摘要
本文估计的中国投资者的相对风险回避系数远远大于10,远大于Mehra和Prescott(1985)所认可的最高水平,证实了中国股市存在股权溢价之谜,并指出了解释中国股权溢价之谜的潜在研究途径。
Regarding China' s investors, the coefficients of relative risk aversion measured by this paper are many times greater than 10, which is the maximum level considered plausible by Mehar and Prescott (1985). It suggests that the equity premium puzzle exists in China's stock market. This paper points out the potential analysis routes of solving this equity premium puzzle.
出处
《上海商学院学报》
2005年第2期14-18,共5页
Business Economic Review
