For example, a consumer products business may weigh exposure based on the location of their revenue. Then you can access your favorite statistics via the star in the header. Financial market overview of the Middle East, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. KPMG supports Whoppah in their growth strategy. The Equity Risk Premium (ERP) is a key input used to calculate the cost of capital within the context of the Capital Asset Pricing Model (CAPM) and other models. 1 If the spot yield-to-maturity on 20-year U.S. Treasuries were used instead, the ERP would have to be increased accordingly. It documents the evolution of these factors from March 25, 2020 through November 30, 2020, and their corresponding impact on the ERP. A paid subscription is required for full access. Financial market overview of the Middle East, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Sorry, something went wrong. To use individual functions (e.g., mark statistics as favourites, set filter options by industry, region or profitability (e.g. Neel is a passionate and motivated individual currently working at KPMG while also pursuing his CPA certification. 2023 Kroll, LLC. Business Solutions including all features. The cut-off dates range from 2011 to the present. Read more. The average required return on equity used for the U.S. is 7.3%, according to "Market Risk Premium and Risk-Free Rate Used for 88 Countries in 2021," the latest research from Pablo Fernandez, Sofia Bauls, and Pablo Fernandez Acin. Please try again later! New York NY 10055. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Total IPO funds raised in London were 13.9 billion. Available: https://www.statista.com/statistics/664734/average-market-risk-premium-selected-countries/, Average market risk premium in selected countries worldwide in 2022, Available to download in PNG, PDF, XLS format, Value of traded shares in the Middle East July 2020 by exchange, Value share of outstanding bonds by GCC country 2021, Users of various mobile payment apps in Saudi Arabia in 2020, with forecasts to 2025, Share of online financial services usage Saudi Arabia 2022, Distribution of bank liabilities in Saudi Arabia by type Q3 2022, Most popular in-store payment methods in Saudi Arabia 2020-2021, Annual number of credit card transactions in Saudi Arabia 2013-2021, per capita, Industry revenue of activities auxiliary to financial service & insurance activities in Saudi Arabia 2012-2024, Industry revenue of financial and insurance activities in Saudi Arabia 2012-2024, Industry revenue of financial service activities, except insurance & pension funding in Saudi Arabia 2012-2024, Value of outstanding bonds by GCC country 2021, Number of listed companies largest stock exchange operators globally 2022, Distribution of Islamic financial asset value worldwide in 2021, by country, Value of takaful assets worldwide 2012-2021, Distribution of global Islamic fund assets 2021, by domicile, Average market risk premium in Italy 2011-2018, Average market risk premium in the Netherlands 2011-2016, Average risk free investment rate in Belgium 2015-2022, Average risk free investment rate in the Netherlands 2015-2022, Average risk free rate in Italy 2015-2018, Average market risk premium in Mexico 2011-2016, Median market risk premium in selected countries worldwide 2022, Average market risk premium in Australia 2011-2016, Average required return to equity in Hungary 2015-2022, Average market risk premium in New Zealand 2011-2016, Average required return to equity in Turkey 2015-2022, Average required return to equity in Greece 2015-2022, Average market risk premium in Japan 2011-2016, Average required return to equity in the Netherlands 2015-2022, Average market risk premium in Canada 2011-2022, Average market risk premium in Brazil 2011-2016, Average market risk premium in the U.S. 2011-2022, Reasons for investment trust purchase in Japan 2022, Number of regulated open-end funds worldwide 2020-2022, by asset type, Find your information in our database containing over 20,000 reports. Organization KPMG is a global network of professional firms providing Audit, Tax & Advisory services. As these macroeconomic factors play out throughout 2023, each can have an effect on inflation. Equity Market Risk Premium Research Summary 24 January 2018 2018 KPMG Advisory N., registered with the trade register in the Netherlands under number 33263682, is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative a Swiss entity. I have over 7 years working experience in auditing, finance and accounting in the following industries: consultancy, retail, public sector, insurance and Financial technology. While we have tried to include all such products, we do not guarantee the completeness or accuracy of such lists. 