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Author: Niels Joachim Gormsen
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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...
Niels Joachim Gormsen and Kilian Huber
1 June 2026
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...
10 August 2023