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- W3136274364 abstract "Firms obtain noisy estimates of investors' required rates of return (discount rates) using market-based information. Discounted-cash-flow (DCF) methods, as commonly taught in MBA courses, lead to upward-biased estimates of project values in the presence of such noise, even when cash flow and discount rate estimates are unbiased, due to Jensen's inequality. We show that this bias affects corporate investment decisions and firm financial performance, and we test additional predictions derived from the DCF model in the presence of noisy discount rates. Our evidence implies that a one-standard-deviation increase in discount rate uncertainty is associated with increased firm investment of 6.8%, while profitability decreases by 4.1%." @default.
- W3136274364 created "2021-03-29" @default.
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- W3136274364 date "2020-01-01" @default.
- W3136274364 modified "2023-09-23" @default.
- W3136274364 title "Discount Rate Uncertainty and Capital Investment" @default.
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- W3136274364 doi "https://doi.org/10.2139/ssrn.3723936" @default.
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