ࡱ> ?B  !"#$%&'()*+,-./0123456789:;<=>ARoot Entry F0{@WorkbookxSummaryInformation(DocumentSummaryInformation8 \p Greg Ruthven Ba== i|G*8X@"1bCalibri1bCalibri1bCalibri1bCalibri1bArial1bCalibri1bCalibri1QbTahoma1QbTahoma1bCalibri1h8bCambria1,8bCalibri18bCalibri18bCalibri1bCalibri1bCalibri1<bCalibri1>bCalibri1?bCalibri14bCalibri14bCalibri1 bCalibri1 bCalibri1bCalibri1 bCalibri1bCalibri1hbCalibri1hbArial"$"#,##0;\-"$"#,##0"$"#,##0;[Red]\-"$"#,##0"$"#,##0.00;\-"$"#,##0.00#"$"#,##0.00;[Red]\-"$"#,##0.005*0_-"$"* #,##0_-;\-"$"* #,##0_-;_-"$"* "-"_-;_-@_-,)'_-* #,##0_-;\-* #,##0_-;_-* "-"_-;_-@_-=,8_-"$"* #,##0.00_-;\-"$"* #,##0.00_-;_-"$"* "-"??_-;_-@_-4+/_-* #,##0.00_-;\-* #,##0.00_-;_-* "-"??_-;_-@_- mmm\-yyyy                                                                       ff  +  )  ,  *     P  P        `            a>  # # #      ||DN}-} _-;_-* "}-} _-;_-* "}-} _-;_-* "}-} _-;_-* "}-} _-;_-* "}-} _-;_-* "}-} _-;_-* "}-} _-;_-* "}-} _-;_-* "}-}  _-;_-* "}-}  _-;_-* "}-}  _-;_-* "}-}  _-;_-* "}-}  _-;_-* "}-} _-;_-* "}-} _-;_-* "}-}B _-;_-* "}-}C _-;_-* "}-}+ _-;_-* "}-}, _-;_-* "}-}- _-;_-* "}-}. _-;_-* "}-}: _-;_-* "}-}; _-;_-* "}A}1 _-;_-* "-@_- }A}2 _-;_-* "?-@_- }A}3 _-;_-* "23-@_- }-}4 _-;_-* "}A}0 a_-;_-* "-@_- }A}( _-;_-* "-@_- }A}7 e_-;_-* "-@_- }}5 ??v_-;_-* "̙-@_-    }}9 ???_-;_-* "-@_- ??? ??? ??? ???}}) }_-;_-* "-@_-    }A}6 }_-;_-* "-@_- }}* _-;_-* "-@_- ??? ??? ??? ???}-}= _-;_-* "}}8 _-;_-* "-@_-    }-}/ _-;_-* "}U}< _-;_-* "-@_-  }A}" _-;_-* "-@_- }A} _-;_-* "ef-@_- }A} _-;_-* "L-@_- }A} _-;_-* "23-@_- }A}# _-;_-* "-@_- }A} _-;_-* "ef-@_- }A} _-;_-* "L-@_- }A} _-;_-* "23-@_- }A}$ _-;_-* "-@_- }A} _-;_-* "ef-@_- }A} _-;_-* "L-@_- }A} _-;_-* "23-@_- }A}% _-;_-* "-@_- }A} _-;_-* "ef-@_- }A} _-;_-* "L-@_- }A} _-;_-* "23-@_- }A}& _-;_-* "-@_- }A} _-;_-* "ef-@_- }A} _-;_-* "L-@_- }A}  _-;_-* "23-@_- }A}' _-;_-* " -@_- }A} _-;_-* "ef -@_- }A} _-;_-* "L -@_- }A}! _-;_-* "23 -@_-  20% - Accent1M 20% - Accent1 ef % 20% - Accent2M" 20% - Accent2 ef % 20% - Accent3M& 20% - Accent3 ef % 20% - Accent4M* 20% - Accent4 ef % 20% - Accent5M. 20% - Accent5 ef % 20% - Accent6M2 20% - Accent6  ef % 40% - Accent1M 40% - Accent1 L % 40% - Accent2M# 40% - Accent2 L湸 % 40% - Accent3M' 40% - Accent3 L % 40% - Accent4M+ 40% - Accent4 L % 40% - Accent5M/ 40% - Accent5 L % 40% - Accent6M3 40% - Accent6  Lմ % 60% - Accent1M 60% - Accent1 23 % 60% - Accent2M$ 60% - Accent2 23ٗ % 60% - Accent3M( 60% - Accent3 23֚ % 60% - Accent4M, 60% - Accent4 23 % 60% - Accent5M0 60% - Accent5 23 %! 60% - Accent6M4 60% - Accent6  23 % "Accent1AAccent1 O % #Accent2A!Accent2 PM % $Accent3A%Accent3 Y % %Accent4A)Accent4 d % &Accent5A-Accent5 K % 'Accent6A1Accent6  F %(Bad9Bad  %) Calculation Calculation  }% * Check Cell Check Cell  %????????? ???+ Comma,( Comma [0]-&Currency.. 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R RR Ru,-$͒S S43* &! ! R R͒u,͒u,-$͒S S4523 M  MR R͒n]S S43d" 3_  M MM ] MMd44S S4D0R9 %  H 3O D&PFGPeQ eGovt 10 year bond rate and implied nominal return on equity (MRP = 6, e = 0.83) Jan 2000 to Dec 201123 M NMR RR Rt]S S4'<7}O_m xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx@xS S4-$͒ @[3S S 4eee*@ven-AU@C; ~~  <(!X? ]4@(!L  S#M0xr e<fIMO: Data taken from RBA Table F2, downloaded from http://www.rba.gov.au/statistics/tables/index.html< e Greg Ruthven>@g b ggD  x  dMbP?_*+%,&ffffff?'ffffff?(?)?",333333?333333?F2&<3U>@ggD  Oh+'0@H\t  Ray ChallenGreg RuthvenMicrosoft Excel@T@{՜.+,0 PXx  PricewaterhouseCoopers Sheet2Sheet3  Worksheets F&Microsoft Office Excel 2003 WorksheetBiff8Excel.Sheet.89qCompObj r