问题如下图：
选项：
A. 
B. 
C. 
解释：
请问A选项错在哪里 Inflation->Rf高->ERP低->adjusted upward
强化班笔记中影响ERP估计有四个因素： Rf选择，平均值算法，Time period，Survivorship bias。本题适用哪个？
NO.PZ2018103102000003 问题如下 the time of purchase, Jacques useCAPM to estimate a requirereturn for PZ incorporating unaustehistoricequity risk premium estimate for the US equity market. However, the US equity market hexperiencea meaningful string of favorable inflation anproctivity surprises for past severyears. In orr to mitigate thconcern, the historicequity risk premium Jacques useestimate of the forwarlooking equity risk premium shoulbe: austeupwar austewnwar left unchange B is correct.考点Equity risk premium解析B是正确的。一系列有利的通胀和经济增长的惊喜可能会带来一系列高回报，从而提高股票风险溢价的历史平均估值。为了计算得到合理的要求回报率，分析师应下调历史的股票风险溢价。 \"However, the US equity market hexperiencea meaningful string of favorable inflation anproctivity surprises for past severyears.\" 老师这句话的意思里，有表明Risk free上升的含义吗，我理解的是risk free rate上升了，使ERP下降，因此要上调ERP
NO.PZ2018103102000003 问题如下 the time of purchase, Jacques useCAPM to estimate a requirereturn for PZ incorporating unaustehistoricequity risk premium estimate for the US equity market. However, the US equity market hexperiencea meaningful string of favorable inflation anproctivity surprises for past severyears. In orr to mitigate thconcern, the historicequity risk premium Jacques useestimate of the forwarlooking equity risk premium shoulbe: austeupwar austewnwar left unchange B is correct.考点Equity risk premium解析B是正确的。一系列有利的通胀和经济增长的惊喜可能会带来一系列高回报，从而提高股票风险溢价的历史平均估值。为了计算得到合理的要求回报率，分析师应下调历史的股票风险溢价。 助教您好，针对这个题的表述，因为RM会调高，是biupwar因此要austewnwar这样的理解正确吗？谢谢
NO.PZ2018103102000003 经济好，通胀温和，难道不是风险溢价小吗？应该调高才对？
NO.PZ2018103102000003 the historicequity risk premium Jacques useestimate of the forwarlooking equity risk premium shoulbe: 老师你好，请问下题目这句话的意思是用历史数据估计得出的Rm作为预测未来Rm的意思吗？？
NO.PZ2018103102000003 因为这道题问的是 forwarlooking equity risk premium，我理解经济变差的时候RISK PREMIUM 会增加，但是INFLATION 也会下降，所以整体的EXPECTERATE OF RETURN 应该会下降，这样理解和答案不一致，是不对吗？谢谢！
