La Prima de Riesgo del Mercado según 100 Libros (The Equity Premium in 100 Books)
14 Pages Posted: 25 Jul 2008 Last revised: 16 Jan 2018
Date Written: May 6, 2015
Abstract
Spanish 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.
English Abstract: I revise 100 finance and valuation textbooks published between 1979 and 2008 and find that their recommendations regarding the equity premium range from 3% to 10%. Several books use different equity premia in different pages.
Some confusion arises from not distinguishing among the four concepts that the word equity premium designates: Historical equity premium, Expected equity premium, Required equity premium and Implied equity premium.
Professors should clarify the different concepts of equity premium and convey a clearer message about their sensible magnitudes.
Note: Downloadable document is in Spanish.
Keywords: equity premium, required market risk premium, historical market risk premium
JEL Classification: G12, G31, M21
Suggested Citation: Suggested Citation
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