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SUMMARY:Interest Rates and Equity Valuations
DTSTART;VALUE=DATE:20261204
DTSTAMP:20261109T132057Z
UID:3ddbd5bb30a4262cdecd66dc5e9085577b07270212698d86c8bc46c7
CATEGORIES:Conferences - Seminars
DESCRIPTION:Eben Lazarus - Berkeley\nHow do changes in interest rates affe
 ct equity valuations? The impact depends on the underlying driver of the r
 ate change. We decompose real-rate changes into three drivers: expected gr
 owth\, risk\, and “pure discounting.” Only pure-discounting shocks sho
 uld transmit one-for-one to valuations\, with weak-to-negative transmissio
 n from growth and risk. Using survey forecasts and asset prices\, we estim
 ate that pure-discounting shocks indeed transmit one-for-one to equity and
  explain 80% of cross-country valuation changes since 1990. Only 35% of th
 e post-1990 U.S. rate decline\, however\, reflects pure\ndiscounting. We u
 se our decomposition to study cross-sectional rate exposures\, the equity 
 premium\, and monetary policy.
LOCATION:UNIL\, Extranef\, room 126
STATUS:CONFIRMED
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