A new approach of estimating a forward-looking equity risk premium (ERP) is to calculate the implied risk premium using present value (PV) formulas. This paper compares implied risk premia obtained from dierent PV models and evaluates them by analyzing their underlying firmspecific...

Unlike mutual funds, hedge funds are reluctant to provide detailed information on their investment portfolios. Since hedge funds may use niche investment strategies in narrow market segments, fund managers portend that thorough disclosure of their portfolio holdings—which are important to...

Die Implizite Risikoprämie – Ein Vergleich Empirischer Methoden Die implizite Risikoprämie ist ein neuartiges Konzept, um eine erwartete Marktrisikoprämie zu schätzen. Hierbei wird die zukünftige Risikoprämie mittels Barwertformeln aus erwarteten Aktienerträgen errechnet. Die...

Ambiguity aversion has shown to be economically relevant and has been proposed as an explanation for many phenomena in economics and fi nance. While the literature has suggested a large variety of elicitation methods to measure ambiguity preferences, their consistency and reliability it is...