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The equity risk premium has been of paramount importance in the field of finance and is still a widely utilised central element for every risk return model in corporate finance, asset pricing and other fields of economic literature. This research captures the differences in the ex-post behaviour of equity risk premium between developed and emerging markets. Further, an investigation has been made into the impact of global integration on the ERP across G7 countries and 7 emerging countries. The analysis has shown a decline in the ERP of developed nations and an upward trend in emerging markets over the chosen sub-sample period. We found out that there exists low correlation in ERP of emerging markets in comparison with developed markets. Therefore the findings suggest that a rational investor, having declining absolute risk aversion, can reduce his portfolio risk by diversifying his investment across emerging markets.

Equity risk premium: A cross country analysis on return behaviour