B？题干没看出来经济走出衰退，

问题如下：

When assessing investment opportunities in equities, investors should:

选项：

A.

assign higher equity risk premiums to non-cyclical companies, relative to cyclical companies.

B.

forecast lower volatility in the growth rate of earnings for cyclical companies, relative to non-cyclical companies.

C.

forecast higher growth rates in earnings for cyclical companies coming out of a recession, relative to non-cyclical companies.

解释：

C is correct.

During recessions, cyclical companies are likely to experience sharp declines in earnings, more so than non-cyclical companies. In contrast, while coming out of a recession, cyclical companies are likely to generate higher earnings growth relative to non-cyclical companies.

考点：equity risk premium

解析：A，与非周期性行业比，周期性行业对经济周期更敏感，因此面临的风险更大，equity risk premium越高，A的说法错误；

B，周期性行业的收益增长率波动性比非周期性行业更大，B错。

C，当走出经济衰退时，周期性行业收益的增长率更大，因为周期性行业对经济周期更敏感，C正确。