PART 2: VALUATION, RISK AND RETURN
> >
Average (%) Median (%) Standard dev. (%) Min. (%) Max (%)
49 Saudi Arabia 6.2 5.7 1.2 5.0 10.6
50 Romania 7.3 7.0 1.5 5.0 10.0
51 Philippines 8.1 8.0 1.4 6.4 11.0
52 Croatia 7.3 6.8 1.8 4.4 10.0
53 Ecuador 12.2 13.0 5.0 5.0 20.0
54 Liechtenstein 4.8 5.0 0.8 3.6 6.0
55 United Arab Emirates 7.7 8.5 1.7 4.0 9.7
56 Kuwait 6.1 5.5 1.5 4.0 10.6
57 Bulgaria 7.9 7.8 1.7 6.0 12.0
58 Senegal 9.8 10.0 2.3 5.0 14.0
59 Bahrain 6.9 5.8 1.8 5.5 11.1
60 Vietnam 10.3 9.9 3.3 3.9 16.0
61 Oman 6.0 5.0 1.8 5.0 11.1
62 Qatar 6.8 7.0 1.4 4.0 10.1
63 Zambia 8.9 7.0 3.0 6.6 16.0
64 Bolivia 10.3 10.0 2.4 7.5 15.1
65 Kenya 11.6 11.9 2.5 6.0 15.0
66 Morocco 8.4 8.8 2.3 5.0 12.0
67 Lebanon 11.6 11.8 2.1 9.0 14.5
68 Slovenia 7.2 7.0 2.1 3.6 10.0
69 Uruguay 8.1 7.9 1.9 5.0 10.4
70 Panama 8.6 9.0 1.9 6.0 11.3
71 Ghana 10.6 10.. 2.0 8.0 14.0
72 Ukraine 13.9 13.4 3.3 8.0 19.0
73 Venezuela 14.0 15.6 4.6 6.0 19.0
74 Slovakia 6.1 6.0 1.1 5.0 8.0
75 Costa Rica 8.2 8.3 2.0 3.8 10.0
76 Malta 6.3 6.4 2.1 3.1 9.3
77 Iceland 8.5 8.4 1.4 7.0 10.0
78 Guatemala 9.0 8.7 2.0 7.0 13.0
79 Albania 10.1 10.9 3.3 5.0 14.0
80 Tunisia 9.4 9.0 2.1 7.0 12.0
81 Trinidad and Tobago 9.5 9.0 4.8 6.0 20.0
82 Macedonia 10.2 10.4 1.5 8.0 12.0
83 Honduras 13.0 13.3 2.7 9.5 16.0
84 Lithuania 7.2 6.7 1.5 6.0 9.0
85 Angola 11.1 11.2 2.5 8.0 15.0
86 Serbia 11.2 11.8 2.5 7.5 14.0
87 Sri Lanka 11.3 10.9 2.0 9.0 14.0
88 Mozambique 12.1 12.4 2.3 9.0 15.0Source: Market Risk Premium used in 88 countries in 2014: a survey with 8,228 answers, Pablo Fernandez,
Pablo Linares and Isabel Fdez. Acín, IESE Business School, 2014. Used with permission.