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dc.contributor.authorNaumoski, Aleksandaren_US
dc.contributor.authorNestorovski, Metodijaen_US
dc.identifier.citationNaumoski A., & Nestorovski M. (2018). Ex-ante Equity Risk Premia: Expectational Estimates Using Stock Market Returns Forecasts in the Emerging Equity Market. Panoeconomicus, 65(4), 479-507en_US
dc.description.abstractWe estimated the ex-ante equity risk premium for the Republic of Macedonia, which is a young, small and open emerging market. We polled academics and practitioners for their expectations on the stock market index MBI10 as a proxy for market portfolio. The risk premium is the expected MBI10 return relative to a government bond yield. Using the Kolmogorov–Smirnov and Anderson–Darling goodness-of-fit tests we determined the best fitted statistical distribution, and consequently estimated the short-term ERP of 8.55 and long-term average ERP for the next 10 years of 7.76. The estimated ex-ante ERP is higher and similar as it is in the other emerging marketsen_US
dc.publisherSavez Ekonomista Vojvodineen_US
dc.subjectemerging markets, forecast, market returns, risk-free rate, expected equity risk premium, goodness-of-fit testen_US
dc.titleEx-ante equity risk premia: Expectational estimates using stock market returns forecasts in the emerging equity marketen_US
dc.typeJournal Articleen_US
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item.grantfulltextopen- of Economics-
Appears in Collections:Faculty of Economics 03: Journal Articles / Статии во научни списанија
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