NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Cash Flow Multipliers and Optimal Investment Decisions

Holger Kraft, Eduardo S. Schwartz

NBER Working Paper No. 15807
Issued in March 2010

---- Acknowledgements -----

We thank David Aboody, Saurabh Ahluwalia, Mark Garmaise, Daniel Hoechle, Hanno Lustig, and Geoff Tate for helpful comments and suggestions. All remaining errors are of course our own. Holger Kraft gratefully acknowledges financial support by Deutsche Forschungsgemeinschaft (DFG) The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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