问题如下图：
选项：
A. 
B. 
C. 
解释：
我想问下原题中有句话叫the geometric mean return relative to 10-year government bond returns over 10 years is 2 percent per year.这句话我读了二十多遍都没明白什么意思 捂脸……您能给我解释下吗？而且这道题的文风感觉很奇怪 考点也都很奇怪
maggie_品职助教 · 2018年03月28日
1、当前利率曲线是inverted,说明短期利率大于长期利率，因此公式第一项rf较大
2、rm-rf用历史ERP，历史上利率曲线是normal形态-upward sloping（短期小于长期），因此rm-rf较大
综上，用当前rf和历史ERP，会高估re。
加油。
sherry_lee · 2019年04月17日
没有回答问题啊
maggie_品职助教 · 2019年04月17日
这句话说得就是ERP的公式=RM-RF=2%
NO.PZ201512300100000303 老师 这个结论是针对本题还是是一个定论
NO.PZ201512300100000303 老师 长期政府债券的利率不是应该比长期的高吗？ 这道题考察的知识点是哪个？
NO.PZ201512300100000303 bilong-term requirereturn on equity estimates wnwar. have no effeon long-term requirereturn on equity estimates. A is correct. The requirereturn reflects the magnitu of the historicequity risk premium, whiis generally higher when baseon a short-term interest rate (a result of the normupwarsloping yielcurve), anthe current value of the rate being useto represent the risk-free rate. The short-term rate is currently higher ththe long-term rate, whiwill also increase the requirereturn estimate. The short-term interest rate, however, overstates the long-term expecteinflation rate. Using the short-term interest rate, estimates of the long-term requirereturn on equity will biaseupwar.老师你好，这题的解答中说历史的ERP曲线是向上倾斜的，请问这个是为什么？需要考虑题目中战争状态时候的ERP吗？战争状态的话ERP曲线应该是向下倾斜的吧。
NO.PZ201512300100000303 我想知道，向下调整和有一个向下的bias，在表述上是什么样的？因为我发现我有点模糊了 upwarbiasebiaseupward
NO.PZ201512300100000303 bilong-term requirereturn on equity estimates wnwar. have no effeon long-term requirereturn on equity estimates. A is correct. The requirereturn reflects the magnitu of the historicequity risk premium, whiis generally higher when baseon a short-term interest rate (a result of the normupwarsloping yielcurve), anthe current value of the rate being useto represent the risk-free rate. The short-term rate is currently higher ththe long-term rate, whiwill also increase the requirereturn estimate. The short-term interest rate, however, overstates the long-term expecteinflation rate. Using the short-term interest rate, estimates of the long-term requirereturn on equity will biaseupwar. 短期利率长期利率，如何推出rm-rf更大?