InvestmentInsights - CFA Publications（InvestmentInsightsCFA出版物）.pdf

InvestmentInsights The Investment Research Journal from barclays global investors 7.02 j u ly 2 0 0 2 v o l u m e 5 i s s u e 3 s e c o n d p r i n t i n g m a r c h 2 0 0 4 THE EQUITY RISK PREMIUM Analyzing the long-run prospects for the stock market by richard grinold and kenneth kroner Copyright 2002, Barclays Global Investors. Reproduced and republished from Investment Insights, with permission from Barclays Global Investors. All rights reserved. 7 c o n t r i b u t i n g w r i t e r s Richard Grinold Director, Advanced Strategies Research Group Richard Grinold leads the Advanced Strategies Research Group, which is responsible for the development of BGI’s value-added strategies in the asset allocation, equity and fixed income areas. Prior to joining BGI, Richard spent 14 years at BARRA, where he served as director of research, executive vice president and president. Richard is widely known in the industry for his pioneering work in risk models, portfolio optimization, international investing and quantitative approaches to active management. Richard also spent 20