Bulletin – March 2016
Equation
E
x
c
e
s
s
r
e
t
u
r
n
c
,
m
,
t
=
ln
(
S
c
,
t
+
m
)
−
ln
(
F
c
,
m
,
t
)
=
ln
(
S
c
,
t
+
m
)
−
E
t
[
ln
(
S
c
,
t
+
m
)
]
+
E
t
[
ln
(
S
c
,
t
+
m
)
]
−
ln
(
F
c
,
m
,
t
)
=
R
i
s
k
p
r
e
m
i
u
m
c
,
m
,
t
+
e
c
,
m
,
t
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