Cost of Capital Survey - Equity Risk Premium Question Title * 1. Do you use an equity risk premium (ERP) in order to estimate the cost of capital? Yes No If you answered "no" please explain why. Question Title * 2. What is your overall approach to estimating the ERP? Historical approach (ex post), which uses prior years' return data to estimate future expected returns. Implied approach (ex ante), which is a forward-looking estimate developed by examining stock prices today and expected cash flows in the future Survey approach, which solicits information from investors about the returns they expect Not applicable (don't use an ERP) Other (please describe) Question Title * 3. If you use the ex-post approach, what historical data do you use? Long-term historical ERP (1926-current) Long-term supply-side ERP (1926-current) Long-term historical ERP minus WWII interest rate bias Historical ERP (1963-current) Conditional ERP (historical data adjusted for current economic conditions) Not applicable Other (please specify) Question Title * 4. What is your source of ERP data? Duff and Phelps Recommended ERP Prof. Aswath Damodaran (NYU) Use an internally developed model. Not applicable Other (please specify) Submit