risk premium is not proportional to the beta of the investment. We apply these general results to the case of an uncertain … increasing term structure for the risk premium. It also implies that, under the assumption that the cumulants of the distribution … of growth are statistically independent, the discount rate is increasing with maturity if and only if the beta of the …

risk premium is not proportional to the beta of the investment. We apply these general results to the case of an uncertain … increasing term structure for the risk premium. It also implies that, under the assumption that the cummulants of the … distribution of growth are statistically independent, the discount rate is increasing with maturity if and only if the beta of the …