55 East 52nd Street 17 Fl This Markets in a Minute Chart is available as a poster. According to the source, the report is presenting required market risk premium (or equity premium) defined as: "incremental return of a diversified portfolio (the market) over the risk-free rate required by an investor." The ideal entry-level account for individual users. Summary of our observations of the key factors influencing the equity market risk premium. 2023KPMG N.V., a Dutch limited liability company and member of the worldwide KPMG organization of independent companies affiliated to KPMG International Limited, a UK limited by guarantee company. Incident response, digital forensics, breach notification, managed detection services, penetration testing, cyber assessments and advisory. Average market risk premium in the United States from 2011 to 2022 [Graph]. Register in seconds and access exclusive features. xref It has also altered job market conditions. The market risk premium Frontier Economics 8. startxref For the optimists, the good news is that the double-digit inflation that characterized nearly half the world in 2022 is expected to be less prevalent this year. As soon as this statistic is updated, you will immediately be notified via e-mail. The U.S. is forecast to see an unemployment rate of 4.6%, or 1.2% higher than current levels. Social Science Research Network. Instead, manufacturers are saying they are confident conditions will improve in the second half of the year. But as some economies navigate a strong labor market against high inflation and hawkish monetary policy, others are facing more challenging conditions. In this case, the cash flow is formulated as dependent on the capital structure and the tax advantage from the debt is considered in the total cash flow instead of in the cost of capital (WACC). You need a Statista Account for unlimited access. Exchange rates are collected from the Federal Reserve (USD) and European Central Bank (Euro). Advisory and technology solutions, including policies and procedures, screening and due diligence, disclosures and reporting and investigations, value creation, and monitoring. Please create an employee account to be able to mark statistics as favorites. Even as the January ISM Purchasing Managers Index posted lower readings, hitting 47.4a level of 48.7 and below generally indicates a recessionfactories are not laying off many workers. If you are an admin, please authenticate by logging in again. 0000003233 00000 n To further accelerate the input process, sector betas can be accessed for an initial indication. Sorry, something went wrong. Should you require more detailed information on the exact methodologies used to derive the equity market The cut-off dates range from 2011 to the present. Exhibit 2 shows the fluctuations in the base U.S. cost of equity since year-end 2019 to the present, using the Duff & Phelps Recommended U.S. ERP and accompanying risk-free rate. With strict price controls, negative interest rates, and an aging population, the country is expected to see an inflation rate of just 1.4% in 2023. When investors purchase stocks internationally, they are exposed to additional risks. Market Risk Premia Market Risk Premia Application example Market Risk Premia of international stock markets as of 31 January 2023 0.834 0.834 10.309 10.309 Austria Australia Belgium Brazil Canada Swiss China Germany Denmark Estland Spain Finnland France United Kingdom Greece Hongkong Indonesia India Italy Japan South Korea Mexico Malaysia You receive independent access to all of the tool's functions. Please refer to the disclaimers here for more information about S&P Dow Jones Indices' relationship to such third party product offerings. Please create an employee account to be able to mark statistics as favorites. We also present an overview of our analysis and conclusions regarding an appropriate equity market risk premium to be applied as per 31 December 2022. The ideal entry-level account for individual users. The typified, uniform risk-free rates are derived from yield curves based on regression parameters and results published by central banks (e.g., Deutsche Bundesbank, Bank of England, Federal Reserve). The ERP varies over time. Based on that rating, determine the credit spread, which is the additional yield over a risk-free investment. The Equity Risk Premium (ERP) is a key input used to calculate the cost of equity capital within the context of the Capital Asset Pricing Model (CAPM) and other models. Even as the tech sector reports mass layoffs, unemployment claims in the U.S. fall below recent averages. Like the U.S., many advanced countries are witnessing labor market strength, especially in the United Kingdom, Asia, and Europe, although how long it will last is unknown. See: https://www.bea.gov/news/blog/2020-12-22/gross-domestic-product-third-estimate-corporate-profits-revised-and-gdp. He was a Quantitative Trading & DevOps Intern at Bincentive, a crypto asset management firm in Taiwan. Please try again later. 