The Cross-Section of Hurdle Rates for Capital Budgeting: An Empirical Analysis of Survey Data
---- Acknowledgements -----
We thank Michael Fishman, Robert Korajczyk, Deborah Lucas, Robert McDonald, David Matsa, Mitchell Petersen, Artur Raviv, Ernst Schaumburg, Michael Sher, Paul Spindt, and Timothy Thompson for helpful comments. We also thank the focus group participants William A. Colaianni, James J. Cowhey, Pavel A. Dorosevich, Gaea Gomez, Art Mollenhauer, and Don Porth for their input to improve the design of the survey. This research is sponsored by the Zell Center for Risk Research and we are indebted to its Director and Dean Emeritus of the Kellogg School of Management Donald Jacobs for his support and advice. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.