The Equity Premium Puzzle, Ambiguity Aversion, and Institutional Quality

The Equity Premium Puzzle, Ambiguity Aversion, and Institutional Quality
With cross-section data from 53 emerging and mature markets, we provide evidence that equity premium puzzle is a global phenomenon. In addition to risk aversion, equity premium may reflect ambiguity aversion. We explore the sources of equity premium using some pertinent fundamental independent variables, as well as the World Bank institutional... READ MORE...

Publication date: September 2007
ISBN 9781451867947
$18.00

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