0o*q1~*UkL. In just a few steps, the solution guides the user through the derivation of the individual weighted average cost of capital (WACC) or the cost of equity relevant for the financial sector: the user simply specifies the preferred reporting date, the desired country, the currency, and the peer group and selects the desired settings. Yet despite recent rate increases, the impact has yet to prompt major waves in unemployment. No index-linked product details are currently available. As 2022 clearly illustrated, the global job market can surprise expectations. the equity market risk premium decreases to 5.75% as per 31 December 2022. . Participants representing 89 registered investment company fund groups completed it. Please note that this is a summary document only. Which countries have the highest premiums? The type of beta appropriate for the derivation of your individual costs of capital depends on the characteristics of your company. For example, the ERP inferred by the Duff & Phelps Recommended U.S. ERP (developed in conjunction with a normalized risk-free rate) against the spot 20-year yield of 1.5% as of December 9, 2020, is: Duff & Phelps last changed its U.S. ERP recommendation on March 25, 2020. statistic alerts) please log in with your personal account. 17 min read. 5-2021 Evaluating Methods of Calculating Country-Specific Market Risk Premium Lora Taylor Follow this and additional works at: https://scholarworks.uark.edu/finnuht . 0000004162 00000 n Social Science Research Network. Table Of Contents Table Of ContentsTable Of Contents Given its importance, it is surprising how haphazard the estimation of equity risk premiums remains in . 3. endstream endobj 646 0 obj <>>>/Filter/Standard/Length 128/O(nfoWPbmVC)/P -1324/R 4/StmF/StdCF/StrF/StdCF/U(tYLKS )/V 4>> endobj 647 0 obj /Metadata 43 0 R/OCProperties<>/OCGs[657 0 R]>>/Outlines 65 0 R/PageLayout/OneColumn/Pages 643 0 R/StructTreeRoot 84 0 R/Type/Catalog>> endobj 648 0 obj <>/ExtGState<>/Font<>/Properties<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 649 0 obj <>stream With an unemployment rate of 3.4%, the U.S. jobless rate hasnt fallen this low since 1969. Duff & Phelps continuously monitors global economic and financial market conditions that may indicate a change in the indicated ERP and will update our guidance as frequently as warranted. A paid subscription is required for full access. Today, strong labor markets pose a key challenge for central bankers globally. statistic alerts) please log in with your personal account. Access exclusive data and research, personalize your experience, and sign up to receive email updates. Kroll U.S. Normalized Risk-free Rate Increased from 2.5% to 3.0%, Effective April 7, 2022 Duff & Phelps Recommended U.S. Equity Risk Premium Decreased from 6.0% to 5.5%, Effective December 9, 2020 Duff & Phelps U.S. Normalized Risk-Free Rate Lowered from 3.0% to 2.5%, Effective June 30, 2020 4This section has been updated with more recent information relative to the content included in the client alert Duff & Phelps Recommended U.S. Equity Risk Premium Decreased from 6.0% to 5.5%, Effective December 9, 2020. Still unsure? The index measures the spread of returns of U.S. stocks over long term government bonds. This research bulletin prepared by the Dutch Valuations practice summarises our observations regarding the key factors influencing the equity market risk premium since the onset of the financial crisis. At the same time, the labor market is absorbing workers who have lost employment. %]&8e MZ])<9Ed;IC+8:{8Zm5%aUM`L=#G=*1|-}#-owe`I"$/SFCj*jbj&pIpnEG.W*|CmgkZ*iCS#P0wW1_ngnIv!wO}CW % YX]BHK##BlXV'6e3(TZ52A)K\x'+gK The 5.5% ERP recommendation is to be used with a normalized risk-free rate of 2.5%, implying a base U.S. cost of equity capital estimate of 8.0% (2.5% + 5.5%). 0000056765 00000 n Since the beginning of the financial crisis in 2008, executives and valuation practitioners alike have observed major changes in the underlying parameters that drive, and are used to derive, the value of companies. Profit from the additional features of your individual account. Please do not hesitate to contact me. 2021 - 2023. The results can be downloaded into an Excel-sheet or pdf-file and forwarded to the auditor together with the documentation. Risk Vs. Unlike some declining economic indicators mentioned above, the job market is one of the strongest areas of the global economy. