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Recent events have generated interest in the relationship between financial prices, corporate discount rates, and investment. Stock market swings, secular interest rate declines, inflationary spikes, and large monetary policy interventions should in theory drive the cost of capital and discount rates, ultimately shifting investment. Research discussed at this conference sheds light on the importance of these channels.

Attendance to this conference is by invitation only. Please contact bfi-events@uchicago.edu if you have any questions.

Agenda

Friday, March 31, 2023
11:15 am - 11:55 am
Lunch
8th Floor Lounge

Please note that lunch may be eaten before and during the presentation.

11:55 am - 12:00 pm
Introduction

Niels Gormsen, University of Chicago

Kilian Huber, University of Chicago

12:00 pm - 12:50 pm
Financial Markets and Firm Behavior

Italy Goldstein, University of Pennsylvania (Presenter)

Niels Gormsen, University of Chicago (Chair)

12:50 pm - 1:05 pm
Break

Peter May Boardroom

1:05 pm - 1:55 pm
Dynamics of Subjective Risk Premia

Stefan Nagel, University of Chicago (Presenter)

Niels Gormsen, University of Chicago (Chair)

1:55 pm - 2:10 pm
Break

8th Floor Lounge

2:10 pm - 3:00 pm
What Works Best in Capital Budgeting?

David Thesmar, Massachusetts Institute of Technology (Presenter)

Niels Gormsen, University of Chicago (Chair)

3:00 pm - 3:15 pm
Break

Peter May Boardroom

3:15 pm - 4:05 pm
Borrowing Costs, Bank Health, and Local Economic Outcomes

Simon Gilchrist, New York University (Presenter)

Kilian Huber, University of Chicago (Chair)

4:05 pm - 4:20 pm
Break

8th Floor Lounge

4:20 pm - 5:10 pm
What Gets Measured Gets Managed: Investment and the Cost of Capital

Zhiguo He, University of Chicago (Presenter)

Kilian Huber, University of Chicago (Chair)

5:10 pm - 5:25 pm
Break

Peter May Boardroom

5:25 pm - 6:15 pm
Bond Market Stimulus: Firm-Level Evidence

Kerry Siani, Massachusetts Institute for Technology (Presenter)

Kilian Huber, University of Chicago (Chair)

6:15 pm
Conference Dinner

Room 504

Saturday, April 1, 2023
8:15 am - 8:30 am
Continental Breakfast
8th Floor Lounge          
8:30 am - 9:20 am
Aggregation in Heterogeneous-Firm Models: Theory and Measurement

Christian Wolf, Massachusetts Institute of Technology (Presenter)

Matthew Rognlie, Northwestern University (Chair)

9:20 am - 9:35 am
Break

Peter May Boardroom

9:35 am - 10:25 am
Does the Investment Hurdle Rate Buffer Destroy Value?

John Graham, Duke University (Presenter)

Matthew Rognlie, Northwestern University (Chair)

10:25 am - 10:40 am
Break

Peter May Boardroom

10:40 am - 11:30 am
How Unconventional is Green Monetary Policy?

Monika Piazessi, Stanford University (Presenter)

Matthew Rognlie, Northwestern University (Chair)

11:30 am - 12:35 pm
Working Lunch Session

8th Floor Lounge

Please note that lunch may be eaten before and during the presentation.

 

11:45 am – 12:35 pm – Capital Budgeting and Idiosyncratic Risk

Paul Decaire, Arizona State University (Presenter)

Matthew Rognlie, Northwestern University (Chair)

12:35 pm
Conference Adjourns