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| Author: | Antoniou, A. Garrett, I. Priestley, R. |
| Title: | Calculating the equity cost of capital using the APT: the impact of the ERM. |
| Journal: | Journal of International Money and Finance
1998 : DEC, VOL. 17:6, p. 949-965 |
| Index terms: | Exchange rate mechanism Equity capital Stock exchanges |
| Language: | eng |
| Abstract: | The authors investigate the behavior of the equity market risk premium for the London Stock Exchange prior to and during sterling's membership of the ERM. When conflict between domestic and ERM policy requirements arose at the turn of 1991, the equity risk premium increased and continued to do so until sterling's exit, partially wiping out the benefits of membership of the ERM. |
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