The risk premium for equity: implications for resource allocation, welfare and policy

Grant, Simon and Quiggin, John (2006) The risk premium for equity: implications for resource allocation, welfare and policy. Australian Economic Papers, 45 3: 253-268. doi:10.1111/j.1467-8454.2006.00291.x

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Author Grant, Simon
Quiggin, John
Title The risk premium for equity: implications for resource allocation, welfare and policy
Journal name Australian Economic Papers   Check publisher's open access policy
ISSN 0004-900X
Publication date 2006-09
Sub-type Article (original research)
DOI 10.1111/j.1467-8454.2006.00291.x
Volume 45
Issue 3
Start page 253
End page 268
Total pages 16
Editor D. Leonard
Place of publication Australia
Publisher Blackwell
Collection year 2006
Language eng
Subject C1
720299 Microeconomic issues not elsewhere classified
340203 Finance Economics
Abstract Analysis of the equity premium puzzle has focused on private sector capital markets. The object of this paper is to consider the welfare and policy implications of each of the broad classes of explanations of the equity premium puzzle. As would be expected, the greater the deviation from the first-best outcome implied by a given explanation of the equity premium puzzle, the more interventionist are the implied policy conclusions. Nevertheless, even explanations of the equity premium puzzle consistent with a general consumption-based asset pricing model have important welfare and policy implications.
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Excellence in Research Australia (ERA) - Collection
2007 Higher Education Research Data Collection
School of Economics Publications
 
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Created: Wed, 15 Aug 2007, 11:01:08 EST