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【单选题】
The implied equity risk premium is a forward- looking premium, estimated from the level of stock prices (the index) today and expected earnings/cash flows in the future. Assume that you compute the implied ERP at the start of a year and the market goes up 20% during the course of the year and that you compute the implied ERP again at the end of the year. Assuming that the risk free rate and growth rate do not change over the course of the year, which of the following would you expect to happen to the implied ERP?A.
The ERP will go down
B.
The ERP will go down, if the earnings/ cash flows went up by less than 20% during the year
C.
The ERP will go down, if the earnings/ cash flows went up by more than 20% during the year
D.
The ERP will not change
E.
The ERP will go up
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