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Over two decades ago, Mehra and Prescott (1985) challenged the finance profession with a poser: the historical US equity premium is an order of magnitude greater than can be rationalized in the context of the standard neoclassical paradigm of financial economics. This regularity, dubbed "the equity premium puzzle," has spawned a plethora of research efforts to explain it away. In this review, the author takes a retrospective look at the original paper and explains the conclusion that the equity premium is not a premium for bearing non-diversifiable risk.
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Previews available in: English
Subjects
Investments & Securities, Stocks, Risk, BUSINESS & ECONOMICS, FinanceShowing 1 featured edition. View all 1 editions?
Edition | Availability |
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1
The equity premium puzzle: a review
2008, Now
electronic resource :
in English
1601980655 9781601980656
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Book Details
Table of Contents
Edition Notes
Title from PDF title page (viewed Jan. 24, 2008).
Offprint. Foundations and trends in finance (Online). Vol. 2, no. 1 (2006).
Includes bibliographical references.
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Feedback?May 25, 2022 | Edited by ImportBot | import existing book |
June 30, 2019 | Created by MARC Bot | import new book |