 2013

Suggested Citation

Fernandez, Pablo and Aguirreamalloa, Javier and Avendaño, Luis Corres, Prima de riesgo del mercado utilizada para España: encuesta 2011 (The Equity Premium in Spain: Survey 2011) (in Spanish) (April 15, 2013). Available at SSRN: http://ssrn.com/abstract=1822422 or http://dx.doi.org/10.2139/ssrn.1822422

Contact Information

Pablo Fernandez (Contact Author)
University of Navarra - IESE Business School ( email )
Camino del Cerro del Aguila 3
28023 Madrid
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)
HOME PAGE: http://web.iese.edu/PabloFernandez/
Javier Aguirreamalloa
IESE Business School ( email )
08034 Barcelona
Spain
Luis Corres Avendaño
IESE ( email )
Camino del Cerro del Águila, 3
28023 Madrid, Madrid
Spain
656940704 (Phone)
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