Niels Joachim Gormsen

University of Chicago - Booth School of Business

Assistant Professor of Finance

5807 S. Woodlawn Avenue

Chicago, IL 60637

United States

  • University of Chicago - Booth School of Business

SCHOLARLY PAPERS

17

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41,139

TOTAL CITATIONS
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Top 7,424

in Total Papers Citations

165

Scholarly Papers (17)

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1.

Coronavirus: Impact on Stock Prices and Growth Expectations

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-22
Number of pages: 34 Posted: 17 Mar 2020 Last Revised: 28 Nov 2022
Niels Joachim Gormsen and Ralph S. J. Koijen
University of Chicago - Booth School of Business and University of Chicago - Booth School of Business
Downloads 11,956 (902)
Citation 50

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2.

Betting Against Correlation: Testing Theories of the Low-Risk Effect

Downloads 9,083 ( 1,421)
Citation 14

Betting Against Correlation: Testing Theories of the Low-Risk Effect

Number of pages: 73 Posted: 08 Feb 2017 Last Revised: 21 Jun 2018
Clifford S. Asness, Andrea Frazzini, Niels Joachim Gormsen and Lasse Heje Pedersen
AQR Capital Management, LLC, AQR Capital Management, LLC, University of Chicago - Booth School of Business and AQR Capital Management, LLC
Downloads 9,080 (1,413)
Citation 5

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asset pricing, leverage constraints, lottery demand, margin, sentiment

Betting Against Correlation: Testing Theories of the Low-Risk Effect

CEPR Discussion Paper No. DP12686
Number of pages: 65 Posted: 14 Feb 2018
Clifford S. Asness, Andrea Frazzini, Niels Joachim Gormsen and Lasse Heje Pedersen
AQR Capital Management, LLC, AQR Capital Management, LLC, University of Chicago - Booth School of Business and AQR Capital Management, LLC
Downloads 3 (1,374,881)
Citation 9
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Asset Pricing, leverage constraints, lottery demand, margin, sentiment

3.

Duration-Driven Returns

Journal of Finance, Forthcoming
Number of pages: 91 Posted: 14 Jun 2019 Last Revised: 20 Jun 2022
Niels Joachim Gormsen and Eben Lazarus
University of Chicago - Booth School of Business and University of California, Berkeley - Haas School of Business - Finance Group
Downloads 3,409 (7,545)
Citation 14

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asset pricing, cross-section of stock returns, cash-flow growth, duration, survey expectations, dividend strips

4.

Time Variation of the Equity Term Structure

Journal of Finance, Forthcoming
Number of pages: 63 Posted: 21 Jun 2017 Last Revised: 07 Apr 2021
Niels Joachim Gormsen
University of Chicago - Booth School of Business
Downloads 2,584 (11,706)
Citation 64

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asset pricing, equity term structure, time varying discount rates

5.

Does the Market Understand Time Variation in the Equity Premium?

Posted: 04 Aug 2022 Last Revised: 13 Jan 2023
Mihir Gandhi, Niels Joachim Gormsen and Eben Lazarus
Independent, University of Chicago - Booth School of Business and University of California, Berkeley - Haas School of Business - Finance Group
Downloads 2,533 (12,051)
Citation 1

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asset pricing, expected stock returns, rational expectations, diagnostic expectations, time-varying discount rates

6.

Firms' Perceived Cost of Capital

Number of pages: 81 Posted: 11 Dec 2020 Last Revised: 08 Jul 2024
Niels Joachim Gormsen and Kilian Huber
University of Chicago - Booth School of Business and University of Chicago - Booth School of Business
Downloads 2,128 (15,984)
Citation 2

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cost of capital, misallocation, production-based asset pricing JEL classification: G1

7.

Corporate Discount Rates

Number of pages: 107 Posted: 02 Aug 2022 Last Revised: 06 Mar 2025
Niels Joachim Gormsen and Kilian Huber
University of Chicago - Booth School of Business and University of Chicago - Booth School of Business
Downloads 2,042 (17,068)
Citation 2

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discount rates, cost of capital, investment, financial markets, risk, market power, Tobin's Q

8.

