01722cas a2200253 a 4500 AALejournalIMF009611 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451867947 1018-5941 BD-DhAAL BD-DhAAL Mirakhor, Abbas. The Equity Premium Puzzle, Ambiguity Aversion, and Institutional Quality / Abbas Mirakhor, S. Erbas. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (58 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students With cross-section data from 53 emerging and mature markets, we provide evidence that equity premium puzzle is a global phenomenon. In addition to risk aversion, equity premium may reflect ambiguity aversion. We explore the sources of equity premium using some pertinent fundamental independent variables, as well as the World Bank institutional quality indexes and other proxies for the degree of ambiguity in the sample countries. Some World Bank and other indexes are statistically significant, which indicates that a large part of equity premium may reflect investor aversion to ambiguities resulting from institutional weaknesses. Mode of access: Internet Erbas, S. IMF Working Papers; Working Paper ; No. 2007/230 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/230/001.2007.issue-230-en.xml IMF e-Library