Capital Budgeting vs. Market Timing: An Evaluation Using Demographics
---- Acknowledgements -----
We thank Malcolm Baker, Patrick Bolton, James Choi, Ron Giammarino, Gur Huberman, Christopher Polk, Michael Weisbach, Jeffrey Wurgler, the audiences at Amsterdam University, Columbia University, Dartmouth College, Emory University, Harvard University, Rotterdam University, Tilburg University, UCLA, University of Illinois at Urbana-Champaign, the 2008 AFA Annual Meetings, and the 2008 Texas Finance Festival for comments. We also thank Jay Ritter for providing us with the IPO data set. Finally, we gratefully acknowledge the support of the NSF through grant SES-0418206. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.