Since 1900 this has been around 4% a year, according to Elroy Dimson, Paul Marsh and Mike Staunton at the London Business School.

据伦敦商学院的埃罗伊路•迪姆森（Elroy Dimson），保罗•马什（Paul Marsh）和麦克•斯丹顿（Mike Staunton）统计，自1900年以来风险溢价一直为每年4%左右。

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Elroy Dimson, Paul Marsh and Mike Staunton of the London Business School examined their database of 17 national stockmarkets since 1900.

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The authors, Elroy Dimson and others, note that returns were low in 1900, but that investors became used to higher returns over the next century.

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Financial scholars David Chambers and Elroy Dimson have calculated that he outperformed the U.K. stock market by a risk-adjusted eight percentage points a year over that period.

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