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  "documentTitle": "Bear Stearns | Investment Banking Pitch Book | 36 slides",
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  "authorName": "Bear Stearns",
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  "notes": "Data sourced from Ibbotson Associates; includes a summary recommendation for risk premium values.",
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      "kind": "paragraph",
      "text": "In summary, it is appropriate to use a market risk premium of 7.8% and small-cap premia of 0.6% for mid-cap stocks, 1.1% for low-cap stocks, and 2.6% for micro-cap stocks.",
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      "kind": "paragraph",
      "text": "Ibbotson Associates also provides data that allow the following small-cap stock premia to be calculated.(1)",
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      "text": "(1) Source: Ibbotson Associates: Stocks, Bonds, Bills, and Inflation, 2001 Yearbook. Small stock risk premia are calculated by comparing the actual equity risk premia of the S&P 500 to the expected equity risk premia for each group of small-cap stocks.",
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      "kind": "table",
      "text": "United States: Arithmetic Mean Returns table showing time periods 1926-2000 through 1996-2000 for Mid-Cap, Low-Cap, and Micro-Cap premia.",
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      "kind": "title",
      "text": "The Market Risk Premium (cont.)",
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