Topics covered - The Drivers of Globalization, Cost of Capital and Country Risks and Many Others.
In a wide-ranging and very engaging interview, Professor Campbell Harvey speaks about the drivers of globalization, cost of capital and country risks, the potential pitfalls of unwinding the Federal Reserve’s balance sheet, Brexit and whether the European Union will survive, and many other important topics.
Campbell Harvey is Professor of Finance at the Fuqua School of Business, Duke University and a Research Associate of the National Bureau of Economic Research in Cambridge, Massachusetts. Professor Harvey edited The Journal of Finance – the leading scientific journal in the field of finance and one of the premier journals in the economic profession – from 2006–2012, and served as President of the American Finance Association in 2016. Professor Harvey has received eight Graham and Dodd Awards and Scrolls for excellence in financial writing from the CFA Institute.
Professor Harvey is interviewed by James Harrington, a director at Duff & Phelps and co-author of the Duff & Phelps “Valuation Handbook” series.
Vignette 1: The main drivers of global economic integration; the importance of cost of capital on economic growth; on China still being a segmented economy and in need of even more growth than it currently generates; technology and global integration and growth, and the potential risks that technology poses to equality.
Vignette 2: Country risk is real, and companies still need to worry about it; misconceptions about measuring country risk; extreme events happen much more often in the real world than they do in a normalized world.
Vignette 3: The importance of using multiple models in analyses; common mistakes companies make when estimating cost of capital; valuing multinationals
Vignette 4: The story behind the development of the Erb-Harvey-Viskanta Country Credit Model
Vignette 5: How much higher would the 20-year U.S. Treasury be in the absence of Fed intervention, and the potential dangers in unwinding the Fed’s massive balance sheet
Vignette 6: Brexit and the cost of capital, and will the European Union survive?
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