Skip to content
Bulletin – March 2016
Equation
E
x
c
e
s
s
r
e
t
u
r
n
c
,
m
,
t
=
ln
(
S
c
,
t
+
m
)
−
ln
(
F
c
,
m
,
t
)
=
ln
(
S
c
,
t
+
m
)
−
E
t
[
ln
(
S
c
,
t
+
m
)
]
+
E
t
[
ln
(
S
c
,
t
+
m
)
]
−
ln
(
F
c
,
m
,
t
)
=
R
i
s
k
p
r
e
m
i
u
m
c
,
m
,
t
+
e
c
,
m
,
t
MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaWGfb GaamiEaiaadogacaWGLbGaam4CaiaadohacaaMc8UaamOCaiaadwga caWG0bGaamyDaiaadkhacaWGUbWaaSbaaSqaaiaadogacaGGSaGaam yBaiaacYcacaWG0baabeaakiabg2da9iGacYgacaGGUbWaaeWaaeaa caWGtbWaaSbaaSqaaiaadogacaGGSaGaamiDaiabgUcaRiaad2gaae qaaaGccaGLOaGaayzkaaGaeyOeI0IaciiBaiaac6gadaqadaqaaiaa dAeadaWgaaWcbaGaam4yaiaacYcacaWGTbGaaiilaiaadshaaeqaaa GccaGLOaGaayzkaaaabaGaeyypa0JaciiBaiaac6gadaqadaqaaiaa dofadaWgaaWcbaGaam4yaiaacYcacaWG0bGaey4kaSIaamyBaaqaba aakiaawIcacaGLPaaacqGHsislcaWGfbWaaSbaaSqaaiaadshaaeqa aOWaamWaaeaaciGGSbGaaiOBamaabmaabaGaam4uamaaBaaaleaaca WGJbGaaiilaiaadshacqGHRaWkcaWGTbaabeaaaOGaayjkaiaawMca aaGaay5waiaaw2faaaqaaiabgUcaRiaadweadaWgaaWcbaGaamiDaa qabaGcdaWadaqaaiGacYgacaGGUbWaaeWaaeaacaWGtbWaaSbaaSqa aiaadogacaGGSaGaamiDaiabgUcaRiaad2gaaeqaaaGccaGLOaGaay zkaaaacaGLBbGaayzxaaGaeyOeI0IaciiBaiaac6gadaqadaqaaiaa dAeadaWgaaWcbaGaam4yaiaacYcacaWGTbGaaiilaiaadshaaeqaaa GccaGLOaGaayzkaaaabaGaeyypa0JaamOuaiaadMgacaWGZbGaam4A aiaaykW7caWGWbGaamOCaiaadwgacaWGTbGaamyAaiaadwhacaWGTb WaaSbaaSqaaiaadogacaGGSaGaamyBaiaacYcacaWG0baabeaakiab gUcaRiaadwgadaWgaaWcbaGaam4yaiaacYcacaWGTbGaaiilaiaads haaeqaaaaaaa@A0FB@