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BOLETIN DE ACTUALIDAD DEL MERCADO ESPAÑOL DE CAPITAL RIESGO
PRIVATE EQUITY & VENTURE CAPITAL SPANISH MARKET NEWSLETTER

Discount Rate (Risk-Free Rate and Market Risk Premium): a survey 2015

JULIO - SEPTIEMBRE 2015
 
Del Nº 3 / 2015
Discount Rate (Risk-Free Rate and Market Risk Premium): a survey 2015
Pablo Fernández
IESE Business School
Alberto Ortiz
IESE Business School
Isabel Fernández Acín
IESE Business School
  

 

Abstract:

This paper contains the statistics of a survey about the Risk-Free Rate (RF) and of the Market Risk Premium (MRP) used in 2015 for 41 countries. We got answers for 68 countries, but we only report the results for 41 countries with more than 25 answers. The average (RF) used in 2015 was smaller than the one used in 2013 in 26 countries (in 11 of them the difference was more than 1%). In 8 countries the average (RF) used in 2015 was more than a 1% higher than the one used in 2013 (see figure 3). The change between 2013 and 2015 of the average Market risk premium used was higher than 1% for 13 countries (see figure 4). Most of the respondents use for US, Europe and UK a Risk-Free Rate (RF) higher than the yield of the 10-year Government bonds.

Keywords: equity premium; required equity premium; expected equity premium; risk-free rate; heterogeneous expectations

 
 
 
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