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The price of risk is what investors demand as a premium, an extra return over and above what they can make on a guaranteed investment (risk free), to invest in a risky asset.
Corporate bonds are traded, and as a consequence, and you can use traded prices to estimate default spreads in the market.
Equities are riskier than bonds (or at least most bonds), and it stands to reason that there is a price of risk bearing in the equity markets.