JOURNAL ARTICLE
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Die Risikoprämie am deutschen Kapitalmarkt
Credit and Capital Markets – Kredit und Kapital, Vol. 36 (2003), Iss. 3 : pp. 411–434
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Alexander Klos, Mannheim
References
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Abstract
The Equity Premium in the German Capital Market
This article focuses on the equity premium level in the German capital market. It initially discusses the problems pertaining to historical equity premium calculations. The discussion of national factors rendering such calculation more difficult is the focus of attention. The Mehra and Prescott (1985) standard evaluation model based on consumption data is the starting basis of the discussion of the Equity Premium Puzzle. One of the study’'s aims is to calculate the equity premium predicted by the model. Such calculation presupposes the existence of appropriate consumption data that are, however, not adequately available in the required form in Germany. A sensitivity analysis using estimates therefor has been used for calculating the equity premiums for a variety of consumption parameter combinations.