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The Equity Risk Premium in June 2005: Evidence from the Global CFO Outlook Survey

John R. Graham, Campbell R. Harvey
2005 Social Science Research Network  

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Based on a multi-year survey of U.S. Chief Financial Officers (CFOs), we present expectations of the risk premium measured over a 10-year horizon relative to a 10-year U.S. Treasury bond. Our survey also provides measures of the disagreement over the risk premium. We also provide a measure of individual uncertainty in that we ask for each respondent's 80% confidence interval for their risk premium assessment. We combine the June 2005 survey data with 20 historical quarterly surveys that date
more » ... k to June 2000. We also collect demographic information about our survey participants. Finally, we present the results of other questions on the survey in June 2005 which include assessments of both economy-wide and firm optimism. JEL Classification: G11, G31, G12, G14
doi:10.2139/ssrn.743129 fatcat:jx5saindxbhalj4pyb4wqeqxam
Citation

John R. Graham, Campbell R. Harvey. "The Equity Risk Premium in June 2005: Evidence from the Global CFO Outlook Survey." Social Science Research Network (2005)