Corporate Discount Rates
利用企业电话会议数据构建折现率与资本成本感知指标，发现两者关系远非标准理论假设的一一对应，折现率调整缓慢导致楔子影响投资，并能解释“投资缺失”之谜。
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 the one-to-one mapping assumed in standard theory, as it takes many years for changes in the cost of capital to be incorporated into discount rates. This pattern leads to large and time-varying discount rate wedges that affect firm investment. Moreover, increasing discount rate wedges can account for the recent puzzle of “missing investment.” Cross-firm variation in market power and riskiness explains the evolution of wedges.