Growth Opportunities, Technology Shocks, and Asset Prices

Leonid Kogan, Dimitris Papanikolaou

NBER Working Paper No. 17795
Issued in January 2012

---- Acknowledgements -----

The authors would like to thank Hengjie Ai, Lorenzo Garlappi, Burton Holli field, Roberto Rigobon, and seminar participants at Boston University, University of Texas at Austin, 2009 SITE Conference at Stanford University, and 2009 SQA Meeting in New York for helpful comments and discussions, as well as Giovanni Violante and Ryan Israelsen for sharing with us the quality-adjusted investment goods price series. Dimitris Papanikolaou thanks the Zell Center for Risk Research for financial support. 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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