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Thus, I have treated leases as debt in computing debt ratios all through the decades that I have been computing this statistic, even though accounting rules did not do so until 2019, and capitalized R&D, even though accounting has not made that judgment yet. Beta & Risk 1. Equity RiskPremiums 2. Debt Details 1.
It was only in 2019 that the accounting rule-writers (IFRS and GAAP) finally did the right thing, albeit with a myriad of rules and exceptions. The default spread is a price of risk in the bond market, and if you recall, I estimated the price of risk in equity markets, with an implied equity riskpremium, in my second data update.
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