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- W2003295025 abstract "How much of the equity risk premium puzzle can be attributed to the insecure property rights of shareholders? This paper develops a version of the CCAPM with insecure property rights (stochastic taxes). The model implies that the current expected equity premium can be reconciled with a coefficient of relative risk aversion of 3.76, thus resolving a substantial part of the equity premium puzzle." @default.
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- W2003295025 date "2014-05-20" @default.
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- W2003295025 title "Equity risk premium and insecure property rights" @default.
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- W2003295025 doi "https://doi.org/10.1007/s40505-014-0043-7" @default.
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