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The Firms’ Cost of Capital, Discount Rates, and Investment Conference will take place on May 16-17. Rising inflation, changes in interest rates, and fluctuations in equity markets should in theory affect the cost of capital, corporate discount rates, and ultimately investment. Research discussed at this conference will shed light on these channels.

Presentations will be 40 minutes in length, including questions. After each presentation, there will be a 10-minute open discussion, moderated by the chair.

This conference is by invitation only.  If you have any questions, please contact bfi-events@uchicago.edu.

Agenda

Thursday, May 16, 2024
11:30 am - 12:00 pm
Lunch

420 Lounge

12:00 pm - 12:10 pm
Introduction to Part 1: The Cost of Capital Channel

Kilian Huber, University of Chicago

12:10 pm - 1:00 pm
Sticky Discount Rates

Masao Fukui, Boston University (Presenter)

Simon Gilchrist, New York University (Session Chair)

1:00 pm - 1:10 pm
Break
1:10 pm - 2:00 pm
Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model

Matthew Rognlie, Northwestern University (Presenter)

Simon Gilchrist, New York University (Session Chair)

2:00 pm - 2:15 pm
Break
2:15 pm - 3:05 pm
Time-Varying Risk Premia, Labor Market Dynamics, and Income Risk

Lawrence Schmidt, Massachusetts Institute of Technology (Presenter)

Simon Gilchrist, New York University (Session Chair)

3:05 pm - 3:15 pm
Break
3:15 pm - 4:05 pm
Equity Premium Events

Annette Vissing-Jorgensen, Federal Reserve Board, Washington, D.C. (Presenter)

Michael Minnis, University of Chicago (Session Chair)

4:05 pm - 4:10 pm
Break
4:10 pm - 5:00 pm
Valuation Fundamentals

John Graham, Duke University (Presenter)

Michael Minnis, University of Chicago (Session Chair)

5:00 pm
Conference Adjourns
5:30 pm
Conference Dinner

Dinner is by invitation only.

Friday, May 17, 2024
8:15 am - 8:30 am
Breakfast

408 Foyer

8:30 am - 8:45 am
Introduction to Part 2: Sustainable Investing, Cost of Capital, and the Real Economy

Niels Gormsen, University of Chicago

8:45 am - 9:35 am
Four Facts about ESG and Beliefs

Stefano Giglio, Yale University (Presenter)

Kilian Huber, University of Chicago (Session Chair)

9:35 am - 9:45 am
Break
9:45 am - 10:35 am
Asset Returns as Carbon Taxes

Monika Piazzesi, Stanford University (Presenter)

Martin Schneider, Stanford University (Presenter)

Kilian Huber, University of Chicago (Session Chair)

10:35 am - 10:45 am
Break
10:45 am - 11:35 am
Green Bonds: New Name, Same Projects

Jeffrey Wurgler, New York University (Presenter)

Niels Gormsen, University of Chicago (Session Chair)

11:35 am - 11:45 am
Working Lunch

Boxed lunches in 408 Foyer

11:45 am - 12:35 pm
Lunch Presentation: Carbon-Transition Risk and Net-Zero Portfolios

Marcin Kacperczyk, Imperial College London (Presenter)

Niels Gormsen, University of Chicago (Session Chair)

12:35 pm
Conference Concludes