Kyriacou, Kyriacos; Madsen, Jakob B.; Mase, Bryan - In: Journal of Economic Studies 33 (2006) 5, pp. 344-356
Purpose – The aim of this paper is to identify why the historically observed equity risk premium is larger than most researchers believe is reasonable. Whilst equity is undoubtedly riskier than government issued securities, the extent of the realised premium on equity has been characterised as...