Question: Question 1 (15 Marks) Explain the difference between the top-down and bottom-up approach used in determining the Equity Market Risk Premium. Question 2 (15 Marks)

Question 1 (15 Marks) Explain the difference between the top-down and bottom-up approach used in determining the Equity Market Risk Premium. Question 2 (15 Marks) I Explain in detail the various versions of the international CAPM and their assumptions, Question 3 (20 Marks) Explain the difference between unlevered and levered equity free-cash flows with the aid of mathematical formulae

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