### TABLE 2 Univariate Statistics for Arithmetic Equity Premia Forecasts

2000

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### TABLE 5 Statistics for Economists apos; Arithmetic Equity Premia Consensus Estimates

2000

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### TABLE 3 Univariate Statistics for Arithmetic Equity Premia Optimistic and Pessimistic Outcome Forecasts

2000

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### TABLE 4 Univariate Statistics for Economists apos; Arithmetic Equity Premia Consensus Estimates

2000

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### Table 3: Correlations between asset returns and risk premia Panel A presents the correlations between stock returns, 5-year nominal bonds, and 10-year nominal bonds using the estimates reported in Table 1. Panel B depicts the correlation between the same asset returns and either 5-year or 10-year nominal bond risk premia.

2007

"... In PAGE 15: ... Third, we find that nominal bond risk premia are much more sensitive to changes in expected inflation than to changes in the real rate, which is caused by the high persistence of expected inflation discussed earlier. Panel A of Table3 presents the correlations between the assets that are possibly included in the asset menu, while Panel B of Table 3 reports the correlation between the risk premia on 5-year and 10-year nominal bonds and the same asset returns. These correlations are important as they drive the hedging demands held by the investor to hedge against future changes in investment opportunities.... In PAGE 15: ... Third, we find that nominal bond risk premia are much more sensitive to changes in expected inflation than to changes in the real rate, which is caused by the high persistence of expected inflation discussed earlier. Panel A of Table 3 presents the correlations between the assets that are possibly included in the asset menu, while Panel B of Table3 reports the correlation between the risk premia on 5-year and 10-year nominal bonds and the same asset returns. These correlations are important as they drive the hedging demands held by the investor to hedge against future changes in investment opportunities.... In PAGE 22: ... The optimal hedging demands turn out to be long in 5-year nominal bonds and are financed by reducing the allocation to stocks and, in particular, cash. Long-term bond returns are negatively correlated with future bond risk premia ( Table3 , Panel B) so that a long position in bonds position pays off exactly in those states of the economy where bond risk premia are low. However, the hedging demands are strikingly small.... ..."

### Table 4: Investment risk with equity investment

"... In PAGE 7: ... Each cohort which embarks on equity investment at age 25 faces a di erent 35 years of returns on the equity market. In Table4 , we focus on the 25th and 75th percentile of the distribution of the terminal wealth. We see a fairly large variability associated with Strategy B.... In PAGE 7: ... Table 3 shows that there is a fairly small risk that the all-equity strategy could underperform the all-bonds strategy. However, Table4 re- veals a wide spread in the range of outcomes that could derive from the all{equity strategy. What can be done in containing this investment risk, and in obtaining a more predictable outcome? 6.... In PAGE 8: ... The results from this strategy are summarised in Table 5. A comparison with Table4 reveals that this strategy routinely obtains a much lower inter{ quartile range; however a comparison with Table 2 reveals signi cantly lower accumulation. As emphasised by Alier amp; Vittas (1999), this strategy { of phasing out equity exposure { has the appeal of being easily implemented using unso- phisticated nancial markets.... ..."

### Table 1: Risk taking and required risk premia for the entrant, varying fl(1 + r)

2004

"... In PAGE 25: ...1 1.5 Table1 reports how survival probabilities and the required risk premium of the entering entrepreneur are afiected by the change in r. Consistently with Proposition 4 and our previous remarks, the range of optimal risk taking shrinks.... In PAGE 81: ... 5.1 Calibration and the characterization of the bench- mark economy Table1 lists all the exogenous parameters of the model together with the data sources that are used to calibrate the corresponding parameter values. The methodology used in the calibration procedure is described below.... In PAGE 94: ...6 size distr. of flrms Table1 : The parameters of the benchmark model... ..."

### Table 3 Average return and standard deviation of the factor portfolios Average returns and standard deviations of the factor portfolios are presented in % in panel A. All factor portfolio statistics are reported in synthetic Euro (EURO) and Deutschmark (DEM). The global market portfolio is a market-capitalization weighted average of all available stocks. The equity premium is the difference between the average return on the global market portfolio and the risk-free rate. HML is the factor portfolio based on the return differential between the high book-to-market multifactor minimum variance portfolio and the low book-to-market MMV portfolio. LMOM is the factor portfolio based on the return differential between the local losers MMV portfolio and the local winners MMV portfolio. Panel B reports the correlations between the factors for the two currencies of denomination.

"... In PAGE 10: ... The momentum portfolio rebalancing is performed on a monthly basis and the return differential is calculated as a difference between two equally weighted portfolios. Table3 shows the averages and standard deviations for the three factors. The return premia associated with the factors is similar for DEM and Euro.... ..."

### Table 3.1 Estimated risk premia for U.S. stock markets, 1964-84.

2002

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