Editorial Type:
Article Category: Research Article
| Online Publication Date: 01 Dec 2010
Developing the Cost of Equity Capital: Risk-free Rate and ERP during Periods of “Flight to Quality”
Developing the Cost of Equity Capital: Risk-free Rate and ERP during Periods of “Flight to Quality”
ASA
Page Range: 172 – 185
Copyright: © 2010 American Society of Appraisers
Exhibit 5
Relationship of Conditional ERP to Long-Term ERP
Scenario A: Conditional ERP Estimate at Peak of Stock Market Cycle
Scenario B: Conditional ERP Estimate at Trough of Stock Market Cycle
Exhibit 7
S&P 500 Index from January 1953–December 2010