Rishi Goyal sand Ronald Mckinnon theory of negative risk premium shows that Japans banks are hard to make profit under the circumstances of liquidity trap.

麦金农的负风险溢价理论说明，在流动性陷阱的情况下，日本银行业很难赢利。

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The greater risk theory supposes that the value premium is due to unobserved risk within those securities, such as hidden financial distress or illiquidity in the marketplace.

FORBES: Value Stocks and Dividends