Results

Journal article

American Economic Review:

Corporate discount rates

We construct a dataset of firms' discount rates (i.e., required returns to capital) and perceived cost of capital using corporate conference calls. The relation between discount rates and the cost of capital is far below...Read more...

Journal article

The Quarterly Journal of Economics:

Disaggregated economic accounts

We develop a system of disaggregated economic accounts. The system breaks down national accounting positions into bilateral flows between consistently defined groups of consumers (consumer cells), groups of producers (pr...Read more...

Journal article

The Journal of Finance:

Tracing the international transmission of a crisis through multinational firms

We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported thei...Read more...

Blog

Vox EU:

Firms' required returns to capital and the missing investment puzzle

Despite falling interest rates over the past decades, investment rates have not increased as standard economic theory would suggest. Niels Joachim Gormsen and Kilian Huber construct a global database of firm discount rat...Read more...

Journal article

Review of Financial Studies :

Estimating general equilibrium spillovers of large-scale shocks

Large-scale shocks directly affect some firms and households and indirectly affect others through general equilibrium spillovers. In this paper, I describe how researchers can directly estimate spillovers using quasi-exp...Read more...

Journal article

Journal of Political Economy:

Discrimination, managers, and firm performance: evidence from ?Aryanizations? in Nazi Germany

Large-scale increases in discrimination can lead to dismissals of highly qualified managers. We investigate how expulsions of senior Jewish managers, due to rising discrimination in Nazi Germany, affected large corporati...Read more...

Journal article

Journal of Political Economy:

Are bigger banks better? Firm-level evidence from Germany

The effects of large banks on the real economy are theoretically ambiguous and politically controversial. I identify quasi-exogenous increases in bank size in postwar Germany. I show that firms did not grow faster after ...Read more...

CEP discussion paper

Are bigger banks better? Firm-level evidence from Germany

The effects of large banks on the real economy are theoretically ambiguous and politically controversial. I identify quasi-exogenous increases in bank size in post-war Germany. I show that firms did not grow faster after...Read more...

Journal article

American Economic Review:

The effect of house prices on household borrowing: a new approach

We investigate the effect of house prices on household borrowing using administrative mortgage data from the United Kingdom and a new empirical approach. The data contain household-level information on house prices and b...Read more...

CentrePiece article

Measuring the economic costs of discrimination: insights from Nazi Germany

Kilian Huber and colleagues analyse the effects of the Nazis' purge of Jewish managers from German firms....Read more...

CEP discussion paper

Discrimination, managers, and firm performance: evidence from ?Aryanizations? in Nazi Germany

Large-scale increases in discrimination can lead to dismissals of highly qualified managers. We investigate how expulsions of senior Jewish managers, due to rising discrimination in Nazi Germany, affected large corporati...Read more...

Journal article

American Economic Review:

Disentangling the effects of a banking crisis: evidence from German firms and counties

Lending cuts by banks directly affect the firms borrowing from them, but also indirectly depress economic activity in the regions in which they operate. This paper moves beyond firm-level studies by estimating the effect...Read more...

CEP discussion paper

The persistence of a banking crisis

This paper analyses the effects of bank lending on GDP and employment. Following losses on international financial markets in 2008/09, a large German bank cut its lending to the German economy. I exploit variation in dep...Read more...