Firms’ Cost of Capital, Discount Rates, and Investment Conference
The Firms’ Cost of Capital, Discount Rates, and Investment Conference was held 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 shed light on these channels.
Presentations were 40 minutes in length, including questions. After each presentation, there was a 10-minute open discussion, moderated by the chair.
PHOTOS
Agenda
Lunch
420 Lounge
Introduction to Part 1: The Cost of Capital Channel
Kilian Huber, University of Chicago
Sticky Discount Rates
Masao Fukui, Boston University (Presenter)
Simon Gilchrist, New York University (Session Chair)
Break
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)
Break
Time-Varying Risk Premia, Labor Market Dynamics, and Income Risk
Lawrence Schmidt, Massachusetts Institute of Technology (Presenter)
Simon Gilchrist, New York University (Session Chair)
Break
Annette Vissing-Jorgensen, Federal Reserve Board, Washington, D.C. (Presenter)
Niels Gormsen, University of Chicago (Session Chair)
Break
Valuation Fundamentals
John Graham, Duke University (Presenter)
Niels Gormsen, University of Chicago (Session Chair)
Conference Adjourns
Conference Dinner
Breakfast
408 Foyer
Introduction to Part 2: Sustainable Investing, Cost of Capital, and the Real Economy
Niels Gormsen, University of Chicago
Four Facts about ESG and Beliefs
Stefano Giglio, Yale University (Presenter)
Kilian Huber, University of Chicago (Session Chair)
Break
Monika Piazzesi, Stanford University (Presenter)
Martin Schneider, Stanford University (Presenter)
Kilian Huber, University of Chicago (Session Chair)
Break
Jeffrey Wurgler, New York University (Presenter)
Kilian Huber, University of Chicago (Session Chair)
Working Lunch
Boxed lunches in 408 Foyer
Lunch Presentation: Carbon-Transition Risk and Net-Zero Portfolios
Marcin Kacperczyk, Imperial College London (Presenter)
Kilian Huber, University of Chicago (Session Chair)