Macroeconomic Conditions and Capital Raising

Isil Erel, Brandon Julio, Woojin Kim, Michael S. Weisbach

NBER Working Paper No. 16941
Issued in April 2011

---- Acknowledgements -----

We would like to thank Effi Benmelech, Murillo Campello, Naveen Daniel, Mike Faulkender, John Graham, Campbell Harvey, Christopher Hennessy, Mark Huson, Mike Lemmon, Laura Liu, Gordon Phillips, Matt Spiegel, Per Stromberg, René Stulz, Ralph Walkling, and an anonymous referee, as well as seminar participants at The 2009 AFA Meetings, University of Alberta, Carnegie Mellon University, University of Cincinnati, Drexel University, Harvard University, Hong Kong University of Science and Technology, KDI School of Public Policy and Management, Korea University, University of Illinois, NBER, Ohio State University, Oxford University, Seoul National University, Southern Methodist University, Stockholm School of Economics, University of Utah, Washington University, and Yale University for very helpful suggestions. 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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