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). While the IMF predicts that global inflation peaked in late 2022, rates in 2023 are expected to remain higher than usual in many parts of the world. We advise financial institutions on all aspects of traded and non-traded market risk. Learn more about KPMG US Services. There are several risks that may impact the shape of the U.S. economic recovery and the pattern of behavior of financial markets in 2021, including: Based on global economic and financial market conditions in late November and early December 2020, which took into consideration the outlook and potential risks for 2021, we found sufficient support to decrease our U.S. ERP recommendation to 5.5% as of December 9, 2020 and thereafter, until further notice. You only have access to basic statistics. Use Ask Statista Research Service, finance and economics professors, analysts and managers. Kroll regularly reviews fluctuations in the global economic and financial market conditions. Download a tablesummarizing these recommendations over the period January 2008 present. 1. Alternatively, investors can calculate a weighted-average premium based on the location of a companys revenue or production. 0000002063 00000 n Please try again later! On that date, our recommendation was increased to 6.0% (from 5.0%) in response to the financial markets turmoil and the uncertainty created by the spread of COVID-19 and its corresponding negative impact on the global economy. About. The Cost of Capital Navigator is an interactive, web-based platform (subscription required) that guides finance professionals through the steps of computing cost of capital taking into account best practices and the latest theory on this topic. This client alert contains a more expanded discussion of the rationale used to support the decrease in the Duff & Phelps-recommended U.S. ERP on December 9, 2020, and is accessible here: https://www.duffandphelps.com/insights/publications/cost-of-capital/duffandphelps-recommended-us-equity-risk-premium-decreased-december-2020 Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. to incorporate the statistic into your presentation at any time. While the latter mainly played out in China in 2022, the possible resurgence of new variants continues to threaten economic recovery worldwide, and the war persists in leaving a mark internationally. Credit spreads are estimated based on a companys individual rating on a given date. All rights reserved. The premiums are based on a study by a New York University researcher, Aswath Damodaran. Subscribe here to get every update, including when new charts or infographics go live: Visualizing the 200-Year History of U.S. Interest Rates, The Pyramid of Equity Returns: Almost 200 Years of U.S. Stock Performance, All S&P 500 Sectors and Industries, by Size, Visualizing the History of U.S. Inflation Over 100 Years, The Top Investment Quotes Every Investor Should Know, Visualizing the Hierarchy of Financial Needs, Asset Class Risk and Return Over the Last Decade (2010-2019), Mapped: The Growth in U.S. House Prices by State. All rights reserved. While the above countries fight to sustain their purchasing power, some parts of the world are expected to continue faring exceptionally well against the backdrop of a widespread cost-of-living crisis. The interactive dashboard is updated monthly and can be accessed anywhere and anytime. For the full-text information please follow thislink. He . I am passionate about mathematical and . As a Premium user you get access to the detailed source references and background information about this statistic. You also receive an executive summary. 645 0 obj <> endobj What makes up core inflation exactly? Additionally, the Nordic M&A activity is continuously high with the TMT sector outperforming other sectors based on deal count in Q1 2021. Exhibit 2: U.S. Base Cost of Equity (= U.S. Normalized Risk-Free Rate + Duff & Phelps Recommended U.S. ERP). Historical recommendations: Kroll Increases U.S. Normalized Risk-Free Rate from 3.0% to 3.5%, but Spot 20-Year U.S. Treasury Yield Preferred When Higher, Kroll U.S. Normalized Risk-free Rate Increased from 2.5% to 3.0%, Effective April 7, 2022, Duff & Phelps Recommended U.S. Equity Risk Premium Decreased from 6.0% to 5.5%, Effective December 9, 2020, Duff & Phelps U.S. Normalized Risk-Free Rate Lowered from 3.0% to 2.5%, Effective June 30, 2020, Duff & Phelps Recommended U.S. Equity Risk Premium Increased from 5.0% to 6.0% Effective March 25, 2020, Duff & Phelps U.S. Equity Risk Premium Recommendation Decreases from 5.5% to 5.0%, Effective