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- 2017-07-02 发布于福建
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THE JOURNAL OF FINANCE • VOL. LVII, NO. 2 • APRIL 2002
The Equity Premium
EUGENE F. FAMA and KENNETH R. FRENCH*
ABSTRACT
We estimate the equity premium using dividend and earnings growth rates to
measure the expected rate of capital gain. Our estimates for 1951 to 2000, 2.55
percent and 4.32 percent, are much lower than the equity premium produced by
the average stock return, 7.43 percent. Our evidence suggests that the high aver-
age return for
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