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t
5-205-049
D E C E M B E R 2 , 2 0 0 4
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TEACHING NOTE P
Deutsche Bank: Discussing the Equity Risk
Premium r
Case Summary
In August 2003, Jamil Baz and George Cooper of the Fixed Income Research group at Deutsche
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Bank are preparing a presentation for some clients. The presentation aims at convincing the clients
why they shouldn’t overstate the equity risk premium (ERP) when comparing bonds and equities.
Put differently, Baz and Cooper want to make sure clients understand that bonds and other fixed
income instruments are viable investment options, even when compared to stocks.
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Their presentation (see the case’s Exhibit 2) shows two ways to calculate the ERP: the first uses the
more standard Gordon Growth Model and the second a more novel approach. The two methods
result in two very different results. Baz and Cooper now have to decide which of the two methods (if
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