December 19, 2019, Duff & Phelps Decreases U.S. Normalized Risk-Free Rate from 3.5% to 3.0%, Effective September 30, 2019, Duff & Phelps Increases Recommended U.S. Equity Risk Premium from 5.0% to 5.5%, effective December 19, 2018, Duff & Phelps U.S. Equity Risk Premium Recommendation Decreases from 5.5% to 5.0%, Effective September 5, 2017, Duff & Phelps Decreases U.S. Normalized Risk-Free Rate from 4.0% to 3.5%, Effective November 15, 2016, Duff & Phelps Increases Recommended U.S. Equity Risk Premium from 5.0% to 5.5%, Effective January 31, 2016, Brexit: The Impact on Cost of Capital (September 14, 2016), Duff & Phelps Decreases U.S. Equity Risk Premium Recommendation to 5.0%, Effective February 28, 2013, Duff & Phelps Decreased Its Recommended U.S. Equity Risk Premium to 5.5% Effective January 15, 2012. 5Source: FDAs Emergency Use Authorization information available at: https://www.fda.gov/emergency-preparedness-and-response/mcm-legal-regulatory-and-policy-framework/emergency-use-authorization#coviddrugs. 0000002412 00000 n May 23, 2022. A total of 108 companies came to market in London in 2021, more than 2020 (38) and 2019 (35) combined. Some analysts suggest that despite a bleaker economic outlook, companies are hesitant to conduct layoffs. If the spot yield-to-maturity on 20-year U.S. Treasuries were used instead, the ERP would have to be increased accordingly. "Average Market Risk Premium in The United States from 2011 to 2022. 0 The last section, and the special theme of this Advisory works with the worlds leading organizations to create and protect the sustainable value of their business. With easy access to capital, low interest rates, and a recovering global economy, deal makers around the world announced $5.1 trillion worth of M&A transactions in 2021, up from $3.8 trillion in 2020 and the highest level since 2015 1. Sources Given email address is already subscribed, thank you! How can investors determine the equity risk premiums for individual companies? 53 companies listed on the Main Market in 2021, the most in any year since 2017. The good news is that inflation can potentially be tamed by other means. Peer group-specific and 70 (sub)sector-specific beta factors. Chart. Find a countrys credit (bond) risk rating. KPMG Valuation Data Source aggregates all key cost of capital parameters - including beta factor and credit spread. To use individual functions (e.g., mark statistics as favourites, set All rights reserved. (p,p/@ Elected to represent program in the university's Student Leadership Team. Equity Market Risk Premium Summary of our observations of the key factors influencing the equity market risk premium. Increase the relevance of your organisation for now and later, A clear purpose and positive impact on the planet and its people matters like never before. Consumer confidence also saw some improvement since its 2020 low in April, but it remains far below the levels observed prior to the outbreak. Get our latest research and insights in your inbox. The replacement of London Inter-Bank Offered Rate (LIBOR) is a multiyear transformation, and the impact will be a seismic shift in core operations, vendor relationships and loan products. Every country presents varying degrees of risk based on local conditions. Please do not hesitate to contact me. April 23, 2022 Bild von Sergei Tokmakov Terms.Lawauf Pixabay KPMG Netherland increased their recommended ERP as of 31 March 2022 by 50 bps to 5.5% compared to the fourth quarter of 2021. Statista. Organizations of all sizes are ever more exposed to new trends in tax regulation, not just locally but globally. This is the fourth edition of our comparison between IFRS and Dutch GAAP. KPMG in the US. All data is as of July 1, 2020. [Online]. As a Premium user you get access to background information and details about the release of this statistic. As a Premium user you get access to background information and details about the release of this statistic. Kroll's team of internationally recognized transfer pricing advisors provide the technical expertise and industry experience necessary to ensure understandable, implementable and supportable results. Get full access to all features within our Business Solutions. Here are the steps Damodaran took to determine a countrys equity risk premium: Premiums will shift over time as a countrys credit rating, credit spread, and equity market volatility changes. These risk premiums are estimated based upon a simple 2-stage Augmented Dividend discount model and reflect the risk premium which would justify they current level of the index, given the cash yield, expected growth in earnings and the level of the long term bond rate. 3U.S. real GDP decreased an estimated 3.5% in 2020 (compared to an increase of 2.2% in 2019). You only have access to basic statistics. The 5.5% ERP recommendation is to be used with a normalized risk-free rate of 2.5%, implying a base U.S. cost of equity capital estimate of 8.0% (2.5% + 5.5%).1. 