{"id":23898,"date":"2023-12-06T08:58:45","date_gmt":"2023-12-06T08:58:45","guid":{"rendered":"https:\/\/masterskills.org\/blog\/cau-do-ve-phan-bu-von-equity-premium-puzzle-epp-la-gi-nhung-dieu-can-biet-ve-epp.html"},"modified":"2023-12-22T09:19:42","modified_gmt":"2023-12-22T02:19:42","slug":"cau-do-ve-phan-bu-von-equity-premium-puzzle-epp-la-gi-nhung-dieu-can-biet-ve-epp","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/cau-do-ve-phan-bu-von-equity-premium-puzzle-epp-la-gi-nhung-dieu-can-biet-ve-epp.html","title":{"rendered":"C\u00e2u \u0111\u1ed1 v\u1ec1 ph\u1ea7n b\u00f9 v\u1ed1n (Equity Premium Puzzle – EPP) l\u00e0 g\u00ec? Nh\u1eefng \u0111i\u1ec1u c\u1ea7n bi\u1ebft v\u1ec1 EPP"},"content":{"rendered":"
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(\u1ea2nh minh h\u1ecda: Capital.com)<\/p>\n<\/figcaption><\/figure>\n

C\u00e2u \u0111\u1ed1 v\u1ec1 ph\u1ea7n b\u00f9 v\u1ed1n<\/span><\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

C\u00e2u \u0111\u1ed1 v\u1ec1 ph\u1ea7n b\u00f9 v\u1ed1n<\/span><\/b> trong ti\u1ebfng Anh l\u00e0 Equity Premium Puzzle, <\/b>vi\u1ebft t\u1eaft l\u00e0 EPP.<\/b><\/p>\n

C\u00e2u \u0111\u1ed1 v\u1ec1 ph\u1ea7n b\u00f9 v\u1ed1n<\/span><\/b> l\u00e0 m\u1ed9t hi\u1ec7n t\u01b0\u1ee3ng m\u00f4 t\u1ea3 l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf c\u1ee7a c\u1ed5 phi\u1ebfu cao h\u01a1n b\u1ea5t th\u01b0\u1eddng so v\u1edbi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7. Ph\u1ea7n b\u00f9 v\u1ed1n<\/span> \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng l\u1ee3i nhu\u1eadn v\u1ed1n c\u1ed5 ph\u1ea7n tr\u1eeb \u0111i l\u1ee3i nhu\u1eadn tr\u00e1i phi\u1ebfu, trung b\u00ecnh kho\u1ea3ng 6,4% trong kho\u1ea3ng th\u1eddi gian h\u01a1n 100 n\u0103m \u1edf M\u1ef9. Ph\u1ea7n b\u00f9 \u0111\u01b0\u1ee3c cho l\u00e0 ph\u1ea3n \u00e1nh r\u1ee7i ro t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a c\u1ed5 phi\u1ebfu so v\u1edbi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7. Nh\u01b0ng c\u00e2u \u0111\u1ed1 \u0111\u01b0\u1ee3c \u0111\u1eb7t ra b\u1edfi v\u00ec t\u1ec9 l\u1ec7 l\u1edbn b\u1ea5t ng\u1edd n\u00e0y ch\u1ee9ng t\u1ecf m\u1ee9c \u0111\u1ed9 r\u1ee7i ro cao b\u1ea5t h\u1ee3p l\u00ed gi\u1eefa c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

Hi\u1ec3u v\u1ec1 c\u00e2u \u0111\u1ed1 v\u1ec1 ph\u1ea7n b\u00f9 v\u1ed1n<\/span><\/font><\/h3>\n

C\u00e2u \u0111\u1ed1 v\u1ec1 ph\u1ea7n b\u00f9 v\u1ed1n<\/span> l\u1ea7n \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 ch\u00ednh th\u1ee9c trong m\u1ed9t nghi\u00ean c\u1ee9u c\u1ee7a Rajquer Mehra v\u00e0 Edward C. Prescott n\u0103m 1985. N\u00f3 v\u1eabn l\u00e0 m\u1ed9t b\u00ed \u1ea9n \u0111\u1ed1i v\u1edbi c\u00e1c h\u1ecdc gi\u1ea3 t\u00e0i ch\u00ednh cho \u0111\u1ebfn ng\u00e0y nay. Theo m\u1ed9t s\u1ed1 h\u1ecdc gi\u1ea3, s\u1ef1 kh\u00e1c bi\u1ec7t qu\u00e1 l\u1edbn \u0111\u1ec3 ph\u1ea3n \u00e1nh m\u1ee9c b\u1ed3i th\u01b0\u1eddng ph\u00f9 h\u1ee3p cho h\u1eadu qu\u1ea3 c\u1ee7a r\u1ee7i ro nh\u00e0 \u0111\u1ea7u t\u01b0. Do \u0111\u00f3, ph\u1ea7n b\u00f9 th\u1ef1c s\u1ef1 ph\u1ea3i th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c trung b\u00ecnh l\u1ecbch s\u1eed l\u00e0 6,4%. C\u00e2u \u0111\u1ed1 \u0111\u1eb7t ra kh\u00f4ng ch\u1ec9 cho M\u1ef9, Anh c\u0169ng c\u00f3 l\u1ee3i nhu\u1eadn th\u1eb7ng d\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n tr\u00ean 6% v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u1edf Nh\u1eadt B\u1ea3n, \u0110\u1ee9c v\u00e0 Ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c h\u01b0\u1edfng v\u1ec1 ph\u1ea7n b\u00f9 v\u1ed1n<\/span> tr\u00ean 9%.<\/p>\n

K\u1ec3 t\u1eeb khi c\u00f4ng b\u1ed1 c\u00e2u \u0111\u1ed1 v\u1ec1 ph\u1ea7n b\u00f9 v\u1ed1n<\/span>, nhi\u1ec1u n\u1ed7 l\u1ef1c \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n \u0111\u1ec3 gi\u1ea3i quy\u1ebft trong gi\u1edbi h\u00e0n l\u00e2m. Trong l\u00ed thuy\u1ebft tri\u1ec3n v\u1ecdng c\u1ee7a Daniel Kahneman v\u00e0 Amos Tversky, vai tr\u00f2 c\u1ee7a n\u1ee3 c\u00e1 nh\u00e2n, t\u1ea7m quan tr\u1ecdng c\u1ee7a thanh kho\u1ea3n, t\u00e1c \u0111\u1ed9ng c\u1ee7a qui \u0111\u1ecbnh c\u1ee7a ch\u00ednh ph\u1ee7 v\u00e0 c\u00e1c c\u00e2n nh\u1eafc thu\u1ebf – nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho cho c\u00e2u \u0111\u1ed1 nh\u1eb1m gi\u1ea3i th\u00edch cho ph\u1ea7n b\u00f9 cao. Tuy nhi\u00ean, th\u1ef1c t\u1ebf r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn c\u00f3 l\u1eddi h\u01a1n khi n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu thay v\u00ec tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7.<\/p>\n

(Theo Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n C\u00e2u \u0111\u1ed1 v\u1ec1 ph\u1ea7n b\u00f9 v\u1ed1n (ti\u1ebfng Anh: Equity Premium Puzzle, vi\u1ebft t\u1eaft: EPP) l\u00e0 m\u1ed9t hi\u1ec7n t\u01b0\u1ee3ng m\u00f4 t\u1ea3 l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf c\u1ee7a c\u1ed5 phi\u1ebfu cao h\u01a1n b\u1ea5t th\u01b0\u1eddng so v\u1edbi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[414],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/23898"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=23898"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/23898\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=23898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=23898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=23898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}