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  "documentTitle": "Bear Stearns | Investment Banking Pitch Book | 36 slides",
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  "notes": "The slide provides context on data limitations for non-US economies and mentions industry practices regarding market risk premium ranges.",
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      "text": "Data is available for fewer years for non-US economies, which leads to higher standard errors and less reliable results. Bear Stearns' London office has indicated its belief that many European investment banking firms tend to use a market risk premium of 4.5%–6.0%.",
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      "kind": "paragraph",
      "text": "Ibbotson Associates also provides data that allow long-term risk premia to be calculated for the following countries.",
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      "text": "(1) Source: Ibbotson Associates: International Equity Risk Premia Report, 2000 Edition. Stock market returns are those given by Morgan Stanley Capital International (MSCI) indices for all countries except the United States, which is based on the returns of the S&P 500.",
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      "kind": "table",
      "text": "Arithmetic Mean Returns table showing returns for US, Canada, UK, France, Germany, Japan, Australia across 5 time periods in USD and Local Currency.",
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      "text": "The Market Risk Premium (cont.)",
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