Climate Capitalists

Number of pages: 70 Posted: 04 Mar 2023 Last Revised: 25 Apr 2025
Niels Joachim Gormsen, Kilian Huber and Sangmin Oh
University of Chicago - Booth School of Business, University of Chicago - Booth School of Business and Columbia University - Columbia Business School, Finance
Downloads 1,901 (19,138)
Citation 2

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Cost of capital, sustainable investing, ESG, climate change, green transition, green investment

9.

Higher-Moment Risk

Number of pages: 75 Posted: 15 Nov 2017 Last Revised: 26 Dec 2023
Niels Joachim Gormsen and Christian Skov Jensen
University of Chicago - Booth School of Business and Bocconi University
Downloads 1,762 (21,529)
Citation 9

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asset pricing, financial economics, higher order moments, tail risk

10.

Conditional Risk

Number of pages: 56 Posted: 16 Nov 2017 Last Revised: 27 Mar 2024
Niels Joachim Gormsen and Christian Skov Jensen
University of Chicago - Booth School of Business and Bocconi University
Downloads 1,014 (48,634)

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Asset Pricing, Conditional CAPM, Factor Models, Time-Varying Discount Rates

11.

Implied Dividend Volatility and Expected Growth

Number of pages: 15 Posted: 23 Dec 2020 Last Revised: 31 Dec 2020
Niels Joachim Gormsen, Ralph S. J. Koijen and Ian Martin
University of Chicago - Booth School of Business, University of Chicago - Booth School of Business and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 764 (71,557)
Citation 3

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12.

Selfish Corporations

Downloads 662 (82,881)
Citation 2

Selfish Corporations

Chicago Booth Research Paper No. 20-51, Chicago Booth: George J. Stigler Center for the Study of the Economy & the State Working Paper No. 305, Fama-Miller Working Paper
Number of pages: 103 Posted: 02 Dec 2020 Last Revised: 06 Feb 2023
Emanuele Colonnelli, Niels Joachim Gormsen and Timothy McQuade
University of Chicago - Booth School of Business, University of Chicago - Booth School of Business and Stanford University
Downloads 662 (84,906)
Citation 2

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big business, corporations, information experiment, economic policies, ESG, beliefs, bailouts

13.

Financial Markets and the COVID-19 Pandemic

Number of pages: 36 Posted: 18 Oct 2022 Last Revised: 17 Apr 2023
Niels Joachim Gormsen and Ralph S. J. Koijen
University of Chicago - Booth School of Business and University of Chicago - Booth School of Business
Downloads 507 (120,496)

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14.

Forward Return Expectations

Downloads 472 (128,045)

Forward Return Expectations

Number of pages: 102 Posted: 28 Sep 2023
Mihir Gandhi, Niels Joachim Gormsen and Eben Lazarus
Independent, University of Chicago - Booth School of Business and University of California, Berkeley - Haas School of Business - Finance Group
Downloads 472 (129,737)

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asset pricing, expected stock returns, time-varying discount rates

15.

Firms' Perceived Cost of Capital

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2024-78
Number of pages: 82 Posted: 09 Jul 2024
Niels Joachim Gormsen and Kilian Huber
University of Chicago - Booth School of Business and University of Chicago - Booth School of Business
Downloads 188 (345,561)
Citation 1

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16.

Sticky Discount Rates

Downloads 134 (437,272)
Citation 1

Sticky Discount Rates

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2024-33
Number of pages: 70 Posted: 19 Mar 2024
Masao Fukui, Niels Joachim Gormsen and Kilian Huber
Boston University, University of Chicago - Booth School of Business and University of Chicago - Booth School of Business
Downloads 134 (464,935)
Citation 1

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17.

Corporate Discount Rates

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2023-81
Posted: 13 Jun 2023 Last Revised: 06 Nov 2024
Niels Joachim Gormsen and Kilian Huber
University of Chicago - Booth School of Business and University of Chicago - Booth School of Business

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