0000002019 00000 n Corporate income tax rates are based on the KPMG tax survey. As soon as this statistic is updated, you will immediately be notified via e-mail. Of course, the pandemic recovery has impacted these figures. See: /en/insights/publications/valuation/valuation-insights-first-quarter-2021/duff-and-phelps-recommended-us-equity-risk, https://www.bea.gov/news/blog/2020-12-22/gross-domestic-product-third-estimate-corporate-profits-revised-and-gdp, https://www.bea.gov/news/2021/gross-domestic-product-4th-quarter-and-year-2020-advance-estimate, https://www.fda.gov/emergency-preparedness-and-response/mcm-legal-regulatory-and-policy-framework/emergency-use-authorization#coviddrugs, https://covid.cdc.gov/covid-data-tracker/#vaccinations. In this case, it would include things like supply chain cost pressures and the effects of high energy prices slowly trickling down into numerous industries and trends in the labor market, such as the availability of jobs and rising wages. Exhibit 1 lists the primary factors that were considered when arriving at the Duff & Phelps Recommended U.S. ERP, effective December 9, 2020. Importantly, even countries headquartered in mature markets have international risks if they carry out operations in other countries. Could it finally subside in 2023? If you are an admin, please authenticate by logging in again. Insurance Insights February 2023. Add the country risk premium to the mature market risk premium (obtained by using the S&P 500 risk premium). U.S. real GDP collapsed 5% and 31.4% in the first and second quarters of 2020, respectively, but it grew in real terms by an annualized 33.1% in the third quarter.1,2 In the fourth quarter, U.S. equity markets reached new all-time highs, spurred by optimism about the new COVID-19 vaccines, the expectation of continued low interest rates through at least 2023, the resolution of the U.S. presidential election, and improved business confidence. 0000002465 00000 n Kroll is not affiliated with Kroll Bond Rating Agency, The unemployment rate in six of the G7 countries hovers near the lowest in a century. Consider the manufacturing sector. Our offer extends from quantitative analytics on derivative risk . The App includes documentation for all of these sources. That's what more than 350 U.S. business leaders told KPMG in a new year end M&A survey. For the market and country risk premium, we conduct our own analyses and calculations. 2 .Source: U.S. Bureau of Economic Analysis (BEA). ESG & Sustainability Building a sustainable future Integrated report 2021/2022 Navigating change, safeguarding trust News & Insights IFRS compared to Dutch GAAP: An overview Our privacy policy describes how your data will be processed. margins or growth). ", Social Science Research Network, Average market risk premium in selected countries worldwide in 2022 Statista, https://www.statista.com/statistics/664734/average-market-risk-premium-selected-countries/ (last visited March 05, 2023), Average market risk premium in selected countries worldwide in 2022 [Graph], Social Science Research Network, May 23, 2022. 8(>M1O^?(d:TF1eSL-x8!v[z Bt.OK;,(Q=l~BZ6j}Og.#m!/E)O*0yYOTlrjLdx j$C ^@=T@/SzR;n(oU\a\B3t4jc6rAb3^&^. 0000000016 00000 n Then you can access your favorite statistics via the star in the header. According to the source, the report is presenting required market risk premium (or equity premium) defined as: "incremental return of a diversified portfolio (the market) over the. In these uncertain times, where geopolitical issues rapidly ensue, ESG is more relevant. The analysis applies fractional integration methods to data for the US, Germany and Japan, and for robustness purposes considers different time horizons (2, 5 and 10 years) and frequencies (monthly and weekly). Across many countries, the pandemic has made entrenched labor trends worse. This is because the robust job market is contributing to high inflation numbers. About. This statistic is not included in your account. To identify suitable peer companies, the user can resort to precise search functions, e.g. Thirty-four percent of them had more than 100 funds within the fund group, and 22% had less than 15 funds. Access to this and all other statistics on 80,000 topics from, Show sources information In this Markets in a Minute from New York Life Investments, we explore equity risk premiums for countries around the world. You can only download this statistic as a Premium user.