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 varia...
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| Định dạng: | Tạp chí |
| Ngôn ngữ: | English |
| Được phát hành: |
Washington, D.C. :
International Monetary Fund,
2007.
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| Loạt: | IMF Working Papers; Working Paper ;
No. 2007/230 |
| Truy cập trực tuyến: | Full text available on IMF |