Worldwide, 1950 - 2000 non-repeatable cash flows and risk reductions made 0.6 % and 1.2 % contributions, respectively, to the ex post
annualized equity risk premium.
During 1950 - 2000, cash flows exceeded expectations as technology and management process improvements boosted productivity, generating 0.2 % (1.7 %) of U.S. (U.K.) ex post
annualized equity risk premium.