The Mystery of Zero-Leverage Firms
---- Acknowledgements -----
We are grateful to John Graham and Harley R. (Chip) Ryan for providing us with data. We would like to thank Vikas Agarwal, Kenneth Ahern, Mark Chen, Martijn Cremers, Darrell Duffie, John Graham, Lubomir Litov, Jayant Kale, Omesh Kini, Ulrike Malmendier, Erwan Morellec, Francisco Pérez-González, Michael Roberts, Chip Ryan, Toni Whited, Jeff Zwiebel, and participants of Western Finance Association 2006 meeting in Keystone, and Baruch College, Stanford GSB FRILLS and PhD seminars for thoughtful comments, and Paul G. Ellis for editorial advice. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.