Do Stock Prices Influence Corporate Decisions? Evidence from the Technology Bubble
---- Acknowledgements -----
We thank Heitor Almeida, Nittai Bergman, Markus Brunnermeier, Judy Chevalier, Long Chen, Martijn Cremers, Dirk Hackbarth, Eliezer Fich, Antônio Galvão, Vidhan Goyal, Robin Greenwood, Cam Harvey, Massimo Massa, Joel Peress, Paul Tetlock (our WFA discussant), Selim Topaloglu, Mike Weisbach, and Jeff Wurgler for their useful suggestions. Comments from seminar participants at INSEAD, Michigan State University, MIT, Ohio State University, Queen's University, University of Toronto, Washington University in St-Louis, Yale University, and the 2007 WFA meetings are also appreciated. Marek Jochec and Bruno Laranjeira provided excellent research assistance. We are responsible for all remaining errors. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.