Alibaba (BABA)の上場に関するリンク集

〔2014年9月26日追加〕

エクイティ・リスク・プレミアム

Equity Risk Premium

Professor Damodaran writes:

There are three ways of estimating an equity risk premium. One is to look at the difference between the average historical return you would have earned investing in stocks and the return on a risk free investment. This historical premium for the 1928-2013 time period would have stood at about 4.20%, if computed as the difference in compounded returns on US stocks and on the 10-year US treasury bond. The second is to survey portfolio managers, CFOs or investors about what they think stocks will generate as returns in future periods and back out the equity risk premium from these survey numbers. In early 2013, that survey premium would have yielded between 3.8% (from the CFO survey) to 4.8% (portfolio managers) to 5% (analysts). Finally, you can back out a forward looking premium, based upon current stock prices and expected cash flows, akin to estimating the yield to maturity on a bond. That is the process that I use at the start of every month to compute the ERP for US stocks, and that number stood at 5.45% On May 18, 2013.

Global GT LP v. Golden Telecom, Inc.1
では,ERPの算定方法が争われていて,どの手法を使ってERPを計算するべきかは,難しい問題だと思います。

via Musings on Markets, The Big Picture, RL&F, ST&B, Duff & Phelps, Potter Anderson

  1. 993 A.2d 497, 517 (Del. Ch. 2010), aff’d, 11 A.3d 214 (Del. 2010) (Strine, V.C.). []