3% STEP 3 FULLY INTEGRATED AND SEGMENTED RISK PREMIUM + RISK-FREE RATE “CAPITAL MARKET EXPECTATIONS,” BY JOHN P
3.20% + 3.1% =
6.3%
Step 3
Fully integrated and
segmented risk premium +
Risk-free rate
“Capital Market Expectations,” by John P. Calverley, Alan M. Meder, Brian D. Singer,
and Renato Staub