Real and Financial Industry Booms and Busts
---- Acknowledgements -----
We especially thank Matthew Rhodes-Kropf and David Robinson for many helpful comments. We also thank Ron Giammarino, Bill Latham, Josh Lerner, Lubos Pastor, Paul Povel, Paul Seguin and seminar participants at the AEA meetings, American University, Baruch, Delaware, George Mason, Georgia State, the 2007 Frontiers of Finance Conference, Insead, NBER, NYU, Oxford, UBC, Vanderbilt, University of Vienna, Washington University of St. Louis, the Western Finance Association and Yale for helpful comments. All errors are the authors alone. Copyright 2007 by Gerard Hoberg and Gordon Phillips. All rights reserved. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.