NO.PZ201512300100000302
问题如下：
2. The events of 2004 to 2006 would be expected to:
选项：
A.bias the historical equity risk premium estimate upwards.
B.bias the historical equity risk premium estimate downwards.
C.have no effect on the historical equity risk premium estimate.
解释：
B is correct.
The events of 2004 to 2006 depressed share returns but 1) are not a persistent feature of the stock market environment, 2) were not offset by other positive events within the historical record, and 3) have led to relatively low valuation levels, which are expected to rebound.
老师，我可以理解，战争期间，收益率较低，rm较低，所以整一个ERP很低。但是，由于在这样的情况下，投资风险较高，所以只有有很高的风险溢价，人们才会去投资，所以，其实ERP应该高。所以，合理的情况应该是对ERP调高。那不是应该选A吗？
