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| Tekijä: | Mehra, R. |
| Otsikko: | The Equity Premium: Why Is It a Puzzle? |
| Lehti: | Financial Analysts' Journal
2003 : JAN-FEB, VOL. 59:1, p. 54-69 |
| Asiasana: | INVESTMENT CAPITAL ASSETS PRICING PORTFOLIO MANAGEMENT |
| Kieli: | eng |
| Tiivistelmä: | This article provides a critical review of the literature on the equity premium puzzle. The author summarizes the historical experience of the United States and other industrialized countries and details the intuition behind discrepancy between model prediction and empirical data. The discussion addresses various research approaches that have been proposed to enhance the model's realism. While reviewing these major directions in theoretical financial research, the author points out the ways in which the majority of the proposed resolutions fail along crucial dimensions. The author also notes that how one views the equity premium depends on whether one is talking about the observed, realized premium or the expected short-term premium. |
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