Real interest rates and the cost of capital
研究如何估算预期实际利率和权益风险溢价，进而计算资本成本。使用英国数据，指出基于历史回报的估算可能误导，并讨论替代方法。
The real interest rate and the equity risk premium are critical economic parameters that influence a wide range of economic decisions. This paper considers the problems involved in estimating expected real interest rates and the equity risk premium, and hence the overall cost of capital. Using UK data, it suggests reasons why estimates based on historical returns may be misleading, and discusses alternative approaches to estimating the cost of capital.